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NSE Bounces Back With 29% Gain

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The Equities Market of the Nigerian Stock Exchange (NSE) during the first half of 2013 posted an average return of 28.8 percent indicating investors capital gains of N2.45 trillion during the period.
Specifically, the cumulative market capitalisation of listed equities for the first half stood at N11.426 trillion as against its value-on-board of N8.974 trillion that opened the year. This represents an increase of 27.3 percent.
The All Share Index, the barometer for measuring the changes in the price of listed shares on the Nigerian bourse and also doubles as benchmark index for all listed equities and for Nigeria rose from the year’s opening figure of 28,078.81 basis points to 36,164.31 basis points.
The bears’ hold on the market during the latter half of June impacted on the performance of the market during the review period as the month finished on a bearish note with a value depreciation of N649 billion.
The first five months saw the listed equities trading in the green as the market recorded capital gains of N3.10 trillion according to the NSE data.
At the close of business in May the aggregate market capitalisation of listed equities finished at N12.075 trillion while the all share index had a five-month percentage average return of 34.6 percent.
The industrial goods stocks were the performing sub-sector during the review period with a six-month average return of 49.12 percent. The NSE-Lotus Islamic index recorded 42.31 percent return while the NSE which measures 30 most capitalised equities on the Exchange had a 27.38 percent return.
NSE Consumer Goods Index recorded 21.40 percent return during the first half. NSE Banking index indicated a return of 18.46 percent even as NSE Insurance index showed a return of 16.90 percent. The NSE oil and gas index indicated that investors in the downstream had a modest return of 12.18 percent.
Meanwhile the AS1 during the week ended 28, June 2013 nose-dived by 0.82 percent to close at 36,963.77 basis points while the aggregate market capitalisation of listed equities fell by 2.46 percent.
The equities market last week recorded a market turnover of 2.46 billion units of shares valued at N24.23 billion in 33,462 transactions. The activity chart for the week was led by the financial service sector which recorded a turnover of 1.43 billion units of shares worth N14.74 billion in 19,063 deals.
Transnational Corporation of Nigeria Plc, United Bank for Africa Plc (UBA) and Portland Paints and Products Nigeria Plc were the most active in terms of turnover volume as they accounted for a total of  940.73 million units of shares worth N3.45 billion traded in 2,668 deals representing 38.3 percent of the overall market turnover during the week under review.
During the week under review, nineteen (19) stocks recorded price appreciation compared to twenty-seven (27) that depreciated in the previous week, MayBaker was first on the top gainers chart to close with 27.0%, followed by Transcorp with 15.65%, Neimeth with 13.22%, Presco with 41.14%, Ikeja Hotel with 10.26%, and JBerger with 10.00%. Other gainers in the top ten categories were Dnmeyer with 9.85%, Afriprud with 6.86%, Dangsugar with 5.50% and CCNN with 4.09%
On the flipside, fifty six (56) stocks depreciated in the price last week compared to fifty two (52) that deprecated a week ago. RTBriscoe led on the price losers’ table with 16.07% followed by UTC by 15.71%, Mansard by 15.22%, Ashakacem by 13.96%, Portpaint by 13.40%, Cutix by 10.62% Custodyins by 10,30%, Airservice by 10.00%, Mobil by 10.00% and PZ by 10.00%.
At the money market, a total of N31.84 billion worth of 91 day bills was offered and sold at the rate of 11.62 percent at the middle of last week compared with 11.50 percent during the previous week while N21.54 billion and N81.19 billion worth of 182 day and 364 day were offered and sold at the rates of 12.75 percent and 13.22 percent respectively against 11.82 percent and 12.99 percent at the previous auction.
The week recorded total subscription of N246.60 billion at the rate of 183.25 percent compared to N202.85 billion at the previous auction. A total of N92.62 billion worth of treasury bills across all maturities was allotted on a non-competitive basis according to money market data.

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Eco Currency: Finance Ministers, C’Bank Govs Oppose Buhari, Others

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Nigeria and some other West African countries have kicked against the adoption of Eco as regional currency by President Muhammadu Buhari and others.
This is contained in a communiqué read by the Minister for Economy and Finance of the Republic of Guinea, Mr Mamadi Camara, in Abuja, yesterday.
The communiqué was issued after an Extra-Ordinary Meeting of the Ministers of Finance and Governors of the Central Banks of the Member States of the West African Monetary Zone (WAMZ).
Camara said the meeting noted with concern, the declaration by the Chairman of the Authority of Heads of State and Government of the West African Economic and Monetary Union (WAEMU), Alasane Outtarra on December 21, 2019 to unilaterally rename the CFA Franc as “Eco” by 2020.
He said: “WAMZ Convergence Council wishes to emphasise that this action is not in line with the decisions of the Authority of Heads of State and Government of ECOWAS for the adoption of the “Eco” as the name of an independent ECOWAS Single Currency.
“WAMZ Convergence Council re-iterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government toward the implementation of the revised roadmap of the ECOWAS Single Currency Programme.
“The WAMZ Convergence Council recommends that an Extraordinary Summit of the Authority of Heads of State and Government of the WAMZ Member States be convened soon to discuss this matter and other related issues.”
According to him, those at the meeting are, the Minister of Finance and Economic Affairs, Gambia, Mambury Njie and Minister of Finance of Ghana, Ken Ofori Atta.
Others were Minister of Finance and Development Planning Liberia, Samuel Tweah Jr, Minister of Finance, Budget and National Planning, Nigeria, Zainab Ahmed and the Minister of Finance, Sierra Leone, Jacob Shaffa.
Also in attendance were Central Bank governors of Gambia, Mr Buah Saidy, Gambia; Ernest Addison of Ghana; Louncenry Nabe of Guinea; Aloysius Tarlue of Liberia; Godwin Emefiele, Nigeria and Kelfala Kallon of Sierra Leone.
The Tide reports that eight West African countries had agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler, France.
The countries include Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

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RSG Dispels Rumours Of Unapproved Structures Demolitions

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The Rivers State Commissioner for Works, Engr Austin Ben-Chioma, has dispelled rumours making the rounds that the state government demolished structures that were not originally marked by the construction company handling the Rumuogba flyover project for demolition.
Ben-Chioma, who cleared the air on the rumours, on Tuesday in a chat with newsmen while supervising the demolition exercise, noted that the ministry only demolished structures that the construction company, Julius Berger had marked as being in the Right of Way (RoW) of the flyover, and for which compensation was paid.
He said that there was enough evidence to show that the ministry had not exceeded the demolition instruction given by Julius Berger Plc.
According to him, “I am on site and evidences are shown as you can see that we did not exceed the red line marked by Berger” adding that the property owners, “are not telling the truth because the evidences are visible and verifiable”.
The commissioner pointed out that, of the three flyovers under construction, the Rumuogba flyover was the longest with about 517.5 metres length.
He, however, noted that there was the challenge of high-rise buildings along the path, which must be cut to maintain the RoW of the flyover, having given the property owners till Thursday, January, 16 (yesterday) to do the reduction themselves to avoid using the ministry’s tractors which could negatively impact the buildings.
On the payment of compensations to those affected by the demolition, the works commissioner said 95 per cent of the compensation had been paid already to affected landlords.
“Government has paid 95 per cent of compensation to property owners and they are complying with the process,” he said.
Corroborating the claims, the consultant in charge of compensation for demolished structures, Mr Emma Wike, said all affected landlords would be paid what is due them by the end of the week.
According to him, most of the claimants, we sent them letters and those that gave power of attorney to consultants, estate surveyors and valuers or lawyers, we also wrote to them and informed them this is where the payment is being held. They’ve been coming to collect their money; within the week, we are going to pay more and if we do that, it will be remaining less than 10 percent of those that have not collected their money.

 

Tonye Nria-Dappa

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CBN Gets New Deputy Gov

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President Muhammadu Buhari has nominated Dr. Kingsley Obiora as Deputy Governor of the Central Bank of Nigeria (CBN).
If confirmed by the Senate, Dr. Obiora will replace Dr. Joseph Nnanna, who retires on February 2, 2020.
Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement issued yesterday in Abuja, said the President has already forwarded a letter nominating Dr. Obiora to the President of the Senate, Ahmad Ibrahim Lawan.
“President Muhammadu Buhari has sent the name of Dr. Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria.
“In a letter to President of the Senate, Ahmad Ibrahim Lawan, President Buhari said the nomination was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.
“Dr. Obiora, upon confirmation by the Senate, replaces Dr. Joseph Nnanna, who retires on February 2, 2020.
“Dr. Obiora holds a Bachelor’s degree in Economics and Statistics from the University of Benin, a Masters in Economics from the University of Ibadan, and a Doctorate in Monetary and International Economics, also from the University of Ibadan.
“He is currently an Alternate Executive Director in the International Monetary Fund (IMF) in Washington DC, United States of America”, the statement said.
Since joining IMF as an Economist in 2007, Dr. Obiora has worked in various countries in Europe, Africa, and Asia.
While on leave from the IMF, he worked with the Nigerian government as Special Assistant to the President’s Chief Economic Adviser and Technical Adviser to the National Economic Management Team.

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