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Investors’ Sentiment Boosts Trading On NSE

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The improved inves
tors’ sentiment on the floor of the Nigerian Stock Exchange (NSE) resulting to the market ending in the green last week surged the twin market indicators, the All Share Index (ASI) and the aggregate market capitalization of listed equities surged by 1.24 per cent each.
Specifically, the ASI closed the week at 37,382.49 basis points from an index-on-board of 36,926.29 basis points even as the market capitalisation of listed equities increased from the week’s opening value of N11.694 trillion to N11.839 trillion.
The NSE 30 index which tracks the most capitalised stocks on the Nigerian bourse appreciated by 1.05 per cent to finish at 1,758.73 points.
Also four of the NSE indices were in the green during the review week as the NSE Consumer Goods rose by 0.75 per cent, NSE Banking 1.34 per cent, NSE Insurance 0.37 percent and the NSE Industrial goods 3.34 per cent.
However, the NSE Oil/Gas, NSE-Lotus I and the NSE-ASeM nose dived by 0.14 per cent, 0.02 percent and 0.57 per cent, respectively.
A closer look at the market revealed it rebounded last week as the bulls took charge of the market for three days running resulting to a 2.18 per cent appreciation pushing the value-based index that tracks all equities to hover between 35,832 points and 36,952 points.
The week opened on Monday of the review week on a negativenote, as the NSE ASI fell by 0.37 per cent to close at 36,796.14 basis points having opened at 36,926.29 basis points the previous week while cumulative market capitalisation of listed equities dropped by N44 billion to close at N11.650.87 trillion compared with N11.694.95 trillion the previous week.
The second trading in the week under review saw the benchmark index rising by 0.61 per cent which caused the index to finish at 37,014.14 basis points even as the market capitalisation stood at N11.56 trillion.
The overall market volume traded on the same day increased by 53.4 per cent just as increased by 53.4 per cent just as the value grew by 50.8 per cent.
In all, a total of 289.25 million units of shares valued at N324 billion were exchanged by investors in 5,081 deals.
The positive note continued on Wednesday with the NSE ASI soaring by 0.31 percent to finish at 37,128.40 basis points while market capitalisation of listed equities added N36 billion to close at N11,758.27 trillion from an on-board-value of N11.722.08 billion.
The market, last Wednesday recorded a traded volume of 213.24 million units of shares worth N3.22 billion exchanging hands in 5,815 transactions down from 289.25 million units of shares valued at N3.24 billion traded in 5,419 deals the previous day.
The bulls sustained their hold in the equity market of the Nigerian bourse on Thursday with the bench mark index adding 199.26 points to end at 37,327.66 basis points as 34 stocks recorded price appreciation while 16 lost in their value.
The last trading day of the week under review saw the market finishing on a strong note as the bench mark index went up by 0.15 per cent to stand at 37,382.49 basis points while the aggregate market capitalisation of listed equities rose to N11.72 trillion.
A traded volume of 245.96 million units of shares valued at N2.94 billion were recorded at the close business on the Exchange on Friday.
The overall turnover volume during the review week stood at 1.674 billion units of shares valued at N18.266 billion exchanged by investors in 25.367 trades as against a total of 3.478 billion units of shares worth N14.902 billion that exchanged hands the previous week in 24,576 trades.
In volume terms according to the NSE weekly data, the financial services sector topped the sectorial activity chart with 1.306 billion units of shares worth N11.630 billion exchanged by investors in 13,565 trades.
The Banking subsector of the financial services sector was the most active in volume terms during the review week. Activities in the shares of United Bank for Africa Plc, Guaranty Trust Bank Plc and Access Bank Plc drove the volume in the subsector as they accounted for 735.184 million units of shares representing 77.68 per cent and 43.91 per cent of the turnover volume recorded by the subsector and the overall market turnover during the week under review respectively.
The Conglomerates sector emerged second on the week’s activity chart having a turnover of 101.851 million units of shares at the cost of N278.921 million in 1,077 trades.
Activities in the shares of Transnational Corporation of Nigeria Plc drove the volume in the sector as 98.150 million units of its shares were traded by investors in 727 transaction at the value of N137.029 million.
At the over-the-counter bond market, a total of 4,100 units of FGN bonds worth N443,665 were traded in 18 transactions as against 900 units at the value of N100,126 recorded in 19 trades the preceding week.
On the Price Movement chart, 37 stocks appreciate in their value during the week in contrast to 44 shares which recorded price appreciation the previous week.
A total of forty-seven shares dipped in their value compared with 36 shares that plunged in their value the previous week.
Mobil Oil Nigeria Plc vanguard the top 10 bulls with N10.71, Julius Berger Nigeria Plc N5.02, UACN Plc N4.00, Ecobank Transnational Incorporated N1.11, Beta Glass Company Plc N1.00.
Other top 10 price gainers for the week include IPWA Plc 19 kobo, HIS Plc 60 kobo, Ikeja Hotel Plc 7 kobo, National Salt Company of Nigeria Plc 91 kobo and Dangote Sugar Refinery Plc 84 kobo.
On the downside, the top 10 losers were Glaxo Smthkline N12.73, Costain West Africa Plc 24 kobo, Smart Product Nigeria Plc 20 kobo, Coulterville Business Solution Plc 18 kobo, NPF Microfinance Bank Plc 12 Kobo, Trans-Nationwide Express Plc 25 kobo, Vono Product Plc 17 kobo, Chellarams Plc 48 kobo, Thomas Wyatt Nigeria Plc 11 kobo and Transnational Corporation of Nigeria Plc 16 kobo.

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NSIB, AAAU Sign MoU On Air Safety Training

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As part of efforts to curb mishaps in the aviation industry, the Nigerian Safety Investigation Bureau (NSIB) has signed a Memorandum of Understanding (MoU) with the African Aviation and Aerospace University (AAAU) to deepen training on preventing and reducing accidents in Nigeria’s air transport.
Director, Public Affairs and Consumer Protection of NBIS, Mrs Bimbo Olawumi Oladeji, in a statement, said NSIB granted AAAU access to its facilities to facilitate an efficient exchange of resources and expertise.
According to the statement, the Director-General/Chief Executive Officer of NSIB, Captain Alex Badeh, who spoke at the ceremony held at the NSIB Training School, noted that the MoU sets the stage for facility sharing, capacity building, and collaboration between the Bureau and AAAU.
“I am confident that this MoU will enhance the effectiveness of our collaboration and commitment to promoting safer skies and operational excellence in the aviation industry in Nigeria and beyond”, Badeh said.
Registrar of AAAU, represented by the Director of Physical Planning and Works, Engineer Masud Aliyu Yerima, was also quoted in the statement, saying, “The journey of AAAU’s establishment and progress would have faced considerable challenges without NSIB’s generous support”.
He commended Badeh for his exemplary leadership and steadfast dedication in propelling NSIB to greater heights, and affirmed AAAU’s readiness to engage in mutually beneficial endeavours with NSIB.
“This partnership marks a significant milestone in fostering a culture of safety and excellence within Nigeria’s aviation sector, and both NSIB and AAAU are poised to leverage this synergy for the benefit of the industry and the nation at large.
“The African Aviation and Aerospace University, AAAU, is the first Pan-African university dedicated to aviation, aerospace, and environmental science.
“Addressing two critical needs within the continent’s industry, AAAU tackles the research and development gap in Africa’s aviation and aerospace sector while simultaneously cultivating a skilled workforce to propel it forward”, the statement added.

By: Corlins Walter

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Naira Rebound, Air Peace’s Expansion Deepens International Route Competition 

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he commencement of flights operations on the London route by an indegenous Carrier, Air Peace Airline, and the recovery of the local currency have sparked fresh competition on international routes.
Air Peace, Nigeria’s outstanding indigenous airline, may face a prolonged market battle with many foreign airlines with decades of experience in the industry following its entrance on the Nigeria-London route.
Some of the industry’s experts say the airline required support from the government and a strategic approach to stay competitive.
Analysts have also stated that the strategic move has garnered high praise from stakeholders in the aviation sector, considering that Nigerians were paying exorbitant prices to travel from Nigeria to London, but that sustaining this momentum will require more than just offering low prices.
On March 31, 2024, the 11-year-old airline made a bold statement with its inaugural flight, using a Boeing 777 aircraft, offering a capacity of 274 seats and carrying 260 passengers from Lagos to London.
It sold its tickets for N1.2m, a price way lower than the rates offered by most foreign airline operators plying the same route.
Just two weeks after entering the market, Air Peace’s Chief Executive Officer, Allen Onyema, complained on Arise TV that foreign airlines were undercutting prices in an attempt to push Air Peace out of the market.
Onyema said, “We are aware that there are devilish conspiracies. All of a sudden, airlines are pricing below the cost. One airline is advertising $100  and the other $350. If you peel up your entire aircraft and carry people on the wings, it is not even enough to buy fuel.
“Why are they doing that? Their government is supporting them because Nigeria has been a cash cow for everybody. The idea is to take Air Peace out, and the moment they succeed in taking Air Peace out, Nigerians will pay 20 times over. It would happen, God forbid, if they were able to take Air Peace out”.
It was gathered that an economy ticket for a flight scheduled for April 29, 2024, from Lagos to London costs about N679,375 on Ethiopian Airlines, an operator with 75 years of experience.
Air Peace priced the same ticket at N1,090,750. The difference is that on Air Peace, it will be a 6-hour non-stop flight, while on Ethiopian Airlines, it will take 16 hours with one stopover.
Last Friday, Ethiopian Airlines reduced the price of its London ticket by 0.77 per cent to N1,628,660 from  N1,641,249 two weeks ago.
In the same period, Air France’s price dropped to N1,687,824, nearly halving from last month’s N2,482,138.
On March 4, 2024, Lufthansa offered the Lagos-London route for N1,966,165. Qatar Airways provided the same ticket for N2,016,824, and KLM priced it at N2,448,740.
This continuous decline in air ticket prices was also driven by the strengthening of the naira against the US dollar and the payments of airlines’ trapped funds by the Central Bank of Nigeria.
Minister of Aviation and Aerospace Development, Festus Keyamo, had confirmed that the Federal Government, through the CBN, had cleared all the trapped funds (foreign exchange backlogs) to the tune of about $160m.
Beyond the ongoing price war, the Air Peace Chairman had also lamented the challenges with ground handling and space allocation at the London Gatwick Airport, adding that no airline has faced such obstacles before.
He noted, “On the inaugural flight out of London, 24 hours before departure, the management of Gatwick Airport moved us to another checking area instead of the designated one.
“The area they provided had a malfunctioning carousel, forcing us to manually transport luggage 50 meters away, causing delays”.

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PH Airport Users Lament Down Turn In Flight Operations 

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Users and business operators at the Port Harcourt International Airport, Omagwa, have decried the downward trend in flight operations at the airport.
Some of the users and operators told The Tide that flight operations at the airport, rather than go upward, have steadily been irregular, and diminishing steadily.
A regular air passenger of the airport, Simeon Echeonwu, in a chat with The Tide, said many airlines, both domestic and international operators, that usually operate at the Port Harcourt airport, have stopped operations, whereas others that are still operating are no longer very stable as before.
Echeonwu noted that airlines such as Aero Contractors, United Nigeria, and Green Africa airlines, now operate about one flight, twice a week, unlike before that they flew every day on Lagos and Abuja to Port Harcourt.
Also speaking, former Chairman of the FAAN Accredited Car Hires Association, Clifford Wahunoro, lamented that the down turn in Operations has affected the business of car hires.
“If you have noticed, I have not been regular at the airport for some time now, because business is no longer flowing at the airport as before. I will not fold my hands and be sitting down doing nothing, so I have to look for other things, so I come when I think there will be something.
“You can see that between 12noon and 1pm, after that segment of flights, when you have few flights arrival, many people will close for the day, and when you wait till evening, flight like Dana may come very late at night, and sometimes, it will not arrive, and by that time, many people will not like to book for commercial vehicle”, he said.
Meanwhile, a travel agent, who wished to be anoyimous, decried the rate at which the airport is going down in terms of flights operations, noting that Port Harcourt airport ought to be competing with the other major airports like Lagos and Abuja.
He queried if such was a calculated attempt to bring the airport to its kneel in terms of flight operations, while other major airports have steady flow of flight operations both for domestic and international.
TheTide observed a continuous distortions in flight movement at the airport. Some of the airlines, like Max air, which many passengers patronize, have completely stopped operations, and no new airline has been added.
Apart from the Air Peace Airline that has maintained some level of stability in operations, other few operators have been involved in either steady rescheduling of flights, cancellation and regular delay, resulting in poor and unpredictable flight movement, which affects or determine other businesses in the airport.

By: Corlins Walter

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