Business
Why Capital Market Activities Are Low For Now – Operators
Some capital market operators have said that activities in the nation’s bourse would continue to experience mixed performances until a new government is sworn-in.
They told newsmen in Lagos that the slowdown was due to investors “wait and see’’ attitude.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, Lagos said that for now investors were repositioning ahead of the transition on May 29.
Omordion said that anxiety surrounding the economic agenda of the incoming government was also responsible for mixed performances.
Omordion, however, expressed optimism that the market would normalise once the economic blueprint of the incoming government was certain.
Managing Director, Union Standard Securities Ltd., Mr SehindeAdenagbe, said the market would experience more influx of both local and foreign investors once an economic direction was ascertained.
Adenagbe said that the market reacted positively to the outcome of the elections but witnessed profit-taking thereafter.
He urged the incoming government to ensure friendly economic policies and patronise the capital market for developmental projects instead of depending on money market instruments.
Meanwhile, a turnover of 2.06 billion shares worth N17.18 billion were traded by investors in 25,577 deals last week.
This is against the 1.92 billion shares valued N19.402 exchanged in 23,988 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.61 billion shares worth N9.90 billion traded in 14,438 deals.
The Conglomerate Industry followed with 214.68 million shares worth N1.58 billion traded in 1,604 deals.
The third place was occupied by the Consumer Goods sector with 84.94 million shares valued N3.04 billion transacted in 4,313 deals.
The All-Share Index, during the review period lost 519.33 points or 1.48 per cent to close at 34,485.72 against 35,005.05 posted in the previous week due to price losses.
Also, the market capitalisation lost N177 billion or 1.48 per cent to close at N11.751 trillion compared with N11.928 trillion recorded in the preceding week.
A breakdown of the price movement chart for the week showed that Ikeja Hotel topped the losers’ chart in percentage terms by 22.06 per cent or N1.07 to close at N3.78 per share.
Costain dropped by 16 per cent or 16k to close at N1.17, while Trans Nationwide Express declined by 13.33 per cent or 18k to close at N1.17 per share.
On the other hand, R.T. Briscoe led the gainers’ table by 20.24 per cent or 17k to close at N1.01 per share.
Neimeth International Pharmaceuticals followed with 18.95 per cent or 18k to close at N1.13, while NPF Micro Finance Bank gained 18.80 per cent or 22k to close at N1.39 per share.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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