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61.99billion Shares Worth N312.21bn Traded By June

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Investors on the Nigerian Stock Exchange (NSE) in the first half of 2016 traded a turnover of 61.99 billion shares valued at N312.21 billion in 62,016 deals.
The Tide source stated that Statistics released by the Exchange in Lagos indicated that the performance was against a total of 50.71 billion shares worth N557.36 billion achieved in 535,278 deals in the first half of 2015.
Our source reports that the data also showed that the turnover of shares traded inched by 22.24 per cent when compared with the preceding figures of 2015.
The Tide source  also reports that the market indices during the review period closed lower due to price depreciation posted by some blue chips.
Specifically, the NSE All-Share Index lost 3,859.04 points or 11.53 per cent to close at 29,597.79 from 33,456.83 recorded in June 2015.
Also, the market capitalisation during the review period shed N179 billion to close at N10.165 trillion, against N10.344 trillion achieved in the corresponding period.
An analysis of the price movement chart showed that Portland Paints led the losers’ chart in percentage terms during the period, dropping by 51.20 per cent to close N1.83 against the opening price of N3.75.
It was trailed by Fortis MFB which dipped 49.90 per cent to close at N2.58, while Ikeja Hotels lost 49.61 per cent to close at N1.95 per share.
Forte Oil decreased by 42.37 per cent to close at N190.34, Caverton lost 40.89 per cent to close at N1.46 and Skye Bank shed 34.18 per cent to close at N1.04 per share.
On the other hand, Tiger Brands led the gainers’ table in percentage terms, growing by 324.78 per cent to close at N4.80 per share against the opening price of N1.13.
E-Tranzact came second, appreciating by 97.37 per cent to close at N6, while UBA Capital rose by 89.31 per cent to close at N2.48 per share.
AG Leventis improved by 64.52 per cent to close at N1.02, Seplat gained 62.56 per cent to close at N330 and Nem Insurance appreciated by 50 per cent to close at N1.02 per share.
Speaking on the market performance, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., noted that the delay in the passage of 2016 budget, appointment of ministers and unclear economic policy affected activities during the first half of the year.
Omordion said that slowdown in economic activities led to negative Gross Domestic product (GDP) during the period under review.
He said that implementation of the budget would kick start economic activities that would gradually pull the economy away from recession in the second half of the year.
According to him, the new Central Bank of Nigeria (CBN) foreign exchange policy if well implemented will help to make liquidity available in the system.

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Stakeholders Meet To Assess Nigeria’s Preparedness For AFCFTA

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Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA). 
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.” 
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.

By: Nkpemenyie Mcdominic, Lagos

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EFCC Nabs 419 Kingpin Over N250m Fraud

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The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million. 
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge. 
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
 Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million. 
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise. 
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.

By: Nkpemenyie Mcdominic, Lagos

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Expert Wants Farmers To Grow Plant Produce For Export

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An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.

By: Corlins Walter

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