Business
NSE Indices Inch By 1%
Inspite of the sustained hold of the bears on the equity sector of the Nigerian Stock Exchange (NSE) in 2009, the corporate performance indicators surged by 1.07 per cent during the last trading week of the year. Specifically, the all-share index which opened the week at 20,607.05 basis points finished higher at 20,827.17 basis points while the market capitalisation added N53 billion from N4.936 trillion on Monday to N4.896 trillion on Thursday.
Also the NSE 30 Index inched by 2 per cent to close at 827.99 points for the review period even as the NSE Food and Beverages index Rose by 2.4 per cent to close at 526.71 points.
The banking index grew by 2.1 per cent to close at 339.32 points and the NSE insurance index appreciated by 0.5 per cent to close at 249.01 points.
The odd one out was the NSE Oil Gas Index which depreciated by 0.86 per cent to close at 339.32 points. A total of 1.4 billion units of shares valued at N6.6 billion was recorded in the equity sector last week in contrast to a transaction volume of 1.3 billion units of shares worth N11.01 billion exchanged by investors the preceding week.
The banking sub-sector was the most active in volume terms during the week as investors traded 540.5 million units of shares worth N3.71 billion followed by the insurance sub sector with a turn-over of 437.52 million units of shares worth N321.01 million while the food/beverages and tobacco sub-sector recorded 50.6 million units of shares worth N533.8 million.
Volume in the banking sub-sector was majorly driven by the activity in the shares of United Bank for Africa Plc and Fin Bank Plc. Trading in the shares of these banks accounted for 208.52 million units of shares indicating 38.6 per cent of the sub-sector’s turnover. Volume in the insurance sub-sector was boosted by the activity in the shares of Investment and Allied Assurance Plc and Equity Assurance Plc which accounted for 261.3 million units of shares of the sub-sector’s turnover.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.