Connect with us

Business

Stock Market Records Profit

Published

on

The market index which closed the year at 20,518.74 points on Tuesday before the drop at mid-week.

 At the close of business on Wednesday, market capitalisation dropped by N64 billion or 1.2 per cent, from N5.394 trillion recorded on Tuesday to N5.330 trillion while the index fell by 266.36 points or 1.2 per cent, from 20,518.74 recorded on Tuesday to 22,252.38.

 However, the market’s turnover volume soared significantly on Wednesday, buoyed by heavy trading in the shares of some banks and insurance companies as 666.6 million shares with N3.4 billion changed hands in 7,426 deals, higher than 406.2 million units, value it at N2.1 billion exchanged in 6,743 deals in the previous day.

 The banking sub-sector maintained its status as the most active stock with 372.1 million shares, worth N2.2 million in 3,575 deals while the insurance sub-sector followed with 117.2 million units worth N97.2 million in 464 deals.

Food / Beverage and Tobacco sub-sector featured with 33.3 million shares worth N342.9 million in 1,015 deals.

 A breakdown of activities in the banking sub-sector showed that Finbank Plc strengthened activities in the sub-sector with 171.1 million shares worth N109.5 million in 297 deals followed by Zenith Bank Plc which traded 52.6 million units, worth N840.8 million in 3,575 deals.

 For the insurance sub-sector, trading in the sub-sector was energised by activities in the shares of GoldLink Insurance Plc with 73.9 million shares worth N56.2 million in 69 deals while International Energy Insurance Plc followed with 17.9 million shares, worth N11.6 million in 46 deals.

The Food / Beverage and Tobacco sub-sector was boosted by activities in the shares of National Salt Company of  Nigeria Plc with 10.8 million shares worth N65.8 million in 211 deals.

 On the price movement chart, 50 stocks recorded share price appreciation while 30 constituted the gainers chart, thus causing price losers to outweigh gainers.

The day’s highest price losers were Nestle Nigeria Plc with 914 kobo to close at N254.90 per share. Flourmill Plc followed, shedding 214 kobo to close at N40.85 per share. Guaranty Trust Bank Plc, First Bank Plc, Dangote Flour Mill Plc lost 83 kobo, 79 kobo and 63 kobo to close at N16.07, N15.14 and N13.20 per share.

Ashaka Cement Plc, Nigerian Aviation Handling Company Plc, Diamond Bank Plc, National Salt Company of Nigeria Plc, Cement Company of Northern Nigeria Plc and Constain West African Plc dropped 60 kobo, 42 kobo, 37 kobo, 30 kobo, 23 kobo, and 22 kobo to close at N12.70, N8.08, N7.50, N5.77, N13.91 and N4.28 per share.

 On the other hand, Benue Cement Company of Nigeria Plc topped the gainers chart with 121 kobo to close at N48.11 per share. Nigerian Bottling Company Plc followed, adding 118 kobo, to close at N24.82 per share.

 African Petroleum Plc, Cadbury Nigeria Plc, Academy Press Plc, Eternal Oil Plc, West African Portland Company Plc, Unilever Nigeria Plc and UACN Plc also added 95 kobo, 58 kobo, 31 kobo, 28 kobo, 26 kobo, 15 kobo, and 12 kobo to close at N37.10, N12.31, N6.55, N6.60, N30.26, N23.15 and N38.42 per share.

Continue Reading

Business

CBN Assures On Depositors’ Fund Safety 

Published

on

Central Bank of Nigeria (CBN) has reassured the banking public of the safety of their deposits and the banking system’s resilience.
CBN’s Acting Director of  Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on  Monday in Abuja.
The statement, a response to concerns raised about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation, faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.
It also clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was currently being circulated as though it was freshly issued.
According to the Director, Heritage Bank’s case was isolated.
“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system”, Sidi-Ali said.
She stated that bank customers, particularly those of Heritage Bank, need not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.
The spokesperson urged members of the public to continue their regular banking activities without fear, dismissing any false reports regarding the health of specific Deposit Money Banks.
“The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions”, she said.
Sidi-Ali reiterated the assurances of the CBN Governor, Olayemi Cardoso, that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks.

She urged all stakeholders to cooperate in ensuring the success of the process, which she said would be for the overall growth of the Nigerian economy.

“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system”, she said

Continue Reading

Business

NERC Approves New Tariff Hike For Port Harcourt DisCo

Published

on

In spire of calls that the recently hiked “Band A” tariff be reversed, the Nigerian Electricity Regulatory Commission (NERC) has approved a new tariff hike for the Port Harcourt Electricity Distribution Company (DisCo).
NERC permitted the PHED to raise tariffs for Band A customers categorised as Maximum Demand 2 Special (A – MD2 Special).
MD customers are customers that have a load of 45kVA and above. They also operate and maintain their dedicated transformers.
From N206 per kilowatt-hour, this category of customers within the Port Harcourt franchise will now pay N225/KWh.
In a regulatory instrument tagged June 2024 Supplementary Order to the Multi-Year Tariff Order – 2024 (“June 2024 Supplementary Order”) for Port Harcourt Electricity Distribution Plc, the NERC said the tariff approval was under the Tariff Review Application by PHED.
“Further to Section 23 of the MYTO-2024, this Supplementary Order seeks to reflect the changes in the pass-through indices outside the control of licensees including inflation rates, naira/dollar exchange rate, available generation capacity and gas price for the determination of Cost-Reflective Tariffs”, NERC stated.
The electricity regilator emphasised the basis for the review, saying the Naira to the US Dollar exchange rate of N1,469.06 per dollar has been adopted for June to December 2024. It said this has been determined by adding a 1 per cent transaction cost to the average foreign exchange rate of N1,454.52 during the period May 1 to 24, 2024 as obtained from the website of the Central Bank of Nigeria.
It also added that the Nigerian inflation rate of 33.69 per cent for April 2024 as published by the National Bureau of Statistics was applied to revise the Nigerian inflation rate projection for 2024.
“Under Section 116 of the Electricity Act and extant regulations, the commission has considered and approved for PHED, the tariffs (in Table 2) effective 1st June 2024. The approved tariffs shall remain in force subject to monthly adjustments of pass-through indices including inflation rates, naira/dollar exchange rates and gas-to-power prices.
“In line with the policy direction of the Federal Government of Nigeria on electricity subsidy, the allowed tariffs for Bands B – E customer categories shall remain frozen at the rates payable since December 2022 subject to further policy direction by the government.
“With this policy, the estimated subsidy benefit for customers under the PHED franchise in 2024 is approximately N11.49bn monthly”, the NERC stated.
In April, the NERC announced a new tariff for customers in Band A, from N68/KWh to N225/KWh.
It later reduced the tariff to N206.80/KWh based on the rebound of the naira.
Meanwhile, organised labour and manufacturers have kicked against the Band A tariff.

Nkpemenyie Mcdominic, Lagos

Continue Reading

Business

AMJON Partners School To Train Journalists On Maritime Operations 

Published

on

The Association of Maritime journalists of Nigeria (AMJON) has gone into a mutually beneficial collaboration with School of Eloquence to strengthen the capacity and reporting skills of Maritime journalists.
This was disclosed in a statement signed by the Chairman, AMJON Organising Committee, Mr. Segun Oladipupo and made available to our correspondent in Lagos on Monday.
According to the statement, “This year’s edition, tagged “Special Edition”, is a collaborative effort between the foremost Public Speaking training School,  School of Eloquence and AMJON”.
Oladipupo said the training is slated to hold on Friday at the School of Eloquence premises at Osborne Road, Ikoyi.
“Experts from the Nigeria Customs Service, Maritime Workers Union of Nigeria (MWUN) and School of Eloquence have been lined up to train journalists on the rudiments of their own operations”, according to the statement.
Speaking, the President of AMJON, Paul Ogbuokiri, said journalism required constant training to be in tune with evolving trends in the industry.
According to him, journalism has taken a leap from what it used to be and journalists need to equip themselves with modern journalism tools that will help them to catch up with the trends.
“We need constant training and restraining to be relevant in this age of journalism. If we fail to update ourselves, we will soon fizzle out,
“This partnership with the School of Eloquence is a right step in the right direction. It will no doubt, energise our knowledge of reportage”, he stated.
On his part, the Chairman, Organising Committee, Segun Oladipupo, said the event would afford members the opportunity to take their reporting to enviable height
He, therefore, enjoined participants to seize the opportunity to learn new trends in journalism and also learn the business side of the job.
He thanked the School of Eloquence for providing a platform for Nigerian journalists to take a flight in their daily assignment.

Nkpemenyie Mcdominic, Lagos

Continue Reading

Trending