Business
Investors Divert Port folio To OTC Bond Market
Investors at the Nigerian Capital Market took solace in the over-the-counter (OTC) bond market during the sustained bearish run of 2009 as they diverted most of their portfolio into the bond market.
According to the Nigerian Stock Exchange (NSE) monthly report for November, the OTC bond market recorded a total transaction volume of 16.34 billion units of bonds worth N17.7 trillion during the period of eleven months in 2009 up from a volume of 9.5 billion units of bonds valued at N1.28 trillion exchanged by investors in the corresponding period of 2008.
In the equity market, a total of 95.3 billion units of shares valued at N638.11 billion were exchanged by investors during the review period of 2009 as against 183.45 billion units of shares worth N2.33 trillion traded in the comparable period of 2008.
The benchmark index of the NSS, the all Share Index was down by 10,623.61 points or 33.8 per cent, having closed at 20,827.17 basis points on December 31, 2009, compared with 31,450.78 basis points at which it closed on December 31, 2008
Similarly, the aggregate market capitalisation of listed equities went down by N1.97 trillion from N6.957 trillion in the 2008 to N4.989 trillion in 2009.
In a review of 91 largest indexes across the globe by the Bloomberg, the NSE All Share Index was declared as the worst performing index for 2009.
Market analysts had attributed the worst performance of market indicators to the heavy price depreciation suffered by many highly capitalised stocks on the Exchange.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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