Business
Govt Securities Low Yields Ignite Market Growth
Some capital market operators have ascribed the 1.2 per cent growth recorded last week by the Nigerian Stock Exchange to renewed interest in the equities market.
The market growth followed decline in yields from treasury bills and government bonds. The operators told newsmen in Lagos that the new stance of the Central Bank of Nigeria to tackle inflation and rising debt profile contributed to the market growth.
The CBN Governor, Mallam Sanusi Lamido Sanusi, on Dec. 26, warned Federal Government to stop accumulating debts for future generations.
Sanusi said that the current level of debt, if unchecked, could cause hardship for future generations.
Alhaji Rasheed Yussuf, the Managing Director, Trust Yield Investment Ltd., said that investors were moving funds away from money market because of the Sanusi’s remarks on the increasing debt stock.
Yussuf said that investors were also moving away from government securities to equities in anticipation of apex bank’s review of the monetary policies in 2013.
He said that opportunities in the market were enormous and that institutional investors were taking positions in the market ahead of 2013.
Yussuf said that the market was closing on a positive note this December for the first time since the market crashed.
Mr Emeka Madubuike, the Managing Director of Compass Securities Ltd., said that improved results declared by quoted companies boosted investor confidence in the market. Madubuike said that both retail and institutional investors increased their participation in the market so as to be part of the success story.
Mr Wale Idowu, a stockbroker, said that the reforms introduced into the market needed to be sustained for sustainable growth. He said that there was the need for more investor education to increase local participation
The All Share index of the Nigerian Stock Exchange rose last week by 1.69 per cent to close at 27,866.51 against 27,402.05 recorded in the preceding week.
Also, the market capitalisation of the listed equities grew by N147 billion to close at N8.907 trillion. This was against the decline of N90.95 billion recorded in the preceding week to close at N8.76 trillion. A total of 571.08 million shares worth N5.246 billion were traded in 7,579 deals in the week against the 1.29 billion shares valued at N13.73 billion traded in 20,499 deals in the preceding week.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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