Business

Bears Dominate NSE Market

Published

12 years ago

June 19, 2013

The bears took dominance of the equity Market of the Nigerian Stock Exchange (NSE) for three days running last week as the twin market indicators finished on negative notes.

Specifically the All Share Index (ASI), the main index at the Nigerian bourse nose dired by 5.85 per cent from its recent high of 40,012.66 basis points on Tuesday of the week under review to close at 37,249.93 points.

The aggregate market capitalisation of listed equities lost N888 billion to close the week at N11.967 trillion, having peaked at N12.855 trillion on Tuesady of the review week.

Market analysts have attributed the decline to profit-taking transactions on highly capitalised stocks such as the consumer goods and industrial stocks.

According to the NSE weekly report, the bearish trend also reflected in all other NSE indices. The NSE 30 Index, the indicator for measuring 30 most capitalised companies on the Exchange fell by 5.86 per cent even as the NSE Consumer Goods Index plunged by 7.05 per cent. The NSE Banking Index fell by 7.23 percent while Insurnace Index shed 2.87 percent.

The NSE Oil and Gas Index dropped 5.82 percent just as the NSE Industrial Goods Index went down by 6.59 percent.

It would be recalled that since the beginning of the year the Equities market has been on the upbeat which has resulted in the NASI having a sustained seven straight weeks gains. The market capitalisation added N2.165 trillion pegging at N12.766 trillion as against its 2008 peak level of N12.640 trillion.

The total market volume stood at 3.725 billion units of shares valued at N75.874 billion exchanged by investors in 39,060 deals at the close of trading last week in comparism with a total of 1.917 billion units of shares worth N25.133 billion exchanged in 32,368 transactions the previous week.

Transactions in the shares of Transnational Corporation of Nigeria Plc, IAS Plc and Dangote Cement Plc accounted for 1.35 billion shares valued at N48.72 billion traded in 1,692 deals contributing 36.19 per cent, 64.22 per cent and 4.33 per cent to the overall equity turnover volume, value and deals respectively.

On sectorial basis, during the review week the financial service sector lead the activity chart recording a traded volume of 1.702 billion units of shares valued at N14.698 billion in 19,826 transactions representing 45.68 per cent, 19.37 per cent and 50.76 per cent of the total traded volume, value and deals respectively.

It was followed by the conglomerates sector with a turnover of 597.153 million units of shares worth N1.052 billion exchanged in 1,410 deals indicating 16.03 percent, 1.39 percent and 3.61 per cent of the total equity turnover volume, value and deals respectively during the week.

The ICT sector emerged third on the week’s activity chart recording a turnover volume of 516.087 million units of shares traded at N1.007 billion in 264 transactions.

The week under review opened with 34 stocks recording price appreciation on Monday while 22 Stocks recorded some level of price erosion even as the price of 56 remained flat.

On second trading day of the review week out of 127 stocks that were traded, 50 recorded value addition while the price of 17 nose dived and 60 remained unchanged.

The third day saw 122 stocks taking part in the market transactions, from which 32 appreciated in value, 36 plunged while 44 remained flat.

On the fourth trading day, 126 stocks partook in the trading activities, just a as a handful of 15 stocks managed to rise in value while 57 stocks eroded in value and 54 remained flat.

A total of 120 stocks were transacted on the last trading day of the week with only 22 recording gains; 66 were flat in price while 32 shed their value.

In all 34 equities added value during the week under review down from the 58 that appreciated the previous week.

Berger Paints Plc led the top 10 gainers’ table with N1.92 price addition having opened at N9.46 to close at N11.38 per share.

The Forte Oil Plc emerged second on the week’s top 10 price gainers’ table with N1.61 price addition to finish at N17.01 from an opening price of N15.40 per share.

Academy Press Plc came third having added 70 kobo to its opening price of N1.75 to close the week at N2.45 per share.

Also on the week’s top 10 gainers’ chart were Paints and Coatings Manufacturers Plc 45 kobo, Neimeth International Pharmaceuticals Plc 40 kobo, Vitaform Nigeria Plc 61 kobo, IPWA Plc 8 kobo , Cutix Plc 25 kobo, Evans medical Plc 31kobo and Champion Breweries Plc 48 kobo.

On the flipside, Nigerian Breweries Plc led the top 10 stocks that finished in the red during the week with N20.49 price depreciation having opened at N178 per share to close at N157.51.

PZ Cussons Nigeria Plc emerged the week’s second highest loser having plunged by N7.98 from an opening price of N52.98 to close at N45 per share.

The third on the losers’ chart was Guaranty Trust Bank Plc which lost N3.29 to drop at N24.91 from an opening price of N28.20 per share.

Others were Portland Paints & Products Nigeria Plc which lost 82 kobo, Eterna Plc 66 kobo, Oando Plc N2.32, Ikeja Hotel Plc 12 kobo, Livestock Feeds Plc 69 kobo, Transnational Corporation of Nigeria Plc 15 kobo and Custodian and Allied Insurance Plc 19 kobo.

The week saw 1,770 units of federal Government of Nigeria (FGN) bond being traded at the value of N194,830 in 15 deals as against 1,100 units worth N123,765 recorded in 7 transactions the previous week.

A breakdown shows that 1,270 units of 15.10 per cent FGN April 2017 bond were traded in 11 deals at N136,595 while 400 units of 16,00 percent FGN June 2019 bond were exchanged in three transactions at the value of N45,485. Hundred units of 16.39 per cent FGN January 2022 bond were sold at N12,750 in one trade.

Business

FG Flaggs Of Renewed Hope Employment Initiative

Published

2 days ago

September 12, 2025

The Tide

As part of its programme to empower Young Nigerians with the necessary employability skills, the Federal Government, through the National Directorate of Employment (NDE), has flagged off the second phase of the “Renewed Hope Employment Initiative” (RHEI).

Performing the ceremony in Port Harcourt, the Director General of NDE, Silas Ali Agara, said the second phase of the programme will absorbed over 41,307 youths across the country.

Agara said the first phase of the programme, which was flagged off December 2024, successfully trained 32,692 unskilled and unemployed Nigerians in demand-driven skills across the 36 states and the Federal Capital Territory (FCT).

According to the DG, who was represented by the Rivers State Coordinator of the Programme, Matthew Amala, “The strategic goals were increasing trainee employability, supporting small scale enterprises, promoting agricultural productivity, improving rural infrastructure and providing transient jobs.”

He said, over 5000 beneficiaries were resettled with loans and starter packs, while linkages to credit institutions for those that could not be accommodated under the Directorate’s soft loan scheme was ongoing.

“As we reflect on the achievements of the first phase of the Renewed Hope Employment Initiative, I’m excited that the second phase is being flagged off today.

“In the second phase, NDE will train 41,307 persons in over 30 skills set, ranging from vocational, entrepreneurial, agricultural, ICT, and activities in the public works sector.

“We have improved and digitalized our processes through a robust registration portal fully equipped with scalable backends and geofenced capabilities.

“This has made our processes more transparent, fair, equitable, as well as providing us with a credible database”, he said.

The DG said at the end of the training, a total of 14,457 will be resettled with starter packs to help them establish themselves in their chosen fields.

“It’s our sincere expectation that the participants would be equipped positively with skills to enhance their employability, foster entrepreneurship mindsets in them and improving livelihoods to contribute to their community and the economic growth of the Nation”, he added.

He said despite the challenges of limited budgetary resources, the NDE remains committed to equipping unemployed Nigerians with demand driven skills in order to empower these individuals to become employers of labour and future wealth creators.

John Bibor & Edidiong Johnson

Business

Kachikwu Makes Case For Increased NCI Fund To US$1bn … Timeline For Developing Oil Blocks

Published

2 days ago

September 12, 2025

The Tide

Former Minister of State for Petroleum Resources, Prof. Emmanuel Ibe Kachikwu, has canvassed that the $450m Nigerian Content Intervention Fund (NCI Fund) be increased to US$1bn.

He said the increase will be deployed to cater for the funding of mega oil and gas projects, setting up of pipe mills and manufacturing of other critical equipment needed in the oil and gas sector.

Kachikwu also recommended that oil and gas producing companies should provide timelines for developing oil and gas blocks, saying same condition should also be for firms that win industry contracts based on commitments of investments.

He made these recommendations on Monday at the Business Mentorship Lecture Series organised virtually by the Nigerian Content Development and Monitoring Board (NCDMB).

The Tide gathered that the webinar drew nearly 500 participants via Zoom and the Board’s YouTube page.

The former minister, who served as the Chairman of NCDMB’s Governing Council from September 2016 to May 2019, stated that a larger NCI Fund will provide seed capital for developing blocks, accessing technology, skill sets and equipment.

According to him, the fund should include contributions from operators, and other investors in the sector and not just government resources, expressing dismay that many awardees of oil blocks in Nigeria treat them like certificates of occupancy for land which has caused huge losses to the nation.

“I like to advise the Government to cancel oil blocks that are not developed after a prolonged period. We need to find a way to force performance in the industry. Some companies get contracts to import pipelines with proviso to invest locally. We need to begin to produce those equipment.

“You’ve to show the joint venture that you are setting up to produce pipes, where is the foreign partner with the funds and technology? You need to give a timeline”, he said.

Speaking on the global investments space and how Nigeria can attract funding to the energy sector, the former minister argued that there was a lot of money waiting to be tapped, saying that however it is only going to countries where there is a perception of regularity.

“Nigeria’s image needs to improve, while the Government also needs to create the right investment climate to attract investment. There’s enough investment money out there if you have a holding of hands.

“They need to portray Nigeria as the place you can put money and get good returns. Government should consider co-investing with private companies if there are good prospect of returns”, he added.

The erstwhile Petroleum Minister lauded the transformation in the oil and gas sector with indigenous firms like Seplat, Aiteo, Oando Energy Resources, and Heirs Oil and Gas and others acquiring assets from divesting international oil companies (IOCs).

“Mere ownership transfers are insufficient without enhanced output, management, revenue returns and compliance with extant laws.

“My greatest fear is that without principled accounting, supervision, and effective oversight, indigenous companies may profit while the federal government loses revenue. There’s the need to involve local communities to avoid past disconnects that fueled conflicts”, Kachikwu said.

He also commended the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, for upholding the agency’s mission and recording significant strides since assumption of office.

Reflecting on the NCDMB Scribe’s pivotal role in shaping the Board, Kachikwu emphasized that advancing local content was a core pillar of his tenure as Minister and chairman of the NCDMB Board, noting that local content is not just a slogan, but rather a tool for industrialisation, job creation, and knowledge transfer.

“There should be consistency of policies. For too long, foreign companies dominated every segment of the sector, while our people remained bystanders.

“My message to young professionals is clear: the oil industry may be facing disruption, but it is also full of opportunities. Careers in petroleum now demand more than technical skills. They require adaptability, creativity, and a deep sense of responsibility to both people and the environment.

“The industry is not just about barrels and dollars. it’s about national survival, community welfare, and the environment. Achieving your career goals is a marathon, not a sprint. Patience and endurance are essential. Self-Belief is Crucial.

“Confidence in yourself and your abilities will fuel your progress and help you overcome challenges. Principles matter: Let your ethics and integrity be a guiding light. Build relevant skill sets. Equip yourself with the skills that make you competitive and adaptable in the job market”, the former Minister urged.

Earlier in his welcome address, the Executive Secretary of the NCDMB’s Director of Capacity Building, represented by the Director of Capacity Building, Engr. Abayomi Bamidele, underscored the Business Mentorship Lecture Series’ role in fostering trends and mind-sets for excellence.

Hee said the lecture series was organised in furtherance of the Board’s mandate in sections 67 and 70n of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, to hold workshops and seminars to promote and advance Nigerian Content.

In his closing remarks, General Manager, Corporate Communications, NCDMB, Dr. Obinna Ezeobi, praised Kachikwu for sharing deep insights which benefitted stakeholders across the public and private sector of the energy sector.

He also thanked the guest lecture for his contributions to the NCDMB, recalling his sign-off on the Waltersmith Refinery investment, which became a successful project and the launch of the US$200m NCI Fund, which has grown into US$450m, now managed by the Bank of Industry and Nexim Bank.

“NCDMB has fully embraced its roles of enabling businesses, in addition to the traditional mandate of regulating and promoting local content. The Board is committed to supporting Nigerians and local oil and gas firms to grow sustainably in the sector, hence it organises the Business Mentorship Lecture Series.

“We want to assure you that this Mentorship series will continue as a key platform for engaging and educating stakeholders of the industry. I also want to urge interested listeners to visit NCDMB’s YouTube channel to watch the recording of the webinar”, he said.

Ariwera Ibibo-Howells, Yenagoa

Business

FG Embarks On Sanitizing Mining Industry

Published

2 days ago

September 12, 2025

The Tide

The Federal Government has embarked on sanitizing the mining industry, as concrete steps are being taken through the Mining Cadastre’s office to put things in order.

Already, some of the mining licences have been revoked, and more mining licences will be revoked, as part of ongoing efforts to sanitise the solid minerals sector, as well as to protect investors from fraudsters.

Director-General (DG) of the Mining Cadastre Office, Obadiah Nkom, who disclosed this on a live conversation on X (formerly Twitter), said the move was aimed at driving transparency and order in Nigeria’s solid minerals sector.

According to the DG of the Federal Government agency, the clean-up exercise, which covers expired, speculative, and inactive titles, is necessary to make room for genuine investors and ensure compliance with the law.

Nkom disclosed that the agency had identified about 4,709 licences, including 1,400 expired titles, 2,338 refused applications, and 971 notifications of grant where applicants failed to pay, which led to an outright revocation by the Minister of Solid Minerals Development, Dele Alake.

The DG stressed that the revocation was not punitive but part of a deliberate sanitisation process to weed out speculators who hoard licences without adding value to the economy.

Nkom explained that the exercise had already boosted investor confidence in the sector.

“When you talk about backlog, for now, the ministry has had reasons to clear or revoke close to 4,709 mineral licenses. There were implementations in terms of revoked expiring titles of up to 1,400 licenses.

“We have had reasons to refuse 2,338 applications in the system. We have had a mineral title notification of 971. Can you imagine 971 notifications of grants that were notified, but did not come to pay.

“There are even instances where some people have collected the grants, but they refuse to pay. So what do we do? So this cleaning exercise that we are doing is to be able to now create that space in the minefield for people.

“So, imagine having over 4,709 erased from our system by way of revocations implemented. It has sanitised our sector, and investors now know that if they are not going to be involved in exploration and value addition, there will be consequences.

“We are cautious. We follow the law. And this is why I repeat, we have had 100 per cent success in litigations because we are an agency compliant with the provisions of the Act.

“Where we are wrong, we do not shy away from trapping ourselves and doing the right thing. I would hope that at the end of the day, we will not have any risk by following the provisions of the Act”, he said.

Recall that the minister in 2024 revoked 924 licenses over failure to pay statutory charges and fees due for the Federal Government through the Mining Cadastral Office.

He warned licensees yet to resume work on their mining projects to do so immediately.

Corlins Walter