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Capital Market Indices Records 2.53 Percent Rise

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12 years ago

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The Equity
Market of the Nigerian Stock Exchange (NSE) for the week ended July 19, 2013 finished on a bright note as the bulls maintained their grip on the market resulting to a straight-nine day-gaining streak.
This market upbeat was reflected in twin market indicators as both the composite index and the aggregate market capitalisation of listed equities surged by 2.53 per cent each.
In specific terms, the All Share Index (ASI) which opened the week at 37,382.49 basis points finished at 38,328.29 basis points even as the market capitalisation of listed equities firmed up by N299.53 billion to close the week at N12.138 trillion from an opening value of N11.83 trillion.
The week opened with the first trading day finishing on positive note as the market advanced by 0.90 per cent as the ASI closed at 37,720.78 basis points. The market index continued tilting southward on the second trading as it rose by 0.44 per cent even as it increased by 0.24 per cent the following day being Wednesday.
The market recorded the highest gain on Thursday with 0.95 per cent growth while it carved in marginally on Friday flaking 0.02 per cent.
The NSE 30 index which tracks 30 most capitalised stocks on the Nigerian bourse rose by 3.06 per cent to close the week at 1,812.57 points.
Also four of the NSE indices appreciated during the week with the NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Oil/Gas and NSE –Lotus 11NSE advanced by 4.72 per cent, 1.27 per cent, 0.28 per cent, 9.37 per cent and 3.30 per cent respectively while NSE Industrial Goods and NSE Asem dropped by 0.45 per cent and 0.50 per cent in that order.
The NSE price movement chart had a total of 50 stocks which appreciated in their value up from 37 equities which recorded price appreciation the previous week.  Thirty-nine dipped in their prices compared with the 47 equities that depreciated last week.
Those whose value remained flat were 105 as against 110 equities that remained constant in their prices the previous week.
The top 10 gainers were Julius Berger Nigeria Plc N13.73, Seven-Up Bottling Company Plc N10.00 Forte Oil Plc N9.42, PZ Cussons Nigeria Plc N9.14, MRS Oil Nigeria Plc N6.28, /HS  Plc N1.20, Champion Breweries Plc N1.47, IPWA Plc 47 Kobo, UTC Nigeria Plc 14 Kobo and ABC Transport Plc 19 Kobo.
Conversely, the top 10 losers for the week were, Berger Paints Plc, N1.68, Points and coatings Manufacturers Plc 23 Kobo, Costain (WA) Plc 24 Kobo, Portland Paints and Products Nigeria Plc 80 Kobo, Trans-Nationwide Express Plc 27 Kobo, Jos International Breweries Plc 11 Kobo, Academy Press Plc, 20 Kobo, ARBICO Plc 62 Kobo, Nigerian-German Chemical Plc 81 Kobo, B.O.C. Gases Plc 73 Kobo and Pharma Deko Plc 20 Kobo.
A total market volume of 1.886 billion units of shares valued at N15.536 billion were recorded during the week under review in 28,619 transactions up from a total of 1.674 billion units of shares worth N18.266 billion exchanged by investors the previous week in 25,367 trades.
In volume terms, the financial service sector emerged first on the activity chart accounting for 763.653 million units of shares valued at N7.276 billion exchanging hands in 14,740 deals indicating 40.50 per cent, 46.83 per cent, 51.50 per cent of the overall equity turnover volume, value and deals.
It was followed by the conglomerates sector with a turnover volume of 704.825 million units of shares 704.825 million units of shares at the value of N1.137 billion recorded in 1,122 deals contributing 37.38 per cent, 7.32 per cent and 3.92 per cent to the total equity turnover volume, value and number of deals respectively.
With a turnover volume of 169.556 million units of shares worth N335.382 million recorded in 943 deals, the million recorded in 943 deals, the services sector emerged third on the week’s activity chart.
Trading in the shares of Transnational Corporation of Nigeria Plc (Transcorp), ABC Transport Plc and FBN Holdings Plc accounted for 900.568 million units of shares valued at N2.693 billion executed in 3,714 deals contributed to 47.76 per cent, 17.33 per cent and 12.98 per cent to the total equity turnover volume, value and deals in that order.
Meanwhile according to the National Bureau of Statistics (NBS) the drop in inflation rate last week shot pushed up the price of bond but the FGN bond reduced as bond yields and prices moved in the opposite direction.
The Nation’s Consumer Price Index (CPI) for June fell to 8.4 per cent compared to the 9 per cent it stood in May, the NBS stated.  It noted that core and food indices in June averaged 8.9 per cent and eight per cent respectively as against the 12.5 per cent and 14.1 per cent it attained the previous month.
The drop in inflation rate, according to NBS was due to “slower rise in all Classification of Individual Consumption According to Purpose (COICOP) classes except the food and non-alcoholic beverages class”.
The 4 per cent FGN April 2015 rose marginally as it closed at N85.96 as against N85.33 it sold the previous week while the 15.10 per cent FGN April 2017 paper closed at N105.70 last week from an opening price of N104.70 the preceeding week.     Also, the 10.70 per cent FGN May 2018 finished higher at N90.47 compared with an on-board price of N89.82.

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Rivers

NSE Members Tasked On National Dev

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7 days ago

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July 11, 2025

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Members of the Nigerian Society of Engineers, NSE, have been urged to work hard towards contributing to national development. This call was made at the recent induction of new members by the Port Harcourt branch of the Society. The induction ceremony was used to formally welcome new members and celebrate its elevated new fellows.
Speaking during the ceremony held a in Port Harcourt, the Branch Chairman, Engr. Idaeresoari Ateke Harriet, FNSE, called on members of the NSE to actively participate in the Society’s professional and technical activities in order to contribute meaningfully to national development. He congratulated the new inductees, describing their admission as a testament to their hard work and resilience.
Engr. Ateke also commended the new Fellows for their immense contributions to the engineering profession, reminding them that their elevation is a call to greater responsibility as mentors and role models.
The event featured a lecture by Engr. Prof. Steve Odi-Owei, FNSE, on “Opportunities and Challenges in Nigeria’s Blue Economy.” The Chairman noted that Nigeria’s maritime and aquatic resources remain largely untapped, adding that engineers have a crucial role to play in harnessing these resources for economic growth and environmental sustainability.
He thanked the first female President of NSE, Engr. Margaret Aina Oguntala, FNSE, other dignitaries, sponsors, and families of inductees for gracing the occasion.
Also, engineers, especially those in Rivers State have been advised to adhere strictly to the core ethics of the profession and to always uphold the professional ethics of the body.
This advice was given by an engineering expert, Basoene Benibo, in an interview with at the sidelines of the  induction ceremony and Fellowship celebration of the Port Harcourt Branch of the Nigerian Society of Engineers.
Benibo stressed the need for young engineers in the state to learn and improve on their skills by tapping from the wealth of experience of older professionals in the field to enable them excel.
 Benibo, who is a one-time Chairman of the Port Harcourt Chapter of the Nigerian Society of Engineers, also noted and hailed the efforts of the society in eliminating quackery in the engineering profession.
Some of the new fellows include Prof Jackson Akpa, Pereowei Jose’s and Telema Osima, while the inductees, Engr Mrs Lizzy Onwuso, Engr David Jonathan jnr and Worlu Emmanuel expressed joy in being found worthy to become full NSE members, believing that it would enable them have access to more knowledge, practice rightly and impact the society positively.
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Rivers

VALVA Restates Commitment Education Advancement, Literacy In Nigeria

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7 days ago

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July 11, 2025

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The President and Chairman of Council, Nigerian Library Association (NLA), Dr. Dominic Amenaghawon Omokaro, has expressed deep commitment to the advancement of education and literacy in Nigeria through the library system.
Speaking through his state Chairman Dr. Chidara Okachukwu Nyemezu, at the formal Launching/inauguration of the Vanguard for Library Visibility And Advocacy (VALVA) at Captain Elechi Amadi Polytechnic in Port Harcourt recently, Omokaro discribed the inauguration of the new body as a significant and  passionate movement aimed at shining the spotlight on one of the underappreciated yet critical institution in Nigeria’s educational system and national development.
“We are gathered here not just to launch a group, but to launch a vision and ignite a movement to reinforce a mission to make libraries visible and valuable again for our people”, he said.
Dr. Omokaro stated that the birth of VALVA is based of the recognition that libraries, particularly school libraries, are the bedrock of  promoting a reading and research culture that includes innovation and lifelong learning in the society, though the system is grossly underfunded and poorly equipped in many cases.
He recalled the theme of its first week under his watch, “Library System for National Development in 2022”, which he hinted was driven by the state chapters.
He explained that the inauguration of VALVA shows an important mission to promote the visibility and development with impact on schools and other libraries through strategic advocacy that will advance quality education and foster lifelong learning culture in Nigeria.
“The vision is clear to promote the visibility where every school and indeed every community will have access to a functional library managed by a professional Liberian”, he said.
Speaking with journalists at the sideline of the event, the founder of the VALVA, Dr. Juliet C. Akex-Nmec, stressed that no society can grow without a functional and  effective library.
She urged government at all levels to ensure the establishment of effective and functional libraries across the country.
Dr. Alex-Nmec, who is also an Associate Professor of Library and Information Science, Rivers State University, called for the appointment of a Special Adviser on Library matters by the state government in order to assist the government on Library matters.
High point of the event was the formal inaugural of the new body and oath of offices to the new executive.
Akujobi Amadi
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Rivers

Rivers Judiciary Denies Issuing Court Order Stopping SOLAD from Swearing in RSCSC Members

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7 days ago

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July 11, 2025

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The Rivers State Judiciary has denied a media report claiming that Justice Frank Onyiri of the State High Court issued an injunction order restraining the Sole Administrator, Vice Admiral Ibok-Ete Ibas (rtd), from inaugurating the newly appointed members of the Rivers State Civil Service Commission (RSCSC).

 

In a statement issued by the Deputy Chief Registrar in charge of litigation at the High Court, Menenen Poromon (Esq), the state Judiciary disassociated itself from the report, describing it as malicious and fabricated.

 

The statement emphasized that the report was a falsehood and a misrepresentation of what transpeared in the court.

 

Poromon clarified that no such order was issued by Justice Onyiri or any other judge of the High Court of the state and urged the public to disregard the information, as it lacked any iota of truth.

 

The statement however advised the public to verify any information concerning the state Judiciary directly from the office of the Chief Registrar, High Court of the State, to avoid spreading of misinformation.

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