Rivers

Capital Market Indices Records 2.53 Percent Rise

Published

13 years ago

July 24, 2013

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.

Niger Delta

CSOs, Bille Community Urge Solution To Persistent Underwater Gas Eruption

Published

2 days ago

April 10, 2026

The Tide

Civil Society Organisations (CSOs) and the people of Bille Kingdom in Degema Local Government Area (LGA) of Rivers State have called for government’s urgent intervention to end the suspected underwater gas eruption in the community.

The groups, under the aegis of the Environmental Rights Action and Social Action, made the call during their advocacy visit to the Port Harcourt Zonal Head of the National Oil Spill Detection and Response Agency (NOSDRA), in Port Harcourt.

The Programme Manager of Environmental Rights Action, Mr. Kentebe Ebiaridor, said the visit was to seek clarity on the response efforts of the regulators to the development in the community.

Ebiaridor expressed concern over what he described as “inadequate response from regulatory agencies and the government concerning the incident”.

He said discussions with some officials revealed that there was still no clear timeline for action to address the situation.

According to him, in the absence of clear ownership of the facility linked to the incident, companies operating within Oil Mining Lease (OML) 18 should be held accountable.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had in a statement issued on March 20 by its Chief Executive, Oritsemeyiwa Eyesan, said the commission had commenced an investigation into a gas bubbling incident in Bille Community.

Eyesan said the commission expressed concern over the development and assured residents of its ongoing efforts to address the situation.

Also, the Resource Justice Manager of Social Action, Dr. Prince Edegbuo, warned that the situation could escalate into a public health emergency, if urgent steps were not taken.

Edegbuo called on relevant authorities to release the results of the tests reportedly conducted in the area, stressing that residents had the right to know the condition of their environment.

He also said CSOs were prepared to intensify advocacy on the matter, urging the development of emergency response measures, including possible evacuation plans.

A legal practitioner and community stakeholder, Mr. Commission Deinbo, had, on March 20, said residents had continued to witness unusual signs on the waterways in the area.

Deinbo said the signs included boiling and bubbling from the ground and river, sometimes within residential areas, as well as fire outbreaks, which the residents had always managed to contain.

He appealed to relevant authorities to come to their aid and find a lasting solution to the problem.

In a response, the Port Harcourt Zonal Head of NOSDRA, Mr. Bello Augustin, assured the community that he would relate its concerns to the appropriate quarters.

Augustin also commended the CSOs for their advocacy and concerns to community development in the state.

By: Wokoma Emmanuel & Theresa Frederick

Rivers

Dep Gov Seeks Collaboration, Transparency Between RIVCHPP, PHCMB

Published

2 days ago

April 10, 2026

The Tide

The Rivers State Deputy Governor, Prof. Ngozi Nma Odu, has called for renewed commitment, transparency, and stronger collaboration among stakeholders in the health sector, particularly between the Rivers State Contributory Health Protection Programme (RIVCHPP) and the Primary Health Care Management Board.

She made the call today, during the First Quarter Review Meeting of the Task Force on Primary Health Care, held at Government House, Port Harcourt.

She emphasized the importance of honesty in addressing challenges within the healthcare system, urging all parties to remain open and truthful in their engagements.

According to her, transparency is critical to identifying and resolving underlying issues affecting service delivery.

“If we are not truthful, we will not cure the disease, but merely cover it up,” she stated.

The Deputy Governor recounted a personal experience at a primary health centre, where a patient, despite being duly registered under the RIVCHPP scheme with completed biometric capture, was still asked to pay for services.

She explained that intervention by relevant authorities later confirmed the patient’s eligibility, thereby exposing a communication gap between the scheme and healthcare providers.

Prof. Odu warned that such incidents could discourage community members from enrolling in the scheme and ultimately undermine its objectives.

“When this happens, we are disenfranchising our people. The message that goes back to the community is that even when you register, you are still made to pay,” she stated.

While commending the leadership and staff of the Primary Health Care Management Board, the Ministry of Health, development partners, and other supporting units for their efforts, Prof. Odu cautioned against complacency.

She urged stakeholders to continuously strive for improvement, raise standards, and ensure lasting positive impact within the healthcare system.

Rivers

Experts Converge To Tackle N’Delta Business Challenges

Published

2 days ago

April 10, 2026

The Tide

As part of efforts to strengthen Nigeria’s economy, about 600 experts are billed to converge in Port Harcourt in a business conference to uplift middle-class businesses in the Niger Delta region.

The convener of the convergence, Lanre Oluseye, who disclosed this during a press briefing in Port Harcourt, said the conference, scheduled to hold in Port Harcourt for the first time, would equip middle-class businesses with the knowledge required to overcome challenges and scale up their businesses.

He explained that the convergence was conceived in response to challenges stalling business growth, particularly at the mid-level.

Oluseye noted that while Small and Medium Enterprises (SMEs) benefited from various interventions, middle-class businesses were often neglected despite facing significant constraints.

He added that the conference would bring together accomplished professionals and business leaders to mentor mid-level entrepreneurs on how to overcome barriers and attain greater heights.

“Convergence is a conference where thoughts, ideas and strategies come together to create a catalyst that enables business people to move to the next level.

“It is a platform that accelerates growth by bringing great minds together to chart a course for others to follow.

“Our objective is to move the Port Harcourt-based middle-class businesses to cross the barriers that are holding them down”, he said.

Oluseye continued that the conference, slated for April 18, would attract about 600 Chief Executive Officers (CEOs) and middle-level managers to address business challenges in the Niger Delta through innovative ideas and strategies.

He emphasised that the event would not be a mere social gathering, but a knowledge-driven platform designed to transform participants and provide networking opportunities to enhance their businesses.

He assured that participants would gain new insights, build valuable networks and engage with like-minded professionals.

Oluseye further said that top industry leaders expected at the conference included the Managing Director/CEO of Nigeria Liquefied Natural Gas (NLNG), Leye Falade; former Minister of Finance, Kemi Adeosun; and the MD/CEO of Aradel Holdings Plc., Gbite Falade.

Others are Tope Aladenusi of Deloitte Africa; the Partner, Chief Economist and Lead, Strategy and West Africa, Segun Zaccheaus; and a global thinker and futurist, Olakunle Soriyan.

Theresa Frederick & Charity Amiso