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Investors Stake N129.03bn On 11.8bn Shares In December 2014

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Investors on the Nigerian
Stock Exchange (NSE) staked N129.03 billion on 11.80 billion shares transacted in 90,989 deals in December 2014, the News Agency of Nigeria (NAN) reports.
Statistics released by NSE on Wednesday in Lagos indicated that the performance was against a total of 9.08 billion shares worth N100.4 billion achieved in 93,875 deals in November.
The data also showed that the turnover of shares traded inched by 29.96 per cent.
A further breakdown of the statistics showed that the Financial Services sector emerged the most active, accounting for 9.66 billion shares valued N78.31 billion transacted in 90,494 deals.
The conglomerates sector came second on the month’s activity chart with an exchange of 903.61 million shares worth N2.25 billion traded in 5,459 deals.
NAN reports that the market capitalisation during the period appreciated by N74 billion to close at N11.48 trillion against N11.404 trillion achieved in November 2014.
Also, the NSE All-Share Index rose by 114.11 basis points or 0.33 per cent to close at 34,657.15 from 34,543.05 recorded in November due to marginal gains by some quoted companies.
Some stakeholders, who spoke with NAN on the market growth during the period under review, attributed the development to uncertainties surrounding the 2015 general elections and exit of foreign investors.
Mr Emeka Madubuike, the President, Association of Stockbroking Houses of Nigeria (ASHON), said that the Central Bank of Nigeria’s tight monetary and devaluation of the nation’s currency affected market growth.
Madubuike said that the yuletide celebrations, public holidays and continuous drop in crude oil price at the international market, also contributed to unimpressive market performance.
Also, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that equities market had been under intense pressure due to developments in the country.
Kurfi said that uncertainties in the nation’s economy and security challenges contributed to the volatility in the equities market.
He said that the economy could not experience any meaningful growth and development with the present security challenges.
Kurfi said that the Federal Government should address the issue to boost investors’ confidence.
He also urged the government to ensure free and fair election, saying that the 2015 polls would determine the direction of the nation’s economy.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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