Business

Capital Market Indices Up By 1.03%

Published

11 years ago

March 27, 2015

L-R: Vice President, Lagos Chamber of Commerce and Industry (LCCI), Dr Nike Akande, LCCI President, Alhaji Remi Bello, Vice President and Chairman, Trade Promotion Board, Dr Michael Olawale-Cole and Chairman, Specialised Exhibition Committee, Mr Sola Oyetayo, at the unveiling of Information Communication Technology and Telecommunications Industry (ICTEL) Expo 2015 in Lagos, recently. Photo: NAN

Trading on the Nigerian Stock Exchange (NSE) for the third consecutive day maintained an upward trend with the market indicators appreciating by 1.03 per cent.
The Tide source reports that the All-Share Index on Wednesday rose by 305.91 basis points or 1.03 per cent to close at 29,889.91.
This is against 29,584.00 posted on Tuesday due to price growth recorded by some highly capitalised stocks.
Forte Oil topped the gainers’ chart for the day, increasing by N9.82 to close at N206.34 per share.
Total Nigeria came second with N4 to close at N144, while Nigerian Breweries also appreciated by N4 to close at N136 per share.
Stanbic IBTC chalked up N1.10 to close at N29 and Zenith Bank rose by 83 kobo to close at N17.53 per share.
The market capitalisation rose by N102 billion or 1.03 per cent to close at N9.974 trillion compared with N9.872 trillion achieved on Tuesday.
Analysts attributed the persistent growth in spite of uncertainties surrounding the general elections to low price of equities and improved earning reports declared by companies in 2014 financial year.
They added that the retention of the Monetary Policy Rate at 13 per cent by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) contributed to the rally.
Conversely, Nestle and Mobil Oil topped the laggards’ chart having lost N5 each to close at N800 and N140 per share respectively.
Access Bank lost 30k to close at N5.60, while Dangote Cement dropped 28k to close at N152.60 per share.
NAHCO lost 19k to close at N4.61 per share.
In all, investors bought and sold 433.87 million shares worth N4.004 billion transacted in 3,915 deals, indicating an increase of 105 per cent.
This is in contrast with 211.43 million shares worth N2.85 billion traded in 3,808 deals on Tuesday.
An analysis of the activity chart showed that Mansard Insurance emerged the most traded equity with 86.28 million shares worth N263.14 million.
Zenith Bank sold 60.73 million shares valued N1.06 billion, while FBN Holdings accounted for 41.044 million worth N354.68 million.
Transcorp sold 40.79 million shares worth N115.89 million and Access Bank traded 39.354 million shares valued N223.78 million.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

9 hours ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

9 hours ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

9 hours ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu