Business

NSE Market Capitalisation Up By N324bn

Published

10 years ago

August 7, 2015

The market indicators of
the Nigerian Stock Exchange (NSE), for the third consecutive day, maintained an upward trend with the market capitalisation appreciating by N324 billion due to massive price gains.
Reports say that the market capitalisation rose by N324 billion or 3.10 per cent to close at N10.763 trillion against N10.439 trillion achieved on Tuesday.
Also, the All-Share Index rose by 944.95 points or 3.10 per cent to close at 31,403.75 compared with 30,458.86 posted on Tuesday.
Alhaji Rasheed Yussuf, the Managing Director, Trust Yields Investment Ltd., attributed the growth to investors’ response to President Muhammadu Buhari’s determination to curb corruption.
Yussuf said that investors were responding to government’s body language that “it will no longer be business as usual in the country”.
He said that government’s appointment of a technocrat as the new Group Managing Director for the Nigerian National Petroleum Corporation (NNPC) contributed to the market’s gsins.
Yussuf said that investors were optimistic that government would appoint the right people as ministers.
“Some investors are beginning to increase their stake in the market and the rate of share glut is reducing,” he said.
Yussuf explained that government’s determination to stabilise the nation’s currency contributed to the development in the market.
He said that government needed to come out with concrete economic policy, adding that the trend might not last.
A breakdown of the price movement chart showed that Forte Oil recorded the highest price growth, appreciating by N8.85 to close at N202.95 per share.
Dangote Cement followed with a gain of N8.50 to close at N180.50, while Nigerian Breweries appreciated by N6.05 to close at N127.05 per share.
Guinness grew by N5.93 to close at N136.93 and 7UP chalked up N5 to close at N195 per share.
Conversely, Northern Nigeria Flour Mills topped the losers’ chart, dropping by 73k to close at N13.99 per share.
Berger Paints trailed with a loss of 49k to close at N9.50, Champion Breweries lost 10k to close at N4.99 per share.
NAHCO shed 10k to close at N4.75 and Sterling Bank dipped 7k to close at N2.08 per share.
Continental Reinsurance emerged the toast of investors, exchanging 51.77 million shares worth N45.64 million.
Zenith Bank sold 42.18 million shares worth N726.62 million while Wapic Insurance traded 37.02 million shares valued N18.51 million.
Access Bank took fourth position accounting for 36.17 million shares worth N177.12 million, while GT Bank traded 25.18 million shares valued at N642.37 million.
Investors bought and sold 336.16 million shares worth N3.04 billion transacted in 4,243 deals.
This was in contrast with 668.34 million shares valued N4.76 billion achieved in 4,416 deals on Tuesday.

Business

NPA Assures On Staff Welfare

Published

1 day ago

June 27, 2025

The Tide

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure and equipment modernization drive with the development of the welfare of its personnel.

Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the clearing of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.

A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying, “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.

The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.

“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”

Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.

“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.

Speaking on behalf of the joint maritime labour unions, the President of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”

Nkpemenyie Mcdominic, Lagos

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

1 day ago

June 27, 2025

The Tide

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).

The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.

Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.

Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.

The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.

The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.

The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.

Nkpemenyie Mcdominic, Lagos

Business

NSC, Police Boost Partnership On Port Enforcement

Published

1 day ago

June 27, 2025

The Tide

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).

The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.

Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah, made this known during a visit to the Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.

The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.

Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.

He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.

“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.

Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.

The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.

“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.

Chinedu Wosu