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NGX: Capitalisation Gains N143bn On Gains By Cadbury, Seplat Shares

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The market capitalisation of Nigerian Exchange Ltd. (NGX) on Thursday gained N143 billion, or 0.55 per cent, to close at N26.328 trillion from N26.185 trillion.
Similarly, the All Share Index (ASI) increased by 0.55 per cent to close at 48,837.76 points from 48,571.75 points on Wednesday.
The Market closed positive as 30 stocks were on the gainers’ chart, with 16 others on the laggard’s table.
Cadbury and Mutiverse led the gainers’ chart in percentage terms by 10 per cent to close at N9.35  and 22k per share respectively.
Trans Express  followed with a gain 9.88 per cent to close at 89k while CAP rose by 9.77 per cent to close at N21.90 per share. Seplat also went up by 9.09 per cent to close at N1, 200.
On the other hand, Champion led the losers’ chart in percentage terms by 6.88 per cent to close at N2.30k per share, just as FTNCocoa shed 5.14 per cent to close at 37k per share.
Linkage Assurance  lost 3.92 per cent to close at 49k per share, while Courtville lost 3.77 per cent to close at N51k per share.
Fidelity Bank followed with 3.47 per cent to close at N3.62 per share.
A total of 759.65 million shares valued at N5.54 billion were exchanged in 5,032 deals.
Also, the total volume traded increased to 391.89 million units from 245.42 million units  recorded the previous day.
Also total value of trade stood at N9.95 billion exchanged in 5,419 deals.
Transactions in the shares of First City Monument Bank(FCMB) topped the volume chart with 503.98 million shares valued N1.76 billion.
Transcorp followed with 36.18 million shares worth N41.85illion, while Honey Flour traded 25.06 million shares valued N92.82 million.
First Bank of Nigeria Holding Bank (FBNH) traded 16.96 million shares valued N201.81 million, while AIICO  transacted 16.60 million shares worth N12.52 million.

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Firm Launches New Radio Campaign For Product

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An oil and gas firm, 11 Plc, has launched a new jingle for its mobil super lubricants.
The firm in a statement recently indicated that it is the sole distributor of Mobil fuel and lubricant brands in Nigeria, noting that the radio campaign was aimed at making the brand Nigerian customers’ choice.
“The campaign, which hit the airwaves three weeks ago, was launched to create fresh awareness for all category users of the premium lubricants during the Easter and Ramadan period and beyond”, the statement said.
According to the firm, Mobil Superbrand is a global family of premium passenger vehicle engine oils that provides different levels of protection to match whatever conditions users of the products may encounter.
The company said its vision was to be the number one business group in Nigeria in terms of sustained service, quality and reliability and the first brand of preference by the consumers whilst conducting operations with high safety standards and environmental compliance.
It added that it aimed to provide the best in class products, services and solutions to customers with a focus on safety and environmental standards.

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Arik Air Explains Flight Cancellation In PH Airport

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Arik Airline has clarified that the incident that resulted in passengers getting stranded at Port Harcourt Airport last Tuesday was due to adverse weather conditions.
This was disclosed in a statement signed by the Public Relations Manager of the airline, Adebanji Ola.
Some passengers of the Arik Air had expressed frustration over being left stranded at Port Harcourt Airport after their flight to Lagos was abruptly cancelled.
The affected passengers, scheduled for the flight from Port Harcourt to Lagos State, got upset by the development, and took to social media platforms to express their grievances.
Nevertheless, the airline had in the statement, reiterated its commitment to safety, highlighting its strict policy to avoid flying in inclement weather conditions, which they said had necessitated the cancellation of the affected flight.
It extended its apologies to customers whose travel plans were disrupted by the unforeseen circumstances, reaffirming its dedication to prioritising passenger welfare.
“We are aware of a recent story circulated in social media alleging that passengers were left stranded at Port Harcourt Airport under our care. It is imperative that we provide clarity on this matter to rectify any misconceptions.
“In the evening of Tuesday, April 2, 2024, our flight W3 744 Lagos-Port Harcourt was compelled to make an air return due to adverse weather conditions, specifically heavy rainfall and thunderstorms in Port Harcourt.
“Consequently, both the Lagos-Port Harcourt (W3 744) and Port Harcourt-Lagos (W3 745) flights had to be cancelled.
“It is crucial to note that by the time of the cancellation, our banking facilities at the airport had ceased operations, rendering funds unfeasible at that moment.
“However, the passengers were promptly briefed on the situation and advised to return the following day for re-protection on available flights”, it stated.
The statement added that on Wednesday, April 3, 2024, all the affected passengers from both Lagos and Port Harcourt were successfully accommodated on available morning and evening flights.

Corlins Walter

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Settlement On Course For Redundancy Benefits – Aero Airline 

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The Aero Contractors Airline has affirmed  its commitment to clear the remaining five per cent of redundancy benefits owed its workers.
Managing Director and Chief Executive Officer of the airline, Captain Ado Sanusi, in a press release said the firm was intensifying efforts to address outstanding financial commitments.
He faulted the move by workers union, the National Association of Aircraft Pilots and Engineers (NAAPE), to issue a press statement, despite ongoing efforts to resolve the issue amicably.
“This should not be an opportunity for disharmony, dialogue is a process. There was a letter written, there was a process agreed upon, and all of a sudden they went to the press. We are ready to resolve the issue”, the CEO stated.
NAAPE had recently issued a letter threatening to go on a protest over non-payment of outstanding redundancy benefits to its members.
The group accused the management of Aero Contractors of depriving the affected former workers access to their entitled benefits.
The protest letter, addressed to the management of the airline, read in part: “Consequent upon the avalanche of complaints received from our members who have been deprived of their fundamental entitlements and denied the rightful collection of their redundancy benefits in the last seven years and given the anguish and mental agonies suffered by them, We are compelled, as responsible representatives of these eminent men/women, including the dead, to protest through this letter and express our bitterness over management’s seeming lackadaisical attitude, insincerity and insensitivity to the continued wellbeing of these great Nigerians”.
The Aero CEO, however, clarified that in the last seven years, the company has paid approximately 95 per cent of the redundancy benefits.
“We should be given credit because this management initiated the process of paying off redundancy. We want our prospective investors to understand that we are a very responsible company, and we take our obligations seriously, not only for staff but also in other areas.
“We update them on a day-to-day basis to ensure business continuity. It is a very tough environment in which we are operating”, he said.
Sanusi stressed the importance of maintaining transparency and communication with stakeholders throughout the process.
He said despite challenges posed by fluctuating exchange rates and fuel costs, Aero Contractors remained steadfast in its efforts to uphold its obligations and ensure business continuity.

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