Business
Market Indices Grow By 0.54% As Buhari Signs Budget
Activities on the Nige
rian Stock Exchange (NSE) on Friday reacted positively to 2016 Budget signing by President Muhammadu Buhari with the market indices growing by 0.54 per cent after declining for two consecutive days.
The Tide source reports that the All-Share Index improved by 137.81 points or 0.54 per cent to close at 25,701.60 against 25,563.79 achieved on Thursday.
Similarly, the market capitalisation rose by N47 billion, closing at N8.84 trillion compared with N8.79 trillion recorded on Thursday.
Managing Director, APT Securities and Funds Ltd., Mallam Garba Kurfi, attributed the growth to investors reaction to the signing of the budget.
Kurfi said that signing of the budget had ended the impasse between the presidency and the lawmakers for over four weeks, adding that the uncertainty surrounding the budget had ended with the signing.
A breakdown of the price movement chart indicated that Forte Oil led the gainers’ chart, growing by N20.44 to close at N219.92 per share.
Mobil Nigeria followed with a gain of N7.29 to close at N155.09, while Flour Mills Nigeria gained N1.83 to close at N22.34 per share.
Guinness appreciated by N1 to close at N95, while Cadbury increased by 78k to close at N16.46 per share.
On the other hand, PZ topped the losers’ chart, dropping 68k to close at N20.62 per share.
Nigerian Breweries trailed with a loss of 24k to close at N115.08, while Ecobank Transnational Incorporated lost 20k to close at N14.50 per share.
Dangote Sugar Refinery shed 11k to close at N5.79 and Portland Paint also declined by 11k to close at N2.17 per share.
FBN Holdings remained the most active, accounting for 30.73 million shares worth N107.99 million.
Transcorp followed with an exchange of 20.07 million shares valued at N20.66 million, while Zenith Bank sold 14.22 million shares worth N185.69 million.
Guaranty Trust Bank traded 11.19 million shares valued at N194.04 million and Access Bank traded 9.69 million shares worth N40.61 million.
In all, investors traded a total of 181.11 million shares valued at N1.17 billion as against 178.87 million shares worth N1.48 billion exchanged on Thursday.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.