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NSE Transactions Resume On Positive Note …As Index Up By 1.31%

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The Tide source reports that market index rose by 572.72 points or 1.31 per cent to close at 44,306.48 against 43,733.76 last Friday at the Nigeria Stock Exchange.
Also, the market capitalisation which opened at N15.691 trillion inched N191 billion to close at N15.882 trillion.
According to our source, the market performance was contrary to market analysts’ expectations having predicted that the market would nosedive due to month-end portfolio rebalancing.
An analysis of the price movement table showed that the market growth was driven by Dangote Cement gaining N7.90 to close at N268 per share.
Stanbic IBTC followed with N1 to close at N45, while UACN added 60k to close at N17.60 per share.
Forte Oil grew by 60k to close at N50, while Eterna Oil increased by 43k to close at N5.89 per share.
On the other hand, Guinness topped the losers’ chart with a loss of N2 to close at N110 per share.
Nigerian Breweries trailed with N1.80 loss to close at N150, while Dangote Sugar Refinery shed N1 to close at N20.95 per share.
Flour Mills was down by 50k to close at N30.90, while Guaranty Trust Bank declined by 30k to close at N48.70 per share.
However, the volume of shares traded dropped by 39.32 per cent with an exchange of 573.35 million shares valued at N5.88 billion achieved in 6,756 deals.
This was in contrast with 944.86 million shares worth N7.13 billion transacted in 8,166 deals on Friday.
FCMB Group drove the activity chart, trading 169.12 million shares worth N547.03 million.
Access Bank followed with an account of 42.53 million shares valued at N553.48 million, while United Bank for Africa traded 39.52 million shares worth N513.68 million.
Honey Well Flour exchanged 33.66 million shares valued at N91.50 million, while Zenith International Bank sold 32.84 million shares worth N1.02 billion.
They said it that the new share pricing regime would allow share prices to trade as low as one kobo and boost inflow foreign investments.
The experts, in separate interviews with the newsmen in Lagos, said that the method would also enable investors to categorise stocks on the NSE.
The new pricing method started on Monday, January 29.
Olabisi Onabanjo University, Ago-Iwoye, Ogun State Prof. Sheriffdeen Tella, said that the NSE must of necessity update its pricing method from time to time for trading to be transparent.
He said that for any stock exchange to attract foreigners to participate in its trading and invariably in the economy, it must adhere to global best practices.
Tella said that the method must be well implemented to leave no one in doubt about a particular stock.
The Head of Banking and Finance Department, Nasarawa State University, Keffi, Dr Uche Uwaleke, said that inflation and depreciation of the naira had made the new pricing method imperative.
Uwaleke said that the NSE needed to be in conformity with global best practices in terms of rules and regulations.
He, however, called for proper implementation of the new method to achieve the desired results.
Our source reports that Mr Abimbola Babalola, NSE Head of Market Surveillance and Investigation, said that the new method was “aimed at improving liquidity, narrowing spreads and ensuring that all price-improving transactions had material impact.”
Babalola said the new rules would effectively remove the current rule which placed minimum allowable price for any stock to trade at its nominal value, irrespective of the market forces.
He said that as a result, stocks would be under new groupings and pricing rules and that price of every share listed on the NSE would be determined by market forces.
According to him, Group A, shall consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above.
Group B, shall consist of medium-priced equities that are priced at N5 per share or above, but less than N100 per share for at least four of the last six months, or new security listings priced at N5 per share or above at the time of listing.

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Telcos Fear Shutdown As Lagos-Calabar Highway Construction Threatens Cables 

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Barely 48 hours after Multichoice alerted subscribers to a three-day technical downtime, telecommunication companies have expressed concern over possible connectivity disruptions as construction advances on the 700km Lagos-Calabar Coastal Highway.
While the DStv and GOtv owner acknowledged the anticipated impact of the ongoing Lagos-Calabar construction project on their uplink facilities, telcos have expressed broader concerns emphasising the vital role of telecommunication service and the effect of possible anticipated technical disruption.
The Lagos-Calabar coastal highway corridor serves as a crucial landing point for multiple submarine cables connecting Nigeria to Europe
The cables, including the West Africa Cable System (WACS), MainOne, Glo1, ACE, and NCSCS, are vital for international communications and data transmission in the country.
The Federal Executive Council approved Phase One of the ambitious 700-km Lagos-Calabar coastal highway project in February, entrusting the task to Hitech Construction Company Limited.
The highway project was designed to connect Lagos to Cross River, passing through the coastal states of Ogun, Ondo, Delta, Edo Bayelsa, Rivers, and Akwa Ibom, before culminating in Cross River.
The demolition of numerous properties and recreational centres in Lagos has been carried out to expedite the construction of the highway.
In the light of the developments, telcos stressed the necessity of stakeholder consultations with the Ministry of Works to address potential risks and implement robust mitigation measures.
While dialogue with the Federal Government is yet to happen, telcos have warned Hitech Construction to exercise caution to prevent damage to critical national infrastructure.
Speaking to newsmen, the Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo, confirmed that the Ministry of Works had yet to engage the telcos on environmental impact assessment.
The ALTON Chairman said the Ministry of Works, headed by David Umahi, had engaged some stakeholders but excluded the telecom operators.
“The Ministry of Works has not approached us, and I’m unsure if environmental impact assessments have been conducted. The route is crucial for the landing of numerous submarine cables, so caution is essential.
“Some members have reached out to them, urging caution. As the Chairman of the industry, I can affirm that ALTON members were not consulted regarding the assessment of the undersea cable within that right of way”, he explained.
Adebayo revealed that some of its members had written to the works ministry on the matter over the need for a dialogue. He, however, said the body had yet to get any response.
He added that the Nigerian Communications Commission (NCC) had been engaged to facilitate talks with the ministry.
“We’ve informed the Nigeria Communications Commission about this issue, and they are attempting to contact the Ministry of Works. However, I can confirm that neither we nor any of our members were contacted. This is on record. We were not included in the stakeholder consultations, and we’re concerned about the actions being taken”, he stated.

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Vets Make Case For Massive Investments In Agric Technology 

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Veterinary doctors have tasked governments at all levels and stakeholders to drive the agricultural sector with innovative and technological investments to upscale food production and boost food security.
President, Faculty of Veterinary Medicine, University of Nigeria, Nsukka, Alumni Association, Prof Lawrence Aka, made the call in an event in Abuja, following the current excruciating hunger and hardship Nigerians are grappling with.
In the event, which was focused on “Adopting Technological Innovations in Veterinary Practice, Livestock Production and General Agricultural Practices for Food Security, Economic Growth, Poverty Alleviation, Youth Employment and National Security”, Aka noted that agriculture, which is the backbone of human civilization, is at a crossroads, particularly in Nigeria.
According to him, agriculture is faced with challenges such as climate change, population growth, and diminishing natural resources, hence the need to  reimagine and reinvent better ways to cultivate lands to improve national economy to nourish the people.
“The solution lies in innovation – leveraging technology to transform agriculture into a more sustainable, efficient, and productive sector.The subject of our discussion today is one that sits at the nexus of our survival and prosperity: ‘The adoption of innovative technology in agricultural production as a catalyst for economic growth and a pillar of national security’.
“In an era marked by rapid technological advancement, and our unique agricultural potential, agriculture remains the cornerstone of our economic stability and sustenance. Yet, it faces unprecedented neglect and challenges from climate change, population growth, resource depletion and lack of political will for its development.
“To navigate these challenges, we must pivot towards innovation and technology. This transition is not just an opportunity for growth but a necessity for our survival as a developing nation.
“There is no doubt that the current state of agriculture in our country does not match the potential it has in revamping all aspects of our existence as it relates to our economy, food security, youth empowerment, poverty alleviation and national security.
“The theme of this symposium has been chosen in recognition of the need for a diversification of our national economic agenda through an embrace of innovative and technologically-driven agricultural practices.
“Nigeria is uniquely blessed with enormous factors that positively drive abundant food production for local consumption and export.
“Unfortunately, this has hitherto been neglected to the detriment of improved economy, poverty alleviation, food sufficiency and national security hence the existing unimaginable level of poverty and youth unemployment. There is no dishonor in a country being poor.

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Aviation Experts Chat Way For Sector’s Advancement

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Experts in aviation under the auspices of Aviation Safety Roundtable Initiative (ASRTI) havae urged President Bola Tinubu to suspend taxes, tariffs and endless charges hindering development of the aviation industry in the country.
The Aviation Roundtable (ART) also called on Tinubu to initiate policies that would address airlines’ survival and growth with a view to lowering the swift increase in domestic airfares.
In a statement released at the end of its Business Meeting in Lagos, the ART President, Air Comdr. Demola Onitiju (rtd), called on the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, to constitute governing boards for the Nigerian Civil Aviation Authority, (NCAA), and other agencies in the sector.
“The ART has been a consistent advocate of NCAA’s autonomy consistent with the Act establishing it and global best practices. We do this to ensure that it is adequately  insulated from short-term political pressure.
“In the  Nigerian circumstances, the NCAA is expected to be both benign and harsh in its  spontaneous enforcement of standards and rules to retain our trust.
“In order to create a conducive environment for aviation and tourism to thrive, the ART urges the renewed hope agenda of President Bola Tinubu to initiate deliberate policies to review and suspend taxes, tariffs and charges (within a given time frame) in order to bring succour to aviation and allied businesses in Nigeria.
“Such policies should address airlines survival and growth with a view to lowering the recent astronomical increase in air fare on the domestic scene.
“The Consumer Rights Protection directorate in the NCAA  should live up to its billing in ensuring maximum comfort and compensation for the traveling public promptly where infractions are established”, he stated.

Corlins Walter

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