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OTC Sells 23% Of FGN Bond

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Despite the relatively active market experienced earlier in the week that ended March 13, 2012 in the Over-the-Counter (OTC) bond market, only 23.08 per cent of the available FGN bond was traded down from 30.77 per cent transacted the previous week.

In specific terms, only six out of the 28 FGN available bonds were traded as against the eight transacted in the previous week.

The overall transaction recorded by the OTC bond market was 62.32 milion units valued at N51.93 billion exchanged in 472 deals during the review week down from 129.63 million units worth N111.73 billion recorded in 803 transactions in the proceeding week according to the Nigerian Stock Exchange (NSE) weekly report.

In volume terms, the most active bond during the week was the 7.00 per cent FGN October 2019 (the sixth FGN bond 2019 series one) which recorded a traded volume of 13.07 million units valued at N9.67 billion in 91 trades.

The 16.39 per cent FGN January 2022which is the 9th FGN Bout 2022 series one emerged second having recorded a turnover of 13.07 million units valued at N14.20 billion in 96 deals.

The treasury bills market witnessed a primary auction in which N40.79 billion worth 91 day was sold at the rate of 14.00 per cent while N90.01 billion and N80.00 billion worth 182 day and 364 day were sold at the rates of 14.04 per cent and 15.07 per cent respectively during the last auction which Wednesday 11, 2012.

Meanwhile, in the equities market the NSE All-Share-Index dipped by 0.95 per cent to finish at 20,743.16 basis points while the market capitalisation of listed equities depreciated from N6.641 trillion to N6.615 million.

The NSE – 30 Index dropped 8.40 points or 0.88 per cent to close at 947.79, but the NSE Insurance Index inched by 0.59 per cent or 0.74 points to close the week at 126.66.

The NSE Banking Index plunged by 2.38 per cent or 6.97 points to end at 286.00 even as the NSE consumer Goods Index shed 13.71 points or 0.81 per cent to close at 1,688.04.

The NSE Oil /Gas was also on the down side as it depreciated by 10.31 points or 5.24 per cent to finish at 186.33.

The Equities Market, in all, recorded a turnover of 1.582 billion units of shares valued at N7.859 billion exchanged by investors in 14,492 trades in contrast to a transaction volume in 15,027 deals at the value of N7.796 billion in the previous week.

A breakdown shows that the financial services sector of the market accounted for 782.146 million units of shares at the cost of N4.681 bilion bought by investors in 8,308 transactions.

It was followed by the conglomerates sector with a recorded volume of 647.095 million units of shares valued at N517.21 million transacted in 400 trades.

According to the NSE report the Banking subsector of the financial service sector was the most active during the review week having traded 666.097 million units of shares worth N4.525 billion in 7,900 deals volume in the banking subsector was largely driven by activities in the shares of Unity Bank Plc, Zenith Bank Plc, and Guaranty Trust Bank Plc.

Trading in the shares of the three banks accounted for 306.529 million units shares representing 46.02 per cent, 39.19 per cent and 19.37 per cent of the turnover recorded by the subsector, sector and total turnover for the week respectively.

Boosted by activity in the shares, of Transactional Corporation of Nigeria Plc, the Diversified Industries Subsector of the conglomerates sector followed on the week’s activity chart with a recorded subsector turnover of 640.49 million units of shares exchanged by investors in 210 transactions at N320.878 million.

 

Vivian-Peace Nwinaene

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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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