Business

Bears Dominate NSE Market

Published

13 years ago

June 19, 2013

The bears took dominance of the equity Market of the Nigerian Stock Exchange (NSE) for three days running last week as the twin market indicators finished on negative notes.

Specifically the All Share Index (ASI), the main index at the Nigerian bourse nose dired by 5.85 per cent from its recent high of 40,012.66 basis points on Tuesday of the week under review to close at 37,249.93 points.

The aggregate market capitalisation of listed equities lost N888 billion to close the week at N11.967 trillion, having peaked at N12.855 trillion on Tuesady of the review week.

Market analysts have attributed the decline to profit-taking transactions on highly capitalised stocks such as the consumer goods and industrial stocks.

According to the NSE weekly report, the bearish trend also reflected in all other NSE indices. The NSE 30 Index, the indicator for measuring 30 most capitalised companies on the Exchange fell by 5.86 per cent even as the NSE Consumer Goods Index plunged by 7.05 per cent. The NSE Banking Index fell by 7.23 percent while Insurnace Index shed 2.87 percent.

The NSE Oil and Gas Index dropped 5.82 percent just as the NSE Industrial Goods Index went down by 6.59 percent.

It would be recalled that since the beginning of the year the Equities market has been on the upbeat which has resulted in the NASI having a sustained seven straight weeks gains. The market capitalisation added N2.165 trillion pegging at N12.766 trillion as against its 2008 peak level of N12.640 trillion.

The total market volume stood at 3.725 billion units of shares valued at N75.874 billion exchanged by investors in 39,060 deals at the close of trading last week in comparism with a total of 1.917 billion units of shares worth N25.133 billion exchanged in 32,368 transactions the previous week.

Transactions in the shares of Transnational Corporation of Nigeria Plc, IAS Plc and Dangote Cement Plc accounted for 1.35 billion shares valued at N48.72 billion traded in 1,692 deals contributing 36.19 per cent, 64.22 per cent and 4.33 per cent to the overall equity turnover volume, value and deals respectively.

On sectorial basis, during the review week the financial service sector lead the activity chart recording a traded volume of 1.702 billion units of shares valued at N14.698 billion in 19,826 transactions representing 45.68 per cent, 19.37 per cent and 50.76 per cent of the total traded volume, value and deals respectively.

It was followed by the conglomerates sector with a turnover of 597.153 million units of shares worth N1.052 billion exchanged in 1,410 deals indicating 16.03 percent, 1.39 percent and 3.61 per cent of the total equity turnover volume, value and deals respectively during the week.

The ICT sector emerged third on the week’s activity chart recording a turnover volume of 516.087 million units of shares traded at N1.007 billion in 264 transactions.

The week under review opened with 34 stocks recording price appreciation on Monday while 22 Stocks recorded some level of price erosion even as the price of 56 remained flat.

On second trading day of the review week out of 127 stocks that were traded, 50 recorded value addition while the price of 17 nose dived and 60 remained unchanged.

The third day saw 122 stocks taking part in the market transactions, from which 32 appreciated in value, 36 plunged while 44 remained flat.

On the fourth trading day, 126 stocks partook in the trading activities, just a as a handful of 15 stocks managed to rise in value while 57 stocks eroded in value and 54 remained flat.

A total of 120 stocks were transacted on the last trading day of the week with only 22 recording gains; 66 were flat in price while 32 shed their value.

In all 34 equities added value during the week under review down from the 58 that appreciated the previous week.

Berger Paints Plc led the top 10 gainers’ table with N1.92 price addition having opened at N9.46 to close at N11.38 per share.

The Forte Oil Plc emerged second on the week’s top 10 price gainers’ table with N1.61 price addition to finish at N17.01 from an opening price of N15.40 per share.

Academy Press Plc came third having added 70 kobo to its opening price of N1.75 to close the week at N2.45 per share.

Also on the week’s top 10 gainers’ chart were Paints and Coatings Manufacturers Plc 45 kobo, Neimeth International Pharmaceuticals Plc 40 kobo, Vitaform Nigeria Plc 61 kobo, IPWA Plc 8 kobo , Cutix Plc 25 kobo, Evans medical Plc 31kobo and Champion Breweries Plc 48 kobo.

On the flipside, Nigerian Breweries Plc led the top 10 stocks that finished in the red during the week with N20.49 price depreciation having opened at N178 per share to close at N157.51.

PZ Cussons Nigeria Plc emerged the week’s second highest loser having plunged by N7.98 from an opening price of N52.98 to close at N45 per share.

The third on the losers’ chart was Guaranty Trust Bank Plc which lost N3.29 to drop at N24.91 from an opening price of N28.20 per share.

Others were Portland Paints & Products Nigeria Plc which lost 82 kobo, Eterna Plc 66 kobo, Oando Plc N2.32, Ikeja Hotel Plc 12 kobo, Livestock Feeds Plc 69 kobo, Transnational Corporation of Nigeria Plc 15 kobo and Custodian and Allied Insurance Plc 19 kobo.

The week saw 1,770 units of federal Government of Nigeria (FGN) bond being traded at the value of N194,830 in 15 deals as against 1,100 units worth N123,765 recorded in 7 transactions the previous week.

A breakdown shows that 1,270 units of 15.10 per cent FGN April 2017 bond were traded in 11 deals at N136,595 while 400 units of 16,00 percent FGN June 2019 bond were exchanged in three transactions at the value of N45,485. Hundred units of 16.39 per cent FGN January 2022 bond were sold at N12,750 in one trade.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

5 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

5 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.