Business

NSE Bounces Back With 29% Gain

Published

11 years ago

July 3, 2013

The Equities Market of the Nigerian Stock Exchange (NSE) during the first half of 2013 posted an average return of 28.8 percent indicating investors capital gains of N2.45 trillion during the period.
Specifically, the cumulative market capitalisation of listed equities for the first half stood at N11.426 trillion as against its value-on-board of N8.974 trillion that opened the year. This represents an increase of 27.3 percent.
The All Share Index, the barometer for measuring the changes in the price of listed shares on the Nigerian bourse and also doubles as benchmark index for all listed equities and for Nigeria rose from the year’s opening figure of 28,078.81 basis points to 36,164.31 basis points.
The bears’ hold on the market during the latter half of June impacted on the performance of the market during the review period as the month finished on a bearish note with a value depreciation of N649 billion.
The first five months saw the listed equities trading in the green as the market recorded capital gains of N3.10 trillion according to the NSE data.
At the close of business in May the aggregate market capitalisation of listed equities finished at N12.075 trillion while the all share index had a five-month percentage average return of 34.6 percent.
The industrial goods stocks were the performing sub-sector during the review period with a six-month average return of 49.12 percent. The NSE-Lotus Islamic index recorded 42.31 percent return while the NSE which measures 30 most capitalised equities on the Exchange had a 27.38 percent return.
NSE Consumer Goods Index recorded 21.40 percent return during the first half. NSE Banking index indicated a return of 18.46 percent even as NSE Insurance index showed a return of 16.90 percent. The NSE oil and gas index indicated that investors in the downstream had a modest return of 12.18 percent.
Meanwhile the AS1 during the week ended 28, June 2013 nose-dived by 0.82 percent to close at 36,963.77 basis points while the aggregate market capitalisation of listed equities fell by 2.46 percent.
The equities market last week recorded a market turnover of 2.46 billion units of shares valued at N24.23 billion in 33,462 transactions. The activity chart for the week was led by the financial service sector which recorded a turnover of 1.43 billion units of shares worth N14.74 billion in 19,063 deals.
Transnational Corporation of Nigeria Plc, United Bank for Africa Plc (UBA) and Portland Paints and Products Nigeria Plc were the most active in terms of turnover volume as they accounted for a total of 940.73 million units of shares worth N3.45 billion traded in 2,668 deals representing 38.3 percent of the overall market turnover during the week under review.
During the week under review, nineteen (19) stocks recorded price appreciation compared to twenty-seven (27) that depreciated in the previous week, MayBaker was first on the top gainers chart to close with 27.0%, followed by Transcorp with 15.65%, Neimeth with 13.22%, Presco with 41.14%, Ikeja Hotel with 10.26%, and JBerger with 10.00%. Other gainers in the top ten categories were Dnmeyer with 9.85%, Afriprud with 6.86%, Dangsugar with 5.50% and CCNN with 4.09%
On the flipside, fifty six (56) stocks depreciated in the price last week compared to fifty two (52) that deprecated a week ago. RTBriscoe led on the price losers’ table with 16.07% followed by UTC by 15.71%, Mansard by 15.22%, Ashakacem by 13.96%, Portpaint by 13.40%, Cutix by 10.62% Custodyins by 10,30%, Airservice by 10.00%, Mobil by 10.00% and PZ by 10.00%.
At the money market, a total of N31.84 billion worth of 91 day bills was offered and sold at the rate of 11.62 percent at the middle of last week compared with 11.50 percent during the previous week while N21.54 billion and N81.19 billion worth of 182 day and 364 day were offered and sold at the rates of 12.75 percent and 13.22 percent respectively against 11.82 percent and 12.99 percent at the previous auction.
The week recorded total subscription of N246.60 billion at the rate of 183.25 percent compared to N202.85 billion at the previous auction. A total of N92.62 billion worth of treasury bills across all maturities was allotted on a non-competitive basis according to money market data.

Business

Fuel Scarcity: IPMAN threatens shutdown over bridging claims

Published

4 days ago

May 3, 2024

The Tide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) Depot Chairmen Forum, has exonerated its members from the current fuel scarcity in the country.

According to IPMAN, this is caused by its inability to source petroleum products.

The IPMAN Depot Chairmen Forum also threatened to withdraw its services over non-payment of N200 billion bridging claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to its members, since 2022.

Alhaji Yahaya Alhassan, the Chairman, of the Forum said this while briefing newsmen in Abuja, yesterday.

Alhassan said the Nigerian National Petroleum Company Limited (NNPC Ltd.) was the sole importer of the product, but the marketers could not source products from NNPC Ltd. deport, rather from the private depots at high rate.

“We cannot buy fuel from the private depots at N950 and transport the product from Lagos to the North and other parts of the country with N2 million and still sell it at N900 or N1, 000.

“It is expedient for us to state that we are more pained by the non-availability of petroleum products in the country, which has given rise to another round of untold hardship for Nigerians.

“Contrary to claims that IPMAN members are hoarding Premium Motor Spirit (PMS) known as fuel, we would like to categorically state that PMS scarcity is wholly triggered by inability to get fuel from NNPC and not IPMAN,’’ he said.

Meanwhile, the NNPC Ltd. Chief Corporate Communications Officer, Olufemi Soneye said the disruption was due to logistical issues which had since been resolved.

“We currently have an availability of products exceeding 1.5 billion litres, which can last for at least 30 days. Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.

“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations.

“Some folks are taking advantage of this situation to maximise profits. Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain,’’ Soneye said.

He however, said the lines would clear out soon.

On the non-payment of bridging claims, the IPMAN forum said it was distressed and depressed by the laidback attitude of the NMDPRA towards the survival its member’s businesses, arising from its refusal in paying the claims.

“It is with deep frustration that we have assembled here today as the IPMAN Depot Chairmen Forum. It is also disheartening to note that some of our members have completely shut down businesses and retrenched employees.

“As businessmen and women, our members acquired bank loans to keep their fuel retail outlets running on a daily basis across the nooks and crannies of Nigeria in order to serve the teeming population of Nigerians,’’ Alhassan said.

He recalled that Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), at a stakeholders meeting in February mandated the NMDPRA management to clear the entire debt in 40 days.

“However, today, we have crossed the 40 days’ time lapse given to the NMDPRA to clear the debt, and it is shameful to state that only the paltry sum of N13 billion has been paid, ignoring minister’s directive.

“We are not happy with the indiscriminate increment in the issuance and renewal of Sales and Storage Licence, by the NMDPRA, and the subsequent delays in acquiring the licence, which our members are recently subjected to.

“We are also calling on President Bola Tinubu to look into this unwholesome figure which is highly detrimental to our business and reverse it forthwith, as it is bound to impact negatively on the masses.

“We are poised to take far reaching decisions that may cripple the supply and sales of petroleum products across Nigeria if our demands are not met within the shortest period of time.

“We are collectively prepared to withdraw our services, shut down every single outlet, and suspend lifting of products forthwith till our demands are fully met, and the consequences will be terrible.

“We call on our members to however remain resolute and law abiding, even as we draw close to the immediate ultimatum for our demands to be met by the NMDPRA,’’ the chairman said.

Reacting to the IPMAN’s claims, the Acting Head, Corporate Communications, NMDPRA, Seiyefa Osanebi said the bridging claims payment was ongoing.

“The bridging claims payment is always an ongoing process,” she said.

Maritime

Shippers’ Council Registers 160 Port Operators

Published

1 week ago

April 29, 2024

The Tide

The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”, Akutah said.
He said that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said port challenges were enormous, adding that they originated from some of the government agencies.

Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.

By: Chinedu Wosu