Rivers
Capital Market Indices Records 2.53 Percent Rise
The Equity
Market of the Nigerian Stock Exchange (NSE) for the week ended July 19, 2013 finished on a bright note as the bulls maintained their grip on the market resulting to a straight-nine day-gaining streak.
This market upbeat was reflected in twin market indicators as both the composite index and the aggregate market capitalisation of listed equities surged by 2.53 per cent each.
In specific terms, the All Share Index (ASI) which opened the week at 37,382.49 basis points finished at 38,328.29 basis points even as the market capitalisation of listed equities firmed up by N299.53 billion to close the week at N12.138 trillion from an opening value of N11.83 trillion.
The week opened with the first trading day finishing on positive note as the market advanced by 0.90 per cent as the ASI closed at 37,720.78 basis points. The market index continued tilting southward on the second trading as it rose by 0.44 per cent even as it increased by 0.24 per cent the following day being Wednesday.
The market recorded the highest gain on Thursday with 0.95 per cent growth while it carved in marginally on Friday flaking 0.02 per cent.
The NSE 30 index which tracks 30 most capitalised stocks on the Nigerian bourse rose by 3.06 per cent to close the week at 1,812.57 points.
Also four of the NSE indices appreciated during the week with the NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Oil/Gas and NSE –Lotus 11NSE advanced by 4.72 per cent, 1.27 per cent, 0.28 per cent, 9.37 per cent and 3.30 per cent respectively while NSE Industrial Goods and NSE Asem dropped by 0.45 per cent and 0.50 per cent in that order.
The NSE price movement chart had a total of 50 stocks which appreciated in their value up from 37 equities which recorded price appreciation the previous week. Thirty-nine dipped in their prices compared with the 47 equities that depreciated last week.
Those whose value remained flat were 105 as against 110 equities that remained constant in their prices the previous week.
The top 10 gainers were Julius Berger Nigeria Plc N13.73, Seven-Up Bottling Company Plc N10.00 Forte Oil Plc N9.42, PZ Cussons Nigeria Plc N9.14, MRS Oil Nigeria Plc N6.28, /HS Plc N1.20, Champion Breweries Plc N1.47, IPWA Plc 47 Kobo, UTC Nigeria Plc 14 Kobo and ABC Transport Plc 19 Kobo.
Conversely, the top 10 losers for the week were, Berger Paints Plc, N1.68, Points and coatings Manufacturers Plc 23 Kobo, Costain (WA) Plc 24 Kobo, Portland Paints and Products Nigeria Plc 80 Kobo, Trans-Nationwide Express Plc 27 Kobo, Jos International Breweries Plc 11 Kobo, Academy Press Plc, 20 Kobo, ARBICO Plc 62 Kobo, Nigerian-German Chemical Plc 81 Kobo, B.O.C. Gases Plc 73 Kobo and Pharma Deko Plc 20 Kobo.
A total market volume of 1.886 billion units of shares valued at N15.536 billion were recorded during the week under review in 28,619 transactions up from a total of 1.674 billion units of shares worth N18.266 billion exchanged by investors the previous week in 25,367 trades.
In volume terms, the financial service sector emerged first on the activity chart accounting for 763.653 million units of shares valued at N7.276 billion exchanging hands in 14,740 deals indicating 40.50 per cent, 46.83 per cent, 51.50 per cent of the overall equity turnover volume, value and deals.
It was followed by the conglomerates sector with a turnover volume of 704.825 million units of shares 704.825 million units of shares at the value of N1.137 billion recorded in 1,122 deals contributing 37.38 per cent, 7.32 per cent and 3.92 per cent to the total equity turnover volume, value and number of deals respectively.
With a turnover volume of 169.556 million units of shares worth N335.382 million recorded in 943 deals, the million recorded in 943 deals, the services sector emerged third on the week’s activity chart.
Trading in the shares of Transnational Corporation of Nigeria Plc (Transcorp), ABC Transport Plc and FBN Holdings Plc accounted for 900.568 million units of shares valued at N2.693 billion executed in 3,714 deals contributed to 47.76 per cent, 17.33 per cent and 12.98 per cent to the total equity turnover volume, value and deals in that order.
Meanwhile according to the National Bureau of Statistics (NBS) the drop in inflation rate last week shot pushed up the price of bond but the FGN bond reduced as bond yields and prices moved in the opposite direction.
The Nation’s Consumer Price Index (CPI) for June fell to 8.4 per cent compared to the 9 per cent it stood in May, the NBS stated. It noted that core and food indices in June averaged 8.9 per cent and eight per cent respectively as against the 12.5 per cent and 14.1 per cent it attained the previous month.
The drop in inflation rate, according to NBS was due to “slower rise in all Classification of Individual Consumption According to Purpose (COICOP) classes except the food and non-alcoholic beverages class”.
The 4 per cent FGN April 2015 rose marginally as it closed at N85.96 as against N85.33 it sold the previous week while the 15.10 per cent FGN April 2017 paper closed at N105.70 last week from an opening price of N104.70 the preceeding week. Also, the 10.70 per cent FGN May 2018 finished higher at N90.47 compared with an on-board price of N89.82.
Rivers
Police Nab Three Over Murder Of Two Officers, Recover Rifles
The Rivers State Police Command has arrested three suspected members of a criminal gang allegedly responsible for the killing of two police officers during a stop-and-search operation in Aluu, Ikwerre Local Government Area of the State.
The State Police Command made this known recently in a statement by its Public Relations Officer, ASP Blessing Agabe, in Port Harcourt.
According to the statement, the suspects were arrested by operatives of the Command’s Violent Crime Response Unit (VCRU), following sustained intelligence-driven operations launched after the June 29, 2026 attack on the officers.
The suspects were identified as Maduabuchi Emeka, alias “Doctor”, 34, a native of Egbata Community in Omoku; Chinedu Owhor, 42, from Akabuka, Omoku, but resident in Aluu Community; and Kamachi Joe, 28, also from Egbata Community.
The Police said the officers, who were attached to the Aluu Division, came under attack while conducting a routine stop-and-search operation at a security checkpoint along the Mbodo-Aluu axis of the Obiri-Kwerre Road.
The assailants, the Command stated, opened fire on the officers and fled with their service rifles after the attack, leaving two policemen dead.
The Police said one of the officers sustained severe injuries to his leg during the attack, which later resulted in amputation, but he eventually died, while the other officer was also killed in the incident.
Following the attack, the Commissioner of Police, CP Olugbenga Adewole Adepoju, directed the immediate deployment of the Command’s operational and intelligence assets to track down the perpetrators and recover the stolen firearms.
The Command said the directive yielded results as VCRU operatives, acting on credible intelligence and sustained tactical operations, arrested the three suspects and recovered three AK-47 rifles and one Scorpion rifle.
The Police said two of the recovered AK-47 rifles were the service rifles allegedly taken from the slain officers during the attack, adding that the recovery constituted a major breakthrough in the investigation.
The Command further disclosed that investigation had allegedly linked the suspects to other murder cases currently under investigation, while efforts were ongoing to apprehend another suspected member of the gang who remains at large.
The Commissioner of Police commended the operatives for the breakthrough and warned criminal elements that Rivers State would not provide a safe haven for those involved in violent crimes, assuring residents that the Command would continue to identify, arrest and prosecute perpetrators.
He urged members of the public to provide credible information to aid ongoing security operations.
By: King Onunwor
Rivers
Journalist Pledges To Build On Father’s Legacies
A Port Harcourt-based Journalist and former Chief of Staff to Emohua Local Government Council, Hon. Obindah Nwordu, has pledged to build on the legacies of his late father.
Nwordu, who made the pledge while speaking with newsmen at the burial ceremony of his father, Elder Nna Nwordu, popularly called Ezeji, in Emohua Local Government Area, assured that the family would continue to uphold the values and principles which the deceased stood for during his lifetime.
He described his late father as a man who devoted his life to the welfare and upbringing of his children, stressing that his virtues had continued to shape the lives of members of the family.
According to him, although the death of his father had created a painful vacuum within the family, the occasion also provided an opportunity to celebrate a life well lived and the enduring contributions he made to his family and community.
He said the greatest tribute the children could pay their late father was to preserve the good name he left behind and ensure that the values he instilled in them were not allowed to die with him.
Obindah further said the family would remain united and committed to advancing the ideals of their late father, adding that they would also seek to improve on the foundation he established for the family.
He noted that Elder Nwordu’s emphasis on hard work, discipline, integrity and responsibility remained lessons that would continue to guide him and his siblings in their respective endeavours.
The journalist further assured that the family would sustain the relationships and goodwill which their father established during his lifetime, noting that his legacy extended beyond the immediate family to the wider community.
He expressed gratitude to relatives, friends, colleagues, political associates, community leaders and well-wishers who identified with the family during the period of mourning and attended the burial ceremony.
Obindah particularly appreciated those who travelled from within and outside Rivers State to honour the memory of Elder Nwordu, describing their presence and support as a demonstration of the impact the deceased made on the lives of people around him.
He urged members of the family to remain steadfast in upholding their father’s values, stressing that the best way to keep his memory alive was through good character, unity and positive contributions to society.
The former Chief of Staff said the family would not allow the legacies of their departed hero to fade away, but would continue to build upon them and ensure that his name remained a source of pride and inspiration to present and future generations.
Rivers
TUC Demands Seamless Health Insurance Plan For Rivers Workers
The Trade Union Congress (TUC), Rivers State Council, has called on the Rivers State Government to introduce a seamless health insurance arrangement that will ensure all civil servants and their dependants are enrolled in the Rivers State Contributory Health Protection Programme (RIVCHPP).
The TUC made the demand when its leadership visited the Executive Secretary/Chief Executive Officer of RIVCHPP, Dr. Vetty Agala, in Port Harcourt, amid renewed calls for wider coverage of residents under the state’s social health insurance scheme.
Speaking during the visit, TUC Chairman, Comrade Samuel Ogan, commended the management of RIVCHPP for its efforts to expand access to healthcare, stressing that health insurance remained the most sustainable way of protecting workers and their families from the financial burden of illness.
Ogan, however, said workers would be more willing to embrace the scheme if government could develop a system that eliminates visible deductions from their salaries.
He urged the state government to work out a seamless arrangement through which all workers and their dependants could be automatically captured in RIVCHPP’s plans.
According to him, enrolling the entire civil service in the programme would not only protect workers, but also encourage other organisations and individuals to embrace health insurance.
The TUC Chairman pledged that the union would engage relevant stakeholders to facilitate the enrolment of workers into RIVCHPP’s health insurance packages.
Earlier, Agala described RIVCHPP as a strategic initiative of the Rivers State Governor, Siminalayi Fubara, aimed at ensuring financial risk e living and working in Rivers State protection for everyone living and working in Rivers State.
She said the programme was designed to make universal health coverage a reality by enabling residents to access quality healthcare without suffering financial hardship or relying on out-of-pocket payments at the point of care.
Agala, who commended the state government for investing in healthcare infrastructure and manpower, lamented the low patronage of health facilities, noting that the challenge was not necessarily a lack of illness but, in many cases, the inability of residents to afford medical care.
She said RIVCHPP was established to bridge that gap and ensure that people, regardless of their social or economic status, could obtain medical attention whenever they needed it.
The RIVCHPP boss disclosed that the agency had c illnesses. developed packages for residents in the formal and informal sectors, vulnerable groups and people living with chronic illnesses.
She also highlighted the agency’s educational sector plans, under which pupils in primary and secondary schools would pay N9,000 annually, while tertiary institution students would pay N12,000 per academic year. She explained that registered students would remain covered during their holidays.
Agala called on labour unions, international oil companies, religious organisations, community and political leaders, as well as well-meaning individuals, to partner RIVCHPP by sponsoring health insurance for members of their communities.
She stressed that government funding alone could not sustain a viable health insurance system, adding that the number of vulnerable residents currently benefiting from the programme remained only a fraction of the population in need.
In a related development, Agala assured the University of Port Harcourt Medical Students Association (PUMSA) of the agency’s readiness to collaborate with the university’s entire student community to expand access to healthcare.
She gave the assurance when the PUMSA leadership, led by its President, Nelson Fadeh Leteh, visited the agency.
Agala said students constituted a critical segment of the population that RIVCHPP was seeking to bring under its health insurance coverage, stressing that the agency’s objective was to ensure that no resident of Rivers State was excluded from access to quality healthcare.
She said RIVCHPP had begun engagements with relevant authorities to address existing institutional dynamics that could facilitate the enrolment of students, while advising the association to e process in presenting its demands follow due process in presenting its demands.
Earlier, Leteh outlined some of the challenges and hazards confronting medical students, particularly during clinical training, and expressed the association’s desire to enrol its members in RIVCHPP’s programmes.
He said the welfare of medical students remained a priority for the association, noting that the existing health insurance arrangement available to the students was characterised by protocols and bottlenecks that often hindered seamless access to healthcare.
The visit ended with the presentation of RIVCHPP’s promotional materials to the visiting delegations.
By; Wokoma Emmanuel & Theresa Frederick
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