Rivers

Capital Market Indices Records 2.53 Percent Rise

Published

12 years ago

July 24, 2013

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

Motor Spare Parts, Industrial Generators Dealers’ Union Swears Gets New Chairman in Port Harcourt

Published

2 days ago

July 18, 2025

The Tide

The Owhonda Dickson Motor Spare Parts and Industrial Generators Dealers’ Union operating in Ikoku Port Harcourt, Rivers state has sworn in Mr. Cyril Igbokwe, popularly known as Onyeoma Cy, as its new Chairman.

The brief swearing _in ceremony was held at the union office in Port Harcourt, last Wednesday

In his acceptance speech, Mr. Igbokwe expressed gratitude for the trust and confidence his members had shown in him, despite his perceived educational background compared to others. , “I feel very happy to be the chairman of this great union in this great market. I’m proud of my executives for demonstrating commitment and cooperation.” Notably, the executives raised over ?1 million for the inauguration ceremony within an hour.

The new Chairman promised to tackle key challenges facing the union, including security and indiscipline. He vowed to follow in the footsteps of his predecessor, who he praised for excellent performance, and aimed to possibly do better.

Mr. Igbokwe emphasized maintaining a robust relationship with the host community and conducting his affairs within the ambit of the law.

In his remarks,the Electoral Committee Chairman’, Igwe Amobichukwu Eze Okorie, assured that the elections were conducted in a free, fair, and credible manner. Despite facing challenges such as non-compliance with guidelines and unfounded propaganda campaigns, no formal protest letters had been received.

Also speaking, the Women’s Leader, Lolo Nkechinyere Okolie, expressed faith in the new Chairman, citing his integrity and experience. She highlighted her role in ensuring women’s voices are counted in the union and vouched for the credibility of the election, noting that Mr. Igbokwe was the popular choice among members.

Rivers

CDS Urges Communities To Protect Pipelines

Published

2 days ago

July 18, 2025

The Tide

The Chief of Defence Staff, Gen. Christopher Musa, has urged Trans Niger Pipeline (TNP) host communities to protect national assets located within their areas.

Musa made the appeal at a monthly stakeholders’ meeting organised by Pipeline Infrastructure Nigeria Limited (PINL) in Port Harcourt.

Represented by Navy Capt. Lassie Ozovehe, he said the effects of oil bunkering and pipeline vandalism were mostly borne by the host communities themselves.

He noted that the environmental and health risks from pipeline damage affect locals more than the oil companies operating in the region.

“These assets are on your land. You benefit from them, so you must protect them and safeguard yourselves from the hazards”, he said.

He praised PINL for its consistent efforts in securing the assets, particularly its record of zero infractions on the Trans Niger pipelines.

Earlier, Dr. Akpos Mezeh, PINL’s Community Relations Consultant, urged host communities to collaborate in tackling security challenges in the Niger Delta.

Mezeh said PINL had expanded its mandate to include the security of all oil and gas infrastructure in the Eastern Corridor, including gas pipelines.

He explained that the meeting aimed to reduce pipeline vandalism and oil theft, which have major economic consequences for the country.

He stated that PINL had seen near-zero incidents over the past month, crediting host community cooperation for the achievement.

He, however, identified ongoing issues such as poor information sharing, threats to surveillance guards, stakeholder collusion, and leadership disputes.

A keynote speaker, Mr. Otoyo Sunday, discussed the serious health effects of gas flaring in the Niger Delta region.

He urged people to view the environment as living, warning that harmful activities have long-term consequences for people and nature.

Sunday condemned gas flaring caused by well testing, pressure releases, and illegal refining activities.

On his part, Chairman of the Ijaw Youth Council (IYC), Eastern Zone, Mr. Datolu Sokubo, called for a balanced focus on security and human development.

“You can’t protect pipelines without addressing people’s welfare. Without our cooperation, infrastructure is never truly secure”, he said.

He urged the Federal Government to prioritise development, especially in education and healthcare, across the region.

The Traditional Ruler of Ekpeye Land, Eze Kelvin Anugwu, called on oil companies to end gas flaring immediately.

Represented by Dr. Patricia Ogbonnaya, he urged PINL to raise awareness of the health and environmental concerns of the communities.

“We keep advising our youths against bunkering. But oil firms must take responsibility for the long-term effects of their operations”, he stated.

Other traditional leaders at the meeting requested improved welfare for surveillance workers, chiefs, and communities to maintain stability and protect oil infrastructure.

Theresa Frederick & Charity Amiso

Rivers

Monarch Cautions Youths Against Illicit Drug Consumption

Published

2 days ago

July 18, 2025

The Tide

The Eze Igbu Orlukwor II, Eze Ehie II, HRH Eze Prince Ike Ehie, has cautioned youths in his kingdom and Ekpeye at large on the need to abstain from illicit drugs consumption.

Ehie said this recently while fielding questions from newsmen in commemoration of the 2025 World Drug Abuse Day at his liaison office, Ahoada.

He emphasized that drug abuse was dangerous to the body system as it had harmed many physically, mentally and otherwise.

The Monarch noted that people should always take ‘drugs’ based on prescription by qualified medical and health personnel.

He said youths’ alleged disrespect for constituted authorities, mental challenge and various types of illnesses can be linked to the consumption of illicit drugs.

The Royal Father further noted that except government agencies saddled with the requisite responsibilities synergized with traditional institutions and other like-minded organizations, much may not be achieved against the campaign and fight against illicit drug consumption.

According to him, most youths today can do nothing without taking hard drugs, which he said makes them ‘high’ and hyper elated.

The Orlukwor Monarch wondered how the youths would take over the mantle of leadership at both communities and federal levels with such uncultured behaviour and repugnant attitudes.

The World Day of Drug Abuse, was tagged, “Breaking The Chains, Prevention, Treatment And Recovery For All”.

King Onunwor