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NSE Bounces Back With 29% Gain

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13 years ago

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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.

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Association Woos Govt, Coys On  Boat Operators  Employments

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2 weeks ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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2 weeks ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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2 weeks ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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