Activities on the Nigerian Exchange (NGX) Ltd., on Wednesday closed barely changed, recording a marginal drop of 0.003 per cent.
The benchmark index, All-Share Index (ASI) dropped by 1.5 point or 0.003 per cent to close at 51,802.48 points from 51,803.98 points recorded on Tuesday.
Also, the market capitalisation declined by N810.63 million to close at N27.927 trillion from N27.928 trillion posted on Tuesday.
Sell-offs in stocks of MTN Nigeria, Guaranty Trust Holding Company (GTCO), Ecobank Transnational Incorporation (ETI) amongst others made the market still.
Analysts at Vetiva Dealing and Borakage said, “Despite improvement in market sentiments, the banking sector experienced sell pressure with names like GTCO and UBA closing the day lower.
“We anticipate further profit taking in that space as investors may begin to take profit in recent gainers such as FBNH.”
The market breadth was positive as 17 stocks declined relative to 14 gainers.
Ikeja Hotel recorded the highest price gain of 10 per cent to close at N1.21 per share.
Royal Exchange Assurance followed with a gain of 7.29 per cent to close at N1.03 per share, while NPF Microfinance Bank rose by 7.27per cent to close at N1.77 per share.
Fidelity Bank rose by 4.88 per cent to close at N3.44, while Glaxosmith gained 4.84 per cent to close at N6.50 per share.
On the other hand, UPL led the losers’ chart by 9.62 per cent to close at N2.35 per share.
Chams and Linkage Assurance depreciated by eight per cent and 6.90 per cent each to close at 23k and 54k per share, respectively.
Cutix followed with a decline of 6.25 per cent to close at N2.25 per share while FTNCocoa lost 5.71 per cent to close at 33k per share.
The total volume of stocks traded was 416.47 million units, valued N3.46 billion, and exchanged in 4,466 deals.
Transactions in the shares of Mutual Benefits Assurance led the volume chart with 212.51 million shares valued at N53.12 million.
GTCO followed with 42.51 million shares worth N867.54 million, while United Bank for Africa (UBA) traded 23.99 million shares valued at N179.04 million.
First Bank of Nigeria (FBNH) traded 23.16 million shares valued at N262.18 million, while Accesscorp transacted 22.53 million shares valued at N208.54 million.
A Nigerien, Daniel Diji, was Tuesday docked in a Grade I Area Court Karu in Abuja for allegedly stealing a car battery, stereo, speaker and an Automated Teller Machine (ATM) card.
The police charged Diji, 26 who lives in Jikwoyi Phase III of FCT, Abuja, with criminal trespass and theft.
The Prosecution Counsel, Ade Adeyanju, told the court that the defendant was caught sleeping inside the complainant’s car after stealing a battery, stereo, speaker, woofer, ATM card issued by UBA bank plc.
The prosecutor said the matter was reported at the Jikwoyi Divisional Headquarters by Hope Ngoigwe, who lives in Jikwoyi Phase I, FCT, Abuja.
Adeyanju said the offence contravened the provisions of sections 342 and 288 of the penal Code.
The defendant, however, pleaded not guilty to the charges.
The Judge, Malam Inuwa Maiwada, admitted the defendant to bail in the sum of N100, 000 and one surety in like sum.
Mohammed ordered that the surety must provide affidavit of diligence, statement of account and must be reasonable and reliable within the court jurisdiction.
He adjourned the case until July 25, for hearing.
Mr Joseph Edgar, Executive Chairman, Duke of Shomolu Productions, has decried the sharp disconnect between Nigeria’s youths and country’s past.
Edgar, whose firm specialises in producing and staging historically-backed plays, particularly lamented that most youths had no idea of what happened “even few years ago”.
“We have interacted with youths and found their knowledge of the past either totally non-existent, or abysmally low. This is scary and just unacceptable,” he told the News Agency of Nigeria , on Sunday in Lagos.
“We have to know where we are coming from so as to have a small chance of getting it right as a nation.
“There is paucity of history. There is a detour. The youths are too busy with the Internet and have no idea where we are coming from. If we don’t know where we are coming from, we can’t know where we are going because we have no history or precedence to learn from.”
He regretted that most youths in Lagos, for instance, do not know anything about Alhaji Lateef Jakande, the state governor between 1979 and 1983.
“Some of these youths live in Lateef Jakande Estate. Some live on Lateef Jakande Road and even attend schools named after the governor, but you ask them who he is and why schools, Estates and edifices are named after him, they don’t know,” he fumed.
Edgar said that such ignorance of history was the reason why his outfit was focusing on staging plays on historical events that seek to recreate and refresh Nigeria’s past so as to connect same with the present to help the youths to couch out a future.
He said that the outfit had staged plays on Obafemi Awolowo (Awo), Olusegun Obasanjo (Aremu), Emotan, among others, while a Play on Emir Sanusi I and 11 would be staged in Lagos and Abuja in August, to be followed by one on Ladi Kwali.
Shedding more light on the Emir Sanusi Play titled: “Emir Sanusi – Truth in Clay”, he said it focuses on the “unseen hands” in the tide of humans.
“It is a scary story about fate. When he was being installed, Emir Sanusi Lamido Sanusi 11 declared that his wish was to die on the throne. That suggests an element of destiny – that he may not see it to the end.
“It is very intriguing. The grandchildren of those that played a role in the dethronement of his grandfather (Emir Sanusi I), were those that dethroned the grandson (Emir Sanusi II).
“The two traditional rulers were both misunderstood and their dethronements created a lot of misunderstanding inside and outside Kano. Naturally, a lot happened that people don’t know.
“The dethronements and the circumstances around them had far-reaching consequences in and around that powerful Fulani family with a huge effect on the relationship between the family and the Fulani race on one hand, and between the Fulani and other groups in northern Nigeria.
“The Play is really interesting and everyone is anxious to watch it on stage. Everyone is curious.
He explained that the Play would depict the lives, drama and intrigues surrounding the dethronement, leaning heavily on the eye witness account of the Dogarai (place guards), who served both Emirs.
“The Play will excitedly work very assiduously through the very colorful traditions and culture of the Fulani and other people of Northern Nigeria, in its bid to foster an equivocal retelling of a very compelling story.
“Through some of the most enigmatic storytelling, the Play will explosively carry audiences through a voyage of rediscovery, taking them through the sacrifices made by both subjects as they waltzed through a market of misunderstanding leading up to what seemed like a predestined and epocal climax,” he said.
He said that the National Troupe of Nigeria had already endorsed the production and would be partnering in its execution.
According to Edgar, Emir Sanusi 11 has confirmed his readiness to attend the play performances that would be directed by Prof. Ahmed Yerima, generally regarded as an institutional pillar of Nigerian theatre.
He said that the Play had more than 26 sponsors including First Bank, UBA, Sterling Bank and Purple, a major estate conglomerate.
NAN quotes Mrs Mofoluwake Edgar, Managing Director of the firm, as stating recently in Lagos that the outfit had emerged the biggest purveyors of historically-backed stage productions in Nigeria.
“With over 12 productions, including Ufok Ibaan, Isale Eko and Emotan, to mention a few, our firm continues to push its vision of retelling our national historical stories to a new generation in a firm bid to foster national reawakening using the arts as a strong vehicle of delivery.
“As part of the vision, the firm has pulled in respected directors like Makinde Adeniran, William Benson and Segun Adefila as it pursues its vision of excellence,” she added.
She was further quoted as saying that more than 100,000 Nigerians had physically seen the productions that had thrown up one of the largest collections of theatrical images on the continent.
The nation’s stock market maintained its bearish position on Friday, as all market indicators dropped further amid sell pressure in large capitalised stocks.
Specifically, the All-Share Index declined by 633.01 points or 1.21 per cent to close at 51,778.08 compared with 52,411.09 achieved on Thursday.
Consequently, the year-to-date (YTD) return fell to 21.21 per cent.
Also, the market capitalisation dropped by N341 billion or 1.21 per cent to close at N27.914 trillion against N28.255 trillion on Thursday.
The stocks that pushed the equities market lower included MTN Nigeria, Guaranty Trust Holding Company(GTCo), Zenith Bank, among others.
The market closed negative with 10 stocks that gained and 24 losers.
A breakdown of the price movement chart shows that Ellahlakes recorded the highest gain to lead the gainers’ chart with 8.40 per cent to close at N4 per share.
UACN trailed with 6.48 per cent to close at N11.50, while Living Trust Mortgage Bank rose by 5.26 per cent to close at N1.20 per share.
Mutual Benefits Assurance also rose by 4.17 per cent to close at 25k while Fedelity Bank inched up by 3.37 per cent to close at N3.37 per share.
On the other hand, McNichols Consolidated Plc led the losers’ chart, dropping by 9.76 per cent to close at N 1.85 per share.
ARDOVA lost by 9.70 per cent to close at N13.50 while Livestock dipped by 9.52 per cent to close at N1.33 per share.
International Breweries dropped by 9.42 per cent to close at N6.25, while Courtville Business Solutions dipped by 9.26 per cent to close at 49k per share.
In all, a total of 241.19 million shares valued at N3.67 billion were exchanged by investors in 5,043 deals.
This was in contrast with a turnover of 211.615 million shares worth N2.37 billion traded in 4,750 deals on Thursday.
Jaiz Bank was the toast of investors, accounting for 40.66 million shares valued at N37.21 billion.
United Bank for Africa(UBA) came second with 35.72 million shares worth N269.42 million, while Zenith Bank sold 33.2 million shares valued at N719 million.
GTCo accounted for 16.78 million shares worth N359.69 million, while Transcorp transacted 10.91 million shares valued at N14 million.
The stock market closed on Wednesday negative as the market capitalisation decreased by N183 billion to N28.451 trillion from N28.634 trillion.
The All Share Index (ASI) also declined by 0.64 per cent to 52,775.40 points from 53,114.65 points recorded on Tuesday.
The decline was attributed to selloffs in MTN Nigeria stocks, and some Tier-1 bank stocks; First Bank of Nigeria Holdings (FBNH), Zenith Bank and Union Bank.
Consequently, the year-to-date (YTD) return fell to 23.55 per cent.
Market breadth closed negative as 26 stocks were on the laggard’s log while 11 on the leaders table.
Breakdown of the price movement chart shows that Tripple G recorded the highest gain to lead the gainers’ chart with 9.20 per cent to close at 95k per share.
LearnAfrica trailed with 5.49 per cent to close at N2.50 while Unity Bank rose by 2.13 per cent to close at 48k per share.
AIICO also rose by 1.56 per cent to close at 65k while Livestock inched up by 1.33 per cent to close at N1.52 per share.
On the other hand, Meyer led the losers’ chart, dropping by 10 per cent to close at N2.79 per share.
Linkage Assurance dropped by 8.93 per cent to close at 51k, while Union Bank Insurance dipped by 7.69 per cent to close at N6 per share.
International Breweries lost by 6.12 per cent to close at N6.90 while FBNH dipped by 5.71 per cent to close at N9.90 per share.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 23.76 per cent.
A total of 188.1billion units of shares valued at N2.36bn were exchanged in 4,890 deals.
UBA was the toast of investors, accounting for 36.42 million shares valued at N278.56 billion.
Guaranty Trust Holding Company (GTCo) came second with 24.39 million shares worth N531.3 million, while FBNH sold 17.62 million shares valued at N175.82 million.
Sterling Bank accounted for 14.28 million shares worth N21.91 million, while Zenith Bank transacted 12.84 million shares valued at N286.83 million.