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  •  Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
     Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
    Economy3 days ago

    Nigeria at 62: Capital market has made commendable progress – Operators

    Some experts have said the Nigerian capital market made substantial contributions to the nation’s economic growth and national development since independence in 1960. They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos, while reviewing the performance and evolution of the Nigerian capital market since independence.

    Mr David Adonri, Executive Vice Chairman, HighCap Securities Ltd., said the capital market, since independence, had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth.

    Citing how the market had been beneficial to the country, Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd. (NGX).

    According to him, the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital, while investors continued to enjoy appropriate returns on their investments.

    Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978, he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises, an opportunity they still enjoyed to date.

    Adonri cited how the banking industry through the Exchange in 2005, achieved its recapitalisation exercise, which was mandated by the Central Bank of Nigeria (CBN), to shore up banks’ capital base from N2 billion to N25 billion.

    In achieving the desired sustainable growth, the expert said the gap in economic performance needed to be addressed.

    Adonri, however, noted that the Nigerian capital market had the potential to intervene in providing solution, especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough.

    Engineering infrastructure are facilities for various areas of activity servicing the economy and the population.

    According to him, Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads, rails, ports, hospitals, among others.

    He listed the engineering infrastructure to comprise technical education, minning, metalogical and machine making and agriculture equipment.

    “I expect that should be the area of focus for the capital market moving forward, so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough,” Adonri said.

    Malam Garba Kurfi, Managing Director, APT Securities, coroborated Adonri’s view on how the capital market has faired so far.

    Kurfi said the over N26 trillion market capitalisation of the NGX, currently above the national budget, showed how positively the market had grown over years.

    He said, “Today, we are talking of N26 trillion market capitalisation.

    it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation.

    “Today, we also have not just Airtel Nigeria, but Airtel Africa and this means that shareholders have their shares also in the African market.

    Dangote Group has 17 companies and it shareholders have shares in all these companies.

    “In the last 10 years, five companies which are Dangote Cement, Seplat, MTN, Airtel, BUA Foods, BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation.

    ” According to him, the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies’ willingness to get listed on the Exchange.

    He said the capital market also assisted the Federal Inland Revenue Service (FIRS) in generating 50 per cent of its revenue from corporate tax paid by quoted companies.

    Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities.

    Kuffi said that might not have been possible without the support of the capital market.

    The managing director, however, said the capital market could still do better, especially if compared with some of its counterparts in other countries.

    “Our market capitalisation against Gross Domestic Product(GDP) is less than 10 per cent.

    “New York Stock Exchange’s market capitalisation is over 100 per cent when compared to GDP of the U.

    S and same with London’s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP.

    “However, ours is just 10 per cent because big companies like NNPC, NLG, among others, and even those in the power sector and the telcoms such as Glo, 9 Mobile and Nitel are not listed.

    “Assuming all of them are listed on the exchange, our market capitalisation will go up.

    Today we already ahead of the entire budget of Nigeria,” he added.


    NewsSourceCredit: NAN

  •  Shareholders of Nigerian Exchange Group Plc NGX Group on Friday approved resolutions by the company s Board of Directors to re elect Mr Apollos Ikpobe and Dr Okechukwu Itanyi as non executive directors They both retired by rotation before their re election as non executive directors The shareholders gave their approval during the 61st Annual General Meeting AGM of the NGX Group in Lagos Also Prof Enase Okonedo s resignation was earlier approved by the board and as such she was not presented for re election Other resolutions adopted at the AGM included the appointment of Ernst amp Young as NGX Group s external auditors the Board s authority to fix the audit company s remuneration Also approved is the disclosure of NGX Group s executive remuneration and the re election of the Statutory Audit Committee The Chairman of NGX Group Mr Abimbola Ogunbanjo who was due for re election for a period of one year until the next AGM in 2023 voluntarily retired from the board and did not present himself for re election Also four non executive directors of the board were re elected including Mrs Fatimah Bintah Bello Ismail Mr Oluwole Adeosun Mr Chidi Agbapu and Mr Patrick Ajayi To allow for wider consultations and further engagement with shareholders the special business to raise funds of up to N35 billion for business expansion was not presented Commenting at the AGM Ogunbanjo thanked shareholders for working assiduously with the Board and Management of the Group in delivering the dividends of demutualisation He also commended them for enhancing shareholders value and for attaining many firsts during his term in office He stated We released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary general meeting We also created a revised corporate governance framework already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders In closing I would like to thank the Board and Management of NGX Group for their support since I assumed office as Chairman of the Group in 2021 As I retire from the Board I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa s socio economic growth Mr Oscar Onyema Group Managing EXecutive Officer NGX Group noted that the Group recorded 22 per cent increase in profitability 13 per cent increase in gross earnings and 14 9 per cent growth in revenue He noted that the Group intended to enhance its performance going forward and called for support from all stakeholders After the AGM the Board of Directors appointed Mr Apollos Ikpobe as Acting Chairman who said he recognised the enormous responsibility associated with the role Ikpobe pledged to work with all stakeholders to ensure the stability and growth of the company during this transition On behalf of the board I thank Mr Ogunbanjo for his selfless service to the company over the years he said NewsSourceCredit NAN
    NGX Group’s shareholders re-elect non-executive directors
     Shareholders of Nigerian Exchange Group Plc NGX Group on Friday approved resolutions by the company s Board of Directors to re elect Mr Apollos Ikpobe and Dr Okechukwu Itanyi as non executive directors They both retired by rotation before their re election as non executive directors The shareholders gave their approval during the 61st Annual General Meeting AGM of the NGX Group in Lagos Also Prof Enase Okonedo s resignation was earlier approved by the board and as such she was not presented for re election Other resolutions adopted at the AGM included the appointment of Ernst amp Young as NGX Group s external auditors the Board s authority to fix the audit company s remuneration Also approved is the disclosure of NGX Group s executive remuneration and the re election of the Statutory Audit Committee The Chairman of NGX Group Mr Abimbola Ogunbanjo who was due for re election for a period of one year until the next AGM in 2023 voluntarily retired from the board and did not present himself for re election Also four non executive directors of the board were re elected including Mrs Fatimah Bintah Bello Ismail Mr Oluwole Adeosun Mr Chidi Agbapu and Mr Patrick Ajayi To allow for wider consultations and further engagement with shareholders the special business to raise funds of up to N35 billion for business expansion was not presented Commenting at the AGM Ogunbanjo thanked shareholders for working assiduously with the Board and Management of the Group in delivering the dividends of demutualisation He also commended them for enhancing shareholders value and for attaining many firsts during his term in office He stated We released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary general meeting We also created a revised corporate governance framework already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders In closing I would like to thank the Board and Management of NGX Group for their support since I assumed office as Chairman of the Group in 2021 As I retire from the Board I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa s socio economic growth Mr Oscar Onyema Group Managing EXecutive Officer NGX Group noted that the Group recorded 22 per cent increase in profitability 13 per cent increase in gross earnings and 14 9 per cent growth in revenue He noted that the Group intended to enhance its performance going forward and called for support from all stakeholders After the AGM the Board of Directors appointed Mr Apollos Ikpobe as Acting Chairman who said he recognised the enormous responsibility associated with the role Ikpobe pledged to work with all stakeholders to ensure the stability and growth of the company during this transition On behalf of the board I thank Mr Ogunbanjo for his selfless service to the company over the years he said NewsSourceCredit NAN
    NGX Group’s shareholders re-elect non-executive directors
    Economy4 days ago

    NGX Group’s shareholders re-elect non-executive directors

    Shareholders of Nigerian Exchange Group Plc (NGX Group) on Friday approved resolutions by the company’s Board of Directors to re-elect Mr Apollos Ikpobe and Dr Okechukwu Itanyi as non-executive directors.

    They both retired by rotation before their re-election as non-executive directors.

    The shareholders gave their approval during the 61st Annual General Meeting (AGM ) of the NGX Group in Lagos.

    Also, Prof. Enase Okonedo’s resignation was earlier approved by the board and as such she was not presented for re-election.

    Other resolutions adopted at the AGM included the appointment of Ernst & Young as NGX Group’s external auditors; the Board’s authority to fix the audit company’s remuneration.

    Also approved is the disclosure of NGX Group’s executive remuneration and the re-election of the Statutory Audit Committee.

    The Chairman of NGX Group, Mr Abimbola Ogunbanjo, who was due for re-election for a period of one year, until the next AGM in 2023, voluntarily retired from the board and did not present himself for re-election.

    Also four non-executive directors of the board were re-elected, including Mrs Fatimah Bintah Bello-Ismail, Mr Oluwole Adeosun, Mr Chidi Agbapu, and Mr Patrick Ajayi.

    To allow for wider consultations and further engagement with shareholders, the special business to raise funds of up to N35 billion for business expansion was not presented.

    Commenting at the AGM, Ogunbanjo thanked shareholders for working assiduously with the Board and Management of the Group in delivering the dividends of demutualisation.

    He also commended them for enhancing shareholders’ value and for attaining many firsts during his term in office.

    He stated, “We released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary general meeting.

    “We also created a revised corporate governance framework, already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders.

    “In closing, I would like to thank the Board and Management of NGX Group for their support since I assumed office as Chairman of the Group in 2021. “As I retire from the Board, I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa’s socio-economic growth.

    ” Mr Oscar Onyema, Group Managing EXecutive Officer, NGX Group, noted that the Group recorded 22 per cent increase in profitability, 13 per cent increase in gross earnings, and 14.9 per cent growth in revenue.

    He noted that the Group intended to enhance its performance going forward and called for support from all stakeholders.

    After the AGM, the Board of Directors appointed Mr Apollos Ikpobe as Acting Chairman, who said he recognised the enormous responsibility associated with the role.

    Ikpobe pledged to work with all stakeholders to ensure the stability and growth of the company during this transition.

    “On behalf of the board, I thank Mr Ogunbanjo for his selfless service to the company over the years,” he  said.


    NewsSourceCredit: NAN

  •  The Nigerian Exchange NGX Ltd closed the week on a bullish note Friday with market capitalisation gaining N32 billion or 0 12 per cent to close at N26 451 trillion against N26 419 trillion on Thursday Also the All Share Index went up by 59 33 basis points or 0 12 per cent to close at 49 024 16 compared with 48 964 83 on Thursday The upturn was impacted by gains recorded in stocks such as FBN Holdings Jaiz Bank Guinness and NGX Group Accordingly the market breadth closed positive with 17 gainers in contrast with 10 laggards RT Briscoe led the gainers chart in percentage terms by 9 68 per cent to close at 34k per share Mayer and Baker followed with a gain of 9 63 per cent to close at N4 10 while Guinness appreciated by 9 29 per cent to close at N82 90 per share Jaiz Bank rose by 8 43 per cent to close at nine kobo while UPDC Plc appreciated by 8 42 per cent to close at N1 03 per share On the other hand Ikeja Hotel led the losers chart in percentage terms by 9 68 per cent to close at N1 12 per share Sovereign Trust Insurance followed with 6 9 per cent to close at 27k while Nigerian Aviation Handling Company NAHCO shed 3 51 per cent to close at N5 50 per share UPDC Real Estate Investment Trust lost 3 12 per cent to close at N3 10 per share In all the total volume of shares traded increased by 61 58 per cent to 356 73 billion shares worth N3 74 billion traded in 3 219 deals This was in contrast with 220 78 million shares valued at N2 25 billion transacted in 3 195 deals the previous day NewsSourceCredit NAN
    NGX gains N32bn ahead independence celebration
     The Nigerian Exchange NGX Ltd closed the week on a bullish note Friday with market capitalisation gaining N32 billion or 0 12 per cent to close at N26 451 trillion against N26 419 trillion on Thursday Also the All Share Index went up by 59 33 basis points or 0 12 per cent to close at 49 024 16 compared with 48 964 83 on Thursday The upturn was impacted by gains recorded in stocks such as FBN Holdings Jaiz Bank Guinness and NGX Group Accordingly the market breadth closed positive with 17 gainers in contrast with 10 laggards RT Briscoe led the gainers chart in percentage terms by 9 68 per cent to close at 34k per share Mayer and Baker followed with a gain of 9 63 per cent to close at N4 10 while Guinness appreciated by 9 29 per cent to close at N82 90 per share Jaiz Bank rose by 8 43 per cent to close at nine kobo while UPDC Plc appreciated by 8 42 per cent to close at N1 03 per share On the other hand Ikeja Hotel led the losers chart in percentage terms by 9 68 per cent to close at N1 12 per share Sovereign Trust Insurance followed with 6 9 per cent to close at 27k while Nigerian Aviation Handling Company NAHCO shed 3 51 per cent to close at N5 50 per share UPDC Real Estate Investment Trust lost 3 12 per cent to close at N3 10 per share In all the total volume of shares traded increased by 61 58 per cent to 356 73 billion shares worth N3 74 billion traded in 3 219 deals This was in contrast with 220 78 million shares valued at N2 25 billion transacted in 3 195 deals the previous day NewsSourceCredit NAN
    NGX gains N32bn ahead independence celebration
    Economy4 days ago

    NGX gains N32bn ahead independence celebration

    The Nigerian Exchange (NGX) Ltd. closed the week on a bullish note Friday, with market capitalisation gaining N32 billion or 0.12 per cent to close at N26. 451 trillion against N26.419 trillion on Thursday.

    Also, the All-Share Index went up by 59.33 basis points or 0.12 per cent to close at 49, 024.16 compared with 48,964.83 on Thursday.

    The upturn was impacted by gains recorded in stocks such as FBN Holdings, Jaiz Bank, Guinness and NGX Group.

    Accordingly, the market breadth closed positive with 17 gainers in contrast with 10 laggards.

    RT Briscoe led the gainers’ chart in percentage terms by 9.68 per cent to close at 34k per share.

    Mayer and Baker followed with a gain of 9.63 per cent to close at N4.10, while Guinness appreciated by 9.29 per cent to close at N82.90 per share.

    Jaiz Bank rose by 8.43 per cent to close at nine kobo, while UPDC Plc appreciated by 8.42 per cent to close at N1.03 per share.

    On the other hand, Ikeja Hotel led the losers’ chart in percentage terms by 9.68 per cent to close at N1.12 per share.

    Sovereign Trust Insurance followed with 6.9 per cent to close at 27k, while Nigerian Aviation Handling Company (NAHCO)  shed 3.51 per cent to close at N5.50 per share.

    UPDC Real Estate Investment Trust lost 3.12 per cent to close at N3.10 per share.

    In all, the total volume of shares traded increased by 61.58 per cent to 356.73 billion shares worth N3.74 billion traded in 3,219 deals.

    This was in contrast with 220.78 million shares valued at N2.25 billion transacted in 3,195 deals the previous day.


    NewsSourceCredit: NAN

  •   The Nigerian Institution of Mechanical Engineers NIMechE on Tuesday called on the Standards Organisations of Nigeria SON to checkmate importation of substandard auto spare parts into the country The Lagos Chapter Chairman of NIMechE Mr Abdulganiyu Tiamiyu made the call at the ongoing 2022 Engineering Week of the institution in Lagos with the theme Get it Right Adopt Standard Government should ensure that the agency in charge of importing raw materials and spare parts that is Standards Organisation of Nigeria should be up to its task It should ensure that substandard items are not imported and are not used for maintenance of our vehicles he said Tiamiyu said the issue of substandard spare parts was critical and affected every citizen hence the theme on reducing carnage on roads Can we imagine the number of lives that are being lost daily due to auto crashes he queried Mrs Abike Awojobi Business Development Manager Lagos Computerised Vehicle Inspection Service LACVIS said adherence to standards was a necessity Awojobi said several avoidable crashes happened due to defects from vehicles using substandard parts adding that the more we use substandard parts the more we are putting ourselves and families in danger Mr Idris Ciroma LACVIS Test Centre Manager expressed a similar view that 70 per cent of imported spare parts were fake and you need an eagle eye to know which part is genuine Ciroma who is also an engineer displayed pictures of some spare parts and features engineers auto technicians and other transport stakeholders should look out for to escape counterfeits Ciroma who spoke on the topic The Consequences of Using Sub Standard Spare Parts for Vehicle Maintenance said 21 per cent of auto crashes were caused by use of fake auto spare parts He listed other factors responsible for road crashes as state of the mind of the driver and condition of the road He added that standard is a responsibility for owners of vehicles transporters and everyone He urged Lagos residents to take advantage of the services of LACVIS by undertaking voluntary checks on their vehicles in addition to carrying out the road worthiness assessments for safety Lagos Sector Commander Federal Roads Safety Corps FRSC Mr Olusegun Ogungbemide represented by Mr Godwin Jumweni said 90 per cent of road crashes were caused by human factor adding that fake spare parts and human errors played key roles in accidents Jumweni blamed auto technicians for sabotaging their clients by sometimes collecting money for original parts and fixing fake ones in their vehicles for more profit He lamented that because of the influx of substandard motor parts some auto technicians recommended used imported spare parts perceived to be better than new ones to customers Mr Tunde Gafar representative of the Lagos State Vehicle Inspection Service joined in the call for the SON to help with quality regulation to checkmate the influx of sub standard vehicle parts Gafar urged manufacturers importers auto technicians transporters and other stakeholders to join in the campaign against counterfeiting National Chairman of NIMechE Mrs Funmilade Akingbagbohun who joined the meeting virtually commended the Lagos Chapter saying engineers must take standards to the next level Akingbagbohun urged the chapter to begin a public awareness campaign on the streets and motor parks in Lagos to ensure attitudinal change towards adoption of standards NGX NewsSourceCredit NAN
    Engineers task SON on curbing fake auto parts influx
      The Nigerian Institution of Mechanical Engineers NIMechE on Tuesday called on the Standards Organisations of Nigeria SON to checkmate importation of substandard auto spare parts into the country The Lagos Chapter Chairman of NIMechE Mr Abdulganiyu Tiamiyu made the call at the ongoing 2022 Engineering Week of the institution in Lagos with the theme Get it Right Adopt Standard Government should ensure that the agency in charge of importing raw materials and spare parts that is Standards Organisation of Nigeria should be up to its task It should ensure that substandard items are not imported and are not used for maintenance of our vehicles he said Tiamiyu said the issue of substandard spare parts was critical and affected every citizen hence the theme on reducing carnage on roads Can we imagine the number of lives that are being lost daily due to auto crashes he queried Mrs Abike Awojobi Business Development Manager Lagos Computerised Vehicle Inspection Service LACVIS said adherence to standards was a necessity Awojobi said several avoidable crashes happened due to defects from vehicles using substandard parts adding that the more we use substandard parts the more we are putting ourselves and families in danger Mr Idris Ciroma LACVIS Test Centre Manager expressed a similar view that 70 per cent of imported spare parts were fake and you need an eagle eye to know which part is genuine Ciroma who is also an engineer displayed pictures of some spare parts and features engineers auto technicians and other transport stakeholders should look out for to escape counterfeits Ciroma who spoke on the topic The Consequences of Using Sub Standard Spare Parts for Vehicle Maintenance said 21 per cent of auto crashes were caused by use of fake auto spare parts He listed other factors responsible for road crashes as state of the mind of the driver and condition of the road He added that standard is a responsibility for owners of vehicles transporters and everyone He urged Lagos residents to take advantage of the services of LACVIS by undertaking voluntary checks on their vehicles in addition to carrying out the road worthiness assessments for safety Lagos Sector Commander Federal Roads Safety Corps FRSC Mr Olusegun Ogungbemide represented by Mr Godwin Jumweni said 90 per cent of road crashes were caused by human factor adding that fake spare parts and human errors played key roles in accidents Jumweni blamed auto technicians for sabotaging their clients by sometimes collecting money for original parts and fixing fake ones in their vehicles for more profit He lamented that because of the influx of substandard motor parts some auto technicians recommended used imported spare parts perceived to be better than new ones to customers Mr Tunde Gafar representative of the Lagos State Vehicle Inspection Service joined in the call for the SON to help with quality regulation to checkmate the influx of sub standard vehicle parts Gafar urged manufacturers importers auto technicians transporters and other stakeholders to join in the campaign against counterfeiting National Chairman of NIMechE Mrs Funmilade Akingbagbohun who joined the meeting virtually commended the Lagos Chapter saying engineers must take standards to the next level Akingbagbohun urged the chapter to begin a public awareness campaign on the streets and motor parks in Lagos to ensure attitudinal change towards adoption of standards NGX NewsSourceCredit NAN
    Engineers task SON on curbing fake auto parts influx
    General news6 days ago

    Engineers task SON on curbing fake auto parts influx

    The Nigerian Institution of Mechanical Engineers (NIMechE) on Tuesday called on the Standards Organisations of Nigeria (SON) to checkmate importation of substandard auto spare parts into the country.

    The Lagos Chapter Chairman of NIMechE, Mr Abdulganiyu Tiamiyu, made the call at the ongoing 2022 Engineering Week of the institution in Lagos with the theme “Get it Right, Adopt Standard.

    ” “Government should ensure that the agency in charge of importing raw materials and spare parts, that is, Standards Organisation of Nigeria, should be up to its task.

    “It should ensure that substandard items are not imported and are not used for maintenance of our vehicles,” he said.

    Tiamiyu said the issue of substandard spare parts was critical and affected every citizen, hence the theme on reducing carnage on roads.

    “Can we imagine the number of lives that are being lost daily due to auto crashes?

    ” he queried.

    Mrs Abike Awojobi, Business Development Manager, Lagos Computerised Vehicle Inspection Service (LACVIS), said adherence to standards was a necessity.

    Awojobi said several avoidable crashes happened due to defects from vehicles using substandard parts, adding that, “the more we use substandard parts, the more we are putting ourselves and families in danger.

    ” Mr Idris Ciroma, LACVIS Test Centre Manager, expressed a similar view that 70 per cent of imported spare parts were fake and “you need an eagle eye to know which part is genuine.

    ” Ciroma, who is also an engineer, displayed pictures of some spare parts and features engineers, auto technicians and other transport stakeholders should look out for to escape counterfeits.

    Ciroma who spoke on the topic, “The Consequences of Using Sub Standard Spare Parts for Vehicle Maintenance,” said 21 per cent of auto crashes were caused by use of fake auto spare parts.

    He listed other factors responsible for road crashes as state of the mind of the driver and condition of the road.

    He added that, “standard is a responsibility for owners of vehicles, transporters and everyone.

    ” He urged Lagos residents to take advantage of the services of LACVIS by undertaking voluntary checks on their vehicles in addition to carrying out the road worthiness assessments for safety.

    Lagos Sector Commander, Federal Roads Safety Corps (FRSC), Mr Olusegun Ogungbemide, represented by Mr Godwin Jumweni, said 90 per cent of road crashes were caused by human factor, adding that fake spare parts and human errors played key roles in accidents.

    Jumweni blamed auto technicians for sabotaging their clients by sometimes collecting money for original parts and fixing fake ones in their vehicles for more profit.

    He lamented that because of the influx of substandard motor parts, some auto technicians recommended used imported spare parts perceived to be better than new ones to customers.

    Mr Tunde Gafar, representative of the Lagos State Vehicle Inspection Service, joined in the call for the SON “to help with quality regulation to checkmate the influx of sub standard vehicle parts.

    ” Gafar urged manufacturers, importers, auto technicians, transporters and other stakeholders to join in the campaign against counterfeiting.

    National Chairman of NIMechE, Mrs Funmilade Akingbagbohun, who joined the meeting virtually, commended the Lagos Chapter, saying, “engineers must take standards to the next level.

    ” Akingbagbohun urged the chapter to begin a public awareness campaign on the streets and motor parks in Lagos to ensure attitudinal change towards adoption of standards.

    NGX)
    NewsSourceCredit: NAN

  •  The domestic stock market on Tuesday closed on a negative note with market capitalisation shedding N15 billion or 0 56 per cent to close at N26 517 trillion as against N26 532 trillion recorded the previous day Also the All Share Index ASI lost 27 87 points or 0 56 per cent to close at 49 161 45 compared with 49 189 32 recorded on Monday The weak performance was driven by sell off in shares of Guaranty Trust Holding Company GTCO United Bank for Africa UBA Access Holding and FBN Holdings Consequently the year to date YTD return fell to 15 09 per cent Market breadth closed negative as 17 stocks declined while 14 advanced NGX Group and Multiverse Mining amp Exploration led the gainers table during the day gaining 10 per cent each to close at N19 80 and N3 41 per share Eterna followed by gaining 9 91 per cent to close at N6 32 while Courteville Business Solutions added by 8 89 per cent to close at 49k per share Champion Breweries appreciated by 8 53 per cent to close at N3 69 per share On the other hand May amp Baker topped the losers chart shedding 9 79 per cent to close at N3 50 per share Regency Alliance Insurance trailed with a loss of 7 69 per cent to close at 24k while Vitafoam Insurance declined by 5 38 per cent to close at N20 per share Unilever and Glaxosmith were down by 5 38 per cent and 5 08 per cent each to close at N12 30k and N5 60 per share respectively A total of 139 24 million shares valued at N1 60 billion were exchanged in 3 421 deals compared to Transcorp was the most active stock exchanging 38 46 million shares worth N38 99 million Zenith Bank followed with an account of 35 74 million shares valued at N710 83 million while FCMB traded 30 19 million shares worth N105 61 million Vitafoarm sold 18 13 million shares valued at N362 77 million while Linkage Assurance exchanged 8 89 million shares worth N4 18 million NewsSourceCredit NAN
    Nigerian bourse drops N15bn in bearish trading
     The domestic stock market on Tuesday closed on a negative note with market capitalisation shedding N15 billion or 0 56 per cent to close at N26 517 trillion as against N26 532 trillion recorded the previous day Also the All Share Index ASI lost 27 87 points or 0 56 per cent to close at 49 161 45 compared with 49 189 32 recorded on Monday The weak performance was driven by sell off in shares of Guaranty Trust Holding Company GTCO United Bank for Africa UBA Access Holding and FBN Holdings Consequently the year to date YTD return fell to 15 09 per cent Market breadth closed negative as 17 stocks declined while 14 advanced NGX Group and Multiverse Mining amp Exploration led the gainers table during the day gaining 10 per cent each to close at N19 80 and N3 41 per share Eterna followed by gaining 9 91 per cent to close at N6 32 while Courteville Business Solutions added by 8 89 per cent to close at 49k per share Champion Breweries appreciated by 8 53 per cent to close at N3 69 per share On the other hand May amp Baker topped the losers chart shedding 9 79 per cent to close at N3 50 per share Regency Alliance Insurance trailed with a loss of 7 69 per cent to close at 24k while Vitafoam Insurance declined by 5 38 per cent to close at N20 per share Unilever and Glaxosmith were down by 5 38 per cent and 5 08 per cent each to close at N12 30k and N5 60 per share respectively A total of 139 24 million shares valued at N1 60 billion were exchanged in 3 421 deals compared to Transcorp was the most active stock exchanging 38 46 million shares worth N38 99 million Zenith Bank followed with an account of 35 74 million shares valued at N710 83 million while FCMB traded 30 19 million shares worth N105 61 million Vitafoarm sold 18 13 million shares valued at N362 77 million while Linkage Assurance exchanged 8 89 million shares worth N4 18 million NewsSourceCredit NAN
    Nigerian bourse drops N15bn in bearish trading
    Economy6 days ago

    Nigerian bourse drops N15bn in bearish trading

    The domestic stock market on Tuesday closed on a negative note, with market capitalisation shedding N15 billion or 0.56 per cent to close at N26.517 trillion as against N26.532 trillion recorded the previous day.

    Also, the All-Share Index (ASI) lost 27. 87 points or 0.56 per cent to close at 49,161.45 compared with 49,189.32 recorded on Monday.

    The weak performance was driven by  sell-off in shares of  Guaranty Trust Holding Company (GTCO),United Bank for Africa (UBA), Access Holding and FBN Holdings.

    Consequently, the year-to-date (YTD) return fell to 15.09 per cent.

    Market breadth closed negative as 17 stocks declined while 14 advanced.

    NGX Group and Multiverse Mining & Exploration led the gainers’ table during the day, gaining 10 per cent each to close at N19.80 and N3.41 per share.

    Eterna followed by gaining 9.91 per cent to close at N6.32, while Courteville Business Solutions added by 8.89 per cent to close at 49k per share.

    Champion Breweries appreciated by 8.53 per cent to close at N3.69 per share.

    On the other hand, May & Baker topped the losers’ chart, shedding 9.79 per cent to close at N3.50 per share.

    Regency Alliance Insurance trailed with a loss of 7.69 per cent to close at 24k, while Vitafoam Insurance declined by 5.38 per cent to close at N20 per share.

    Unilever and Glaxosmith were down by 5.38 per cent and 5.08 per cent each to close at N12.30k and N5.60 per share, respectively.

    A total of 139.24 million shares valued at N1.60 billion were exchanged in 3, 421 deals, compared to .

    Transcorp was the most active stock, exchanging 38.46 million shares worth N38.99 million.

    Zenith Bank followed with an account of 35.74 million shares valued at N710.83 million, while FCMB traded 30.19 million shares worth N105.61 million.

    Vitafoarm sold 18.13 million shares valued at N362.77 million, while Linkage Assurance  exchanged 8.89 million shares worth N4.18 million.


    NewsSourceCredit: NAN

  •  The Nigerian Exchange Ltd NGX was upbeat on Monday as market capitalisation increased by N87 billion or 0 33 per cent to close at N26 532 trillion from N26 445 trillion recorded on Friday Also the All Share Index ASI increased by 162 70 basis points representing a rise of 0 33 per cent to close at 49 189 32 from 49 026 62 posted on Friday Renewed investors interest in BUA Cement Guaranty Trust Holding Company GTCO and Zenith Bank were the primary drivers of the overall strong performance of the market Consequently the year to date YTD return rose to 15 22 per cent The market breath closed negative as as 12 stocks advanced and 17 stocks declined Multiverse Mining amp Exploration led the gainers table during the day gaining by 10 per cent to close at N3 10 per share FCMB followed with a gain of 8 02 per cent to close at N3 50 while Union Bank of Nigeria UBN inched up by 7 83 per cent to close at N6 20 per share Japaul Gold amp Ventures grew by 7 41 per cent to close at 29k per share NGX Group appreciated by 5 88 per cent to close at N18 per share On the other hand Academy Press topped the losers chart depreciating by 10 per cent to close at N1 53 per share NEM Insurance trailed with a loss of 8 91 per cent to close at N4 91 while Neimeth declined by 8 33 per cent to close at N1 43 per share Champion Breweries was down by 7 86 per cent to close at N3 40 while Chams lost by 7 41 per cent to close at 25k per share Transactions in the shares of Courteville Business Solutions topped the activity chart with 24 36 million shares valued at N10 96 million FCMB followed with 20 million shares worth N69 43 million while Zenith Bank traded 8 87 million shares valued at N177 14 million Transcorp traded 5 92 million shares valued at N6 15 million while United Bank for Africa UBA transacted 5 88 million shares worth N42 64 million NewsSourceCredit NAN
    Stock market rebounds by N87bn, index up 0.33%
     The Nigerian Exchange Ltd NGX was upbeat on Monday as market capitalisation increased by N87 billion or 0 33 per cent to close at N26 532 trillion from N26 445 trillion recorded on Friday Also the All Share Index ASI increased by 162 70 basis points representing a rise of 0 33 per cent to close at 49 189 32 from 49 026 62 posted on Friday Renewed investors interest in BUA Cement Guaranty Trust Holding Company GTCO and Zenith Bank were the primary drivers of the overall strong performance of the market Consequently the year to date YTD return rose to 15 22 per cent The market breath closed negative as as 12 stocks advanced and 17 stocks declined Multiverse Mining amp Exploration led the gainers table during the day gaining by 10 per cent to close at N3 10 per share FCMB followed with a gain of 8 02 per cent to close at N3 50 while Union Bank of Nigeria UBN inched up by 7 83 per cent to close at N6 20 per share Japaul Gold amp Ventures grew by 7 41 per cent to close at 29k per share NGX Group appreciated by 5 88 per cent to close at N18 per share On the other hand Academy Press topped the losers chart depreciating by 10 per cent to close at N1 53 per share NEM Insurance trailed with a loss of 8 91 per cent to close at N4 91 while Neimeth declined by 8 33 per cent to close at N1 43 per share Champion Breweries was down by 7 86 per cent to close at N3 40 while Chams lost by 7 41 per cent to close at 25k per share Transactions in the shares of Courteville Business Solutions topped the activity chart with 24 36 million shares valued at N10 96 million FCMB followed with 20 million shares worth N69 43 million while Zenith Bank traded 8 87 million shares valued at N177 14 million Transcorp traded 5 92 million shares valued at N6 15 million while United Bank for Africa UBA transacted 5 88 million shares worth N42 64 million NewsSourceCredit NAN
    Stock market rebounds by N87bn, index up 0.33%
    Economy1 week ago

    Stock market rebounds by N87bn, index up 0.33%

    The Nigerian Exchange Ltd. (NGX) was upbeat on Monday as market capitalisation increased by N87 billion or 0.33 per cent to close at N26.532 trillion from N26.445 trillion recorded on Friday.

    Also, the All-Share Index (ASI) increased by 162.70 basis points, representing a rise of 0.33 per cent to close at 49,189.32 from 49, 026.62 posted on Friday.

    Renewed investors’ interest in BUA Cement, Guaranty Trust Holding Company (GTCO) and Zenith Bank were the primary drivers of the overall strong performance of the market.

    Consequently, the year-to-date (YTD) return rose to 15.22 per cent.

    The market breath closed negative as as 12 stocks advanced and 17 stocks declined.

    Multiverse Mining & Exploration led the gainers’ table during the day, gaining by 10 per cent to close at N3.10 per share.

    FCMB followed with a gain of 8.02 per cent to close at N3.50, while Union Bank of Nigeria (UBN) inched up by 7.83 per cent to close at N6.20 per share.

    Japaul Gold &Ventures grew by 7.41 per cent to close at 29k per share.

    NGX Group appreciated by 5.88 per cent to close at N18 per share.

    On the other hand, Academy Press topped the losers’ chart, depreciating by 10 per cent to close at N1.53 per share.

    NEM Insurance trailed with a loss of 8.91 per cent to close at N4.91, while Neimeth declined by 8.33 per cent to close at N1.43 per share.

    Champion Breweries was down by 7.86 per cent to close at N3.40, while Chams lost by 7.41 per cent to close at 25k per share.

    Transactions in the shares of Courteville Business Solutions topped the activity chart with 24.36 million shares valued at N10.96 million.

    FCMB followed with 20 million shares worth N69.43 million, while Zenith Bank traded 8.87 million shares valued at N177.14 million.

    Transcorp traded 5.92 million shares valued at N6.15 million, while United Bank for Africa(UBA) transacted 5.88 million shares worth N42.64 million.


    NewsSourceCredit: NAN

  •  The market capitalisation of the Nigerian Exchange Ltd NGX again dropped by N89 billion or 0 33 per cent to close at N26 444 trillion on Friday compared with N26 533 trillion on Thursday Similarly the All Share Index ASI dropped by 163 72 points or 0 33 per cent to close at 49 026 62 from 49 190 34 recorded on Thursday The weak performance was as a result of continuous sell offs in some large and medium stocks Market breadth closed negative as 22 stocks declined while 11 advanced Vitafoam led the gainers with 6 90 per cent to close N22 45 per share This was followed by RT Briscoe with 6 06 per cent to close at 35k while Access Holding gained by 6 02 per cent to close at N8 80 per share Also Conerstone Insurance appreciated by 3 70 per cent to close at 56k and Fidelity Bank rose by three per cent to close at N3 78 per share On the other hand CWG suffered a decline of 10 per cent to close at 81k per share Berger Paint followed with 9 85 per cent to close at N5 95 per share Eterna fell by 9 45 per cent to close at N5 75 while Sunu Assurance declined by 8 57 per cent to close 32k per share Also Chams declined by 6 9 per cent to close at N27 per shares Courteville Business Solutions recorded the highest volume of 27 68 million shares sold at N12 49 million NGX Group followed with N24 54 million shares traded at N417 39 million Zenith Bank transacted 20 83 million shares worth N416 75 million while Transcorp sold 11 15 million shares valued at N11 59 million Jaiz Bank sold 10 85 million shares worth N8 66 million A total of 169 18 million shares valued at N3 19 billion were exchanged in 3 206 deals NewsSourceCredit NAN
    NGX remains bearish, indices down by 0.33%
     The market capitalisation of the Nigerian Exchange Ltd NGX again dropped by N89 billion or 0 33 per cent to close at N26 444 trillion on Friday compared with N26 533 trillion on Thursday Similarly the All Share Index ASI dropped by 163 72 points or 0 33 per cent to close at 49 026 62 from 49 190 34 recorded on Thursday The weak performance was as a result of continuous sell offs in some large and medium stocks Market breadth closed negative as 22 stocks declined while 11 advanced Vitafoam led the gainers with 6 90 per cent to close N22 45 per share This was followed by RT Briscoe with 6 06 per cent to close at 35k while Access Holding gained by 6 02 per cent to close at N8 80 per share Also Conerstone Insurance appreciated by 3 70 per cent to close at 56k and Fidelity Bank rose by three per cent to close at N3 78 per share On the other hand CWG suffered a decline of 10 per cent to close at 81k per share Berger Paint followed with 9 85 per cent to close at N5 95 per share Eterna fell by 9 45 per cent to close at N5 75 while Sunu Assurance declined by 8 57 per cent to close 32k per share Also Chams declined by 6 9 per cent to close at N27 per shares Courteville Business Solutions recorded the highest volume of 27 68 million shares sold at N12 49 million NGX Group followed with N24 54 million shares traded at N417 39 million Zenith Bank transacted 20 83 million shares worth N416 75 million while Transcorp sold 11 15 million shares valued at N11 59 million Jaiz Bank sold 10 85 million shares worth N8 66 million A total of 169 18 million shares valued at N3 19 billion were exchanged in 3 206 deals NewsSourceCredit NAN
    NGX remains bearish, indices down by 0.33%
    Economy1 week ago

    NGX remains bearish, indices down by 0.33%

    The market capitalisation of the Nigerian Exchange Ltd. (NGX) again dropped by N89 billion or 0.33 per cent to close at N26.444 trillion on Friday compared with N26.533 trillion on Thursday.

    Similarly, the All-Share Index (ASI) dropped by 163. 72 points or 0.33 per cent to close at 49,026.62 from 49,190.34 recorded on Thursday.

    The weak performance was as a result of continuous sell-offs in some large and medium stocks.

    Market breadth closed negative as 22 stocks declined while 11 advanced.

    Vitafoam led the gainers with 6.90 per cent to close N22.45 per share.

    This was followed by RT Briscoe with 6.06 per cent to close at 35k, while Access Holding gained by 6.02 per cent to close at N8.80 per share.

    Also, Conerstone Insurance appreciated by 3.70 per cent to close at 56k and Fidelity Bank rose by three per cent to close at N3.78 per share.

    On the other hand, CWG suffered a decline of 10 per cent to close at 81k per share.

    Berger Paint followed with 9.85 per cent to close at N5.95 per share.

    Eterna fell by 9.45 per cent to close at N5.75, while Sunu Assurance declined by 8.57 per cent to close 32k per share.

    Also, Chams declined by 6.9 per cent to close at N27 per shares.

    Courteville Business Solutions recorded the highest volume of 27.68 million shares sold at N12.49 million.

    NGX Group followed with N24.54 million shares traded at N417.39 million.

    Zenith Bank transacted 20.83 million shares worth N416.75 million, while Transcorp sold 11.15 million shares valued at N11.59 million.

    Jaiz Bank sold 10.85 million shares worth N8.66 million.

    A total of 169.18 million shares valued at N3.19 billion were exchanged in 3,206 deals.


    NewsSourceCredit: NAN

  •  The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0 47 per cent to close at N26 533 trillion from N26 657 trillion on Wednesday The All Share Index ASI also dropped by 231 57 points or 0 47 per cent to close at 49 190 34 from 49 421 91 recorded on Wednesday Market breadth closed negative as 13 stocks declined while 10 advanced Trans Nationwide Express led the gainers with 8 70 per cent to close 75k per share This was followed by NEM Insurance with 2 67 per cent to close at N5 39 per share while Cutix gained by 2 50 per cent to close at N2 05 per share Also Academy Press appreciated by 2 41 per cent to close at N1 70 per share and International Breweries rose by 2 020 per cent to close at N5 05 per share On the other hand Conerstone was last with a decline of 10 per cent to close at 54k per share Multiverse Mining and Exploration followed with 9 96 per cent to close at N2 82 per share Cadbury Nigeria fell by 9 62 per cent to close at N2 82 while BUA Cement declined by 6 18 per cent to close N50 10 per share Also Guinness Nigeria declined by 5 50 per cent to close at N83 per shares NGX Group recorded the highest volume of 30 75 million shares sold at N553 54 million Zenith Bank followed with N24 39 million shares traded at N488 01 million Fidelity Bank transacted 13 84 million shares worth N50 66 while FBN Holdings sold 11 03 million shares valued at N110 81 Access Holdings sold 8 23 million shares worth N68 21 million A total of 126 84 million shares valued at N1 78 billion were exchanged in 3 117 deals compared with a total of 51 88 million shares valued at N590 01 billion exchanged in 2 981 deals on Wednesday NewsSourceCredit NAN
    Stock market drops by N124bn as sell pressure persists
     The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0 47 per cent to close at N26 533 trillion from N26 657 trillion on Wednesday The All Share Index ASI also dropped by 231 57 points or 0 47 per cent to close at 49 190 34 from 49 421 91 recorded on Wednesday Market breadth closed negative as 13 stocks declined while 10 advanced Trans Nationwide Express led the gainers with 8 70 per cent to close 75k per share This was followed by NEM Insurance with 2 67 per cent to close at N5 39 per share while Cutix gained by 2 50 per cent to close at N2 05 per share Also Academy Press appreciated by 2 41 per cent to close at N1 70 per share and International Breweries rose by 2 020 per cent to close at N5 05 per share On the other hand Conerstone was last with a decline of 10 per cent to close at 54k per share Multiverse Mining and Exploration followed with 9 96 per cent to close at N2 82 per share Cadbury Nigeria fell by 9 62 per cent to close at N2 82 while BUA Cement declined by 6 18 per cent to close N50 10 per share Also Guinness Nigeria declined by 5 50 per cent to close at N83 per shares NGX Group recorded the highest volume of 30 75 million shares sold at N553 54 million Zenith Bank followed with N24 39 million shares traded at N488 01 million Fidelity Bank transacted 13 84 million shares worth N50 66 while FBN Holdings sold 11 03 million shares valued at N110 81 Access Holdings sold 8 23 million shares worth N68 21 million A total of 126 84 million shares valued at N1 78 billion were exchanged in 3 117 deals compared with a total of 51 88 million shares valued at N590 01 billion exchanged in 2 981 deals on Wednesday NewsSourceCredit NAN
    Stock market drops by N124bn as sell pressure persists
    Economy2 weeks ago

    Stock market drops by N124bn as sell pressure persists

    The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0.47 per cent to close at N26.533 trillion from N26.657 trillion on Wednesday.

    The All-Share Index (ASI) also dropped by 231.57 points or 0.47 per cent to close at 49,190.34 from 49,421.91 recorded on Wednesday.

    Market breadth closed negative as 13 stocks declined, while 10 advanced.

    Trans-Nationwide Express led the gainers with 8.70 per cent to close 75k per share.

    This was followed by NEM Insurance with 2.67 per cent to close at N5.39 per share, while Cutix gained by 2.50 per cent to close at N2.05 per share.

    Also, Academy Press appreciated by 2.41 per cent to close at N1.70 per share and International Breweries rose by 2.020 per cent to close at N5.05 per share.

    On the other hand, Conerstone was last with a decline of 10 per cent to close at 54k per share.

    Multiverse Mining and Exploration followed with 9.96 per cent to close at N2.82 per share.

    Cadbury Nigeria fell by 9.62 per cent to close at N2.82, while BUA Cement declined by 6.18 per cent to close N50.10 per share.

    Also, Guinness Nigeria declined by 5.50 per cent to close at N83 per shares.

    NGX Group recorded the highest volume of 30.75 million shares sold at N553.54 million.

    Zenith Bank followed with N24.39 million shares traded at N488.01 million.

    Fidelity Bank transacted 13.84 million shares worth N50.66, while FBN Holdings sold 11.03 million shares valued at N110.81. Access Holdings sold 8.23 million shares worth N68.21 million.

    A total of 126.84 million shares valued at N1.78 billion were exchanged in 3,117 deals compared with a total of 51.88 million shares valued at N590.01 billion exchanged in 2.981 deals on Wednesday.


    NewsSourceCredit: NAN

  •  Trading on the nation s bourse again ended negative on Wednesday as market capitalisation lost N13 billion or 0 05 per cent to close at N26 657 trillion against N26 670 trillion on Tuesday Also the All Share Index lost 23 40 points or 0 05 per cent to close at 49 421 91 from 49 445 31 recorded on Tuesday Accordingly month to date gain moderated to 15 7 per cent while year to date loss increased to 19 56 per cent The loss was driven by price depreciation in FBN Holdings Access Holdings and WAPCO Market sentiment closed positive with 10 gainers relative to 12 losers Unity Bank led the losers chart in percentage terms by 10 per cent to close at 44k per share Murtiverse followed with 9 82 per cent to close at N3 13 while Fidelity Bank shed 5 46 per cent to close at N3 67 per share Honeywell Flour Mills lost 3 98 per cent to close at N2 35 while Chams shed 3 45 per cent to close at 30k per share Conversely Academy Press dominated the gainers chart in percentage terms with 9 78 per cent to close at N1 66 per share NEM Insurance followed with 6 08 per cent to close at N5 25 while Cadbury rose by 5 45 per cent to close at N13 per share Jaiz Bank garnered 4 76 per cent to close at 80k while NGX Group appreciated by 4 38 per cent to close at N18 55 per share However the total volume of trades decreased by 75 35 per cent to 51 88 million units valued at N590 01 million exchanged in 2 981 deals This was in contrast with a total of 147 59 million shares worth N2 39 billion traded in 3 386 deals on Tuesday Transactions in the shares of Zenith Bank topped the activity chart with 6 3 million shares valued at N125 54 million GTCO followed with 4 99 million shares worth N94 92 million while Sterling Bank traded 4 86 million shares valued at N7 29 million Fidelity Bank traded 3 85 million shares valued at N13 62 million while Transcorp transacted 2 95 million shares worth N3 1 million NewsSourceCredit NAN
    Stock market loses N13bn in bearish trading
     Trading on the nation s bourse again ended negative on Wednesday as market capitalisation lost N13 billion or 0 05 per cent to close at N26 657 trillion against N26 670 trillion on Tuesday Also the All Share Index lost 23 40 points or 0 05 per cent to close at 49 421 91 from 49 445 31 recorded on Tuesday Accordingly month to date gain moderated to 15 7 per cent while year to date loss increased to 19 56 per cent The loss was driven by price depreciation in FBN Holdings Access Holdings and WAPCO Market sentiment closed positive with 10 gainers relative to 12 losers Unity Bank led the losers chart in percentage terms by 10 per cent to close at 44k per share Murtiverse followed with 9 82 per cent to close at N3 13 while Fidelity Bank shed 5 46 per cent to close at N3 67 per share Honeywell Flour Mills lost 3 98 per cent to close at N2 35 while Chams shed 3 45 per cent to close at 30k per share Conversely Academy Press dominated the gainers chart in percentage terms with 9 78 per cent to close at N1 66 per share NEM Insurance followed with 6 08 per cent to close at N5 25 while Cadbury rose by 5 45 per cent to close at N13 per share Jaiz Bank garnered 4 76 per cent to close at 80k while NGX Group appreciated by 4 38 per cent to close at N18 55 per share However the total volume of trades decreased by 75 35 per cent to 51 88 million units valued at N590 01 million exchanged in 2 981 deals This was in contrast with a total of 147 59 million shares worth N2 39 billion traded in 3 386 deals on Tuesday Transactions in the shares of Zenith Bank topped the activity chart with 6 3 million shares valued at N125 54 million GTCO followed with 4 99 million shares worth N94 92 million while Sterling Bank traded 4 86 million shares valued at N7 29 million Fidelity Bank traded 3 85 million shares valued at N13 62 million while Transcorp transacted 2 95 million shares worth N3 1 million NewsSourceCredit NAN
    Stock market loses N13bn in bearish trading
    Economy2 weeks ago

    Stock market loses N13bn in bearish trading

    Trading on the nation’s bourse again ended negative on Wednesday as market capitalisation lost N13 billion or 0.05 per cent to close at N26.657 trillion against N26.670 trillion on Tuesday.

    Also, the All-Share Index lost 23.40 points or 0.05 per cent to close at 49,421.91 from 49,445.31 recorded on Tuesday.

    Accordingly, month-to-date gain moderated to 15.7 per cent, while year-to-date loss increased to 19.56 per cent.

    The loss was driven by price depreciation in FBN Holdings, Access Holdings and WAPCO.

    Market sentiment closed positive with 10 gainers relative to 12 losers.

    Unity Bank led the losers’ chart in percentage terms by 10 per cent to close at 44k per share.

    Murtiverse followed with 9.82 per cent to close at N3.13, while Fidelity Bank shed 5.46 per cent to close at N3.67 per share.

    Honeywell Flour Mills lost 3.98 per cent to close at N2.35 while Chams shed 3.45 per cent to close at 30k per share.

    Conversely, Academy Press dominated the gainers’ chart in percentage terms with 9.78 per cent to close at N1.66 per share.

    NEM Insurance followed with 6.08 per cent to close at N5.25, while Cadbury rose by 5.45 per cent to close at N13 per share.

    Jaiz Bank garnered 4.76 per cent to close at 80k, while NGX Group appreciated by 4.38 per cent to close at N18.55 per share.

    However, the total volume of trades decreased by 75.35 per cent to 51.88 million units valued at N590.01 million exchanged in 2,981 deals.

    This was in contrast with a total of 147.59 million shares worth N2.39 billion traded in 3,386 deals on Tuesday.

    Transactions in the shares of Zenith Bank topped the activity chart with 6.3 million shares valued at N125.54 million.

    GTCO followed with 4.99 million shares worth N94.92 million, while Sterling Bank traded 4.86 million shares valued at N7.29 million.

    Fidelity Bank traded 3.85;million shares valued at N13.62 million, while Transcorp transacted 2.95 million shares worth N3.1 million.


    NewsSourceCredit: NAN

  •  Trading on Nigerian Exchange Ltd NGX gained marginally on Tuesday as market capitalisation increased by N3 billion or 0 01 per cent to close at 26 670 trillion against N26 667 trillion on Monday Similarly the All Share Index appreciated by 5 10 basis points or 0 01 per cent to close at 49 445 31 against 49 440 21 on Monday Consequently the year to date YTD return increased to 15 75 per cent Investors demand in shares of Tier one banks such as FBN Holdings and Zenith Bank drove the performance of the market Also equities that participated in the trading ended with 11 gainers and 14 losers A breakdown of the price movement table indicated that RT Briscoe led the gainers table growing by 10 per cent to close at 33k per share FBN Holdings followed with a gain of five per cent to close at N10 50 and Linkage Asurance gained by 4 35 per cent to close at 48k per share Regency Alliance Insurance appreciated by four per cent to close at 26k while Mutual Benefits Assurance increased by 3 70 per cent to close at 28k per share On the other hand Total topped the losers chart dropping by 9 98 per cent to close at N211 10 per share Learn Africa trailed with a loss of 9 71 per cent to close at N1 86 and Honeywell Flour Mills dropped by 8 13 per cent to close at N2 26 per share Cutix was down by 6 98 per cent to close at N2 while NPFi Mcrofinance declined by 6 63 per cent to close at N1 55 per share In all the volume of trade rose by 61 72 per cent as investors bought and sold 147 59 million shares valued at N2 39 billion transacted in 3 323 deals This was in contrast with 67 37 million shares worth N1 48 billion exchanged in 3 386 deals on Monday Guaranty Trust Holding Company GTCO was the toast of investors with an exchange of 35 82 million shares worth N693 69 million It was trailed by Capital Hotel having accounted for 21 57 million shares valued at N73 54 million and FBN Holdingss sold 20 01 million shares worth N208 92 million Zenith Bank traded 11 09 million shares valued at N219 15 million while Chams sold 7 87 million shares worth N2 35 million NewsSourceCredit NAN
    NGX reverses negative trend, up by 0.01%
     Trading on Nigerian Exchange Ltd NGX gained marginally on Tuesday as market capitalisation increased by N3 billion or 0 01 per cent to close at 26 670 trillion against N26 667 trillion on Monday Similarly the All Share Index appreciated by 5 10 basis points or 0 01 per cent to close at 49 445 31 against 49 440 21 on Monday Consequently the year to date YTD return increased to 15 75 per cent Investors demand in shares of Tier one banks such as FBN Holdings and Zenith Bank drove the performance of the market Also equities that participated in the trading ended with 11 gainers and 14 losers A breakdown of the price movement table indicated that RT Briscoe led the gainers table growing by 10 per cent to close at 33k per share FBN Holdings followed with a gain of five per cent to close at N10 50 and Linkage Asurance gained by 4 35 per cent to close at 48k per share Regency Alliance Insurance appreciated by four per cent to close at 26k while Mutual Benefits Assurance increased by 3 70 per cent to close at 28k per share On the other hand Total topped the losers chart dropping by 9 98 per cent to close at N211 10 per share Learn Africa trailed with a loss of 9 71 per cent to close at N1 86 and Honeywell Flour Mills dropped by 8 13 per cent to close at N2 26 per share Cutix was down by 6 98 per cent to close at N2 while NPFi Mcrofinance declined by 6 63 per cent to close at N1 55 per share In all the volume of trade rose by 61 72 per cent as investors bought and sold 147 59 million shares valued at N2 39 billion transacted in 3 323 deals This was in contrast with 67 37 million shares worth N1 48 billion exchanged in 3 386 deals on Monday Guaranty Trust Holding Company GTCO was the toast of investors with an exchange of 35 82 million shares worth N693 69 million It was trailed by Capital Hotel having accounted for 21 57 million shares valued at N73 54 million and FBN Holdingss sold 20 01 million shares worth N208 92 million Zenith Bank traded 11 09 million shares valued at N219 15 million while Chams sold 7 87 million shares worth N2 35 million NewsSourceCredit NAN
    NGX reverses negative trend, up by 0.01%
    Economy2 weeks ago

    NGX reverses negative trend, up by 0.01%

    Trading on Nigerian Exchange Ltd. (NGX) gained marginally on Tuesday as market capitalisation increased by N3 billion or 0.01 per cent to close at 26.670 trillion against N26.667 trillion on Monday.

    Similarly, the All Share Index appreciated by 5.10 basis points or 0.01 per cent to close at 49,445.31 against 49,440.21 on Monday.

    Consequently, the year-to-date (YTD) return increased to 15.75 per cent.

    Investors’ demand in shares of Tier-one banks such as FBN Holdings and Zenith Bank drove the performance of the market.

    Also, equities that participated in the trading ended with 11 gainers and 14 losers.

    A breakdown of the price movement table indicated that RT Briscoe led the gainers’ table, growing by 10 per cent to close at 33k per share.

    FBN Holdings followed with a gain of five per cent to close at N10.50 and Linkage Asurance gained by 4.35 per cent to close at 48k per share.

    Regency Alliance Insurance appreciated by four per cent to close at 26k, while Mutual Benefits Assurance increased by 3.70 per cent to close at 28k per share.

    On the other hand, Total topped the losers’ chart, dropping by 9.98 per cent to close at N211.10 per share.

    Learn Africa trailed with a loss of 9.71 per cent to close at N1.86 and Honeywell Flour Mills dropped by 8.13 per cent to close at N2.26 per share.

    Cutix was down by 6.98 per cent to close at N2, while NPFi Mcrofinance declined by 6.63 per cent to close at N1.55 per share.

    In all, the volume of trade rose by 61.72 per cent as investors bought and sold 147.59 million shares valued at N2.39 billion transacted in 3,323 deals.

    This was in contrast with 67.37 million shares worth N1.48 billion exchanged in 3,386 deals on Monday.

    Guaranty Trust Holding Company (GTCO) was the toast of investors with an exchange of 35.82 million shares worth N693.69 million.

    It was trailed by Capital Hotel having accounted for 21.57 million shares valued at N73.54 million and FBN Holdingss sold 20.01 million shares worth N208.92 million.

    Zenith Bank traded 11.09 million shares valued at N219.15 million, while Chams sold 7.87 million shares worth N2.35 million.


    NewsSourceCredit: NAN