The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday continued in a losing streak, dropping by N98 billion.
The News Agency of Nigeria reports that the market capitalisation which opened at N13.354 trillion shed N98 billion or 0.73 per cent to close at N13.256 trillion.
Also, the All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 per cent to close at 30,099.83, against 30,322.19 recorded on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.
Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.
“However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”
Sovereign Trust Insurance led the losers’ chart dropping by eight per cent, to close at 23k per share.
Japaul Oil and Maritime Services shed 7.41 per cent to close at 25k, while Dangote Sugar depreciated by 4.35 per cent to close at N11per share.
Mobil Nigeria declined by 3.82 per cent to close at N163.50, while Sterling Bank was down by 3.28 per cent to close at N2.36 per share.
Conversely, Unilever Nigeria recorded the highest gain to leading the gainers’ chart with a gain of 8.22 per cent, to close at N30.95 per share.
Associated Bus Company gained 7.14 per cent to close at 30k, while Jaiz Bank appreciated by 4.35 per cent to close at 48k per share.
Wapic Insurance appreciated by 2.50 per cent to close at 41k, while NEM Insurance went up by 2.44 per cent to close at N2.10 per share.
The total volume traded depreciated by 5.64 per cent with an exchange of 233.45 million shares worth N3.52 billion traded in 3,169 deals.
This was in contrast with 247.39 million shares valued at N3.48 billion in 3,434 deals on Monday.
Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares worth N20.13 million.
Zenith Bank came second with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.
Access Bank transacted 25.1 million shares worth N157.26 million, while Sterling Bank accounted for 21.09 million shares worth N49.62 million.
Edited by Oluwole Sogunle
Customs in Niger generates N306m revenue in July – Official
”In the month under review, the command seized 17 different second hand vehicles, and 1,254 bags of rice with Duty Paid Value of N26.6 million,” he said.
He explained that the command was putting various security measures at the border posts to curtail illegal transactions and prevent illegal items coming into the country.
” We are fully prepared to end smuggling through our various strategies that will pave way for arrest and prosecution of smugglers”, Lambo added.
He solicited the support of stakeholders, traditional and religious leaders in mobilising residents to volunteer information that would aid in apprehending all those involved in the illegal trade.
Zimbabwe’s mth/mth inflation falls to 21.04 % in July
Harare, Aug. 21, 2019 Zimbabwe’s month-on-month inflation rate fell to 21.04 per cent in July compared to 32.96 per cent the previous month as prices of basic goods increased at a slower pace, statistical agency ZIMSTATS said on Wednesday.
Finance Minister Mthuli Ncube on Aug. 1 suspended the publication of year-on-year inflation figures until February 2020 because adoption of a new currency had impacted the base for calculating the consumer price index.
Annual inflation hit 175.66 per cent in June, the highest rate since runaway money-printing and associated hyperinflation forced the country to abandon its currency in 2009. (Reuters/NAN)
NDIC signs MoU with Korean counterpart to strengthen deposit insurance
The Nigeria Deposit Insurance Corporation (NDIC) has signed an agreement with the Korea Deposit Insurance Corporation (KDIC) to strengthen the Deposit Insurance System (DIS) in their respective jurisdictions.
In a statement on Wednesday, the spokesman of NDIC, Mr Mohammed Ibrahim, said the signing was done at the KDIC headquarters in Seoul, the South Korean capital.
Ibrahim said the Memorandum of Understanding (MOU) covered a wide range of issues intended to enhance the protection of banks’ depositors.
He listed some areas covered by the MoU as promotion of communication, enhancement of existing cooperation, provision of support and mutual understanding as well as collaboration.
These, according to him, is necessitated by the “increasing globalisation and complexity of large financial institutions and the unique challenges they pose for regulatory authorities.”
“The MOU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.
“There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis.
“This is to enhance mutual understanding that promotes development of the DIS in both Nigeria and South Korea,” he said.
Ibrahim said the Chairman of KDIC, Mr WI Seongbak, and the Managing Director of NDIC, Mr Umaru Ibrahim, signed for their respective bodies.
Monarch urges Nasarawa Govt on devt of his community
Alhaji Usman Abdullahi, the Ohimege Opanda in Nasarawa State, has appealed to the state government to provide Toto Local Government area with basic infrastructure to boost socio-economic and agriculture in the area.
This, he said, would enhance the standard of living of residents and overall development of the country.
Abdullahi, a first class traditional ruler, made the call on Wednesday during an interview with the Nigeria News Agency in his palace in Umaisha in Toto Local Government area of the state.
He said that provision of infrastructure was key to the development of every society, hence the need for the state government to provide roads, schools, electricity and other amenities in the area.
The Igbura traditional ruler said that the provision of basic amenities would also attract investments to the area, thereby creating jobs opportunities and boosting their revenue base.
“I want to use this medium to appeal to the state government to link our area with Kogi State with road to improve on our standard of living and to boost our socio-economic activities.
“Look at Toto Local Government, we are not developed; no electricity, no good portable water, no good roads, among other social amenities.
“We also want the government to establish a higher institution in this area in the interest of the education of our children and other Nigerians considering the importance of education to the development of the society.
“If these are done,it will go a long way in bringing in development, boosting agricultural activities, thereby improving on our standard of living,” Abdullahi said.
Abdullahi also called on his subjects and other Nigerians to pray and support leaders at all levels to enable them succeed in the tasks ahead of them.
“I want my people and Nigerians at large to pray for leaders at all levels as prayer is key to success. Our leaders need our prayers and support to succeed while discharging their duties.
“So, I want my people to give their maximum support and cooperation to President Muhammadu Buhari, Engr.Abdullahi Sule and other leaders to succeed so that they will bring us more dividends of democracy, “he said .
The first class traditional ruler enjoined his subjects and Nigerians to live in peace, be law abiding and respect constituted authorities for the overall development of the country.