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Economy

Persistent sell pressure: NSE All-Share Index resumes with 0.67% loss

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Activities on the nation’s bourse opened the week on Monday still on a negative mood as sell-off in high capitalised stocks dragged the All-Share Index (ASI) further down by 0.67 per cent.

Specifically, the All-Share Index dipped by 184.93 points or 0.67 per cent to close at 27,570.94 against 27,755.87 on Friday.

Also, investors lost N96 billion in value with the market capitalisation declining to N14.359 trillion compared with N14.455 trillion achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, BUA Cement, International Breweries, Ecobank Transnational Incorporated (ETI) and Dangote Sugar Refinery.

Analysts at United Capital stated that: “This week, we expect the influx of audited financial reports of companies that had not released unaudited result earlier to drive performance as the result of some of the tier one banks is expected to spur buying interests.”

Analysts at Afrinvest Limited expect the bearish sentiment to persist in the near term, noting that there are opportunities for bargain hunting.

Market breadth closed negative with 11 gainers against 18 losers.

Law Union and Rock Insurance led the losers’ chart in percentage terms, dropping by 9.57 per cent to close at N1.04 per share.

Wapic Insurance lost 9.09 per cent to close at 30k, while International Breweries dipped 9.03 per cent to close at N7.05 per share.

Unity Bank lost 8.77 per cent to close at 52k, while ETI shed 8.57 per cent to close at N6.40 per share.

Conversely, Jaiz Bank dominated the gainers’ table in percentage terms, gaining 6.25 per cent to close at 68k per share.

Japaul Oil and Maritime Services followed with a gain of five per cent to close at 21k, while Oando appreciated by 4.35 per cent to close at N3.60 per share.

Cornerstone Insurance improved by 3.70 per cent to close at 56k, while NPF Micro Finance Bank appreciated by 3.60 per cent to close at N1.15 per share.

However, the total volume of shares traded rose by 1.6 per cent as investors bought and sold 134.61 million shares, worth N1.58 billion exchanged in 3,302 deals.

This was in contrast with a total of 132.62 million shares valued at N1.28 billion achieved in 3,189 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 22.45 million shares worth N441.63 million.

United Capital sold 17.16 million shares valued at N50.98 million, while Guaranty Trust Bank accounted for 12.42 million shares worth N362.84 million.

Unilever Nigeria traded 10.24 million shares valued at N153.68 million, while United Bank for Africa transacted 8.81 million shares worth N67.25 million.

Edited By: Remi Koleoso/Wale Ojetimi

Economy

NSE: Market capitalisation loses N9bn on persistent profit taking

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The market capitalisation of the Nigerian Stock Exchange (NSE) on Wednesday depreciated further by N9 billion, amid profit taking.

Specifically, the market capitalisation, which opened at N14.347 trillion lost N9 billion to close at N14.338 trillion.

Also, the All-Share Index dipped 24.48 points or 0.09 per cent to close at 27,523.08 compared with 27,547.56 recorded on Tuesday.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are: Forte Oil, Custodian Investment, Guaranty Trust Bank, NCR Nigeria and Dangote Sugar Refinery.

Analysts at Afrinvest Limited stated that “Despite opportunities for bargain hunting, we maintain our bearish outlook on the equities market in the near term.”

Market sentiment, as measured by market breadth, was negative with 17 losers relative to 13 gainers.

United Capital led the gainers’ chart in percentage terms with a gain of 9.90 per cent to close at N3.22 per share.

Africa Prudential trailed with 9.87 per cent to close at N5.12, while AIICO Insurance appreciated by 9.76 per cent to close at 90k per share.

C &I Leasing rose by 9.48 per cent to close at N6.35, while Unity Bank appreciated by 9.26 per cent to close at 59k per share.

Conversely, AXA Mansard Insurance topped the laggards’ chart in percentage terms, dropping by 10 per cent to close at N1.80 per share.

Forte Oil followed with 9.97 per cent to close at N16.70, while Custodian Investment depreciated by 9.92 per cent to close at N5.45 per share.

NCR lost 9.40 per cent to close at N2.70, while Law Union and Rock Insurance shed 9.09 per cent to close at 90k per share.

However, the total volume traded rose by 72.64 per cent as investors bought and sold 290.15 million shares worth N5.02 billion traded in 3,528 deals.

This was against a total of 168.07 million shares valued at N2.16 billion exchanged in 3,075 deals on Tuesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 79.35 million shares valued at N2.26 billion.

Zenith Bank accounted for 40 million shares worth N780.85 million, while FBN Holdings traded 34.62 million shares valued at N199.53 million.

Japaul Oil and Maritime Services sold 16.31 million shares worth N3.26 million, while United Bank for Africa traded 15.74 million shares valued at N120.45 million.

Edited By: Olagoke Olatoye

 

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Foreign

UN Chief says racism, prejudice, religious bigotry persistent

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The resurgence of hatred in recent years shows that racism and prejudice are still in existence, says Antonio Guterres, the Secretary-General of the United Nations.

Guterres made this known on Monday, in a message published on the UN website, to mark the International Day of Commemoration in Memory of the Victims of the Holocaust.

The Nigeria News Agency reports that Jan. 27, every year, is set aside to mark the international memorial day of the tragedy of the Holocaust that occurred during the Second World War.

It commemorates the genocide that resulted in the deaths of six million Jews and 11 million others by the Nazi regime and its collaborators.

According to Guterres, violent extremism and attacks on places of worship are proofs of antisemitism and other forms of religious bigotry.

“On this day, we come together to remember one of the most heinous crimes of our time.

“The systematic killing of six million Jewish men, women and children and millions of others by the Nazis and their collaborators in the Holocaust.

“We pledge that we will never forget, we vow to tell their stories and honour them by defending everyone’s right to live with dignity in a just and peaceful world,’’ Guterres said.

He added that out of the horrors from 75 years ago, the UN was created to bring countries together for peace and our common humanity as well as to prevent any repetition of such crimes against humanity.

“Seventy-five years on, neo-Nazis and white supremacists are resurgent and there are continued efforts to diminish the holocaust and deny or downplay the responsibility of perpetrators.

“But just as hatred persists, so must our resolve to fight it.

“Today and every day, we commemorate the victims of the holocaust by pursuing truth, remembrance and education, and by building peace and justice around the world,’’ the UN chief said.

NAN also reports that each year, the global network of United Nations Information Centres (UNIC) and UN offices mark the day in partnership with civil society groups and government representatives.

Edited By: Abdulfatah Babatunde

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Defence/Security

Niger: District heads decry persistent bandits attacks on communities

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The District Heads of Allawa and Matan have called on Niger government as a matter of urgency to address the persistent attacks by bandits on communities in Shiroro and Rafi Local Government Areas of the state.

They made the called in an interview with Nigeria News Agency shortly after meeting with the Secretary to the Niger State Government, Alhaji Ahmed Matane, at the Government House in Minna on Wednesday.

NAN reports that communities in Shiroro and Rafi have been witnessing series of attacks by bandits fleeing from Zamfara and Kaduna states, where many lives have been lost and thousands displaced from their communities.

Alhaji Sani Yakubu, village Head of Magani, said that the bandits attacked Kokoki, Galadima-gogo, Kurebe, Kasha, Bassa and Madaka communities in Matan and Allawa district areas of Shiroro and Rafi local government areas.

He explained that the activities of bandits had led to the death of nine, injured three persons and raping of women and teenage girls.

“The bandits started operation last week, they came in large number with AK 47 rifles and take out attacks four days randomly, they killed our people, stole our monies, raped our women and teenage girls and kidnapped six children.

“We paid a ransom of N2 million, buy them recharge cards worth N20,000 and gave them peak milk and five out of the six children were released.

“They didn’t end there, they came back again, rustled 3,000 cattle, followed house to house and stole about N10 million from us as well as our belongings such as motorcycles,” he said.

Yakubu explained that the continuous bandits attacks forced him and his wives to abandon his throne to seek settlement in the bush.

Similarly, Alhaji Mohammed Labaran, District Head of Matan, disclosed that during the attacks, there was no presence of security personnel in the affected communities.

He appealed to the state government to deploy security personnel to Magandan, saying that the influx of bandits into the state were from the route leading to Zamfara, Kaduna and Niger states.

Responding, Matane said that government had deployed security to the areas to curtail the situation and appealed to the members of the communities to cooperate with the security personnel.

Edited & Vetted By: Ismail Abdulaziz
(NAN)

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Economy

Yuletide: Capital market operators foresee persistent sell pressure in equities

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Ahead of the forthcoming Yuletide season, some capital market operators on Tuesday said that sell pressure would likeky persist on the nation’s bourse in November and December.

They spoke in separate interviews with the Nigeria News Agency in Lagos on market expectations in the last two months of 2019.

They anticipated that investors in preparation for the festive season would offload and sell down to meet up with their basic expenses.

Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN) told NAN that the forthcoming festivity would further affect the market negatively.

Igbrude said that there was need for government to put the right polices in place especially tax incentives, infrastructure and overall improved economic situation of the country to change the trend.

“There will not be much difference between October and November stock market indices because normally, towards the festive season every year, people tend to offload and sell down to have money for their expenses.

“That is the general trend and I do not think that there will be any difference from that this year,” Igbrude said.

He attributed the lull in the equities market to the operating environment as well as monetary and fiscal policies.

On border closure, Igbrude said that it would force people to patronise locally-made goods and as well create an enabling environment for manufacturers to operate.

He, however, stressed the need for the government to do more in providing infrastructure, to reduce cost of production.

Igbrude called for improvement in provision of stable electricity supply, water and security, to reduce operating costs of companies.

“Let government provide all these infrastructure so that those monies will be deployed to other areas; that is where government should focus on to enhance the economy.

“The capital market is the major barometer to measure the economy, so investors must be given incentives, tax rebate for companies that are not doing well, to encourage companies to do more,’’ he said.

Dr Boniface Chizea, the Chief Executive Officer, BIC Consulting Services, told NAN that the market would likely maintain southward trend as the year runs out due to lack of triggers to boost investor confidence.

Chizea said that drop in the country’s foreign reserves was discouraging international investors from investing on the Nigerian Stock Exchange (NSE).

“Stock market is the nearest barometer to measure the health of the nation’s economy and so once things are not going the way it should, investors, especially foreign investors, will stay off.

“They are very sensitive and monitor the trends much more closely than local investors do, and as soon as they feel that the risk factor of the environment is increasing, they try to readjust.

“Once your indices are moving southward, it means people are taking their monies out,” he said

Mr Shehu Mikail, National President, Constance Shareholders’ Association of Nigeria (CSAN) said that the trend in the Nigerian Capital Market was not different from other parts of the world.

Mikail told NAN that government had to handle economic policies to catalyst growth and development.

“The capital market in Nigeria is of no different with other markets globally, it just depends on how government is able to handle the system of policy to make the economy system viable and sustainable.

“Currently, the regulators are putting all their best to see that transparency and accountability are being adhered to on daily basis but government needs to improve security, welfare and essential infrastructural facilities to encourage interested investors.

“Likewise, the system of tax implementation should be addressed because failure to do so has resulted to multiple taxation in Nigeria.

“Therefore, if our government can look into all these issues of policy implementation our Capital Market shall be a toast to investors,’’ Mikail said.

Edited by Oluwole Sogunle

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Economy

Persistent rainfall frustrates activities at Jos trade fair

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Persistent rainfall and the accompanying cold weather are frustrating activities at the ongoing Jos International Trade Fair, Nigeria News Agency.

Torrential rains fall every other day on the city to the bewilderment of the residents who had thought that the rains would go away in October.

Many exhibitors and visitors to the fair had also anticipated a weather-friendly  event, only to realise that the persistent rainfall was thwarting their efforts to display their products at the arena.

Some of the exhibitors who spoke with NAN on Monday complained that the entire trade fair ground had become muddy and slippery, thereby discouraging people from visiting their stands.

A Suharto Seller at the fair, Mr Musa Gambo, said that the persistent rainfall had reduced the influx of people to his pavilion,adding that many of them were not able to walk on the slippery ground.

Osas Izekor from Bayelsa, who sells ice cream, said that the weather was too cold as a result of the rains which discouraged people from buying ice cream.

‘’ Last year was completely different and better in terms of patronage because the weather was not this cold, we had sunny days and not rainy days like this year, ‘’ said Izekor.

Mr Abubakar Buhari, an exhibitor from Kano who deals in children clothes, also noted that the weather had not been favourable, the development he said stopped people from coming out to shop this year.

Mrs Nike Musa, popularly called Iyalasho lego, also from Lagos who sells ladies wear said that though it was her first time in Jos, the experience was not pleasant.

‘’ The rain did not only stop people from coming out , it also made the environment unconducive for us . Most nights, we look for where to sleep because the ground is completely messy and wet, ‘’ Musa said.

Miss Grace Barnabas , a herbal medicine practitioner from Niger, said that the patronage of her service had been extremely low as a result of the unrelenting rainfall.

Miss Blessing Dayo, an exhibitor also from Lagos, said that the persistent rainfall gave exhibitors a lot of work to do as they moved their goods from place to place and sometimes got beaten and soaked by the rain.

Some customers who also spoke with NAN, also expressed disappointment, saying that the messy environment had forced them to wear slippers with muddy feet.

Mrs Favour Adams, who was at the arena with her children, said that the entire place was muddy and unsuitable for a trade fair.

‘’ If one is not careful, one may slip and fall because the entire place is muddy and slippery, we are just going to check out few things and go back home, ‘’ Adams said.

Mr Ishaya David said that he had washed his slippers twice just to reduce the mud to enable him to move around freely as the entire place was muddy.

NAN reports that the fair which began on Oct.10, is expected to end on Oct. 27.


OIZ/NNO/AMY

Edited by Nick Nicholas and Abdullahi Yusuf

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Education

FUOYE students protest persistent power outage

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Students of Federal University, Oye-Ekiti (FUOYE), on Tuesday staged a peaceful protest around Ikole community over the epileptic electricity supply by the Benin Electricity Distribution Company (BEDC)

The Nigeria News Agency, reports that no fewer than 100 students were sighted wielding placards with various inscriptions and singing solidarity songs.

The protesters urged BEDC officials and the management of the university to find a lasting solution to the epileptic supply of electricity to Ikole community where one of the two campuses of the institution is located.

Some of the students, in an interview with , decried the persistent outage in the area in the last couple of months.

One of the protesters, Miss Bisi Akinjo, said that the students been suffering in silence due to the persistent outage.

She said that the students had been using money to charge their phones and laptops in order to carry out academic assignments.

Another student, Bayode Fatunla, expressed disappointment with the attitude of the officials of BEDC.

He appealed to the management of the university to intervene and restore electricity back to the campus community in Ikole.

Reacting to the protest, the Dean of Students Affairs of the university, Dr Dosu Malomo, expressed sympathy with the students.

Malomo, who explained that the outage was not caused by the university management, promised to meet with BEDC officials in redessing the situation.
DJ/KOLE/OJO

(Edited by Remi Koleoso/Mufutau Ojo)

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Economy

Persistent profit taking: NSE market capitalisation loses N51bn

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Trading on the Nigerian Stock Exchange (NSE) maintained a bearish mood on Friday for the third consecutive day, with the market capitalisation losing N51 billion.

The Nigeria News Agency reports that investors continued with their profit taking in major highly capitalised equities.

Specifically, Nestle topped the losers’ chart, shedding N45 to close at N1,205 per share.

Dangote Cement came second with a loss of N2 to close at N155.70, while GlaxoSmithKline was down by 75k to close at N7.15 per share.

Ecobank Transnational declined by 55k to close at N7.15, while Forte Oil also lost 55k to close at N14.50 per share.

Consequently, the market capitalisation of listed equities which opened at N13.257 trillion shed N51 billion to close at N13.206 trillion.

Also, the All-Share Index lost 105.52 points or 0.39 per cent to close at 27,146.57 points from 27,252.09 reported on Thursday.

On the other hand, Dangote Flour led the gainers’ table, gaining N1 to close at N21 per share.

Zenith Bank followed with a gain of 65k to close at N18, while UACN garnered 55k to close at N6.05 per share.

Access Bank added 45k to close at N6.90, while Custodian and Allied advanced by 40k to close at N6.20 per share.

In spite of the drop in market indicators, the volume of shares traded rose by 133.43 per cent as investors bought and sold 311.26 million shares worth N6.44 billion in 3,192 deals.

This was in contrast with a total of 133.34 million shares valued at N2.39 billion achieved in 2,561 deals on Thursday.

Guaranty Trust Bank was investors delight, accounting for 129.26 million shares valued at N3.40 billion.

Access Bank followed with an exchange of 59.58 million shares valued at N403.87 million, while Zenith Bank sold a total of 31.36 million shares worth N546.25 million.

FBN Holding traded 15.25 million shares valued at N66.99 million, while UBA traded 14.55 million shares worth N88.82 million. (NAN)
JNC/IKU/SOA

Edited by Tayo Ikujuni/Oluwole Sogunle

 

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Judiciary

Court dissolves 16-yr-old marriage in Ibadan over persistent quarrels

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The President of a Mapo Customary Court in Ibadan, Ademola Odunade, on Tuesday dissolved the 16-year-old marriage between one Rukayat Idriss and husband, Salawudeen, over persistent quarrels and lack of care.

“In the interest of peace, the union between Rukayat and Salawudeen has ceased to be.

“Custody of the three children produced by the union is granted to Salawudeen,” the Arbitrator said.

Rukayat had approached the court, saying she could no longer sleep in her matrimonial home due to fear caused by incessant nightmares.

“For many years now, I have not been sleeping like a normal human being in my matrimonial home due to unending bad dreams.

“I can’t just tell if it is due to his calling as an Alfa(Islamic cleric) or not.

“Moreover, Salawudeen has refused to fix the door to my bedroom.

“My lord, all my complaints and plea to Salawudeen about the bad dreams that I have been having have fallen on deaf ears as he did nothing about it.

“I was compelled to pack out of his home, but Salawudeen got my senior sister arrested by the police.

“Unfortunately, that sister of mine is now dead.

“Currently, Salawudeen is harassing my mother so that she could force me to continue in the union with him,” Rukayat, a resident of Idi Arere area of Ibadan,  said.

The respondent, who opposed the divorce suit, did not debunk the allegations leveled against him.

Salawudeen told the court that he had made a vow not to separate with his wife no matter the circumstance.

“I thought that Rukayat’s late sister hid her from me when I was looking for her and that was the reason I got her arrested by the police.

“It is also true that she complained about her nightmares and door that needed fixing.

“Please, don’t separate us, I still love Rukayat,” Salawudeen had told the court.

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Economy

UTC traders in FCT protest persistent power outages, non provision of prepaid meters

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Traders at the UTC market in Area 10, FCT on Wednesday staged a peaceful protest to the headquarters of Abuja Electricity Distribution Company (AEDC) over incessant power outage in the market.

The traders numbering more 100, comprised elderly men, women and youths from the market besieged the headquarters of AEDC to also register their grievances over the non provision of prepaid meters for the 470 shops in the market.

The traders also accused AEDC officials, Garki branch of constant power outages in the market and outrageous bills emanating from the one Maximum Demand Meter (MD) installed in the market.

According to the traders, the MD meter that serves the 470 shops is programmed to exploit the traders through outrageous billing.

The protesters, who were carrying placards with different inscriptions which read; “AEDC give each shop prepaid meters, we are tired of MD meter.

“We are tired of constant power outages, the bill is high, “give us our meters’’, among other inscriptions vented their anger through a song: “all we are saying, give us meters.’’

Some of the traders said they had over the years grappled with challenges of limited supply, outright non-supply, and outrageous billings, among others.

They said  the  non provision of  individual meters  for the shops  and  recurring   power  outages   were  inhibiting economic activities as the traders  now  resort  to constant use of generators  in the market.

The traders said the persistent power outages without a corresponding reduction in electricity bill were worrisome and inhuman.

They also decried  the non response of AEDC  over  several complaints  by the traders in spite  of repeated  calls from the  Federal Government that DisCos should improve their communication  network to attend to customers complaints .

The Vice-Chairman,of UTC Traders  Association Mr Adewale Lawal  said the  traders had repeatedly made calls for provision of  individual meters for the shops and for  improved electricity supply to the market.

He said AEDC had refused to respond to demand of the traders.

“About two years ago, we owed them about N8 million and by God’s grace we have paid some of the money and the balance left is about N2 million.

“Since that time, we have been appealing to them to give us individual prepaid meters, so we can bear the cost of electricity usage individually, but AEDC refused.

“Last year, we wrote a letter to their Managing Director and we had several meetings with him, and he approved that we should be provided with prepaid meters but their office in Garki refused to give us meters.

“Currently, the bill they are giving us is too much, we requested for prepaid meters for each shop, we are ready to buy meters, so that we can regulate what we use if there is no light.

“Our protest is for AEDC to give us meters for individual shops, so that we can monitor what we consume.

“We normally open our shops by 7:30 a.m and close by 6 p.m., but they normally bring the light by 5:30 p.m when we are about leaving the shop.

“At the end of the month, they come with huge bill that will be shared by everybody, at times we will be out of light for two weeks.

“The bill they are bringing is very high, at times N3.8 million, the present bill is N4.2 million for one month for the entire market.

“We have 472 shops in the UTC complex and some shops do not have electricity.

“We are calling on AEDC to provide each shop with prepaid meters and we are ready to buy.’’

Mr Ndibushi  Okadigbo, a  trader  in the market said they are concerned because they had  not been treated fairly by AEDC on electricity supply.

“AEDC is over billing us, although we owed them around N8 million, though we have paid some reasonable amount and the balance left is around N2 million.

“We told AEDC to give us prepaid meters like it provided to other plazas. We told them if there is any money we are still owe, they should deduct it as we recharge for electricity individually.

“We wrote to them, appealled to  them to give  us prepaid meters but AEDC refused, so the only option left to us is protest.’’

He said the MD meter installed in the entire plaza was programmed to exploit customer.

“When the meter was installed, it was reading about N800, 000 to N900, 000 electricity wage, but suddenly we began to have a bill of around N4.2 million.

“And to be honest with you, we don’t usually have supply from morning when we open our shops to close of business, it is sad, it is not done in any part of the world.

“We have been neglected by AEDC, because they  see us  as  traders  hence they took us for  granted, no, it should not be so, that is why we have embarked on a peaceful protest to demand our right.’’

Addressing the protesters, the Director, Corporate Service of AEDC, Mr Abimbola  Odubiyi  said: “we know that we have not met your expectations concerning metering, but  on the issue  of meter what we have now is the MAP scheme and you will get your meters when you pay.

“I need the list of all those who has their money now, let s have your names and we will direct you to where you can go and pay to the account of the meter providers and you get the meters.’’

Odubiyi, who was not allowed to speak further as a result of the reverberations from songs by the protesters left for his office.

The News Agency of Nigeria gathered that some officials of the market association were called inside AEDC’s office for a meeting.

NAN, however, reports that the unpleasant situation being experienced by the UTC traders was not different from what electricity consumers were experiencing in some parts of AEDC’s franchise areas.

Electricity end users have had to grapple with the challenge of recurrent power outages and high billing.

According to NAN checks, in some quarters, constant electricity supply in some AEDC’s coverage areas is hinged on the ability of the customers within a cluster zone to negotiate with  the company, a development many view as unpleasant.

AEDC had recently inaugurated the sale and installation of 900,000 meters in  its coverage areas  under the  Meter Asset Providers (MAP) programme of the Federal Government.

Edited by Ese E. Ekama

 

 

 

 

 

 

 

 

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Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

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