Markets
Nigerian stocks down by N1.14 trillion in first half
Nigerian stocks closed the first half down with average loss of 8.80 per cent, equivalent to net capital depreciation of N1.14 trillion as investors struggled with a threesome of domestic macroeconomic uncertainties, global decline in crude oil price and trade wars and the ravaging COVID-19 pandemic. Benchmark indices at the Nigerian Stock Exchange (NSE), which are generally regarded as sovereign equity indices for Nigeria, showed that Nigerian stocks swiveled through steep decline in first quarter and a major recovery in early months of the second quarter, closing the six-month period with net loss of N1.14 trillion. The All Share Index (ASI), a common value-based index that tracks all share prices at the Exchange, closed first half at 24,479.22 points as against 26,842.07 points recorded...
NSE upgrades data portal to improve market access
The Nigerian Stock Exchange (NSE) on Monday announced the upgrade of its Data Portal (X-DataPortal) to revamp and improve market accessibility for subscribers. Mr Oscar Onyema, Chief Executive Officer of the exchange, said in a statement in Lagos that the portal upgrade was to explore digital technologies to provide top notch accessibility. Onyema said: “The upgrade of the X-DataPortal is in line with the desire of the NSE to continue providing an exchange that is easily accessible, leveraging digital technology. “The newly enhanced X-DataPortal has, therefore, been equipped with market-focussed features that will complement the NSE website and other NSE portals in response to stakeholders’ increased demands for easy access to data. “Given the importance of Market Data in investment decisi...
China bans US chickens, shuts Pepsi plant
China banned imports from a top US poultry producer and ordered a Beijing Pepsi factory to close Sunday as authorities clamped down on food production and distribution amid a new coronavirus cluster in the capital. Health officials also reported 22 new virus cases in Beijing, where they have tested more than two million residents as they seek to contain a wave of new infections linked to a wholesale market in the capital. Imports of frozen chicken from Tyson Foods have been “temporarily suspended”, the General Administration of Customs said, after a virus outbreak was found at one of the company’s production facilities in the US. Products from the firm that have already arrived in China will be confiscated, the statement said. US food and drinks giant PepsiCo was also ordered to shut down ...
Minister: Naira Marley will be prosecuted
Minister of the Federal Capital Territory (FCT), Mohammed Bello, has announced that rapper Azeez Fashola who is popularly known as Naira Marley, and some members of his team, will have their days in court. Marley’s June 13 concert in Nigeria’s capital city of Abuja has been widely criticized and condemned for its blatant flouting of COVID-19 guidelines and protocols. FCT authorities have shut down the Jabi Lake Mall venue of the concert and Aviation Minister Hadi Sirika has temporarily withdrawn the license of Executive Jets–the airline that flew Marley and his crew to Abuja. In a statement issued by his Chief Press Secretary Anthony Ogunleye, Bello said “there is a very real possibility that a single positive individual at that event could by now have gone ahead to infect several others t...
Trading resumes after Eid-el-Fitr celebration with 0.07% growth
The Nigerian Stock Exchange (NSE) reopened trading on Wednesday after the public holidays to mark the Eid-el-Fitr celebration with a marginal growth of 0.07 per cent. Speficially, the All-Share Index rose by 16.48 points or 0.07 per cent to close at 25,221.23 compared with 25,204.75 achieved on Friday. Similarly, the market capitalisation which opened at N13.135 trillion garnered N9 billion or 0.07 per cent to close at N13.144 trillion. The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nigerian Breweries, Dangote Cement, Stanbic IBTC Holdings, Guinness Nigeria and Dangote Sugar Refinery. Market breadth remained positive with 32 gainers compared with 11 losers. A breakdown of the price movement chart indicates that Nigerian Breweries led t...
Nigerian stock market capitalisation opens week with N37 billion growth
The Nigerian Stock Exchange (NSE) resumed trading for the week on Monday on a positive trend, with the market capitalisation rising by N37 billion. Speficially, the market capitalisation which opened at N12.440 trillion rose by N37 billion to close at N12.477 trillion, indicating by 0.30 per cent. Also, the All-Share Index grew by 70.42 points or 0.30 per cent to close at 23,941.75 against 23,871.33 achieved on Friday. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, MTN Nigeria, Unilever Nigeria, Lafarge Africa and GlaxoSmithKline. Analysts at Imperial Asset Managers Ltd stated that “This week, we expect market sentiment to be mild considering that risks remains broad following the increasing new cases of COVID-19 in Nigeria. ...
Akwa Ibom bans cattle, goats transported from other states
In some new measures to halt the spread of the coronavirus, Governor Udom Emmanuel has banned cattle, goats, and rams from being brought into Akwa Ibom from other Nigerian states. Emmanuel also announced the shutting down of all livestock markets in the state throughout the month of May. “Livestock sellers are advised to sell off their stock and proceed to shut down,” the Secretary to the Akwa Ibom State Government, Emmanuel Ekuwem, said on Monday in a statement issued in Uyo. “Security agencies have been directed to monitor and ensure full compliance. Defaulters will be prosecuted.” Akwa Ibom, like most Nigerian states, has barred people and vehicles from entering the state from other states in order to halt the spread of the novel coronavirus. The security agencies in Akwa Ibom have, how...
Medical experts decry non-compliance to NCDC guidelines
As COVID-19 confirmed cases continue to soar, health professionals have decried noncompliance with the Nigerian Centre for Disease Control, NCDC, relaxation guidelines, expressing fears that the development may further worsen the spread of the infection across the country. In a separate interview with Vanguard, the experts described activities in the states as disastrous. In his submission, a Molecular Laboratory expert, Dr Casmier Ifeanyi, lamented that Nigerians have thrown caution to the wind with the turnout of people in the streets, plazas, and banking halls with no regard or respect for NCDC guidelines. Recalling that members of PTF had lamented the disregard for the guidelines, he expressed worry that despite the contagious nature of the disease, Nigerians still packed themselves in...
Nigerian stock market indices record first week loss of 1.27 per cent
The Nigerian Stock Exchange (NSE) on Friday recorded first week loss with the market indicators dropping 1.27 per cent due to profit taking. Specifically, the market capitalisation of listed equities dipped N161 billion or 1.27 per cent to N12.531 trillion compared with N12.692 trillion achieved on Thursday. Also, the All-Share Index dropped by 308.85 points or 1.27 per cent to close at 24,045.40 points from 24,354.25 on Thursday. MTN Nigeria dominated the losers’ chart, dropping by N8 to close at N112 per share. Guaranty Trust Bank trailed with a loss of 55k to close at N21.95, while BUA Cement was down by 40k to close at N31.90 per share. Guinness lost 30k to close at N18, while C & I Leasing depreciated by 20k to close at N4.50 per share On the other hand, Nigerian Breweries led the...
