Connect with us

National

NGX loses N12 billion as MTN, UBA, Dangote, other equities shed values

Published

on

0756B943 DF6F 42C9 83AB 9814E2D36414

The Nigerian stock market started the week on a negative note with a loss of N12 billion due to price losses in some highly capitalised stocks.

This is just as Nigeria’s headline inflation decelerated for the seventh consecutive month to 15.99 per cent year-on-year in October.

Specifically, the market capitalisation which opened at N22.572 trillion shed N12 billion or 0.05 per cent to close at N22.560 trillion.

Also, the All-Share Index lost 21.67 points or 0.05 per cent to close at 43,230.34 from 43,252.01 achieved on Friday.

Accordingly, the month-to-date and year-to-date gains moderated to 2.8 per cent and 7.4 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTN Nigeria Communications (MTNN), United Bank for Africa, Ecobank Transnational Incorporated (ETI), Dangote Sugar Refinery and FCMB Group.

This week, analysts at United Capital Plc expected the stock market to trade sideways in the absence of bullish triggers.

However, market breadth was positive as 20 stocks advanced against 14 stocks that declined.

Cutix recorded the highest price gain of 9.89 per cent to close at N3 per share.

Livestock Feeds came second with 9.50 per cent to close at N2.19, while Mutual Benefits Assurance gained 7.41 per cent to close at 29k per share.

Japaul Gold and Ventures was up by 4.76 per cent to close at 44k, while Prestige Assurance appreciated by 4.65 per cent to close at 45k per share.

Veritas Kapital Assurance led the losers’ chart in percentage terms by 8.70 per cent to close at 21k per share.

FTN Cocoa processors followed with 6.82 per cent to close at 41k, while Royal Exchange lost 5.66 per cent to close at 50k per share.

Regency Alliance Insurance dipped five per cent to close at 38k, while Chams shed 4.17 per cent to close at 23k per share.

The total volume of trades dipped 6.80 per cent to 293.43 million units valued at N4.29 billion exchanged in 4,239 deals.

This was in contrast with 314.85 million shares worth N6.65 billion traded in 3,400 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 101.22 million shares valued at N1.24 billion.

Access Bank sold 44.17 million shares worth N416.97 million, while FCMB Group traded 34.85 million shares valued at N108.01 million.

Guaranty Trust Holding Company traded 18.46 million shares valued at N507.36 million, while Zenith Bank transacted 16.16 million shares worth N387.96 million. 

(NAN)

National

ECA proposes $7.1trillion ‘New Deal’ for Africa

Published

on

361C3BA1 8D02 43A8 B49A 977983725C90

A ‘New Deal’ worth $7.1 trillion is the only pathway to reviving Africa’s economy that has taken a downward spiral since the outbreak of COVID-19, says the Economic Commission for Africa (ECA).

ECA Executive Secretary Antonio Pedro made this disclosure at the ongoing African Economic Conference (AEC) to chart a new path for Africa’s post-COVID-19 economic recovery.

He likened the proposed deal to a similar deal by the U.S. between 1933 and 1939 during the presidency of Franklin Roosevelt.

He pointed out that the American deal then was worth $41.7 billion, an amount which he said now equalled $653 billion.

Mr Pedro said that the new deal for Africa would form part of the external funds required by Africa to, among other things, address the rising risk of African debt defaults amid the Covid-19 pandemic.

“On the external front, Africa needs a new deal to recover from the ravages of the pandemic. Roosevelt’s New Deal cost $41.7 billion at the time it was instituted.

“Given Africa’s current population of 1.37 billion, a New Deal would have to deliver $7.1 trillion in financing to equate the U.S. New Deal on a per capita basis.

“The resources required to finance a New Deal are enormous and cannot be funded exclusively through public resources. Private funding will be critical.

“Yet we are all aware the cost of private financing is high. At the same time, private direct capital investments are motivated more by economic rates of return than by social welfare considerations.

“Blending public financing with private resources can redirect more private investments and financing to social and other orphaned sectors through risk-sharing and risk mitigation,” he said.

He said that the ECA had partnered to launch the Liquidity and Sustainability Facility (LSF) at the margins of COP26 to lower the cost of portfolio investments in emerging markets and crowd in a new class of investors into the continent.

He said that the LSF seeks to use on-lent SDRs to leverage private financing by making it possible for holders of African sovereign bonds to access short term financing using such instruments as collateral. 

Continue Reading

National

Business as usual despite ongoing Oye-Ekiti council polls

Published

on

VOTERS AT POLLING BOOTH

Despite the ongoing local government election in Oye-Ekiti Local Government Area of Ekiti State on Saturday, vehicles can be seen moving around without restrictions.

Fuel stations, retail shops and food vendors were open to business.

The News Agency of Nigeria (NAN) reports that a handful of Nigeria Security and Civil Defence Corps (NSCDC) and the police operatives are deployed at strategic locations in the area.

Similarly, men and women of the Federal Road Safety Corps (FRSC) are at hand to ensure safety on the roads.

Operators of commuter vehicles were also seen seeking passengers to transport to other parts of the state.

Security officers were not in any of the polling units visited in Oye-Ekiti and nearby Ikole-Ekiti Local Government Areas at the time of this report.

Elections are being held for the 16 local government councils of Ekiti State.

Continue Reading

National

COVID-19: Nigeria records two deaths as Omicron variant hits 38 countries

Published

on

vaccine

Two additional fatalities from the coronavirus pandemic were announced on Friday by the Nigeria Centre for Disease Control (NCDC).

In addition, 197 fresh cases were reported across five states and the Federal Capital Territory (FCT).

The NCDC disclosed in its daily Covid-19 report on Saturday morning.

The 197 additional cases reported on Friday indicate an increase from the 47 cases reported in the country on Friday, December 3.

The World Health Organisation (WHO) had said that the omicron variant, now detected in 38 countries, appears to be more contagious than the Covid-19 delta variant.

“Omicron has some 30 mutations on the spike protein, which is the mechanism used to bind to human cells.

“Some of these mutations are associated with higher transmission and the ability to escape immune protection,” WHO had said.

Meanwhile, the Nigerian Public Health Institute said the country’s fatality toll from the disease now stood at 2,980.

The NCDC added that to date, 214, 513 cases had been confirmed with 207,403 cases discharged and 2,980 deaths recorded in 36 states and the Federal Capital Territory.

Lagos is reported to have 138 cases; Rivers -23; FCT – 18; Imo – 15; Bauchi – 1 and Gombe -1.

The agency added that a total of 3,580,510 blood samples have been tested since the pandemic began across the country.

Meanwhile, South African scientists have found that omicron is associated with a “substantial ability” to re-infect people who already had COVID-19, compared with past variants of the virus.

The study, published by the South African Centre for Epidemiological Modelling and Analysis and the National Institute of Communicable Diseases, has not yet been peer-reviewed.

Continue Reading

Trending

NgGossips.com