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Nigerian stock market maintains positive rally, up by 0.10%

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NGX

The nation’s bourse kicked off the week on Monday still on a bullish note with bargain buying on Dangote Cement and other 27 stocks.

Specificaly, the All-Share Index inched higher by 42.71 points or 0.10 per cent to close at 43,897.13 from 43,854.42 achieved on Friday.

Accordingly, the year-to-date return increased to 2.8 per cent.

Similarly, the market capitalisation N23 billion to close at N23.650 trillion compared with N23.627 trillion posted on Friday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, BUA Foods, MRS Oil, Vitafoam and PZ Cussons.

This week, United Capital expected the market to maintain its bullish momentum as investors continue to take positions ahead of the dividend season amidst pockets of profit taking.

Market sentiment closed positive with 28 gainers in relative to 19 losers.

BUA Foods dominated the gainers’ chart in percentage terms by 9.96 per cent to close at N58.50 per share.

MRS Oil followed with 9.72 per cent to close at N13.55, while PZ Cussons rose by 8.53 per cent to close at N7 per share.

AIICO Insurance improved by 7.69 per cent to close at 84k , while NPF Microfinance Bank appreciated by 6.45 per cent to close at N1.98 per share.

On the other hand, Northern Nigeria Flour Mills led the losers’ chart in percentage terms by 9.66 per cent to close at N6.55 per share.

United Bank for Africa followed with 6.90 per cent to close at N5.40, while Red Star Express lost 6.38 per cent to close at N3.23 per share.

MTN Nigeria Communications (MTNN) lost 5.84 per cent to close at N185.50, while Sovereign Trust Bank shed 3.85 per cent to close at 25k per share.

Meanwhile, the total volume of shares traded declined by 21.23 per cent to 311.26 million shares worth N8.64 billion traded in 5,159 deals.

This was in contrast with 395.15 million shares valued at N12.39 billion traded in 3,923 deals on Friday.

Transactions in the shares of BUA Foods topped the activity chart with 101.36 million shares valued at N5.93 billion.

Transcorp followed with 51.22 million shares worth N50.21 million, while Zenith Bank traded 12.13 million shares valued at N308.63 million.

Guaranty Trust Holding Company traded 10.35 million shares worth N265.61 million, while Sovereign Trust Insurance transacted 9.47 million shares worth N2.29 million.

(NAN)

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Gov. Diri honours RCCG leader Adeboye with ‘Ebidaowei of Bayelsa’

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Governor Douye Diri of Bayelsa has honoured Enoch Adeboye, the Redeemed Christian Church of God (RCCG)’s general overseer, with ‘Ebidaowei of Bayelsa’.

He thanked the RCCG leader for his continued support of his administration.

“You are a good father. So, after consultation, we decided to give you the name ‘Ebidaowei of Bayelsa’, meaning the good father of Bayelsa. Our story as a government in Bayelsa will be better told by you, Daddy G.O. When we were told that you were coming to start the year with us, we opened our arms to welcome you,” said the Bayelsa governor.

Mr Diri added, “This government will be two years old on February 14. You have been a part of us, supported us, prayed with us and prayed for us. You have continued to support us by coming to begin the year with us. As part of our second-anniversary celebration, we have adopted this programme. Bayelsa has been lighted up. Bayelsa will not go back to Egypt.”

The governor advised Christians to participate in politics actively. He gave the advice while speaking at the end of a two-day programme of RCCG’s ‘Light Up Bayelsa Holy Ghost Rally’ at the Oxbow Lake in Yenagoa on Thursday.

He urged Christians not to be aloof to politics or remain unconcerned but rather join to influence decision-making for the good of the generality of the people.

According to Mr Diri, Nigeria needs people who will salvage it from its many crises. He urged the church not to be docile in the face of insecurity, corruption and other vices threatening the country.

(NAN)

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FG begins expatriate quota renewal

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Minister of Interior Rauf Aregbesola

The federal government will soon begin inspection of organisations to grant additional slots of expatriate quota facilities and renewal of expatriate quota positions.

The expatriate quota application in Nigeria immediately comes after registering a company in Nigeria by foreigners seeking to migrate to Nigeria to carry out any permanent work.

This is contained in a notice by the permanent secretary in the interior ministry and principal registrar of marriage, Shuaib Belgore.

According to the notice titled ‘Public Notice for organisations and Public Places of Worship’, the federal government will also inspect places of worship to issue licences to conduct statutory marriages and renew existing ones.

“This is pursuant to the Second Schedule of the Marriage Act, Cap 6, Laws of the Federation of Nigeria, 2004 and the approved Legal Notices vide Federal Government Official Gazette Nos. 55, 56, 59, 60, 61 & 62, Volume 108 of 2021,” it added.

The notice also stated that the inspections and services would attract mandatory charges for organisations and public places of worship.

“For more information on the payment process, public places of worship and companies are directed to log on to the ministry’s website on www.ecitiz.interior.gov.ng for payment,” the notice explained.

It added, “For further enquiries: Please call the ministry’s e-citibiz contact centre on 07000099999(operating hours are Monday to Friday from 8:00 a.m. to 5:00 p.m. The call centre can also be contacted during weekdays and weekends via: info@ecitibiz.interior.gov,ng.”

NAN reports that Expatriate Quota is granted for an initial period of three years.

However, it can be renewed for further two years, each subject to a cap of 10 years. Within this time, the relevant skills in the position ought to have been transferred to qualified Nigerian understudies.

(NAN)

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Oil and gas players meet over Niger Delta pollution

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Oil

Critical stakeholders in the oil and gas sector rose from an emergency meeting in Abuja with far-reaching resolutions to address the soot and environmental pollution caused by artisanal refining activities in the Niger Delta.

The meeting, convened by Ita Enang, the Senior Special Assistant to the President on Niger Delta Affairs, called on the federal government to consider and approve the implementation of the report of the National Summit on Integration of Artisinal/Modular Refinery Operations into the oil refining programme of the sector.

It also stressed the need for various organisations with crude oil refining technology to interact with Nigerian Midstream and Downstream Petroleum Regulations Authority to enable them to make presentations on their technology.

The forum further canvassed engagements with the bodies of artisanal refining representatives to review the current state of affairs and proffer solutions to the environmental and economic challenges in the region.

The stakeholders also suggested that further engagements be made with governors and governments of impacted states and subnational structures on tackling current challenges.

The forum called for the review of the Petroleum Refining Regulations of 1974 and other relevant laws to accommodate the establishment of artisanal refineries.

It also called for establishing a database of those trained in related fields by the Presidential Amnesty Programme, Petroleum Training Institute, Warri and the Federal University of Petroleum Resources, Effurun, including those trained by the Petroleum Technology Development Trust Fund and Nigerian Content Development and Monitoring Board.

The forum suggested funding the pilot scheme through the Central Bank, Petroleum Technology Development Fund, and the Nigerian Content Development and Monitoring Board.

It also canvassed the need to follow the road map to implement the Artisanal Oil Refining Programme.

The forum had representatives from the Ministry of Petroleum Resources, Federal Ministry of Environment, Ministry of Niger Delta Affairs, and Ministry of Finance, Budget, and National Planning.

Others were from National Oil Spill Detection Detection and Response Agency, Nigeria Upstream Petroleum Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority.

(NAN)

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