NEWS
Investors Gain N795bn as GTCO Lists N4.706bn Shares
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The Nigerian stock market opened the week on a positive note to add N795 billion to the portfolios of investors.
The performance was driven by the listing of 4.706 billion ordinary shares of Guaranty Trust Holding Company Plc(GTCO) at N44.50 per share.
Accordingly, the market capitalisation which opened at N63.
645 trillion, increased by N795 billion to close at N64. 440 trillion.The All-Share Index also rose by 0.79 per cent to close at 104,418.95, against 103,598.46 recorded on Friday.
As a result, the Year-To-Date(YTD)return advanced to 1.45 per cent.
Market breadth closed positive with 39 gainers and 30 losers on the floor of the Exchange.
On the gainers’ chart, Beta Glass led by 9.98 per cent to close at N65, RT Briscoe followed by 9.92 per cent to close at N2.77 per share.
Access Corporation added 9.88 per cent to close at N27.80, Chellarams Plc rose by 9.83 per cent to close at N4.47 and Sky Aviation appreciated by 9.80 per cent to close at N35.40 per share.
On the losers’ chart, MRS led by 10 per cent to close at N180.90, Transcorp Hotel trailed by 9.97 per cent to close at N114.65 per share.
Eunisell dropped 9.95 per cent to close at N11.40, JohnHolt went down by 9.64 per cent to close at N7.50, while Caverton declined by 9.40 per cent to close at N2.12 per share.
Trading activity on the NGX was robust, with the value of transactions up by 54.72 per cent.
Investors traded 518.28 million shares across 17,196 deals in value of N13.3 billion, compared with 569.63 million shares exchanged in 11,282 deals worth N8.6 billion posted in the previous session.
Access Corporation led the activity chart in volume with 51 million shares exchanged across 1,053 deals, while Zenith Bank led in value of deals worth N1.7 billion.
Ahead of the week, Analysts at Cowry Asset Management Ltd., had predicted that the current positive market sentiment is expected to persist.
The analysts said this would be supported by the release of corporate earnings and anticipated corporate actions.
They noted that the financial results published so far have been encouraging, providing a foundation for sustained price support and attracting fresh capital inflows into the market.
“Moreover, the prevailing low valuation of many stocks continues to create opportunities for investors to buy into value and strategically reposition their portfolios.
“However, the market may experience bouts of volatility as the earnings season progresses.
“Mixed macroeconomic data and upcoming economic events are likely to influence market sentiment,
particularly for companies with December year-end financials,”they said.(NAN)
NEWS
Woman Dies in Truck-motorcycle Collision on Badagry Expressway
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A 26-year-old woman has been confirmed dead in a collision between a truck and a commercial motorcycle on Badagry Expressway.
The Lagos State Police Public Relations Officer (PPRO), CSP Benjamin Hundeyin, confirmed the incident on Monday in Lagos.
The accident occurred at 1:00 p.
m. on Monday at Ojo, located in the state’s Ojo area.“A fatal accident occurred at Ojo Barracks main gate along Badagry Expressway involving a truck and a motorcycle,” the PPRO said.
The motorcyclist was travelling from Mile 2 to Iyana-Iba with a passenger when he lost control.
The passenger fell under the moving truck and was crushed by its rear tyre, dying instantly.
The PPRO confirmed the body was removed from the scene.
He also stated that both the truck and motorcycle had been recovered for investigation.
The motorcycle rider, however, fled the scene, according to the police. (NAN)
NEWS
Equity Market Drops N231bn Amid Sell-offs
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The equity market began the week in the red on Monday, losing N231 billion due to profit-taking by investors.
Sell-offs in Tier-one banking stocks like Access Corporation, Zenith Bank, FBN Holdings, and Fidelity Bank, as well as Oando Plc and Berger Paints, caused the decline.
The Nigerian Exchange Ltd. (NGX) market capitalisation fell by N231 billion, or 0.
34 per cent, from N67. 614 trillion at the open to N67.383 trillion at the close.The All-Share Index dropped 0.34 per cent, or 370.43 points, ending at 108,126.97, down from 108,497.40 on Friday.
In spite of the decline, the Year-To-Date (YTD) return increased by 5.05 per cent.
Market breadth was negative, with 37 losers and 17 gainers.
Northern Nigeria Flour Mills (NNFM) led the losers, falling 9.99 per cent to close at N72.55 per share. Ikeja Hotel led gainers, rising 10 per cent to N12.10.
In spite of the downturn, trading activity remained strong, with a 10.16 per cent increase in value.
A total of 357.76 million shares worth N9.21 billion were traded across 15,914 transactions.
Jaiz Bank led in volume with 48.19 million shares, while Zenith Bank recorded the highest trade value, at N1.37 billion. (NAN)
NEWS
Abia Govt. Vows to Prosecute Peddlers of Falsehood
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The Abia Government has vowed to prosecute individuals or groups found guilty of violating the Cyber Security Act and Data Protection Act.
The Commissioner for Information, Mr Okey Kanu, made this known on Monday during a press briefing on the outcome of the State Executive Council meeting at the Government House, Umuahia.
Kanu said that the government would not tolerate the spread of falsehood, under the guise of opposition, aimed at misleading the public.
He reaffirmed the government’s commitment to transparency and encouraged citizens to verify information before dissemination.
Kanu said that deliberate acts of misinformation would be met with the full force of the law.
He said:”This is to inform those who peddle falsehood all in the name of opposition that time has come for them to desist from such unwholesome acts or be ready to face the full wrath of the law.
“Such people need to be reminded of the Cyber Laws in our legal system, Cyber Security Act, the Data Protection Acts all part of our legal system.
“While this government has nothing to hide, we believe that the purveyors of falsehood are infringing on the rights of others.
“The people that engage in acts of misinformation should understand that it has the capacity to cause mischief and chaos among the public.
“It is important for such people to note that this state government reserves the right to prosecute them if they run foul of the law.”
On Petroleum and Solid Mineral, Kanu said that the government had taken a significant step to enhance the state’s economic development, particularly in the oil and solid minerals sector.
He said that in line with the existing agreement between the government and the Petroleum Technology Association of Nigeria (PETAN), a Special Purpose Vehicle (SPV) known as ABTAN Energy Limited had been initiated.
Kanu said that by incorporating the SPV, the government and PETAN have succeeded in creating a structured platform to maximise the state’s oil potential, especially with the state’s 100 capped oil wells.
He also, said that the government had commenced statewide field study on solid minerals to identify the commercial viability and quantity of solid minerals in the state.
Kanu said that this would drive targeted industrial development, attract investors, and create job opportunities.
On health, he said that under the government’s Project Ekwueme, aimed at rehabilitation of Primary Healthcare Centers (PHCs), about 55 per cent completion had been achieved.
Kanu said that the World Bank Impact PHC recognition initiative had commenced across 67 PHCs in the state.
He said that these facilities were separate from the Project Ekwueme, which aimed to establish 200 PHCs, ensuring that each of Abia’s 184 wards would have a PHC.
Kanu said that the government had approved the upgrade of Umunneato General Hospital to a specialist hospital.
He said that with this upgrade, the state would have a specialist hospital in each of its three senatorial districts.
“They are the Abia State University Teaching Hospital (ABSUTH) in Abia South, Abia Specialist Hospital, Umuahia, with an annex at Amachara in Abia Central and Abia Specialist Hospital, Umunneato in Abia North.
“This underscores the high premium that this administration places on the health sector.
“The goal is to bring healthcare closer to the people and ensure that no one is left behind,” he said. (NAN)