The stock market on Wednesday opened the week bearish as performance indices declined by 0.14 per cent.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N91 billion, or 0.14 per cent, to N66.166 trillion from N66.257 trillion recorded on Friday.

The All-Share Index also dropped by 0.

14 per cent or 144.65 points to close at 105,515.99, down from 105,660. 64 posted on Friday.

Th downturn was due to alignment of portfolios by dividend taking-investors.

Also, the market breadth closed negative with 33 losers and 25 gainers.

On the losers’ chart, UACN dropped by 10 per cent to close at N31.95, while University Press fell by 9.

95 per cent to close at N3.89 per share

Sunu Assurance lost by 9.92 per cent to close at N5.99 and Consolidated Hallmark Holdings declined by 9.78 per cent to close at N3.23 per share.

Similarly, Learn Africa dropped by 9.64 per cent to close at N3.00 per share.

On the gainers’ chart, UPDCREIT soared by 10 per cent to close at N6.05, while VFD Group increased by 9.96 per cent to close at N51.90 per share.

Africa Prudential rose by 9.96 per cent to close at N14.35 and Union Dicon Salt soared by 9.28 per cent, to close at N5.30 per share.

Also, May Baker gained by 6.17 per cent to close at N8.60 per share.

A total of 438.09 million shares worth N12.016 billion were exchanged across 17,286 transactions.

This is compared to 47.57 million shares worth N21.617 billion that was exchanged across 13,244 transactions on Friday.

Transactions in Fidelity Bank shares topped the activity chart with 41.725 million shares worth N783.26 million.

Mutual Benefits followed with 35.99 million shares valued at N38.215 million while Nigerian Breweries sold 35.614 million shares worth N1.221 billion.

Guaranty Trust Holding Company transacted 33.046 million shares valued at N2.303 billion and Zenith Bank traded 28.635 million shares worth N1.345 billion.

Reacting to the negative market performance, Mr Aruna Kebira, Managing Director of Globalview Capital Ltd., said that the market downturn trend was a result of profit-taking.

According to him, investors are moving their resources from their previous positions, especially to Guaranty Trust Holding Company, due to the attractiveness of its final dividend for 2023.

He said, “What we witnessed today was an alignment of portfolios by dividend-seeking investors.

“The market has analysed the declaration of results, so investors are shifting their positions from their initial holdings to GTCO.

“People are often carried away by immediate yield but don’t critically analyse the market.”(NAN)

The Police Command in Ogun says it has beefed up security at the Sagamu Interchange on the Lagos-Ibadan Expressway to ensure the safety of residents and commuters.

CSP Omolola Odutola, the command’s spokesperson, disclosed this in a statement in Abeokuta on Wednesday.

According to Odutola, the security measures are being taken in response to recent concerns about security in the axis.

She explained that the Commissioner of Police, Lanre Ogunlowo, had proactively led efforts to reinforce security at the Sagamu Interchange Section on the Lagos-Ibadan Expressway.

Odutola said that personnel from the Quick Response Squad, OP Mesa and Mobile Police Squadrons 71 had been strategically stationed at key locations in the area.

The police spokesperson, however, listed the locations to include, under the bridge, at the roundabouts, and along the inward and outward routes of the four intersections.

“A two-hour assessment of the area conducted by the commissioner of police, revealed illegal trading activities and presence of touts.

“Earlier in the day, a criminal hideout was discovered in surrounding bush at the interchange and three suspects were arrested.

“Thereafter, an immediate disbandment of illegal trading activities under the interchanged bridge was carried out,” she said.

The command spokesperson urged citizens to remain vigilant and avoid falling victim of criminal activities.

She advised commuters to plan their travels early to minimise security risks.

Odutola assured of increased security presence, collaborative efforts of sister security agencies and continued support of Ogun government on highways in the state. (NAN)

The Abia State Government says it will intensify efforts against criminal activities by scrutinising traditional rulers suspected of harbouring criminals in the state.

The Commissioner for Information, Mr Okey Kanu, made the disclosure at a news briefing on the outcome of the State Executive Council meeting on Wednesday in Umuahia.

Kanu said security operatives acting on credible intelligence would conduct raids in areas where unlawful elements are believed to be sheltered.
The commissioner stressed that traditional rulers found culpable of providing refuge or protection to criminals would be made to face the full weight of the law as the government aims to rid the state of insecurity.
Kanu, therefore, urged town unions and traditional rulers to fulfill their duties of maintaining security and vigilance within their communities.
“Few weeks back, there was a kidnapping incident in Ukwa involving a prominent business mogul and son of this state.
“The security authorities have confirmed his release, and he is in good health as verified by medical professional,” he said.p
Kanu, however, reaffirmed government’s commitment to ensuring the safety and security of all residents.
He also called on all residents to remain vigilant and promptly report any suspicious movements or activities to the appropriate security agencies.(NAN)