NEWS
Bears Resurface on NGX, Capitalisation Down By N13bn
Trading on the Nigerian stock market returned to bearish territory on Wednesday with market capitalisation dropping by N13 billion due to profit taking in FBN Holdings (FBNH).
Speficially, the market capitalisation which opened at N21.821 trillion dropped by N13 billion or 0.06 per cent to close at N21.
808 trillion.Also, the All-Share Index inched lower by 25.
35 points or 0.06 per cent to close at 41,789. 59 from 41,814.94 achieved on Tuesday.Consequently, the month-to-date and year-to-date return moderated to 3.9 per cent and 3.8 per cent, respectively.
The bearish sentiment was a result of investors’ profit-taking in Nestle, FBNH and 13 others.
The negative performance of the market was driven by price depreciation in large and medium capitalised stocks which are; Nestle, FBNH, GlaxoSmithKline, Transcorp Hotels and Custodian Investment.
However, the market closed positive recording 24 gainers as against 15 losers.
LivingTrust Mortgage Bank recorded the highest price gain in percentage terms by 9.59 per cent to close at 80k per share.
AIICO Insurance followed with a gain of 9.57 per cent to close at N1.03, University Press went up 9.09 per cent to close at N1.80 per share.
Red Star Express was up by 6.25 per cent to close at N3.40, while Total Nigeria appreciated by 5.97 per cent to close at N220 per share.
On the other hand, GlaxosmithKline led the losers’ chart in percentage terms by 10 per cent to close at N6.30 per share.
Transcorp Hotels followed with 9.88 per cent to close at N5.38, while FBNH lost 6.05 per cent to close at N11.65, per share.
Veritas Kapital Assurance lost 4.35 per cent to close at 22k, while Africa Prudential shed 3.94 per cent to close at N6.10 per share.
In all, the total volume of trades declined by 19.42 per cent to 284.60 million valued at N3.20 billion exchanged in 5,036 deals.
This was against a total of 353.20 million shares worth N5.57 billion traded in 5,322 deals on Tuesday.
Transactions in the shares of FBNH topped the activity chart with 75.46 million shares valued at N898.01 million.
AIICO Insurance followed with 18.42 million shares worth N17.81 million, while Ecobank Transnational Incorporated traded 17.32 million shares valued at N137.32 million.
Transcorp traded 15.21 million shares valued at N15.49 million, while Fidelity Bank transacted 14.03 million shares worth N38.53 million. (NAN)
The Nigeria Customs Service (NCS), Federal Operations Unit Zone C, says it intercepted contrabands with a Duty Paid Value (DPV) of N510.92 million between July 15th and September 15th, 2024.The zone covers the six states in the South-South geopolitical zone and the five states in the Southeast geopolitical zone.
This is contained in a statement signed by Jerry Attah, Public Relations Officer, NCS, Zone C, and made available to journalists on Wednesday. According to the statement, Comptroller Michael Ugbagu, NCS, Zone C, gave the statistics while showcasing the seized contraband to relevant regulatory agencies at the Government Warehouse in Edo.Ugbagu said that the zone also recovered the sum of N25.57 million from demand notices raised based on some infractions noticed, making a cumulative sum of N536.49 million recorded within the months under review.“The DPV was derived from our seized goods, which include 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without an NAFDAC number.“1,015 sacks of dry donkey meat and skin, 75 jumbo bales of second-hand clothing, 463 cartons of foreign spaghetti, 269 pieces of used pneumatic tires, and 56 cartons of smuggled foreign tomato paste.“More worrisome is the interception of 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without NAFDAC registration numbers.”He noted that the cough syrup with codeine and tramadol without NAFDAC registration numbers, if not intercepted, could have had adverse effects on youths.He added that the items were mostly intercepted along the Ewu-Okada/Benin expressways based on credible intelligence. (NAN)
The Forum of Stakeholders of the All Progressive Congress (APC) has decried the deplorable condition of some federal roads in Nigeria. Alhaji Saleh Zazzaga, the North-Central Chairman of the forum, said this in an interaction with newsmen on Wednesday in Jos. Zazzaga described some of the federal roads as ”death traps”, particularly those within the north-central region.
He said that some of the deplorable roads in the region include Jos-Akwanga, Makurdi-Oturkpo-Otukpa, Makurdi-Ankpa, and Jos-Saminaka. Other roads that needed urgent attention, he said, included Suleja-Minna, Ejule-Otukpa, Ganawuri-Manchok, Lokoja-Abuja, Lapai-Agaie-Bida, Birnin-Gwari-Bokani-Mokwa, Minna-Zungeru-Tegina-Kontagora. ”Currently, the north-central region has the most deplorable roads and highways in the country. ”These deplorable roads have brought severe hardship on the people and lost lives and property through preventable road traffic crashes. ”We call on President Bola Tinubu to intervene and ensure the rehabilitation of these roads because good roads are vital enablers of development,” he said. The chairman also called on governors of states within the region to reconstruct the dilapidated roads and seek refunds from the federal government. ”Though these are largely federal roads, they are located within states, and the beneficiaries are the people of these states. ”So we call on state governments to reconstruct these roads and seek refunds from the federal government,” he added. (NAN
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 160 pips to 7.087 against the dollar on Wednesday.This is according to the China Foreign Exchange Trade System.In China’s spot foreigners exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
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