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Equity Market Appreciates by N563bn

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The Nigerian stock market on Friday ended the week with N563 billion gain.

Specifically, the market capitalisation which opened at N56.730 trillion, gained 0.99 per cent or N563 billion to close at N57.293.

The All-Share index also rose by 0.99 per cent or 996 points to close at 101,330.

85, as against 100,335.
3 recorded on Thursday.

Buy interests in MTN Nigeria, Zenith Bank, Dangote Sugar,  Geregu and BUA Cement drove the market’s positive performance.

Consequently, the Year-To-Date (YTD) return rose to 35.52 per cent.

Analysis of the market activities showed that trade turnover was higher than the previous session, with the value of transactions up by 12.

11 per cent.

Meanwhile, the market breadth closed positive with 28 equities on the gainer’s table and 21 others on the laggard’s.

On the gainer’s table, MTN led by 9.99 per cent to close at N221.40, Dangote Sugar followed by 9.98 per cent to close at N55.65 per share.

National Salt Company of Nigeria (NASCON) gained 9.97 per cent to close at N52.40, Ikeja Hotel added 9.87 per cent to close at N6.68, while Deap Capital Management and Trust Plc rose by 8.62 to close at 63k per share.

Conversely, FTN Cocoa Processors led the losers table by 9.80 per cent to close at N1.38, C&I Leasing lost 8.66 per cent to close at N3.48, Guinness Nigeria shed 8.39 per cent to close at N42.05 per share.

Also, Guinea Insurance trailed by 7.89 per cent to close at 35k, ABC Transport dropped 7.69 per cent to close at 78k per share.

Meanwhile, 358.12 million shares valued at N19.88 billion were exchanged in 10,786 deals, compared to 554.72 million shares worth N17.73 billion exchanged in 9,708 deals posted previously.

Transcorp led the activity chart in volume with 92.87 million shares valued at N1.57 billion, TransPower followed in value with 30.51 million shares worth N11.65 billion.

United Bank of Africa (UBA) sold 26.19 million shares worth N520.23 million, Access Corporation traded 23.28 million shares valued at N465.45 million.

Guaranty Trust Holding Company (GTCO) also sold 18.04 million shares worth N734.49 million.(NAN)

NEWS

Okpebholo Freezes Edo Accounts, Orders Reversal of Ministry’s Name

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Gov. Monday Okpebholo of Edo has ordered immediate freezing of all the state bank accounts until further notice.Okpebholo gave the directive in a statement issued by his Chief Press Secretary, Mr Fred Itua, on Thursday in Benin.He warned that non-compliance by commercial banks as well as heads of ministries, departments and agencies (MDAs) would result in severe penalties.

“All bank accounts in all commercial banks are now frozen.
Commercial banks must ensure strict adherence and prevent any withdrawal from government accounts until further notice,” the statement said.
Okpebholo stated that necessary investigations and financial reconciliations would determine subsequent actions.He also ordered the reversal of the Ministry of Roads and Bridges to the old Ministry of Works with immediate effect.
The governor cited what he called lack of completed bridges or significant road projects as a justification for changing the ministry of roads and bridges back to ministry of works.“It is ironic that despite its name, the ministry did not construct a single bridge, not even a pedestrian one,” he said.The governor directed immediate implementation and reflection of the new name across official documents and platforms. (NAN)

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Breaking…….NNPC Ltd. Records 1.8mbpd Crude Oil Production

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The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) says it has achieved 1.8 million barrels per day crude production following continuous dislodgement of pipeline vandals and crude oil thieves.Mr Lawal Musa, Chief Production War Room Officer, NNPC Ltd., said this on Thursday in Abuja during a briefing on NNPC Ltd.

production.Musa, who is also the Senior Business Advisor to Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd.
, said that the achievement was based on the collaboration between the leadership of NNPC, stakeholders and security agencies.
“We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country,” Musa said.
(NAN)

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EFCC Admits Ex-Kogi Governor’s Alleged Co-defendants to Bail

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The Economic and Financial Crimes Commission (EFCC) has admitted the co-defendants in alleged money laundering charge filed against the immediate-past Governor of Kogi, Alhaji Yahaya Bello, to administrative bail.EFCC’s counsel, Jamiu Agoro, informed Justice Maryann Anenih of an Abuja High Court on Thursday upon resumed hearing in the charge.

The former governor, alongside Umar Oricha and Abdulsalami Hudu, are being prosecuted as 1st to 3rd defendants, respectively, in a fresh 16-count charge instituted against them by the anti-graft agency.
Agoro also sought for adjournment in the fresh case the EFCC instituted against the ex-governor, saying the 30-day window was still running for the summons earlier issued.
running.The EFCC, however, said, it admitted Bello ‘s alleged co-defendants, Umar Oricha and Abdulsalami Hudu, to bail and prayed the court for extension of time for the Bello to appear.At the resumed hearing before Justice Maryann Anenih , Counsel for EFCC, Jamiu Agoro, said the order of the court, given on Oct 3 had not elapsed.“In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running.” So we have discussed and agreed to come back on the Nov 27,” he told the court.He also noted that the Nov 20 date earlier given was not convenient for the Prosecution counsel.Counsel to the 2nd Defendant, Aliyu Saiki, SAN, confirmed that his client had been granted administrative bail by the Prosecution.He said he had no objection to the application for adjournment.The 3rd Defendant’s Counsel, ZE Abass, concurred also.The prosecution Counsel also asked the court to grant an application to paste the notice of hearing on the last known address of the former governor.After listening to all counsel, the judge granted the EFCC’s application for adjournment, including the hearing notice.“I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the 2nd and 3rd Defendants. The application is granted,” she said.Justice Anenih thereby adjourned the case until Nov 27.Report says that Justice Anenih had on Oct. 3, 2024 issued a public summon against Bello following his absence in a fresh arraignment on 16-count charges preferred against him by the EFCC.Justice Anenih issued the summon in a ruling following an ex parte application by EFCC counsel, Rotimi Oyedepo, SAN praying the court to grant leave that Bello should be served the charge via substituted means.The court ordered that the charge should be served on Bello at his known residence, No 4, Bengazi Street, Maitama, Abuja, through a public summons to be published in widely circulated national newspapers and also pasted within the premises of the court.(NAN)

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