Recovering from its previous session’s loss, the equity market opened the week bullish, as investors gained N138 billion.

Gains in MTN Nigeria, Guaranty Trust Holding Company(GTCO), Zenith Bank, Access Corporation,  FBN Holdings, Fidelity Bank, Wema Bank, Stanbic IBTC, among other advanced equities, pulled the market up.

Specifically, the Nigerian Exchange Ltd.

The All-Share Index also rose by 0.22 per cent or 227.1 points to close at 101,356.15, against 101,129.09 recorded on Friday.

Consequently, the Year-To-Date (YTD) return rose to 35.

Market breadth closed positive with 58 gainers and 20 losers on the floor of the exchange.

On the gainers’ chart, Champion Breweries, International Breweries, Axa Mansard, MRS and Okomu Oil led by 10 per cent each, to close at N4.18, N5.50, N8.25, N198 and N403.70 per share, respectively.

Conversely, Austin Laz led the losers’ chart by 9.84 per cent to close at N1.65, Aradel Holdings trailed by 9.64 per cent to close at N600 per share.

Oando lost 8.63 per cent to close at N63.50, Veritas Kapital shed 4.44 per cent to close at N1.29 and Omatek declined by 4.41 per cent to close at 65k per share.

However, trade turnover settled lower, relative to the previous session, with the value of transactions down by 1.31 per cent.

A total of 503.19 million shares valued at N16.27 billion were exchanged in 12,490 deals, compared to 515.56 million shares valued at N16.49 billion traded in 11,554 deals transacted in the previous session.

Meanwhile, GTCO led the activity chart in volume with 39.38 million shares, while Aradel led in value of deals worth N3.71 billion.

In its prediction for the week, Analysts at Cowry Asset Management Ltd., said the equities market is expected to maintain its bullish momentum, supported by year-end window-dressing activities by fund managers.

The analysts said market participants would also closely monitor the impact of the recently published Consumer Price Index (CPI) data on their portfolios and market strategies.

According to them, the optimism surrounding improved macroeconomic indicators and ongoing portfolio rebalancing efforts is likely to sustain market activity.

“As the year draws to a close, strategic positioning is anticipated to guide trading decisions, promising an eventful conclusion to a record breaking year for the local bourse,” the analysts said. (NAN)

The Kebbi Government has distributed motorcycles to 50 domestic workers in Government House.

Alhaji Zayyanu Umar-Aliero, the State Commissioner for Special Duties, who disclosed this in Birnin Kebbi on Monday, said that the gesture was to promote punctuality to work.

Umar-Aliero told newsmen shortly after the exercise that the move would also encourage the beneficiaries to be more dedicated to their duties.

“We have distributed motorcycles to some of our staff working here in Government House.

“This is to make them punctual in their duty posts.

“We have distributed five today and another set of five will be distributed next week.

“So far, we have distributed more than 50 motorcycles in batches to the Government House domestic staff,” he said.

The commissioner stressed the need to encourage all categories of workers by taking care of some of their burdens, “which in this case was transportation.”

According to him, the gesture is part of Gov. Nasir Idris’ benevolence, directed towards giving all workers a sense of belonging.

“As far as work is concerned, the governor does not segregate, whether big or small and regardless of where you come from.

“He touches all categories of workers and does everything necessary to make everybody happy,” he said. (NAN)

The Federal Capital Territory Administration (FCTA), says the payment for the Certificate of Occupancy (C of O) from land allottees in Maitama II is for the development of infrastructure in the district.

The Director of Land, Mr ChijiokeNwankwoeze, stated this while briefing newsmen on the outcome of the FCT Executive Council meeting, in Abuja on Monday.

According to him, the funds are required to provide the needed infrastructure in the district.

“There is no other place you get these money except from the monies that would be paid by the allottees for that purpose.”

The FCT Minister, Mr Nyesom Wike, has given owners of the 762 revoked plots of land in Maitama two-week grace to pay for their C of O.

The owners of the plots, located in Maitama II, Cadastral Zone A10, Abuja, are expected to pay for their C of O or risk final revocation.

Nwankwoeze said that some of the allottees were given the allocation as far back as 2017, with an obligation to pay ground rent and C of O.

He said that the 762 allottees and the 614 others with outstanding payment of C of O have till Jan. 3, 2025, to pay, or have their Right of Ownership (R of O) titles withdrawn.

“Lands are given to people and the people complain that there is no infrastructure, but they don’t want to fulfil their own obligations to the offer.

“So, if you are given land, and you don’t comply with the terms and conditions of the offer of the Right of Ownership (R of O), the Administration would have no choice but to withdraw those offers and give it to people who are ready to comply.

“That was what the administration did.

“However, there were lots of appeals. The FCT Minister, Nyesom Wike, graciously considered the plights of the people, considered the current economic situation in the country and gave the affected persons another chance.

He insisted that every affected allottee who really intends to develop his or her land and the development of FCT, should make efforts to pay or lose the land. (NAN)