Connect with us

Economy

NGX Index Down by 0.01% as Investors Lose N2bn

Published

on

Share

The nation’s bourse extended losing streak to four consecutive trading sessions on Thursday with the All-Share Index contracting further by 0.01 per cent on sustained sell-offs of banking stocks.

The performance was buoyed by investors’ profit-taking sentiments in all the major sectors except oil & gas stocks.

Specifically, the All-Share Index shed 3.

19 points or 0.01 per cent to close at 39,201.
33 in contrast with 39,204.52 achieved on Wednesday.

Consequently, month-to-date and year-to-date losses stood at 0.1 per cent and 2.7 per cent, respectively.

Similarly, the market capitalisation inched lower by N2 billion or 0.01 per cent to close at N20.

424 trillion from N20.426 trillion posted on Wednesday.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Honeywell Flour Mill, Zenith Bank, Stanbic IBTC Holdings, Livestock Feeds and United Capital.

The market breadth closed negative with 21 losers in contrast with nine gainers.

Cornerstone Insurance led the losers’ chart in percentage terms by 7.69 per cent to close at 48k per share.

AIICO Insurance followed with 6.86 per cent to close at 95k, while Learn Africa shed 5.56 per cent to close at N1.36 per share.

Livestock Feeds lost 5.45 per cent to close at N2.08, while Honeywell Flour Mills declined by 5.13 per cent to close at N3.88 per share.

On the other hand, Chams drove the gainers’ chart in percentage terms by 4.76 per cent to close at 22k per share.

United Bank for Africa followed with a gain of 4.67 per cent to close at N7.85, while Cutix appreciated by 4.60 per cent to close at N5 per share.

Oando went up by 3.08 per cent to close at N4.68, while Nigerian Breweries appreciated by 1.25 per cent to close at N48.65 per share.

Also, the total volume traded fell by 1.0 per cent to 350.53 million shares worth N3.35 billion traded in 3,523 deals.

This was against a turnover of 354.06 million shares valued at N3.20 billion shares transacted in 4,095 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 97.73 million shares worth N729.64 million.

Wema Bank followed with 74.856 million shares valued at N58.48 million, while Access Bank traded 47.75 million shares valued at N451.17 million.

Livestock Feeds sold 12.85 million shares worth N26.67 million, while Nigerian Breweries transacted 10.003 million shares valued at N486.82 million. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

Published

on

Share

The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

Continue Reading

Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

Published

on

Share

The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

Continue Reading

Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

Published

on

Share

The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS3 hours ago

Board Sanctions 118 Immigration, Civil Defence Officers

ShareThe Board of NSCDC, Fire Service, Correctional, and Immigration Service, has approved the sanction of 118 personnel for various offences....

NEWS4 hours ago

NSCDC Inaugurates Female Strike Force to Secure FCT Schools

Share The FCT Commandant of Nigeria Security and Civil Defence Corps (NSCDC), Mr Olusola Odumosu, has inaugurated the corps Female...

NEWS4 hours ago

Tinubu Appoints Bello as new Chairman of CCB

Share President Bola Tinubu has appointed Dr Abdullahi Usman Bello as the new Chairman of the Code of Conduct Bureau...

NEWS4 hours ago

170 Incidents of Electrical Installation Vandalism Reported in 2 years in S/East – EEDC

Share The Enugu Electricity Distribution Company (EEDC), says at least 170 incidents of electrical installation vandalism were reported within two...

NEWS4 hours ago

Diri Tasks New SSG on Performance

ShareFrom Mike Tayese, YenagoaGovernor Douye Diri of Bayelsa State, has charged the newly appointed Secretary to the State Government (SSG),...

NEWS4 hours ago

Ogah tasks CAN chair, Nwokolo to account for N100m given by Nwifuru

ShareFrom Godwin Okeh, AbakalikiThe Factional chairman of the Christian Association of NIgeria CAN, Ebonyi state chapter, Alloy Ogah has urged...

NEWS4 hours ago

Adamawa Poly Admits 180 Non-Formal Students For Skill Qualifications Certificate

ShareBy Yagana Ali, YolaThe Adamawa State Polytechnic, Yola have admitted about 180 trainees from the informal sector into various skills...

OPINION4 hours ago

Politics as the Fourth Factor of Production

ShareBy Majeed Dahiru The advent of the industrial revolution in the 18th century in the United Kingdom, continental Europe and...

NEWS4 hours ago

Projects: Wike Thanks Tinubu for the Opportunity to Serve

ShareBy Laide Akinboade, AbujaThe Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, on Thursday commended  President Bola Tinubu...

NEWS4 hours ago

30,000 Tertiary, Primary /Secondary Students Benefit From Ogun Educash Scheme

ShareFrom Kunle Idowu, AbeokutaSo far, no fewer than twenty thousand Ogun State  students in tertiary institutions across the country have...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc