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NGX: Investors Gain N12bn after 3-day Negative Posts

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Investors gained N11.98 billion after a three-day consecutive negative trading at the nation’s equities market.

The market capitalisation stood at N27.807 trillion, representing a 0.04 per cent, an increase from the N27.795 trillion recorded at close of trade on Tuesday.

The gains were recorded majorly on trading of banks’ stocks such as Guaranty Trust Holding Company(GTCO), United Bank for Africa (UBA), Sterling Bank, among others.

Also, the All Share Index (ASI) marginally gained one basis point to close at 51,7563.

73 points from 51,556.54 points on Wednesday.

This made the month-to-date and year-to-date performance to stand at 0.49per cent and
20.

71 per cent, respectively.

The market breadth was positive with 15 stocks in the gainers’ chart as against 10 in the losers’ chart.

Academy Press recorded the highest price gain of 9.55 per cent to close at N1.72 per share.

NAHCO followed with a gain of 9.41 per cent to close at N9.30 per share, while FTNCocoa rose by 9.38 per cent to close at 35k per share.

Honey Flour rose by 9.39 per cent to close at N2.97, while Ikeja Hotel gained 8.20 per cent to close at N1.32 per share.

On the other hand, RT Briscoe led the losers’ chart by 8.11 per cent each, to close at 34k per share.

UPDC depreciated by 7.87 per cent to close at N1.17 per share.

Regal Insurance followed with a decline of 7.41 per cent to close at 25k per share, while Japaul Gold lost 3.45 per cent to close at 28k per share.

Also, First Bank of Nigeria Holdings (FBNH) lost 3.20 per cent to close at N10.60 per share.

Meanwhile, shares of JaizbBank led the volume chart with 42.10 million shares valued at N36.61 million.

GTCO followed with 19.45 million shares worth N396.76 million, while Sterling Bank traded 9.41 million shares valued at N14.08.

UBA traded 6.87 million shares valued at N51.37 million, while NAHCO traded 5.18 million shares worth N46.14 million.

Market activity as measured by volume of trades rose to 143,288 million units of shares, representing 5.94 per cent increase 135.259 million units traded the previous day.

Also, the value of traded stocks went up by 22.07 per cent, standing at 1.756 billion as against a value of 1.439 billion recorded on Wednesday.(NAN)

NEWS

Tinubu Approves Management Unit for Health Sector Renewal Investment Initiative

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President Bola Tinubu has approved the establishment of the Sector-wide Coordinating Office-Programme Management Unit (SCO-PMU) domiciled in the Office of the Coordinating Minister of Health and Social Welfare.A statement on Friday by his spokesman, Chief Ajuri Ngelale, said the unit would ensure efficient, transparent and accountable management of external grants mobilised towards the implementation of the Nigeria Health Sector Renewal Investment Initiative (NHSRII).

Ngelale said SCO-PMU would report to a Steering Committee/Ministerial Oversight Committee chaired by the Minister, including the Minister of State, Permanent Secretary; Ministry of Finance, Ministry of Budget and Economic Planning and relevant development partners.
“The SCO-PMU will serve as the secretariat and delivery unit for the NHSRII and is to be headed by a national coordinator (NC).“The functions of the SCO-PMU include programme management, monitoring and evaluation, engagement and supervision of Independent Verification Agents (IVAs) for NHSRII programmes and fiduciary management, among others.“Consequently, the President has approved the appointment of Dr. Muntaqa Umar Sadiq as the National Coordinator of SCO-PMU,” he said.

Report says that Sadiq has over 17 years of experience in public health, impact investing, investment banking, energy, and climate financing across the health, finance, climate and energy sectors.He had served as Head of the Performance Management and Delivery Unit at the Federal Ministry of Health and Social Welfare and Chief Executive Officer of the Private Sector Health Alliance of Nigeria.He also served as Head of the Nigeria Energy Transition Office and Private Sector Engagement Adviser at the World Bank. (NAN)

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Education

FG Denies Slash in Students’ Allowances

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The Federal Government says it has no plan to slash scholarship students’ allowances as recently projected in the media.The Minister of Education, Prof. Tahir Mamman, stated this during a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja on Friday.

Report says that there was a report that the ministry, through the Federal Scholarship Board, announced a slash in allowances of foreign scholars stranded in Russia, Morocco, and Algeria among others.

The slash in scholars’ allowances under the federal government’s Bilateral Educational Agreement Scholarship (BEA) was attributed to the economic crises.Mamman said that there was no slash in scholars` allowances but rather an adjustment due to Foreign Exchange fluctuations (FOREX).
“We want to clarify what has been in the media on allowances paid to scholars under the Bilateral Scholarship Agreement.“We want to place it on record that the ministry and the Federal Government for that matter have not slashed the allowances due to students.“What happened is some adjustments in the amount due to them because of FOREX fluctuations, and as soon as we get the balance we have applied for, we will pay them.“But for now, what is in the budget is what we can pay. So, there is no slash, we will even be happy to increase, so this is what has led to the adjustments,” he said.(NAN)

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NEWS

Planned Protests: CAN calls for calm and patience

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By Laide Akinboade, Abuja

The Christian Association of Nigeria, CAN, on Friday, has urged Nigerians to calm and patient with Federal Government and should give the the government more time to address these pressing concerns.In a statement issued by CAN and signed by Archbishop Daniel Okoh ,President, CAN and made available to journalists in Abuja.

CAN also urged all Nigerians to consider alternative means of expressing their grievances.
He however said CAN stands in solidarity with the citizens of nation during these challenging times of economic hardship and pervasive hunger. The statement reads in part, “As we navigate this period of crisis, it is imperative to uphold the constitutional rights of every Nigerian to peacefully protest and express their grievances.
The right to assemble and voice discontent is a cornerstone of our democracy and must be protected and respected by all. Peaceful protests are a powerful tool for civic engagement, allowing the populace to communicate their concerns and hold leaders accountable. However, the anxiety related to the impending protests is heightening, especially given the volatile experiences in countries like Kenya and Pakistan.”We must also draw from our recent history. The #ENDSARS and #RevolutionNow protests, though rooted in genuine grievances, were marred by tragic incidents where miscreants hijacked the process. This led to widespread looting, destruction of properties, and unfortunate loss of lives. These experiences have shown us that mass demonstrations can quickly degenerate into chaos if not properly managed and coordinated.” In light of the planned protests scheduled to commence on 1st of August, CAN urges all Nigerians to consider alternative means of expressing their grievances. We recommend giving the government more time to address these pressing concerns. This period should be used to explore other legal avenues that will not easily give hoodlums the opportunity to hijack the exercise to destroy our national assets or endanger lives and properties. Dialogue, petitions, and town hall meetings are viable options that can yield positive results without the risk of disorder.”We call on the government to cut the cost of governance and expedite its efforts to alleviate the hardships in the land. The opulent lifestyle of political office holders must be addressed to demonstrate the sincerity of those in government to improve the living conditions of the people. Likewise, it is imperative that the government implements the newly approved national minimum wage to provide immediate relief to struggling families.”Furthermore, specific measures must be taken to put an end to kidnappings, banditry, and mass killings that have plagued various parts of our country. The security and well-being of every Nigerian should be paramount, and urgent action is required to restore peace and order.”We also call on the government to expedite its efforts to alleviate the hardships in the land. There is an urgent need for more refined and effective policies that address the root causes of the economic challenges we face. The government must deepen its consultations with stakeholders, including religious leaders, to create a more inclusive and comprehensive approach to problem-solving. By working together, we can devise sustainable solutions that reflect the needs and aspirations of the people.”In these trying times, let us all remember the words of our Lord Jesus Christ: “Blessed are the peacemakers, for they shall be called the children of God” (Matthew 5:9). As we seek to bring about positive change, let us do so with a spirit of peace, love, and unity. Our strength lies in our ability to come together, support one another, and work collectively toward a better Nigeria.”We pray for wisdom and discernment for our leaders, resilience and hope for our citizens, and divine intervention to guide us through these difficult times”.

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