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Stock Market: Investors Lose N49bn on Sell Pressure 

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The stock market, resuming from the Sallah break on Wednesday, closed on a negative note with indices dropping by 0.08 per cent, amid sell pressure.

Sell pressure in the stocks of MTN Nigeria, alongside Tier-one banks, namely: FBN Holdings, United Bank For Africa (UBA), as well as Nigerian Breweries, SUNU Assurances, among other declined equities drove the market’s weak performance.

Specifically, the market capitalisation, which opened at N56.

527 trillion, lost N49 or 0.08 per cent  billion to close at N56.478 trillion.

The All-Share Index also declined by 0.08 per cent or  84.43 points to settle at 99,840.95, as against 99,925.38 recorded on Friday.

As a result, the Year-To-Date (YTD) return slipped to 33.52 per cent.

However, market breadth closed positive with 41 gainers and 15 losers on the floor of the Exchange.

On the gainers log,  UPL led by 10 per cent to close at N2.75, Guinness Nigeria followed by 9.96 per cent to close at N66.25 per share.

Champion rose by 9.83 per cent  to close at N3.24, Honeywell Flour gained 9.52 per cent to close at N3.45, and Veritas Kapital advanced by 9.46 per cent to close at 81k per share.

On the other side, Caverton led the losers’ log by 9.62 per cent to close at N1.41, ABC Transport trailed by 9.52 per cent to close at 57k per share.

Nigerian Breweries lost 8.37 per cent to close at N29, Wapic Insurance declined by 5.71 per cent to close at 66k, while AXA Mansard came down by 4.37 per cent to close at N5.25 per share.

Also, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions rising by 233.02 per cent.

A total of 1.38 billion shares valued at N16.48 billion were exchanged in 9,899 deals, in contrast to 318.10 million shares valued at N4.95 billion traded in 7,302 deals posted in the previous session.

Fidelity Bank led the activity log in volume and value with 1.05 billion shares worth N11.32 billion, AIICO Insurance followed by 60.67 million shares valued at N58.90 million.

Veritas Kapital sold 55.73 million shares valued at N44.31 million, UBA transacted 21.64 million shares worth N480.50 million, and Zenith Bank traded 15.27 million shares worth N545.48 million.

Meanwhile, analysts at Cowry Asset Management, predicted a mixed trend trading, driven by profit-taking activities for the week.

They stated that sector rotation and portfolio rebalancing on the exchange are expected to continue.

According to the analysts, this is in anticipation of the second half of the year’s window dressing activities and the release of the May, 2024 consumer price inflation report.(NAN)

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Centre Destroys 2,400 Illicit Weapons in Abuja

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The National Centre for the Control of Small Arms and Light Weapons (NCCSALW), Office of the National Security Adviser, on Thursday, destroyed more than 2,400 illicit small arms amd light weapons.

The small arms and light weapons were those retrieved from criminals by the various security agencies in the country.

The Director General of the centre, retired DIG of Police, Johnson Kokumo, shortly before the destruction disclosed that 2,400 small arms and light weapons would be destroyed.

He said the weapons comprised of a mix of unserviceable, decommissioned and recovered arms that had been mopped up by security agencies across the country.

He added that the centre by their destruction would permanently be emoving them from circulation and reducing the risk the weapons posed to communities.

He also said that the exercise would also send a clear message that Nigeria would not tolerate the illegal trafficking and possession of small arms and light weapons.

According to him, it is also important to state that the National Centre has in its custody some recovered/captured illicit SALW still undergoing tracing as well as investigations and legal processes.

“These include the illicit weapons handed over to the Centre by the Nigeria Customs Service.

“These categories of weapons would be destroyed on completion of the proceedings during subsequent routine destruction exercises.

“This occasion not only marks a significant step in our ongoing fight against the proliferation of illicit SALW in Nigeria, but also serves as a clear testament of the Federal Government’s determination to safeguard national security and foster peace across the nation and the West African sub-region.

“We will all be witnessing the destruction of  more than 2,400 illicit weapons, comprising a mix of unserviceable, decommissioned and recovered arms.”

Kokumo said the destruction exercise had tangible security implications, adding that the first phase involved the burning of the weapons to destroy the wooden and plastic parts.

“The second phase which involves the smelting of the remaining metal components, will take place at a Steel Mill.

According to him, these actions will ensure that these weapons are permanently eliminated from our society.

“This exercise is in line with the provisions of Article 17 of the ECOWAS Convention on small arms and light weapons as well as the UN Programme of Action to Prevent, Combat and Eradicate the Illicit Trade in SALW.

“These frameworks underscore the importance of transparent documentation and the responsible disposal of recovered arms, ensuring that they do not find their way back into the hands of criminal elements.

The exercise was witnessed by the National Security Adviser (NSA), Mallam Nuhu Ribadu, Chief of Defence Staff (CDS), Gen. Christopher Musa, members of the National Assembly and representatives of the service chiefs and heads of other security agencies. (NAN)

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FCTA Seeks End to Accidents Involving Dispatch Riders on Abuja Roads

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The Federal Capital Territory Administration (FCTA) has trained dispatch riders on safety measures to curb avoidable accidents involving motorcycles on Abuja roads.

Dr Chinedu Elechi, Mandate Secretary, FCT Transportation Secretariat, during the training in Abuja on Thursday, said that the move was necessary following the rising cases of accidents involving motorcycles.

Elechi said that the development was largely due to the non-compliance to basic traffic laws and work pressure.

He urged the dispatch riders to make personal commitment at contributing to safer roads by fostering a culture of professionalism in the delivery sector.

“As the head of the FCT Transportation Secretariat, I am fully aware of the increasing risks faced by delivery riders on our roads.

“Today’s workshop is a strategic step in addressing these challenges and equipping the riders with the necessary tools to stay safe,” he said.

According to him, the broader vision of FCT transportation system is to ensure that all road users, irrespective of the means of transportation, can navigate the roads safely.

The mandate secretary said that FCTA had designed a Public Transport Management Scheme, to regulate and standardise transport operations, through digital solutions, training, and vehicle certification.

“We believe that through collaborative efforts like this, we can create a more secure and organised transport system that benefits everyone,” he said.

Elechi noted that the increasing growth of delivery services within the FCT was a clear indication of how essential the sector has become to the urban economy.

“Whether it is the delivery of food, parcels, or essential goods, riders play an indispensable role in ensuring that businesses thrive, and the needs of residents are met efficiently.

“However, this vital role also comes with its unique set of challenges, particularly looking at the safety of their operations on our roads,” he said.

Earlier, Dr Abdullateef Bello, Director, Department of Road Traffic Services, FCTA, equally noted that dispatch riders were fast becoming an integral part of the FCT mobility ecosystem.

Bello said that with the growth of e-commerce and the demand for swift deliveries, riders have been playing critical roles in ensuring that small parcel goods and services were delivered efficiently across the FCT.

“However, we have equally recorded increased risks on our roads, particularly for motorcycle riders who are often exposed to traffic hazards, accidents, and other safety concerns,” he said.

The director said that the theme of the workshop, “Empowering Riders for Safe Delivery Journeys”, was designed to ensure that dispatch riders have the requisite skills, information and support to navigate their daily work in a safe, secure, and responsible manner.

He added that the workshop was not only to raise awareness but also to provide practical tips on road safety, traffic regulations, and defensive riding techniques that would keep riders safe on the roads.

On her part, Ms Ewoma Jerry-Ogeme of the Public Policy Specialist West Africa-Bolt, said that the FCT public transportation regulatory reform had led to positive changes in the territory’s transport ecosystem.

She said that Bolt has been a proud partner, advocating for regulations that promote operational sustainability and ease of doing business.

Also, Mr Essien Etuk, Chairman, Association of Abuja Logistics Operators, commended DRTS for the efforts to educate and empower riders with the knowledge and skills necessary to stay safe on the roads.

“As an association, we commit to supporting initiatives that promote road safety and the well-being of our members,” Etuk said. (NAN)

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Jigawa Explosion: FG Promises to Assist Majia Town

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The Federal Government says it will assist Jigawa in rebuilding Majia town where a recent fuel tanker explosion killed 100 persons.

Sen. George Akume, Secretary to the Government of the Federation, disclosed this on Thursday in Majia town when he led a federal government delegation to commiserate with the community over the tragedy.

He said that President Bola Tinubu was shocked by the news of the explosion that is feared to be the worst ever, in the country.

“The President has ordered an investigation into the incident; necessary measures will be taken because the President has a passion for Jigawa and has made a lot of interventions in the state.

“We have visited some of the affected persons in Rashid Shekoni Hospital, Dutse and we are at Majia to extend the Presidential condolences.

“The President has also ordered relevant agencies to come to Jigawa to rebuild the community and assis the affected families,” Akume said.

In his remarks, Kwara governor Abdulrahman Abdulrazaq expressed concern over the incident  and condoled the families of those who lost their lives.

Abdulrazaq, however, cautioned Nigerians against scooping of fuel whenever such accidents occur.

He urged relevant agencies to embark on massive awareness to prevent future occurrences.

Corp Marshal Shehu Muhammed of the Federal Road Safety Commission, in his remarks, said an investigation had been launched into the matter.

He said that based on the Presidential order, the commission would initiate more policies to reduce road accidents in the country.

Muhammed expressed dismay over the tanker explosion in Majia, and cautioned road users against disobeying traffic regulations.

Governor Umar Namadi of Jigawa, while commending the Federal government for mourning with the state and sending a delegation, lauded President Tinubu’s multiple interventions and concerns for Jigawa and its people.

Other members of the delegation included defence minister Badaru Abubakar, his transportation counterpart Saidu Alkali, and the Senior Special Assistant to the President on Community Engagement(North-West), Alhaji Abdullahi Yakasai.(NAN)

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