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West Africa Business News

Nigeria Bourse End Week in Red on Dangote Cement Price Drop



The market indices of the Nigerian Stock Exchange (NSE) closed in red on Friday, dropping by 1.40 per cent due to Dangote Cement price drop.

Specifically, the market capitalisation dipped N301 billion or 1.40 per cent to close at N21.155 trillion from N21.456 trillion posted on Thursday.

Also, the NSE All-Share Index which opened at 41,014.30 lost 574.45 points or 1.40 per cent to close at 40,439.85.

A breakdown of the price movement table showed that Livesstock Feeds topped the losers’ chart in percentage terms, dropping by 9.78 per cent to close at N2.03 per cent.

NEM Insurance trailed with 6.69 per cent to close at N2.05, while BUA Cement dipped 7.23 per cent to close at N73.30 per share.

Sovereign Trust Bank lost 7.14 per cent to close at 26k, while Dangote Cement dropped 3.45 per cent to close at N220.

On the other hand, UAC Property Development led the gainers’ table in percentage terms, increasing by 9.58 per cent to close at 80k per share.

Linkage Assurance trailed with 9.26 per cent to close at 59k, while Unity Bank improved by 9.23 per cent to close at 71k per share.

Japaul Gold added 9.23 per cent to close at 71k, while Africa Insurance added 9.09 per cent to close at 24k per share.

Further analysis of the activity chart indicated that Zenith Bank was investors’ delight, exchanging 56.60 million shares valued at N1.37 billion.

Transcorp followed with an account of 42.71 million shares worth N40.97 million, while FBN Holdings traded 42.07 million shares valued at N302.49 million.

Guaranty Trust Bank sold 42.06 million shares worth N1.28 billion, Access Bank exchanged 40.94 million share valued at N330.48 million.

In all, investors traded 395.62 million shares worth N5.19 billion in 5,321 deals.

This was against 1.27 billion shares valued at N6.39 billion achieved in 6,573 deals on Thursday.

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Business News

All Eyes on Ghana as African Gold Rises Like the Phoenix



Ghana has become the toast of exploration firms in the continent and is now Africa’s largest gold producer. It churned out 80.5 tonnes in 2008. To prove her worthiness of the title, Ghana has 23 large-scale mining companies producing gold, diamonds, bauxite and manganese.

There are over 300 registered small scale mining groups and 90 mine support service companies. So, apart from earning revenue for Ghana directly, it also ensures many people earn a stable living along the value chain.

Gold production in becoming an important export earner in West Africa.

This is true for countries like Ghana, Burkina Faso and Mali as these nations are expected to increase their export quota by 2.7% in 2021 to 8 Moz (million ounces) and grow to 8.4 Moz (million ounces) by 2024 – a 1.6% compound annual growth rate (CAGR).

After strong growth in 2019, West Africa’s gold production was badly hit by the COVID-19 pandemic in 2020, owing to the temporary suspension of mines such as Fekola in Mali.

The pandemic had a significant impact on African operations, mainly during the early part of the second quarter of 2020, when, at one point, the region’s gold mines were on hold with no production due to COVID-19 lockdowns according to Global Data, a leading data and analytics company.

And Ghana is expected to lead the growth, where the production is expected to reach 3.9moz (million ounces) in 2024 from a forecasted 3.6 Moz in 2021. West Africa’s second largest economy is looking more money in her coffers in 2021.

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Nigerian Government Concessions Twelve Highways to Investors

The ministry projects N1.34 trillion worth of investment from the 12 highways representing 1,963 kilometres of the country’s 35,000 km federal highway network.



The Federal Ministry of Works and Housing plans to concession at least 12 federal highways to private firms. in a bid to ensure regular maintenance of road networks across the country.

The arrangement will enable the private companies to introduce toll gates on the 12 highways and generate revenue for regular maintenance of the roads.

In a statement the Federal Ministry of Works and Housing, Abuja says the 12 highways to be concessioned under the Ministry’s Highway Management Development Initiative are Abuja-Lokoja, Benin-Asaba, Kano-Katsina, Shagamu-Benin Onitsha-Owerri, and Abuja-Keffi-Akwanga.

Others include Enugu-Port Harcourt, Ilorin-Jebba, Kano-Shuari, Potiskum-Damaturu, Lokoja-Benin, Lagos-Ota-Abeokuta and Lagos-Badagry-Seme Border.

According to the ministry, the roads are under the pilot phase of the HDMI to be managed by selected private investors under its Value-Added Concession, VAC, arrangement.

The 12 highways represent 1,963 kilometres of the country’s 35,000 km federal highway network. The ministry projects N1.34 trillion worth of investment. 50,000 direct jobs and at least 200,000 indirect jobs would be generated through the concessioning of the highways to the private operators.

Construction work on the Lagos-Ibadan Highway

The ministry said it obtained approval of the Infrastructure Concession and Regulatory Commission, ICRC, to go ahead with the implementation of the HMDI, which incorporates the concessioning of the highways and the right of way to private sector operators.

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The document explains that due to paucity of critical funds to service the ever-expanding road network in the country, the FMWH proposes the engagement of concessionaires who will manage and develop the right of way, while maximising its commercial potential.    

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West Africa Business News

Nigerian Breweries Revenue Increase By 4.3 Per Cent



Nigerian Breweries Plc has declared a revenue of N337.01 billion for the financial year ended Dec. 31, 2020.

The revenue represented an increase of 4.3 per cent compared with N323 billion recorded in the corresponding period of 2019.

The company disclosed this in its audited financial statement to newsmen signed by its Legal Director/ Secretary, Mr Uaboi Agbebaku, on Monday, in Lagos.

He said that the company posted a profit after tax of N7.52 billion during the review period against N16.1 billion achieved in the comparative period of 2019.

Agbebaku said that the board of directors would be recommending to the shareholders at the forthcoming Annual General Meeting (AGM) a total dividend of N7.52 billion.

“Recall that the company had earlier in 2020, paid an interim dividend of N1.99 billion which translated to 25k per share.

“The final proposed dividend of N5.52 billion at 69k per share will be payable to shareholders upon approval on April 23,” he said.

Agbebaku said that only qualifying shareholders whose names appear on the company’s Register of Members at the close of business on March 10 would be paid the final dividend.

“Directors would also be recommending to shareholders for their approval at the forthcoming AGM, a right of election for qualifying shareholders to receive new ordinary shares in the company as against the final dividend in cash,” he added.

According to Agbebaku, the board of directors expressed confidence in the company’s position to continue to deliver return on investment to shareholders.

He added that the company remained committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners were protected.

Agbebaku noted that the company made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the federal and seven state governments COVID-19 Task Forces Relief Funds.

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