Connect with us

Business News

Nigeria Stock Market Opens November With 0.17% loss

Published

on

The Nigerian equities market resumed November trading with a loss of 0.17 per cent, halting the six-day bullish run on the back of profit taking.

The All-Share Index decreased by 51.30 points or 0.17 per cent to close at 30,479.39 compared with 30,530.69 achieved on Friday.

Also, the market capitalisation which opened at N15.957 trillion lost N26 billion or 0.17 per cent to close at N15.931trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Mobil Nigeria, Ecobank Transnational, Julius Berger, C &I Leasing and International Breweries.

For trading activities this week, analysts at United Capital Plc said, “We expect the earnings to continue to sway the direction of the market, coupled with the low yield environment as we await the Tier one banks results.”

Analysts at Afrinvest Ltd said, “This week, we expect to see slight profit-taking at the start of the week.”

Market breadth was negative with 26 losers compared with 22 gainers.

C &I Leasing led the losers’ chart in percentage terms, dropping by 10 per cent to close at N3.96 per share.

FCMB Group followed with 9.90 per cent to close at N2.82, while ETI shed 8.85 per cent to close at N5.15 per share.

Oando dipped 6.55 per cent to close at N2.57, while International Breweries lost 5.02 per cent to close at N7 per share.

Conversely, Livestock Feeds dominated the gainers’ chart in percentage terms, gaining 9.88 per cent to close at 89k per share.

Dangote Sugar Refinery followed with 9.78 per cent to close at N15.15, while NPF Microfinance Bank rose by 9.68 per cent to close at N1.70 per share.

Regency Alliance improved by 9.09 per cent to close at 24k, while Royal Exchange appreciated by 8.70 per cent to close at 25k per share.

Also, the total volume of shares traded decreased by 53.41 per cent as investors bought and sold 376.65 million shares worth N3.80 billion in 6,050 deals.

This was against a turnover of 807.81 million shares valued at N10.50 billion transacted in 8,113 deals on Friday.

Transactions in the shares of Fidelity Bank topped the activity chart with 49.89 million shares worth N122.16 million.

Zenith Bank followed with 47.04 million shares valued at N1.03 billion, while Dangote Sugar traded 30.94 million shares worth N465.16 million.

Sterling Bank sold 30.23 million shares valued at N57.62 million, while United Bank for Africa transacted 29.71 million shares worth N225.96 million.

Business News

Rwanda Cancels Plan to Increase RwandAir Fleet

The government says expansion of the airline’s fleet will wait until business goes back to normal.

Published

on

Rwanda has announced that it is putting on hold the acquisition of new airplanes for its national carrier RwandAir, mainly due to the impact of Covid-19 on businesses.


The additional planes were to enable RwandAir serve the increasingly opened skies through the Bilateral Air Services Agreement (BASA).


Due to the global pandemic, RwandAir was forced to suspend operations following the lockdown in March, and only resumed operations in August when the country started a gradual re-opening of the economy.


The airline has gradually re-opened routes, though passenger occupancy remains low as some parts of the world remain in a lockdown while in other countries, travel remain restricted.


The government says expansion of the airline’s fleet will wait until business goes back to normal.


RwandAir currently has 12 airplanes including two Boeing 737-700NG, two Bombardier CRJ-900 NextGen, four Boeing 737-800NG, two Bombardier Q-400 NextGen, one Airbus A330 – 300, and one Airbus A330 – 200.


Before the pandemic hit, the airline had planned to lease two Airbus A330neo and two Boeing 737 Max 8.

Read also: Rwanda, Qatar sign aviation pact


Rwanda’s Minister of Infrastructure Claver Gatete says “Even the planes we have are not being used to the maximum due to the Covid-19. We have to wait until the passengers are free to keep travelling in a safer environment, so that we can now expand as we cannot expand in this environment.”


He spoke during a press briefing on Friday after signing a bilateral air services agreement (BASA) with the Republic of Korea, bringing the total to 101 BASAs within and outside Africa. Out of these, 52 have been ratified, 17 signed, and 32 initiated.


According to the airline’s earlier plans, the A330neos were to be deployed on long-haul routes to Guangzhou, China, and New York, as well as boost capacity to Dubai, Lagos, and Johannesburg.


RwandAir recently secured clearance to serve New York on code-share and wet-lease basis; an arrangement where one airline provides an aircraft, complete crew, maintenance, and insurance to another airline or other type of business acting as a broker of air travel (the lessee), which pays by hours operated.


The 737 Max 8s were scheduled to serve Tel Aviv in Israel, and other regional flights such as Addis Ababa in Ethiopia.


Despite the halting of airplane acquisitions, the government says infrastructure investment to support the aviation sector will continue.
Qatar is set to acquire 60 per cent stake in RwandAir and is expected to complete construction of Bugesera Airport.


According to Gatete, negotiations with Qatar have advanced, and inking the deal between the two parties should take place anytime soon, under which the construction work should take off.

Continue Reading

Business News

NC Interview | African Startups Ecosystems

Published

on

Startups in Africa have become a phenomenon. The COVID-19 Lockdown encouraged many businesses to move online with the new normal of doing business virtually.

In the second quarter of 2020, African startups have raised more than $500 million according to Maxime Bayen of GreenTec Capital.

News Central had an exclusive chat with an investor and startup founder, Gulbet Kiros.

Continue Reading

Business News

Business Edge | Africa Continental Free Trade Agreement (AfCFTA)

Published

on

Today on Business Edge, Tolulope Adeleru Balogun discusses the Africa Continental Free Trade Agreement (AfCFTA) with Andrew Mold, Chief, Regional Integration and AfCFTA, Sub-Regional Office for Eastern Africa, United Nations Economic Commission for Africa.

Continue Reading

Trending