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Nigerian Stock Exchange Appreciates By N212Bn

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Transactions on the Nigerian Stock Exchange (NSE) remained upbeat on Tuesday with the market capitalisation hitting N17 trillion benchmark due to gains in high capitalised stocks.

Specifically, the market capitalisation appreciated by N212 billion to close at N17.059 trillion compared with N16.847 trillion recorded on Monday.

Similarly, the All-Share Index improved by 404.05 points or 1.25 per cent to close at 32,647.10 against 32,243.05 achieved on Monday.

Month-to-Date and Year-to-Date gains increased to 6.9 per cent and 21.6 per cent, respectively.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria Communications, Stanbic IBTC Holdings, NASCON Allied Industries, Dangote Sugar Refinery and Ardova.

Market sentiment remained positive with 39 gainers compared with 11 losers.

Cadbury Nigeria, GlaxoSmithKline and Neimeth International Pharmaceuticals topped the gainers’ chart in percentage terms, gaining 10 per cent each to close at N9.35, N6.60 and N2.20 per share, respectively.

NASCON followed with 9.96 per cent to close at N15.45, while Northern Nigeria Flour Mills rose by 9.92 per cent to close at N6.65 per share.

Conversely, Associated Bus Company led the losers’ chart in percentage terms dropping 8.82 per cent to close at 31k per share.

PZ Cussons followed with a loss of 5.38 per cent to close at N4.40, while Chams shed 4.35 per cent to close at 22k per share.

United Capital dipped 3.17 per cent to close at N4.28, while Lasaco Assurance depreciated by 2.86 per cent to close at 34k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 67.91 million shares valued at N1.62 billion.

FBN Holdings trailed with 64.72 million shares worth N464.01 million, while Access Bank traded 60.24 million shares valued at N538.72 million.

Fidelity Bank sold 35.49 million shares worth N99.92 million, while Guaranty Trust Bank transacted 34.81 million shares worth N1.21 billion.

In all, the total volume of shares traded decreased by nine per cent with an exchange of 578.78 million shares worth N7.74 billion in 7,651 deals.

This was in contrast with a turnover of 636.01 million shares valued at N8.24 billion transacted in 7,210 deals on Monday.

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Business Edge | Nigeria, UAE Signs MOU, Eskom Faces R5 Million Over Kendal Power Station Pollution

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The Nigerian Government has signed a Memorandum of Understanding with the United Arab Emirates (UAE), which provides a platform for both countries to establish a Joint Commission between the two friendly countries, seeking to enhance cooperation and coordination between both countries in all fields.

Also, Eskom could face fines of up to R5-million under South Africa’s air quality legislation for supplying blatantly false and misleading information about its toxic pollution at the Kendal coal-fired power station to authorities.
On 28 January 2021, the state-owned energy utility will appear in the Emalahleni regional court on four counts of environmental transgressions.

Tolulope Adeleru-Balogun and Mukhtar Mohammed, CEO Asher Dynamic Solutions, discussed these on Business Edge.

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Nigeria’s Federal Government Approves N117 Billion for Road Rehabilitation

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

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The Federal Executive Council (FEC) on Wednesday approved N117.6 billion for the rehabilitation of some major roads across Nigeria.

This was disclosed to journalists by the Minister of Works and Housing, Babatunde Fashola, after the meeting chaired by President Muhammadu Buhari.

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

Read also: Full Text Of Nigeria’s President Buhari Budget Proposal Speech

“The first set of roads is for a total sum of N18,923,846,198.47, and it is with respect to roads and bridges as follows: rehabilitation of 26 km road linking Kano, Jigawa and the Katsina States, N8.767 billion; Omo-Umulokpa road in Anambra and the Enugu States, N1.712 billion; rehabilitation of Oye-Oranta road in Anambra, N2.504 billion; Okpoko bridge along Benue-Cross River road, N1.057 billion; the bridge at km 22.7 along Bida-Zungeru road in Niger State, N1.022 billion; Nkumi bridge linking Abia and Enugu States, N1.0.72 billion, and Challawa-Nunku road in Kombotso, Kano State, N2.787 billion.

“The other memorandum relating to roads is also for the total sum of N98,073,840, 842.81. The roads are Rijiya-Gusau road in Zamfara State, N7.799 billion; Jegga-Kwana-Sanagi-Gumi road in Kebbi State, N31.539 billion; Koko-Mahuta road in Kebbi, N19.713 billion; Kuka Babbangida-Ganagara road in Katsina State, N11.731 billion; Ihiala-Olu-Umudu road, N16.750 billion; Oye-Ama-Etite-Umuawulu road in Anambra, N2.155 billion and Bichi road in Kano State, N8.384 billion,” Fashola said.

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Arik Air Workers Ground Operations

They alleged that several members of staff had been furloughed, adding that pensions were being owed.

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Operations of Arik Air, one of Nigeria’s carriers have been grounded by the National Union of Air Transport Employees over poor working conditions.

The workers on Thursday blocked the entrance of the airline’s headquarters in Lagos, the country’s commercial capital in the South West, carrying placards with different inscriptions.

Some of the inscriptions read, “End Arik brutality”, and “Sign our condition of service and recall all staff.”

They alleged that several members of staff had been furloughed, and that pensions were being owed.

The Lagos state Secretary of NUATE, Ijeh Anthony, said the issue had lingered for long, vowing to continue the strike till all demands are met.

He said, “The contentious issue is the signing of the Conditions of Service which we have been negotiating for the past three years.

Read also: Unions Shut Down Nigeria’s Arik Air Operations Over Anti-Labour Practices

“But the only aspect remaining in the CoS is the issue of the severance package. We have sought interventions from the Ministry of Aviation, the Nigerian Civil Aviation Authority.

“However, in most discussions, Arik Air Management will always renege.”

At the Murtala Muhmmed Airport 2 terminal, several passengers booked for 8 am flights were stranded.

Some of the passengers were distraught after waiting for several hours.

Officials from the airline were seen trying to manage the situation.

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