Connect with us

Business

NGX Rebounds By N142Bn On Airtel, 19 Other Gains

Published

on

NGX Rebounds By N142Bn On Airtel, 19 Other Gains

The nation’s bourse extended a bullish trend on Wednesday largely driven by gains recorded by Airtel Africa and 19 others.

Consequently, the All-Share Index increased by 271.84 points, representing a growth of 0.69 percent to close at 39,448.46 from 39,176.62 posted on Tuesday.

Consequently, month-to-date gain increased to 2.3 percent, while the year-to-date loss moderated to 2.0 percent.

READ ALSO: Dangote Cement Tops NSE Gainers’ List With Over N130bn Profit

Similarly, the market capitalization gained N142 billion or 0.69 percent to close at N20.553 trillion against N20.411 trillion achieved on Tuesday.

The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; Airtel Africa, Northern Nigeria Flour Mills, Ecobank Transnational Incorporated, Neimeth International Pharmaceuticals, and Livestock Feeds.

Analysts at Afrinvest Limited said: “We expect the bullish performance to be sustained in the next trading session, as investors continue to trade on company-specific fundamentals.”

Market sentiment closed positive with 20 gainers relative to 15 losers.

READ ALSO: Nigerian Stock Market Gains N325bn On Enhanced Buying Interest

Pharma Deko drove the gainers’ chart in percentage terms, gaining 9.17 percent to close at N1.19 per share.

Neimeth International Pharmaceuticals followed with 8.61 percent to close at N1.64, while Ikeja Hotel appreciated by 7.69 percent to close at N1.40 per share.

Livestock Feeds rose by 6.84 percent to close at N2.03, while Linkage Assurance appreciated by 6.78 percent to close at 63k per share.

On the other hand, FTN Cocoa Processors led the losers’ chart in percentage terms by 8.89 percent to close at 41k per share.

Wema Bank followed with 7.32 percent to close at 76k, while May and Baker Nigeria lost 6.38 percent to close at N4.40 per share.

Mutual Benefits Assurance shed 5.56 percent to close at 34k, while Veritas Kapital Assurance depreciated by 4.17 percent to close at 23k per share.

Transactions in the shares of Transcorp topped the activity chart with 20.49 million shares valued at N19.34 million.

ETI followed with 17.54 million shares worth N97.99 million, while FCMB Group traded 15.31 million shares valued at N48.21 million.

Sterling Bank sold 14.14 million shares worth N22.24 million, while United Bank for Africa transacted 10.94 million shares valued at N83.39 million.

In all, the total volume of trades declined by 61.8 percent as investors bought and sold 181.42 million units worth N2.08 billion in 3,599 deals.

This was in contrast with 474.53 million shares valued at N3.98 billion exchanged in 4,161 deals on Tuesday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Illegal Oil Refinery Operators Arrested In Lagos

Published

on

Illegal Oil Refinery Operators Arrested In Lagos

No less than five illegal oil refinery operators in Oregun, Ikeja area of Lagos State, have been arrested.

The arrest was as men of the Nigerian Army uncovered an illegal oil bunkering depot, where siphoned crude oil was refined and transported to different filling stations within the Southwest region of the country.

During a raid on the refinery site, amongst other things, soldiers recovered refined crude oil valued at N300 million.

Briefing journalists on the arrest, the Operation Officer, 9 Brigade of the Nigerian Army, Ikeja Cantonment, Major Tarela Emuren said the arrest and recovery were made by troops of Operation AWATSE.

According to Emuren, the soldiers arrested the illegal oil refinery operators on Wednesday, January 12, 2022, after an eight-hour raid operation at the Oregun illegal refinery site.

His words: “The scale of economic sabotages orchestrated by this unscrupulous act is estimated to be worth about N300 million. Regrettably, these activities have been ongoing for quite some time without the knowledge of relevant government agencies.

The five Ford vans have been specially modified, without due recourse to safety, to accommodate locally fabricated tanks for storage of stolen petroleum products. Additionally, four tankers were also recovered at the illegal depot laden with suspected stolen products as well as several drums, hoses, and other equipment used by these economic saboteurs.

Besides the economic loss occasioned by the activities of these criminals, the safety concern is also worrisome. The location constitutes serious dangers to other law-abiding residents within the community while their activities result in environmental degradation, pollution and heighten the risk of fire outbreak. Also, the crude modification of vehicles used in conveying these highly inflammable products constitutes even greater dangers to other unsuspecting road users in Lagos and other places the products may be transported to.

The Army operation officer, therefore, warned illegal oil refiners in the state to desist forthwith, saying that Op AWATSE would not rest on its oars till they were brought to book.

Continue Reading

Business

Things To Look Out For When Buying Used Cars In Nigeria

Published

on

Things To Look Out For When Buying Used Cars In Nigeria
Image used for illustrative purpose

A large percentage of people would rather settle for used cars compared to brand new ones. For many reasons, which include prices, this has been the situation for most people in the country. According to Suomobroto Ganguly, the Chief Executive Officer (CEO) of Cars45, used cars in Nigeria constitute 95% of the country’s auto market.

With this, Newsrand understands that nine out of 10 Nigerians are driving used cars; it is in this light that this publication presents below the basic things to look out for before considering an automobile purchase…

Review your budget: This is a very vital part to consider when buying a fairly used car. It is important for you to define a budget and stick with it. Sometimes after paying for the car, additional expenses might arise. For example, you might need to rewrap the interior or change the tyre as well as do some mechanical/electrical maintenance, all these will mean extra spending. You should decide how much you are willing to spend on the car.

Compare prices: Having an idea of what the price of your car choice should be will help your bargaining process. To do this, you can search the internet for your automobile choice, which would enable you to see the prices. It is advisable you do this before initiating a meeting with your car dealer.

Define your car taste and choice: Clearly knowing what you want is an advantage that will help you make smart decisions, and the interesting part of this is that it will make your buying process seamless. In Nigeria, people use more Toyota, Lexus, and Honda for reasons best known to them. So, it is safer to have more than one proposed car brand.

Confirm the mileage: What this means is the total distance a car has travelled since it was manufactured. When buying used cars in Nigeria, the mileage may be a dealbreaker because experts are of the opinion that the average annual mileage of every automobile product should be 12,000.

The mileage is how you will get to know how long the car has been used, how long it has run, which can influence how much it should be sold for.

Be sure of the spare parts’ availability: This is one of the most integral processes of buying used cars in Nigeria. Sometimes, an automobile product might thick all the aforementioned boxes, but when the spare parts are not readily-available, we are sure you don’t even want to be near such a car. So, it is strongly advisable you take out time to research the used cars in Nigeria that you are considering as their spare parts readily available for purchase in the markets. This is because all cars are prone to have issues that should be fixed at one point or the other.

Have a pre-purchase inspection: You need to engage a mechanic and other professionals in the automobile industry, like rewire, to check the functionality of your car choice. Inspecting the car will uncover what is not working well, or not working at all in the car.

It is in the course of this process that you will confirm the engine’s strength, amongst other things.

Continue Reading

Business

PAPSS: Dangote Charges African Leaders On Improved Trade

Published

on

PAPSS: Dangote Charges African Leaders On Improved Trade

Business tycoon, Aliko Dangote has charged African leaders at the Pan-African Payment and Settlement System (PAPSS) on improved trade relations within the continent.

Disclosing this at the PAPSS formal launching, stated that the trade will help promote African intrinsic greatness.

The Pan-African Payment and Settlement System is a centralized payment and settlement infrastructure platform for intra-African trade and commerce payments.

READ ALSO: APC Governors Want National Convention To Hold In February

The continent’s richest man urged Africans to close ranks to propel the continent towards charting her own course, becoming the master of her destiny, and maintaining her rightful position on the globe.

Dangote, who was represented by Group Managing Director of Dangote Industries Limited (DIL), Olakunle Alake, lauded the African Union, under the auspices of Afreximbank, for the launch of PAPSS, which he noted was aimed at facilitating payments across the continent.

He asserted that improved trade relations would greatly enhance the speed of recovery across Africa, noting that it has the potential to boost the level of economic activities through intra-Africa trade. He also remarked that the advent of PAPSS would greatly address challenges such as; high-cost, lengthy correspondent banking relationships, delays, among many others, and therefore ease transactions among businesses across Africa.

He equally expressed optimism that PAPSS would enhance the volume of trade among countries, which were hitherto not recorded or were overlooked because of the informal approach towards these transactions. According to him, these were now captured to reflect the corrector, at least, close to the appropriate position of trading activities within the continent, while also boosting the level of economic activities across the continent.

Dangote noted the enormous potential and benefits of PAPSS but nevertheless warned that such projects have teething issues. He, therefore, urged regulators and participants across the continent to look beyond such operational challenges and ensure the successful implementation of PAPSS.

While thanking member countries and organizations that contributed to the success of PAPSS by playing key roles leading to the launch of the project, he invoked the words of Ghana’s first President and Prime Minister, and renown promoter of Pan Africanism, Kwame Nkrumah, stressing: “The forces that unite us are intrinsic and greater…”

Continue Reading

Trending