After a temporary reprieve, the bears returned to the equities market last week as investors lost N761.40 billion.
It would be recalled that the market tumbled four times out of the five trading days last week.
At the end of trading on May 10,
the benchmark All-Share Index (ASI) lost -1.36% to close at 98,233.76 points from 99,587.25 points the previous week
Despite the bearish sentiments in the market stocks like MTNN, GTCO, UBA and PRESCO posted strong performances to lift the market sentiments making them stocks to watch in the new week.
Kindly note that TVN Stocks to watch is not a buy, sell or hold recommendation. It is advisable to consult your financial advisor before making any investment decision.
Julius Berger • 72.40 0.00
The current share price of Julius Berger Nigeria Plc (JBERGER) is NGN 72.40. JBERGER closed its last trading day (Friday, May 10, 2024) at 72.40 NGN per share on the Nigerian Stock Exchange (NGX). Julius Berger began the year with a share price of 43.00 NGN and has since gained 68.4% on that price valuation, ranking it seventh on the NGX in terms of year-to-date performance. Shareholders can be optimistic about JBERGER knowing the stock has accrued 24% over the past four-week period alone—fourth best on NGX.
Julius Berger Nigeria is the 74th most traded stock on the Nigerian Stock Exchange over the past three months (Feb 6 – May 10, 2024). JBERGER has traded a total volume of 33 million shares—in 3,265 deals—valued at NGN 1.99 billion over the period, with an average of 523,661 traded shares per session. A volume high of 6.62 million was achieved on February 7th, and a low of 5,740 on March 27th, for the same period.
READ ALSO:MTNN, Zenith Bank, GTCO, Julius Berger top list of stocks to watch this week
MTNN • 220.00 0.00
The current share price of MTN Nigeria (MTNN) is NGN 220.00. MTNN closed its last trading day (Friday, May 10, 2024) at 220.00 NGN per share on the Nigerian Stock Exchange (NGX). MTN began the year with a share price of 264.00 NGN but has since lost 16.7% off that price valuation, ranking it 136th on the NGX in terms of year-to-date performance.
MTN Nigeria is the 29th most traded stock on the Nigerian Stock Exchange over the past three months (Feb 6 – May 10, 2024). MTNN has traded a total volume of 146 million shares—in 24,414 deals—valued at NGN 32.7 billion over the period, with an average of 2.32 million traded shares per session. A volume high of 11.9 million was achieved on May 8th, and a low of 149,749 on May 2nd, for the same period.
GTCO • 41.45 ▴ 1.45 (3.63%)
The current share price of Guaranty Trust Holding (GTCO) is NGN 41.45. GTCO closed its last trading day (Friday, May 10, 2024) at 41.45 NGN per share on the Nigerian Stock Exchange (NGX), recording a 3.6% gain over its previous closing price of 40.00 NGN. Guaranty Trust Holding began the year with a share price of 40.50 NGN and has since gained 2.35% on that price valuation, ranking it 66th on the NGX in terms of year-to-date performance. Investors should, however, take caution of GTCO’s recent bad performance, having lost 10% of its value in the past four weeks.
Guaranty Trust Holding is the fourth most traded stock on the Nigerian Stock Exchange over the past three months (Feb 6 – May 10, 2024). GTCO has traded a total volume of 2.07 billion shares—in 27,738 deals—valued at NGN 85.9 billion over the period, with an average of 32.8 million traded shares per session. A volume high of 245 million was achieved on April 30th, and a low of 3.11 million on March 4th, for the same period.
ZENITHBANK • 34.00 0.00
The current share price of Zenith Bank Plc (ZENITHBANK) is NGN 34.00. ZENITHBANK closed its last trading day (Friday, May 10, 2024) at 34.00 NGN per share on the Nigerian Stock Exchange (NGX). Zenith began the year with a share price of 38.65 NGN but has since lost 12% off that price valuation, ranking it 129th on the NGX in terms of year-to-date performance. Shareholders’ worries are compounded by the fact that ZENITHBANK has lost 18% of the stock’s value from April 8th to date.
Zenith Bank is the sixth most traded stock on the Nigerian Stock Exchange over the past three months (Feb 6 – May 10, 2024). ZENITHBANK has traded a total volume of 1.78 billion shares—in 36,391 deals—valued at NGN 68.8 billion over the period, with an average of 28.3 million traded shares per session. A volume high of 162 million was achieved on April 4th, and a low of 6.93 million on February 15th, for the same period.
By: Babajide Okeowo
The post MTNN, Zenith Bank, GTCO, Julius Berger top list of stocks to watch this week appeared first on Latest Nigeria News | Top Stories from TVN.
MTNN, Zenith Bank, GTCO, Julius Berger top list of stocks to watch this week
Nigerians naive to understand Tinubu’s ‘renewed hope’ – Fada Oluoma
Famous Nigerian Catholic priest, Rev Fr Chinenye Oluoma has suggested that Nigerians were obviously too naive to understand President Bola Tinubu’s renewed hope agenda.
Oluoma, who likened hope to anaesthetics, said anesthetics was meant to numb the pain while the real life saving surgery takes place.
In a post on his Facebook page on Sunday, the cleric lamented that naira, the nation’s currency, was strongly resisting every effort to keep it below N1500 naira per dollar under the current government.
Oluoma noted that a loaf of bread that sold for N500 now sells for N1200 naira, while commodity prices have doubled, tripled and quadrupled as the case may be.
According to him, “Hope doesn’t put food on the table, hope doesn’t pay school fees, hope doesn’t pay hospital bills, hope doesn’t pay house rent (which landlords increase indiscriminately and govt ignores infamously); Hope will not create jobs or make electricity supply constant.”
He continued, “The problem here is that successive governments in Nigeria keep administering large doses of anaesthetics to us without carrying out any curative surgery. Maliciously increasing the dosage and frequency once we wake up from the effect of previous dosage.
“At worst, hope is an opium, a psychic drug that makes you feel okay and patient, maybe even comfortable with all the things going wrong.
“It sedates you but doesn’t change your condition. So, Tinubu offered us hope not jobs, not improved earnings, not stable electricity or buoyant economy, he offered us hope and we bought it”.
Speaking further, Oluoma opined that ‘hope’ shouldn’t be what politicians offer its citizens, adding that it should be left for clerics.
He stressed that a government should offer job opportunities, not hope of jobs
“Hope shouldn’t be what politicians offer its citizens, it should be left for clerics like my humble self. A government should offer job opportunities, not hope of jobs.
“A government should offer security, power, housing, affordable health care, education and not hope for these things. Why is Nigeria the place where politicians preach like clergy men and clergy act like politicians?
“While the former offer hope, the latter promise jobs, prosperity and other material well being they are in no position and have no capacity to give. What in God’s blue planet is going on with governance in Nigeria?
“As long as the purchasing power of the poor masses keep nose diving and the prices of basic goods and services keep skyrocketing further beyond their reach, what we have is nothing but ‘Renewed Shege’.
“Each administration will always leave our currency weaker than the previous one, a recurring decimal. One administration shows us Shege, another one comes and renews it and we keep dying gradually in hope. Let the poor citizens of Nigeria breathe, please.”
Nigerians naive to understand Tinubu’s ‘renewed hope’ – Fada Oluoma
Lagos Govt vows to clamp down on illegal real estate firms
The Lagos State Government has vowed to clamp down on unregistered individuals and organisations engaging in real estate activities in the state.
Lagos State Commissioner for Housing Moruf Akinderu-Fatai disclosed this at a recent 2024 Ministerial Press Briefing.
Akinderu-Fatai warned that illegal real estate agents will face legal consequences for non-compliance with the Lagos State Real Estate Regulatory Authority registration requirements.
He said the warning became imperative to instill sanity and ensure fraud-free real estate business in the state.
He advised state residents to be mindful of real estate agents they do business with to avoid falling victim to fake and dubious estate agents.
“It is also essential to request that we spread the warning across every platform that it is an offence for an individual and organisation to engage in real estate business in Lagos State without being registered with LASRERA. Let us act responsibly and follow the path of the law.
“I want to seize this opportunity to raise awareness on the need for residents not to fall victim to fake and dubious Estate agents and to patronise the registered real estate individuals and organisations,” he declared.
Lagos Govt vows to clamp down on illegal real estate firms
Abia PDP, Concerned Pensioners clash over cleared arrears
The Peoples Democratic Party, PDP, Abia State chapter has again picked holes in the clearance of pensions owed retired workers in the state by Governor Alex Otti, alleging that pensioners were tricked in forefeating most part of the backlog.
In a press statement by Amah Abraham, the Vice Chairman and acting Publicity Secretary of the Abia PDP, he alleged that the actual number of months paid by the Governor did not tally with the actual number of months that the state owed the retirees.
According to Amah, the position of the PDP was based on the outcome of the enlarged executive council-in-session of the Abia state chapter of the National Pensioners Union, NUP, concerning their outstanding pensions.
Amah, while saying that former Governor Okezie Ikpeazu paid 51 months and owed 45 months of pensions during his 8 years of administration, said that it was wrong for the present administration in Abia state to say that it cleared 9 or ten years of pensions arrears.
But a group of retired workers known as Concerned Abia Pensioners has drummed support for Governor Alex Otti, saying that he cleared their pensions arrears.
The Concerned pensioners, who staged a city wide celebration in the streets of Umuahia before terminating their jubilation in front of Abia State government house last week, said they were satisfied with what Governor Otti did.
Led by Emeka Okezie, the Concerned Abia Pensioners, who were dressed in white attires, berated those criticising Governor Alex Otti and also used the occasion to thank him for paying full pensions in April, as he had earlier promised.
“We are in solidarity march in support of the Governor for what he is doing everywhere in the entire state and to alleviate the sufferings of pensioners, paying us our arrears of pensions and full payment this April.
“We are praying for him and nobody will try to tarnish his image. God will not allow that,” Okezie said in front of Abia government house.
Abia PDP, Concerned Pensioners clash over cleared arrears
Boniface helps Leverkusen go 50 games unbeaten
Super Eagles forward Victor Boniface was on target for Bayer Leverkusen in their 5-0 victory over Bochum in a Bundesliga game on Sunday.
With the win, Leverkusen have now gone 50 games unbeaten.
The Xabi Alonso side who are already champions of the German topflight are now within one game of completing the first part of an invincible treble.
Read Also: Missing AFCON my most painful career moment —Boniface
If Leverkusen avoid defeat in their final league game of the season – at home to Augsburg next Saturday – they will become the first team to go through a Bundesliga campaign without tasting defeat.
Bayern Munich lost just once in their title successes of 1986-87 and 2012-13.
After next weekend, Leverkusen will also face Serie A’s Atalanta in the Europa League final in Dublin on 22 May.
They will then play in the German Cup final against Kaiserslautern in Berlin three days later.
The post Boniface helps Leverkusen go 50 games unbeaten appeared first on Latest Nigeria News | Top Stories from TVN.
Rivers crisis: Tinubu can only wish you well – Falana to Wike, Fubara
A human rights lawyer and Senior Advocate of Nigeria, SAN, Femi Falana, has said President Bola Tinubu’s intervention in the political crisis rocking Rivers State is “extra-legal”.
TVN reported that President Tinubu at some point waded into the crisis involving Governor Siminalayi Fubara and the Federal Capital Territory minister, Nyesom Wike.
His intervention led to a peace pact between the parties late last year, a move that was meant to calm the situation in the State.
But Falana said there was no provision outside of the law to resolve the political crisis.
“I think the President’s intervention in the Rivers political crisis is not backed by any provision of the Constitution mind you,” he said on Channels Television’s Sunday Politics.
“It’s an extra-legal measure towards the restoration of law and order in that state.
“The President can only wish them well. And if they have taken their battle to the court of law, they just have to follow through and allow the law to take its course. That is what the rule of law is about under a democratic dispensation.
“There is no provision outside the law and that point has to be made abundantly clear to those involved in the crisis in Rivers State,” he said.
Rivers crisis: Tinubu can only wish you well – Falana to Wike, Fubara
Economy: Don’t give up on Tinubu govt – APC chieftain, Oyintiloye appeals to Nigerians
A chieftain of the All Progressives Congress, APC, in Osun State, Hon. Olatunbosun Oyintiloye has appealed to Nigerians not to give up on the administration of President Bola Tunubu.
Oyintiloye made the appeal while speaking with journalists on Sunday in Osogbo.
While assuring that Tinubu being a true democrat would fulfil all his electoral promises for the prosperity of Nigerians, Oyintiloye added that various economic policies by the president, such as fuel subsidy removal, unification of naira, among others, which may have created a bit of discomfort, would form a strong foundation upon which a prosperous Nigeria would be built.
The former lawmaker said although it was obvious that Nigerians were presently experiencing economic hardship, there was hope for a better and prosperous future.
“There is no doubt that Nigerians are facing hard times, but this is not deliberate, nor a sign of failure on the part of the president.
“For us to enjoy a prosperous Nigeria, we must be ready to sacrifice a little and that is what is currently happening.
“Mr President meant well for Nigerians. He will not gain anything deliberately by inflicting pain on Nigerians.
“All the economic policies put in place by the president that are causing the pains are actually meant to strengthen our economy.
“Don’t give up on the president. He will do better and he will continue to improve on the welfare of Nigerians,” he said.
Hinting that the Tinubu administration inherited a bad economy when he came to power, he said to fix it for the benefit of Nigerians would require patience.
He said the various interventions the president have been putting in place were necessary towards revitalising the country’s economy.
He said the revitalisation would be achieved through priority areas such as quality agricultural practices, a robust marketing system, quality health system, education, improved electricity, and tackling of corruption.
“Government will continue to strengthen our economy by investing in industries and promoting local production, developing the agricultural value chain, which will help reduce our dependence on imports and crude oil,” he said.
Oyintiloye, however, appealed to leaders of the opposition party to guard against utterances and narratives capable of polarising the country.
Economy: Don’t give up on Tinubu govt – APC chieftain, Oyintiloye appeals to Nigerians
Shettima justifies Tinubu’s tax reforms, says they were initiated to benefit Nigerians
Vice-President Kashim Shettima has justified the tax reforms of the President Bola Ahmed Tinubu’s administration, saying they are meant to benefit Nigerians and not frustrate the economy.
The Vice President, according to a statement issued by his Senior Special Assistant on Media and Communication, Stanley Nkwocha, stated this at the close-out retreat of the presidential fiscal policy and tax reforms committee on Saturday in Abuja.
Represented at the event by the Special Adviser on General Duties in the Office of the Vice President, Shettima said the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction Nigeria was headed.
He said: “Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment.”
READ ALSO:Shettima off to Dallas to attend 2024 US-Africa Business Summit
He expressed confidence in the tax reforms committee’s ability to execute its mandate, noting the significant shift from planning to implementation.
The Vice President said the federal and state governments are ready to facilitate the effective execution of the committee’s reforms.
He reiterated the government’s commitment to providing the institutional support needed to integrate these proposals with the administration’s broader economic strategy.
By: Babajide Okeowo
The post Shettima justifies Tinubu’s tax reforms, says they were initiated to benefit Nigerians appeared first on Latest Nigeria News | Top Stories from TVN.
U.S Govt, FCMB enter partnership to strengthen Nigeria’s health sector
At a ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria, the U.S. Agency for International Development (USAID) Mission Director Melissa Jones affirmed the U.S. government’s commitment to strengthen Nigeria’s health sector and private sector resilience with a new partnership agreement.
Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans. The new partnership will assist FCMB to expand access to finance for underserved borrowers, underserved borrowers and MSMEs in the health sector in Nigeria, the health sector, and micro, small and medium-sized enterprises throughout Nigeria.
“I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities. First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation,” said FCMB Managing Director, Mrs Yemisi Edun.
“As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, including micro and small and medium enterprises, in the health sector., and thereby stimulate economic growth,” said Mission Director Melissa Jones. “In addition to supporting FCMB’s increased lending in the health sector, we are committed to work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships.”
READ ALSO:FCMB Group’s profit rises 192.6% in Q1 2024
This partnership is intended to boost the following key areas:
Loans in the Healthcare Sector: Loans will be used to support businesses in the following areas: hospitals, health centres, clinics, diagnostic centres, pharmacies, maternal health facilities, procurement of medical equipment, construction and renovation of health facilities.
Loans to SMEs: The bank’s focus will include financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for small and medium sized enterprises.
For more information contact the Development Outreach and Communications Team at Abujadoc@usaid.gov
ABOUT USAID: USAID leads international development and humanitarian efforts to save lives, reduce poverty, strengthen democratic governance, and help nations progress beyond assistance. In Nigeria, USAID supports humanitarian assistance, health systems strengthening, transparent and accountable governance, basic education, and a more market-led, trade-friendly economy. For more information about USAID and its programs, please visit www.usaid.gov/nigeria and follow us on Facebook and Twitter @USAIDNigeria.
About DFC: The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
About First City Monument Bank: A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as Group Chief Executive. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets.
The post U.S Govt, FCMB enter partnership to strengthen Nigeria’s health sector appeared first on Latest Nigeria News | Top Stories from TVN.
UTME: Stakeholders divided over abysmal performance of candidates
Mixed reactions have trailed the abysmal performance of candidates in the 2024 Unified Tertiary Matriculation Examination, UTME, as reflected in the recently released result.
The Joint Admissions and Matriculation Board, JAMB, had disclosed that out of over 1.8 million candidates who sat for the UTME nationwide, only 8,401 managed to score 300 and above, while a significant majority of 1,402,490, fell below the 200 benchmark.
This revelation has sparked widespread concern.
Findings by TVN revealed that over 70 percent of those that sat for the exam did not score up to 200.
The examination body said a total of 1,989,668 million candidates registered for the examination in 118 towns and over 700 centers across the country.
A breakdown of the candidates’ performance revealed thus:
1,989,668 candidates registered for the examination. 80,810 candidates were absent for the exercise. 64,624 results were withheld. 8, 401 candidates scored 300 and above. 77,070 candidates scored 250 and above. 439,974 candidates scored 200 and above. And lastly, 1,402,490 candidates scored below 200.
Students, parents, and other stakeholders have taken to various platforms to accuse JAMB of orchestrating the mass failure.
However, some Nigerians are of the opinion that the dismal performance of the students calls for national emergency and immediate national action to save the education sector.
Speaking to TVN, a public affairs analyst, Benedict Onoja, blamed the system for the receding performance of students in external examinations.
He said that students no longer go through Senior Secondary School 3.
According to her, “As soon as they get to SS1, their parents would begin to ask them to sit for the West African Examination Council, WAEC, examination.
“Their parents would be pushing them to jump classes and go to the levels they are not ready for, by virtue of age and maturity to assimilate more than their capacities.
“Such parents are only concerned about having their children in the university at the tender age of 16; they do not want to care about their maturity.
“We see parents do all manner of unethical things to have their children pass examinations. We have lost our values as a people.”
Another public affairs commentator, Mike Divine Akor, said that the decline in academic standards was due to systemic issues within the education sector.
He slammed the federal government’s inconsistent policies and JAMB’s decision to lower admission cut-off marks, stressing the adverse impact on educational was worrisome
“The decline in JAMB performance is primarily due to regulatory weaknesses,” Akor opined, seeking for a holistic overhaul of educational governance and increased investment in teacher quality and curriculum stability.
Also speaking, a political scientist, Anthony Ameh, said the problem with the education sector in Nigeria was multifaceted.
He told TVN, “Many things can be the cause for the failure, but when you look around you will realize that the country is troubled; parents are abandoning their responsibilities because of the harsh economy.
“There is no light for the students to read when they get home, even food is difficult to get. What is the federal government budget for education this year?
“The government is not serious, many schools in the rural areas don’t have common benches for students. Teachers are poorly paid. I don’t think this government is serious about doing anything in that regard,” he said.
He also stated that parents were to blame for the poor performance of students, lamenting the inability of most parents to supervise their children at home.
“Nigerian parents must search their conscience. What are you doing to contribute to the academic success of your children? Do you let them spend hours on TikTok and Instagram or mess around all day?” He asked.
Speaking to TVN, some candidates, however, blamed the poor performance in the UTME on technical glitches.
Some claimed that technical difficulties such as computer malfunction, poor internet connections, and power outages led to their poor outing in the UTME.
While sharing his experience, one of the candidates, who simply gave his name as James said, “My own system went off midway into English Language and the invigilator ignored me and it never came on. But I’m grateful to God, I scored 233.”
Another candidate, Funmi, stated, “My system failed but later came up. I tried my best and I scored 251. I’m not happy because JAMB has dealt with me and quashed my chance of studying my desired course.
“I give thanks to God in all situations. I can go for an alternative course if that’s the wish of God.”
Another candidate, Paul Okpe said, “My system shut down 30 minutes to the end of the examination. I was thrown off balance and the questions I knew the answers to just went away. It took me time to adjust.”
On her part, a candidate who simply gave her name as Joy, lambasted the examination body, stating that some centres lacked the necessary facilities.
Speaking to TVN, JAMB’s Public Relations Officer, Fabiam Benjamin, said that they give everybody equal opportunity.
“He said, our examination is a selection examination. It is not about performance but in any case, if you are looking at it from the comparative basis, this year’s performance is better than last year, 2022 and of course, 2021’s own.
“There was a time in 2013 that the percentage of candidates that scored above 200 was 10%. So, if you look at it on that basis, the performance this year is better than what it used to be,” he said.
Responding to some students who blamed the poor performance on technical glitches, Benjamin said, “Of course I would not not say the whole exercise was rosy without any problems.
“In the entire centres where the examinations were written, there would be one or two problems encountered, but we were able to resolve the issue almost immediately.
“I know that those of them that did not do well in the examination would have one excuse or the other to justify their failure. Only the person who did well would say there were no problems.”
According to him, the Board always evaluates and re-evaluates itself at the end of every exercise to discover possible loopholes that need correction.
“If you look at our processes year in year out, you see that there are improvements because we sit down and do a review.
“At the moment, we are even doing a review and looking at areas of complaints where candidates had issues and to correct them,” he said.
UTME: Stakeholders divided over abysmal performance of candidates