It was a missed results in the Nigerian equities market in the first trading for August.
The bourse lost in three of the five trading sessions as the benchmark All-Share Index (ASI) decreased by -0.46% to close the week at 97,745.73 points from 98,201.49 points the previous week.
Similarly, investors lost N107.7 billion as market capitalisation fell to N55.5 trillion from N55.6 trillion the previous week.
However, amidst the poor performance of the bourse, stocks like Presco, Total Plc, Okomu Oil and Oando still performed well, 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.
TOTAL • 427.70 ▴ 38.80 (9.98%)
The current share price of Total Nigeria (TOTAL) is NGN 427.70. TOTAL closed its last trading day (Friday, August 2, 2024) at 427.70 NGN per share on the Nigerian Stock Exchange (NGX), recording a 10% gain over its previous closing price of 388.90 NGN. Total began the year with a share price of 385.00 NGN and has since gained 11.1% on that price valuation, ranking it 60th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about TOTAL knowing the stock has accrued 10% over the past four-week period—16th best on NGX.
Total Nigeria is the 106th most traded stock on the Nigerian Stock Exchange over the past three months (May 3 – Aug 2, 2024). TOTAL has traded a total volume of 2.88 million shares—in 2,666 deals—valued at NGN 1.11 billion over the period, with an average of 45,638 traded shares per session. A volume high of 463,079 was achieved on June 11th, and a low of 624 on June 6th, for the same period.
READ ALSO:Airtel Africa, Access Corp, UCAP, NAHCO others top list of stocks to watch this week
OANDO • 25.30 ▴ 2.30 (10%)
The current share price of Oando Plc (OANDO) is NGN 25.30. OANDO closed its last trading day (Friday, August 2, 2024) at 25.30 NGN per share on the Nigerian Stock Exchange (NGX), recording a 10% gain over its previous closing price of 23.00 NGN. Oando began the year with a share price of 10.50 NGN and has since gained 141% on that price valuation, ranking it fifth on the NGX in terms of year-to-date performance. Shareholders can be optimistic about OANDO knowing the stock has accrued 49% over the past four-week period alone—best on NGX.
Oando is the 12th most traded stock on the Nigerian Stock Exchange over the past three months (May 3 – Aug 2, 2024). OANDO has traded a total volume of 820 million shares—in 19,194 deals—valued at NGN 13.5 billion over the period, with an average of 13 million traded shares per session. A volume high of 73 million was achieved on July 26th, and a low of 1.43 million on May 24th, for the same period.
PRESCO • 441.00 ▴ 28.00 (6.78%)
The current share price of Presco Plc (PRESCO) is NGN 441.00. PRESCO closed its last trading day (Friday, August 2, 2024) at 441.00 NGN per share on the Nigerian Stock Exchange (NGX), recording a 6.8% gain over its previous closing price of 413.00 NGN. Presco began the year with a share price of 193.00 NGN and has since gained 129% on that price valuation, ranking it sixth on the NGX in terms of year-to-date performance. Shareholders can be optimistic about PRESCO knowing the stock has accrued 25% over the past four-week period alone—seventh best on NGX.
Presco is the 81st most traded stock on the Nigerian Stock Exchange over the past three months (May 3 – Aug 2, 2024). PRESCO has traded a total volume of 23.9 million shares—in 6,118 deals—valued at NGN 7.6 billion over the period, with an average of 380,033 traded shares per session. A volume high of 3.09 million was achieved on May 6th, and a low of 8,829 on May 17th, for the same period.
OKOMUOIL • 321.20 ▴ 29.20 (10%)
The current share price of Okomu Oil Palm (OKOMUOIL) is NGN 321.20. OKOMUOIL closed its last trading day (Friday, August 2, 2024) at 321.20 NGN per share on the Nigerian Stock Exchange (NGX), recording a 10% gain over its previous closing price of 292.00 NGN. Okomu Oil Palm began the year with a share price of 260.00 NGN and has since gained 23.5% on that price valuation, ranking it 36th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about OKOMUOIL knowing the stock has accrued 10% over the past four-week period—15th best on NGX.
Okomu Oil Palm is the 95th most traded stock on the Nigerian Stock Exchange over the past three months (May 3 – Aug 2, 2024). OKOMUOIL has traded a total volume of 6.77 million shares—in 3,636 deals—valued at NGN 1.89 billion over the period, with an average of 107,426 traded shares per session. A volume high of 600,334 was achieved on July 19th, and a low of 1,929 on August 1st, for the same period.
By: Babajide Okeowo
The post Presco, Total, Okomu Oil, Oando, others top list of stocks to watch this week appeared first on Latest Nigeria News | Top Stories from TVN.
Presco, Total, Okomu Oil, Oando, others top list of stocks to watch this week
EndBadGovernance: You don’t have special market – Dino cautions security officers harassing protesters
Former gubernatorial candidate of the Peoples Democratic Party, PDP, in the last election in Kogi State, Senator Dino Melaye has cautioned security operatives against maltreating protesters.
There are reports that some Nigerian youths protesting against the high cost of living in Nigeria have been manhandled by the police and other security operatives.
Some protesters were allegedly gunned down on Saturday in Kano State after the EndBadGovernance protest turned violent.
Speaking on the matter, Dino Melaye in a post on X microblogging platform, expressed dissatisfaction in the security officers.
He urged the operatives to rescind from such duties, stressing that the economic downturn was affecting everyone, including them.
The post reads, “We all go to the same market, same filling station, spend the same naira, police and other security agencies have no special market or special filling station.
“Treat the people with respect. After all, they are your cousins, brother, sister, sons, or relatives”.
EndBadGovernance: You don’t have special market – Dino cautions security officers harassing protesters
Gov Mutfwang imposes 24-hour curfew on Jos, Bukuru metropolis
The Plateau State Governor, Caleb Mutfwang, has imposed a 24-hour curfew on Jos and Bukuru metropolis.
The curfew took effect from midnight on Sunday.
The decision was in response to reported cases of looting and violence by hoodlums in the Bauchi Road community and Zolo Junction.
The Director of Press and Public Affairs to the Governor, Gyang Bere, said in a statement on Sunday night the curfew aims to enhance security and maintain public order.
Governor Mutfwang condemned the actions of criminal elements who exploited the nationwide protest to unleash terror on innocent citizens, looting shops and restaurants, and urged everyone to comply with the curfew to ensure safety and well-being.
He warned those planning further violence to desist or face the full wrath of the law.
He directed security agencies to enforce the curfew and remain vigilant.
READ ALSO:Protesters hold church service at protest ground in Jos (Photos)
The statement read: “In a decisive move to enhance the security of lives and maintain public order, Plateau State Governor, Caleb Mutfwang,has imposed a 24-hour curfew on Jos/Bukuru Metropolis, effective from midnight on Sunday, August 4, 2024.
“Governor Mutfwang, in consultation with state security agencies, took this decision after reviewing the actions of unscrupulous individuals who exploited the nationwide protest to unleash terror on innocent citizens.
“The governor noted that these criminal elements, armed with daggers, machetes, and other dangerous weapons, broke into shops and restaurants along Bauchi Road and Zololo Junction, looting foodstuffs and other valuable items.
“Governor Mutfwang emphasized that the curfew is in the best interest of all citizens and urged everyone to comply fully to ensure the safety and well-being of all residents. He directed security agencies in the state to ensure the total enforcement of the curfew across the Jos/Bukuru Metropolis
“The curfew will be strictly enforced across the Jos/Bukuru Metropolis, and residents are advised to stay indoors and avoid any gatherings or movements during the 24-hour period.”
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‘A wishful thinking to expect succour from Tinubu’, Dele Momodu faults president’s address on protests
The publisher of Ovation Magazine, Dele Momodu, has criticised President Bola Tinubu’s Sunday broadcast, saying the speech lacked substance
In a post on his X handle on Sunday, the Peoples Democratic Party ( PDP) chieftain said the president failed to address key issues that led to the nationwide #EndBadGovernance protests that kicked off on August 1.
Momodu‘s criticism of Tinubu’s address followed similar knocks by prominent Nigerians including former Vice President Atiku Abubakar, Nobel Laureate, Prof. Wole Soyinka and former Minister of Education,Oby Ezekwesili, among others, who all believe the president’s address did not resonate with ordinary Nigerians.
The Ovation publisher said he did not really expect anything different from what the president reeled out because his media team would not tell him the true situation on ground.
He wrote:
“Fellow Nigerians, after the long awaited speech of PRESIDENT BOLA Tinubu eventually came this morning, I’m sure most of you would be as stupefied as me.
READ ALSO:12 key takeaways from Tinubu’s broadcast on nation-wide protests
“I must confess that I had little hope of Tinubu granting some concessions to the aggrieved Nigerians.
“As a man who has held iron grip on Lagos State in the last 25 years, it would be difficult for him to change a winning formula that has worked for him ever since.
“Also, what did we expect his advisers to be telling him when most of them have been his most fanatical cronies from Lagos who have learnt never to challenge the Master?
“So it was mere wishful thinking on the part of incurable optimists like me to think he was going to have mercy on hapless and seemingly helpless Nigerians.
“Just for academic purposes, let’s reel out what a sensitive leader, who craves the rightful position in posterity, would have done and said:
1. In view of the unprecedented suffering being experienced by Nigerians, we have decided to cut the cost of governance drastically.
Some Ministries will be scrapped and some Ministers, Permanent Secretaries and all redundant personnel would be eased out. No official cars would be procured anytime soon.
2. The number of aircrafts on our Presidential fleet will be reduced to maximum two. I offer sincere apologies that we went ahead to invest in luxury items at this bad times. We shall place immediate embargo on subsequent purchases.
3. Subsidy of petroleum products will be reviewed thoroughly to ascertain the genuine costs and true billing of the controversial payments.
While we hope to achieve this in maximum of three months, we shall revert to old prices within this period in order to reduce the heavy burden on our people.
We shall also escalate work on our existing refineries without which we shall be throwing away loads of resources. Nothing has stalled our refineries other than reckless corruption. This we are blocking immediately.
4. Instead of tasking civil servants and politicians to handle students loans and vocational grants, we shall engage reputable accounting firms and banks to set up modalities for credits and activate the disbursements…” – CHIEF DELE MOMODU
""Fellow Nigerians, good morning. After the long awaited speech of PRESIDENT BOLA Tinubu eventually came this morning, I'm sure most of you would be as stupefied as me. I must confess that I had little hope of Tinubu granting some concessions to the aggrieved Nigerians. As a man… pic.twitter.com/choaZdfdnH
— Dele Momodu Ovation (@DeleMomodu) August 4, 2024
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Ranking Nigerian Governors; July, 2024: #EndBadGovernance Protests, a damning verdict on state governance
Our Model
Ranking Nigerian Governors is a monthly publication by TVN dedicated to evaluating the performance of Nigerian governors.
Since its launch in August 2019, we have diligently assessed the policy decisions, actions, and impacts—both positive and negative—of state governors on their residents. Initially, we utilized a ranking system to highlight the Top 5 and Bottom 5 governors each month.
However, due to a decline in governance standards across the nation, we have refined our approach. Our updated methodology now emphasizes identifying significant achievements or failures of governors and providing a thorough assessment of governance quality.
While we recognize the challenges governors face, such as limited resources and increasing financial obligations, we assert that effective leadership can harness Nigeria’s rich natural and human resources to drive development.
A Look Back
In our previous issue, we scrutinized Governor Siminilayi Fubara’s tacit endorsement of violence during his confrontation with local government chairmen who, despite their expired tenures, were reluctant to vacate their offices. We also examined the Lagos State Government’s response to the cholera outbreak, concluding that it was slow, late, and lacked the proactive measures seen during the COVID-19 pandemic.
Additionally, we reviewed what we termed Governor Muhammed Umar Bago’s extravagant trip to Saudi Arabia with numerous state officials to celebrate Sallah, criticizing the misuse of scarce resources that could have been better allocated to address pressing needs within the state.
In Focus
The #EndBadGovernanceInNigeria protests that surged across the nation serves as a glaring indictment of the failures in state governance. The demonstrations, fuelled by widespread complaints of hardship and hunger, have brought to light the growing disconnect between state leadership and the needs of the populace.
Despite increased allocations from the Federation Accounts Allocation Committee (FAAC) and federal government initiatives aimed at alleviating poverty, many state residents find themselves facing severe economic difficulties.
The Catalysts: Hardship and Hunger
We acknowledge that the #EndBadGovernanceInNigeria protests erupted as a powerful outcry from Nigerians grappling with escalating economic hardships. The protests have been characterized by widespread claims of insufficient food, poor living conditions, and an overarching sense of disenfranchisement. Citizens have been expressing frustration over the inability of the government to address these pressing issues despite the federal government’s efforts to provide relief.
READ ALSO:Ranking Nigerian Governors, May 2024: Tactical errors, grave challenges define first year of ‘first-termers’
Federal Efforts and State Response
Since the beginning of the current administration at the centre, allocations to states through FAAC disbursements have exponentially increased. Additionally, programmes aimed at supporting agricultural productivity, such as the provision of fertilizer to help boost local food production and distribution of different kinds of grains to mitigate shortages, have been made available by the Federal government to the states. However, these federal interventions appear to have had minimal impact at the grassroots level.
Allegations of Diversion and Mismanagement
One of the most significant grievances attending the efforts of the Federal Government is the alleged diversion of resources intended for public welfare. Many state residents have accused their governors of misappropriating funds meant for essential services and relief programmes. Reports indicate that some governors have been implicated in diverting federal provisions, including rice and fertilizers, for personal or political gain rather than distributing them to those in need.
The performance of state governors has come under intense scrutiny as the protests highlight systemic failures. Despite receiving substantial funds and support from the federal government, many state governments have struggled to effectively implement policies that address basic needs. This discrepancy is evident in several areas:
1. Allocation and Utilization of Funds
Despite increased FAAC allocations, many states find it difficult in translating these funds into tangible benefits for their residents. Delays in infrastructure projects, lack of transparency in expenditure, and poor management of public resources have been cited as key issues.
2. Agricultural Support Programmes
Federal initiatives aimed at enhancing agricultural output have not yielded the expected results in many states. Reports of inadequate distribution of fertilizers and seeds, coupled with the lack of proper implementation of farming programmes, have left many farmers disillusioned.
3. Public Welfare and Basic Services
Protests have revealed significant shortcomings in the delivery of basic services such as healthcare, education, and social welfare. The lack of effective service delivery has exacerbated the sense of neglect among residents.
Looking Ahead: The Need for Reforms
The #EndBadGovernanceInNigeria protests underscore the urgent need for reforms in state governance. The inability of many governors to effectively manage resources and address the needs of their constituents has led to widespread disillusionment. Moving forward, there is a critical need for:
1. Enhanced Transparency and Accountability:
To restore public trust, there must be increased transparency in the management of state funds and resources. Effective monitoring and accountability mechanisms are essential to prevent corruption and mis-allocation.
2. Improved Implementation of Federal Programmes:
State governments must ensure that federal initiatives, such as agricultural support programmes, are properly implemented and reach the intended beneficiaries.
3. Strengthening of Public Services:
Addressing the deficiencies in healthcare, education, and social services is crucial for improving the overall quality of life for residents.
The #EndBadGovernanceInNigeria protests have served as a stark reminder of the failures at the state level of governance. The growing disconnect between state leadership and the needs of the populace, coupled with allegations of resource diversion, has fuelled widespread unrest. For Nigeria to move forward, concerted efforts to address these governance issues are imperative. Only through effective leadership, transparency, and accountability can the root causes of discontent be resolved, and meaningful progress achieved.
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Alleged Amotekun raid: Osun mechanic vows to seek legal redress
An Osogbo-based auto mechanic, Babatunde Oyetunji has stated that he intends to seek legal redress over alleged attack on his workshop by personnel of Osun Amotekun.
This is as he described as a blatant lie the statement credited to Osun Amotekun denying an attack on his workshop.
Oyetunji had alleged that his workshop in Osogbo was attacked by persons he identified as Amotekun Osun personnel last week Monday.
Meanwhile, the Osun Amotekun in a statement by its spokesperson, Yusuf Idowu on Saturday denied the allegation.
The security outfit called on the members of the public to disregard the allegation as it was a blatant lie.
“We have been made aware of a social media publication containing libelous allegations against the Osun Amotekun Corps, which we must correct to prevent the spread of misinformation.
“The publication falsely alleged that Osun Amotekun Corps invaded Oyetunji’s workshop on Ring Road, Osogbo, and stole vehicles and spare parts.
“We wish to inform the public that Osun Amotekun Corps was not involved in this act, and the news is entirely false.”
Reacting to the statement, Oyetunji said it has further confirmed the Amotekun Corps as an embodiment of propaganda.
While expressing disappointment, Oyetunji noted that the outright denial of the raid by Amotekun showed that the outfit was devoid of integrity, honour and dignity.
He said, “I have assembled my legal counsels and concluded plans to institute litigations against Amotekun.
“With this outright denial, I can say emphatically that the security outfit has now become an embodiment of propaganda.
“I am going to challenge the security outfit at a competent court of law.”
Oyetunji added that no effort would be spared to expose the dastardly act on his person and privacy by Osun Amotekun.
Alleged Amotekun raid: Osun mechanic vows to seek legal redress
Economic losses from #EndBadGovernance protests hard to estimate – Bagudu
The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, has decried the economic losses arising from the ongoing #EndBadGovernance protests in the country.
He, however, noted that the loss of human life in the protests far outweighs material damage.
The minister, who spoke at the African Caucus 2024 meeting in Abuja on Sunday, acknowledged that government measures aimed at transforming the economy may have short-term costs, but are necessary to address decades of under-investment in critical sectors.
He noted that while some may disagree with the government’s approach, the administration is working to address accumulated issues in security, infrastructure, human capital, education, and health.
READ ALSO:Protesters persist in Kano on Day 4 despite Tinubu’s plea
Bagudu said: “You can’t even put an estimate because somebody has lost his life. How can you quantify that?”
He cautioned that even well-intentioned actions can be hijacked by those with malicious intentions, leading to harm and social disruptions.
“I don’t have an estimate about the damage, but one life lost is big enough.
“The government took measures that it believed would yield a greater tomorrow.
“But sometimes those measures come with short-term costs, and understandably some segments of society feel that maybe we should have done things differently, or it has taken too long and we have listened, we are mindful,” he added.
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Gov Mbah, Umahi commend South-East residents for shunning nationwide protests
The Enugu State Governor, Peter Mbah and Minister of Works, David Umahi, on Sunday commended the people of the South-East for shunning the ongoing nationwide protests.
The duo spoke during an inspection tour of Federal and State road projects in the region.
They lauded the people for abstaining from the protests, citing avoidance of potential losses and demonstration of goodwill towards the Federal Government.
The leaders praised the region’s calm demeanor which prevented unnecessary risks to life, property, and business.
Governor Mbah expressed gratitude to the people for heeding the call to shun protests and focus on their daily activities.
He said: “I also want to take the opportunity to commend our people greatly for heeding our call to shun the protests and go about their business. We commend them highly because they understand the value of hard work.
READ ALSO:South-East monarchs beg for release of IPOB leader, Kanu
“Sometimes, you may not be able to appreciate the effect of government policies immediately, but I tell you that some of these policies are well-intentioned. With time, if we can just exercise a little more patience with the Federal Government, we are going to begin to see the value of these reforms.
“We want to continue to call on our people to go about their business and know that if they destroy our assets, we are still going to use the wealth of our common patrimony to fix those assets. So, we must remain focused and continue to do our work.”
On his part, Umahi noted that the South- East’s non-participation in the protests sent a strong message, signaling a desire for integration and appreciation for recent inclusive efforts by the Federal Government.
“We are not going to protest. We want proper integration in the affairs of this country. Bola Ahmed Tinubu, Mr President, started it by giving an Igbo man the Minister of Works, appointing an Igbo Man as a service chief, among others.
“We have been excluded from governance and development in the past. But now, you can see infrastructural developments in South-East. So, why should we protest against a man who has given to us what was never given to us before?
“I thank Governor Mbah very much for showing leadership not only in development strides but also when it mattered most. I appreciate other governors and other states that did not protest,” he stated.
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Kogi stagnated despite billions of allocation – Okai tackles Gov Ododo
Usman Okai Austin, the Peoples Democratic Party, PDP, House of Representatives candidate for Dekina/Bassa, Kogi State, in the 2023 elections, has criticized the state government for lack of development despite increased revenue from the federation account since President Bola Tinubu assumed office.
Okai said the growing resentment among the people of Kogi State was due to the perceived government’s insensitivity to their plight amid harsh economic conditions.
In a statement he signed, Okai attributed the people’s hardship to the removal of fuel subsidies and the subsequent surge in inflation.
He said: “Despite substantial revenue, citizens question the government’s spending.
“There’s no visible development in Kogi, unlike neighbouring states with similar allocations.”
He called for transparency and accountability, emphasizing the need to hold the government responsible for the mismanagement of public funds.
Okai also highlighted the plight of local government workers who receive partial salaries despite the state’s alleged financial windfall.
Comparing the current situation to the previous administration, Okai expressed concern over the state’s lack of progress under governor Bello’s leadership.
He urged for a change in governance to address the people’s needs.
Kogi stagnated despite billions of allocation – Okai tackles Gov Ododo
Families of trapped Niger miners threaten lawsuit over compensation
Over two months after a tragic mining pit collapse in Shiroro, Niger State, left an estimated 50 miners buried alive, the families and relatives of the victims are threatening legal action against the pit’s owners and the state government over lack of compensation.
The number of victims has been disputed, with authorities initially reporting 14 miners buried, while other stakeholders claim over 50 were affected.
Efforts to recover the bodies from the pit, estimated to be over 400 square meters deep, have been largely unsuccessful, with only partial remains being retrieved.
Suleiman Isah, a relative of one of the deceased miners, told newsmen that out of the 14 miners reportedly trapped, nine bodies had been recovered and buried, while the remains of five others, including the chief security officer, were still missing.
Isah expressed frustration over the lack of communication and action from both the company and the state government.
“This accident affected one of my brothers. We have not heard anything from either the company or the state government.
“It has been two months since the incident, and we still expect compensation,” Isah said.
He added that while there were rumors of possible compensation, the families were prepared to take legal action if no concrete steps were taken.
Families of the victims have criticized both the state and federal governments, as well as the mining company, for their inadequate response to the disaster.
They accused the authorities of relying on outdated tools and manual labour instead of utilizing more sophisticated machinery, potentially preventing the rescue of the trapped miners.
Abdusalami Kuta, another family member, voiced his disappointment with the government’s handling of the situation.
According to Kuta, his younger brother, Isiayku Kuta, is among those still trapped under the collapsed rock.
“This government has not been fair to us. We have been praying and hoping for a rescue, but now we believe they will never be found again,” he lamented.
Kuta stressed the importance of giving the victims a proper burial and called for the mining company to compensate the affected families, urging the government to ensure this happens.
Families of trapped Niger miners threaten lawsuit over compensation