Investors in Nigerian equities market enjoyed a mixed feelings trading week on the floor of the NGX following a loss of N107bn in the just ended trading week.
The bourse recorded losses in three of the five trading days gaining on two trading days as the equities market felt the impact of then#EndBadGovernance protests.
The market capitalisation fell by N107.7bn to N55.50tr from the N55.61trn in the previous week.
Similarly, the All-Share Index (ASI) fell by 2.33% to close at 97, 745.73 from 98, 201.49 points recorded the previous week.
The equities market began the week on a positive note on Monday, July 29, 2024 as investors gained N111bn at the end of trading session.
It went downhill from there.
On Tuesday, July 30, 2024 the equities market reversed the gain made on Monday as investors lost N171bn at the end of trading session
It was the same on Wednesday, July 32, 2024 as investors recorded a loss of N32bn.
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On Thursday, August 1st, 2024 investors also lost N235bn at the end of trading session.
The equities market closed the week with a profit on Friday, August 2, 2024 as investors gained N219bn at the end of the trading session culminating in a total loss of N1.32tn for the just ended week.
A total turnover of 3.393 billion shares worth N52.304 billion in 44,814 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.557 billion shares valued at N47.220 billion that exchanged hands last week in 42,871 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.875 billion shares valued at N36.995 billion traded in 23,791 deals; thus contributing 84.73% and
70.73% to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 141.927 million shares worth N6.698 billion in 4,476 deals. The third place was taken by the Consumer Goods Industry, with a turnover of 97.306 million shares worth N4.047 billion in 4,179 deals.
Trading in the top three equities namely Fidelity Bank Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) accounted for 2.099 billion shares worth N28.215 billion in 7,603 deals, contributing 61.87% and 53.94% to the total equity turnover volume and value respectively.
PRESCO recorded the biggest share price increase from N383.00 at the beginning of the week to N441.00 gaining N58 followed by TOTAL which increased its share price from N388.90 to N427.70 gaining N38.80 in the process.
OKOMU OIL also increased its share price by N29.20 from N292.00 to N321.20.
On the flip side, NESTLE recorded the biggest decline in share prices losing N90.00 to close the week at N830.00 from the N920.00 it started the week on followed by UCAP which shed N26.80 and ended the week on N12.15 from N38.95 at the start of the week.
NASCON also shed N4.50 to close at N29.50 from N34.00 at the beginning of the week.
By: Babajide Okeowo
The post NGX WEEKLY ROUNDUP: Investors lose N107bn as equities market buckles under #EndBadGovernance protests appeared first on Latest Nigeria News | Top Stories from TVN.
NGX WEEKLY ROUNDUP: Investors lose N107bn as equities market buckles under #EndBadGovernance protests
Nationwide protests: APRA stands with Nigeria, urges continuous dialogue
The African Public Relations Association (APRA) has expressed unequivocal solidarity with the government and the people of Nigeria as the protest embarked upon in response to the rising costs of living entered its second day.
“We call for sincere and continuous dialogue to ensure speedy resolutions of the issues that led to the protests,” a statement signed by Arik Karani, President, APRA, said.
It noted that protests and advocacies for improved social conditions were central to democratic practice.
“Indeed, democracy dies without a guarantee of civil liberties,” it added.
APRA commended the Nigerian government for its expressed guarantee and non-aversion to the expression of the right to protests by citizens and the actions it has taken to prevent the escalation of the crisis.
It however, noted with “concerns the reported death of persons – including citizens and security forces, injuries to many persons, looting of business assets, theft of equipment and other resources in public utilities – including telecommunication infrastructure, food processing companies as well as instances of destruction and arson that have resulted from the first day of protests.”
“APRA’s commitment to seeing Africa prosper requires that we condemn the unjustifiable death of citizens and security personnel as well as looting and vandalism of infrastructure emplaced to improve the quality of life of the people.
“Therefore, we call on all actors – state and non-state – to stop the hostilities and the outrage. In their stead, APRA advocates continuous dialogue and sincere conversations to ensure quick and concrete resolutions of the issues.
“We call on the government of Nigeria, including subnational entities, to work with all stakeholders and restore normalcy to the nation. Nigeria is central to Africa’s vision for the progress and development of the continent.
“APRA shares in the grief of families that have lost their members in the ongoing crisis and pray for the repose of the souls of the departed.
“We wish those recuperating from injuries a speedy and complete recovery and hope that institutions and persons that have lost properties will be supported to recover quickly and return to business to support the government’s effort to reflate the Nigerian economy,” it added.
Nationwide protests: APRA stands with Nigeria, urges continuous dialogue
Being Igbo becoming tough in Nigeria – Nnamdi Kanu’s lawyer, Ejimakor
The lead counsel of Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, Aloy Ejimakor, has said it’s becoming tougher being Igbo in Nigeria.
Ejimakor was reacting to the IgboMustGo threat against the people of the South-East.
TVN reported that there are calls on social media trending under the hashtag #IgboMustGo on X, demanding the forced relocation of Igbo people from Lagos and other Southwest states.
An X handle, which is known for its anti-Igbo comments and posts, urged Igbos residing in Lagos State to vacate their land.
Commenting, former Vice President of Nigeria, Alhaji Atiku Abubakar declared that it was not only divisive but also endangered peace and security.
Reacting to the trend, Ejimakor said Kanu’s continued detention was evidence that being Igbo is becoming tough in Nigeria.
Posting on X, Ejimakor wrote: “It’s getting tougher being #Igbo in Nigeria. The best evidence is the continued detention of MAZI NNAMDI KANU.”
Being Igbo becoming tough in Nigeria – Nnamdi Kanu’s lawyer, Ejimakor
Police confirm kidnap of LG boss in Kogi
The Nigerian Police force has confirmed the abduction of the Chairman, Transition Committee of Kabba/Bunu Local Government, Hon. Zacheous Dare Michael in Kogi State.
TVN had earlier reported that Michael and other members of his entourage were kidnapped on Friday evening by unknown gunmen along Kabba-Okene expressway in Kogi State.
The Kogi State Police Public Relations Officer, SP William Ovye Aya, who confirmed this to TVN on Saturday morning, said the Commissioner of Police had deployed officers to rescue the kidnapped victims.
“It was yesterday in the night I received the information that the Chairman, Transition Committee Kabba/Bunu Local Government, Hon. Zacheous Dare Michael has been kidnapped along the road.
“The Commissioner of Police in Kogi State, Bethrand Onuoha has made a deployment already.
“Other security agencies, such as the military, Department of State Services, (DSS), Local Vigilantes and hunters are collaborating with the Police to ensure that he is rescued unhurt,” Aya noted.
TVN reports that Michael is contesting for the chairmanship position under the ruling All Progressives Congress, (APC) in the forthcoming Local Government election slated for October 19, 2024.
Police confirm kidnap of LG boss in Kogi
Obey court order on venue restriction, Kwara police tell protesters
The Kwara State Police Command has warned those wishing to join the ongoing #EndBadGovernanceInNigeria protest to comply with the recent court order restricting the protest to the Metropolitan Square, Asa Dam Road, Ilorin, the state capital.
In a statement signed by the Police Public Relations Officer, Ejire-Adeyemi Toun, on behalf of the state Commissioner of Police, Mr Victor Olaiya, on Friday, the Command said the warning was necessary to prevent the protest from being hijacked by miscreants, as has happened in some other states.
“It is evident that the protests in states like Niger, Borno, Kano, and Yobe have been hijacked, resulting in the loss of lives and properties.
“Citizens wishing to exercise their franchise must comply with the recent court ruling in the state,” the police said.
The statement added that the General Post Office and other venues, apart from the one designated by the Court, were not appropriate places to hold any rally or protest.
“We urge all groups to follow the court ruling, which stipulates that protests must take place at the Metropolitan Square along Asa Dam Road. The Post Office is not an approved location for such gatherings,” it said.
It also urged the protest leaders to meet with the state Commissioner of Police to discuss security measures for the safety of participants in the protest.
“We also request that protest leaders meet with the Commissioner of Police to strategise on security measures and ensure the safety of all participants.
“Your cooperation is essential towards maintaining public order and safety in the state,” the police said in the statement.
According Online reports that a Kwara State Magistrates Court ordered the restriction of organisers of the August 1-10 hunger protest in the state to the Metropolitan Square in Ilorin, the state capital.
Granting an ex parte order on Wednesday, July 31, 2024, the Chief Magistrate, Jibril Salihu, who presided over the court, agreed with the State Attorney-General and Commissioner for Justice, Ibrahim Sulyman, that such a protest could degenerate into violence if protesters are allowed to do as they wish.
Kogi partners police trust fund to develop barracks
Kogi State Governor, Usman Ododo, has announced that the state government will partner with the Nigeria Police Trust Fund to address the challenges of accommodation and logistics faced by officers and men of the state police command.
Ododo stated this when he received the Executive Secretary of the Nigeria Police Trust Fund, Mohammad Sheidu, on a courtesy visit to the governor at the Government House in Lokoja on Friday.
“The state government is committed to deepening its relationship with the Nigeria Police and other security agencies in an effort to guarantee the security of lives and property in the state.
“The provision of accommodation through the development of barracks and stations, as well as logistics such as vehicles and other facilities, are necessary to enhance the welfare and operational capabilities of the police in the state.”
While commending President Bola Ahmed Tinubu for identifying resourceful young Nigerians for strategic appointments like the Executive Secretary of the Nigeria Police Trust Fund, Ododo assured continued support from young Nigerians for the administration of the president.
He advised the Executive Secretary of the Nigeria Police Trust Fund to make the best use of the opportunity given to him by repositioning the Nigeria Police Trust Fund, promising to continue availing him of the support of his office as a brother and the Governor of his home state in the collective efforts to make Kogi State and Nigeria proud.
In his remarks, Sheidu commended the governor for his administration’s impactful policies and programmes, which he noted are making life more meaningful for the people of Kogi State.
He assured his willingness to ensure collaboration between the Kogi State government and the Nigeria Police Trust Fund towards enhancing the welfare and effectiveness of police officers and men to guarantee peace and security in the state and other parts of the country.
In July, the state government commissioned an office complex for the Police Quick Response Unit in Lokoja to enhance the operational efficiency of the state police command.
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Pyrates Confraternity not secret cult, says Soyinka
Nobel Laureate, Professor Wole Soyinka, on Friday, described corruption as a deadly cankerworm that lays great nations in ruins and puts the people at a great disadvantage.
Soyinka stated that without attitudinal change and the readiness of everyone to begin to do the right thing, winning the war against the mounting corruption challenge in the country would remain an impossible task.
The world-renowned scholar disclosed this at the 26th Annual Wole Soyinka Lecture organised by the National Association of Seadogs, otherwise known as Pyrates Confraternity, to mark the 90th birthday of Soyinka, who, alongside six other undergraduates of the University of Ibadan, founded the group in 1952.
The lecture, held at the June 12 Cultural Centre, Kuto, Abeokuta, had as its theme, “The Baby or the bathwater: Navigating the dark tunnels of systemic corruption to nationhood”.
Soyinka, while commenting on the lecture delivered by former governor of Lagos State, Mr Babatunde Fashola, said that the challenge of corruption was such that it ran from the top to the bottom in Nigeria, adding that only a collective decision would halt its deadly march in the country.
He said, “The particular aspect of this lecture that struck me is corruption. Corruption is not just when you exchange money; it is a cankerworm that eats deep into the fabric of society from the top to the bottom and corrupts our very nature, our very existence.
“And one aspect of the lecture emphasised that the cure for corruption begins from the inside. Yes, we can talk about institutions, government, and the exercise of power unfairly and inordinately to the disadvantage of the rest of the community as part of corruption, but ultimately, the solution, both short-term and long-term, must begin from the inside, and this is one of the motives for establishing the Pyrates Confraternity 62 years ago.”
Soyinka also used the medium to disabuse the minds of the people regarding misconceptions about the Pyrates Confraternity, saying that the registered association is not a blood-thirsty secret cult but an association founded to push for justice and advance the betterment of the country.
Soyinka, alongside the former Secretary-General of the Commonwealth, Chief Emeka Anyaoku, later unveiled a book “Ship Ahoy,” written to document the 60-year history of the confraternity.
Giving his lecture earlier, Mr Babatunde Fashola, the former two-term Minister of Works and Housing, described Soyinka as not only a gift to the country and the continent but to the entire civilisation.
Speaking on the theme of the lecture, Fashola maintained that while corruption in terms of pecuniary gains is undoubtedly condemned, the worst form of corruption is that which has displaced our highly cherished moral values and has therefore corrupted the people’s ways of life.
He said, “When I was in office as a minister, the Federal Road Safety Corps usually made copies of the monthly reports on road crashes available to me. The report is actually for the office of the Secretary-General of the Federation, but I used to get a copy.
“In October 2022, a total of 1,111 road crashes were reported across the country, out of which 449 people died, representing six per cent of 6458 people involved in the accidents, with 2780 injured.
“The analysis showed a three per cent decrease when compared with the previous month but a 10 per cent increase when compared with the figure for October 2021.
“This goes to show that an average of 400 people are lost monthly to road crashes in the country, but I doubt if the insecurity which is always an issue during campaigns is responsible for such a huge loss of lives every month in the country.”
Gunmen kidnap Kogi LG chairman
The caretaker chairman of the Kabba-Bunu Local Government Area of Kogi State, Zacchaeus Michael, has been kidnapped by gunmen.
The state Police Public Relations Officer, William Aya, confirmed this on Saturday.
Aya told our correspondent that the caretaker chairman was kidnapped on Friday night along Kabba-Okene Road in the Kabba area of the state.
“Yes, I got the information. The state Commissioner of Police, Bethrand Onuoha, has already deployed officers for a search-and-rescue mission. We are on top of the situation,” he said.
Sources who spoke on condition of anonymity due to the sensitivity of the matter said that Michael was abducted alongside some of his aides.
One of the sources said, “Reports indicate that CTC Kabba/Bunu Chairman, Zacchaeus Dare Michael, and some of his aides have been kidnapped by gunmen on the Kabba-Okene Expressway in Kabba.
“Authorities are seeking any credible information that may aid their safe rescue.
“I urge everyone to pray for their immediate and safe release, asking for divine intervention and protection during this critical time.”
Details later…
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EndBadGovernance: Amnesty International condemns arrest of 13
Amnesty International has condemned in strong terms the alleged killing of 13 protesters by security personnel across Nigeria.
It described the development as “unjustified and unacceptable”.
In a statement on Friday, issued by its Country Director, Isa Sanusi, the organisation urged the Nigerian authorities to investigate the incidents impartially and effectively and ensure that security personnel suspected of responsibility for the alleged deadly use of force were held to account through fair trial.
The organisation noted the situations in Suleja, Niger State, where six persons were killed and dozens wounded, Maiduguri, where four persons were killed and Kaduna, where three other persons were killed.
It, therefore, expressed concern over the Nigerian authorities’ growing hostility to dissent and the relentless repression of the right to freedom of peaceful assembly.
The statement explained, “Our findings, so far, show that security personnel at the locations where lives were lost deliberately used tactics designed to kill while dealing with gatherings of people protesting hunger and deep poverty.”
It called on the Nigerian government to take concrete steps to address the impact of recent reforms on economic, social and cultural rights, including people’s rights to health and education, saying that all those arrested for taking part in the protest must be released immediately and unconditionally.
It added that authorities should also end the rampant violations of the people’s rights to peaceful assembly and freedom of expression.
EndBadGovernance: Amnesty International condemns arrest of 13
African Central Bank governors decry high borrowing costs
Central Bank Governors in Africa have expressed their concern over the rising cost of borrowing by African nations, stressing that the efficient development of the continent cannot be achieved at the current rates.
The governors, advocating a drastic cut in the cost of borrowing, said this position will be submitted at the forthcoming International Monetary Funds and World Bank’s annual meetings while canvassing for the adoption of a common position by the African continent.
The Governor, Bank of South Sudan, and Chair of the Monetary Affairs Committee for the East African Community, Dr James Garang, stated this in an interview with journalists at the sidelines of the 2024 African Caucus Meeting held on Friday in Abuja.
The African Caucus, established in 1963, aims to strengthen the voice of African Governors in the Bretton Woods Institutions on development issues pertinent to Africa.
Representing all 54 African countries, the Caucus meets twice yearly to consolidate views and convey them to the heads of the IMF and World Bank through a Memorandum.
In the first five months of this year, Nigeria’s debt servicing gulped about N2.2bn, data from the Central Bank of Nigeria revealed last month.
This is almost half of the $4.8bn projected for the entire year by Fitch Ratings in a report that predicted Nigeria’s external debt servicing would rise by $400m to $5.2bn next year.
According to the CBN International Payments Data, the FG spent the highest on debt financing in May at $854.36m, which is also the highest paid in a single month in the past year.
Addressing the issue of equitable financing, a stance supported by the governors of Central Banks from African nations, Garang emphasised that the forum needed to discuss equitable financing solutions considering the continent’s potential.
He said, “Equitable Financing is one of the issues that will be tackled in the memorandum and also in the declaration. There is a need to reform global financial architecture.
“It revolves around many things but I will just highlight three things. One is there is a need to reduce the cost of borrowing and enhance access to finance and also harmonise policies among ourselves and ensure that the voices of Africa are heard on the table.
“This is the point that we heard earlier, where Ambassador Amina Mohammed was talking about the G20. And also Ambassador Albert Muchanga of the EU Commission. They were talking about what can be done to ensure that Africa sits at the table where decisions around global financial architecture are met. So these are some of the things that are going to be coming up in the memorandum.”
He added that the forum will also focus on access to energy while seeking support from international lenders.
He also noted that the Central Bank governors from the African continent were concerned about the growing youth population and emphasized that an actionable plan would be developed to address this issue.
“The governors are very conscious about the level of unemployment today in the region and the continent. There is going to be a section in the memorandum that focuses on improving youth employment and opportunities across the board because we have not seen this not just for one country. The governors are very conscious and they will ensure that policies that focus on youth employment will be addressed.
“The other two things will of course be around issues that have to do with access to energy. And this is the area where the African Development Bank and the World Bank are taking the lead role to support the continent,” the governor added.