The Nigerian equities market’s bearish run continued on Wednesday as investors lost N32 billion at the close of the day’s trading.
This followed the dip in the share prices of stocks like CUTIX, JULIUS BERGER, and NAHCO amongst others on the trading floor.
After five hours of trading at the capital market, the equity capitalization crashed to N55.51 trillion from N55.54 trillion by the bourse on Tuesday.
The All-Share Index (ASI) also decreased to 97,774.22 from 97,830.65 recorded the previous trading day.
The market breadth was negative as 27 stocks advanced and 28 declined, while 56 others remained unchanged in 10, 847 deals.
IMG, VERITASKAP, and UPL led other gainers with 10% growth each in share prices to close at N14.30, N0.99, and N2.42 from the previous N13.00, N0.90, and N2.20 per share.
READ ALSO: Investors lose N113bn amid suspension of stocks by NGX
On the flip side, CUTIX, JULIUS BERGER and NAHCO led other price decliners as they shed 10% each to close at N5.13, N13.50, and N35.10 from the initial N5.70, N15.00, and N39.00 per share.
On the volume index, VERITASKAP led trading with 45 million shares valued at N44.5 million in 192 deals followed by OANDO which traded 43 million shares valued at N1.11 billion in 1,238 deals.
UBA traded 35 million shares valued at N701 million in 783 deals.
On the value index, FIDELITY BANK recorded the highest value for the day trading stocks worth N14.04 billion in 332 deals followed by ZENITH BANK which traded equities worth N2.03 billion in 685 deals.
OANDO traded stocks worth N1.11 billion in 1, 238 deals.
By: Babajide Okeowo
The post NGX: Equities market extends bearish trend as investors lose N32bn appeared first on Latest Nigeria News | Top Stories from TVN.
NGX: Equities market extends bearish trend as investors lose N32bn
Reps in last-minute move to stop hunger protest
The Speaker of the House of Representatives, Tajudeen Abbas, has again appealed to organisers of the planned nationwide protest to embrace dialogue with the Federal Government to find solutions to the hardship being felt across the country.
Federal lawmakers, ministers, and highly-placed government officials have been appealing to the organisers to be patient with the government, stating that the policies being implemented by President Bola Tinubu-led government are bearing fruits gradually.
In his keynote address at the townhall meeting with youth groups at National Assembly Complex on Wednesday, Abbas reiterated his belief that dialogue and not protest, remains the key to addressing the challenges facing the country.
He said, “You have raised your voices, calling for an end to hunger, a reduction in the cost of living, an improvement in the minimum wage, and enhanced human capital development. These demands, though varied, converge on a single, powerful call for a better quality of life for all Nigerians.
“Our purpose today is not to intimidate, entice, buy off, or stifle your constitutionally enshrined powers of free expression. Rather, it is to create a formal avenue of regular engagement, ensuring that your voices are heard at the highest levels of government. My message to you today is that ‘your voice matters, and we are listening.’
“This government, under the leadership of President Bola Tinubu, listens, understands, and is committed to transforming Nigeria into a country that works for young people. The President has demonstrated this commitment through significant interventions.
“For instance, he approved a substantial intervention fund of N683bn for public tertiary institutions for the 2024 cycle, aimed at improving the quality of education. The establishment of the Nigeria Education Loan Fund through the Access to Higher Education Act, 2024, provides interest-free loans to students pursuing higher education and vocational training.”
He assured the youth groups of government’s readiness to alleviate the plight of the youths, saying, “Let me assure you that the government is acutely aware of the issues raised by our youths and has been actively working on multiple fronts to address them.
“Several agricultural initiatives have been launched to combat hunger, boost local food production, and reduce import dependency. Recent measures by the President on import waivers for food are all part of a broader strategy to ensure that no Nigerian goes to bed hungry.
“Additionally, the government has invested in modern farming techniques and infrastructure to ensure farmers have the resources to increase yield and profitability. Your voice matters, and we are listening.”
Some of the representatives of the youth groups at the event included Ngou Matthew (North Central) and Mohammed Ahmed (North East), among others.
On his part, the lawmaker representing Ikorodu Federal Constituency, Babajimi Benson, said peaceful protests are allowed in a democracy.
“I like peaceful protest, Dangote protested peacefully. Did he get the result? Yes. So, if we protest peacefully, Bola Tinubu has always expressed his love for peaceful protest. He was a chief protester at some point,” he said.
He however added that there are credible intelligence report suggesting a possible breakdown of law and order if the protests go on as planned.
“We have credible intelligence to show that some people would turn the good thing the youth want to do, which is constitutional, into something totally different. Some people want to riot and loot. We have seen that happen before.
“Even the President was once a victim of rioting. A television station was burnt, and journalists were there. They even tried to burn The Nation Newspaper. Anything could have happened,” he said.
Also speaking, the lawmaker representing Moba/Ilejemeje/Ido Osi Federal Constituency, Ekiti State, Kolawole Akinlayo, urged Nigerians to keep with the Tinubu-led administration.
He said, “My appeal to the youth is to be patient with Mr President and that Mr President has very laudable programmes especially for the youths.
“They should please exercise patience more and see what will come after this period because every war ends on the round table.
“We should not use anger and destructive tendencies to destroy our nascent democracy.”
No court notice received on Lagos protest restrictions
The National Coordinator of the Take It Back Movement, Juwon Sanyaolu, has said he was not served any court notice restricting the proposed protest in Lagos to the Gani Fawehinmi Freedom Park in Ojota and the Peace Park in Ketu.
The TIB is one of the organisations fronting the planned nationwide protest against hunger and economic hardships, scheduled to commence Thursday, August 1, to 10, 2024.
A Lagos State High Court, on Tuesday, restricted the proposed nationwide protest in Lagos to the two parks.
Justice Emmanuel Ogundare granted the exparte application filed by the Lagos State Attorney General and Commissioner for Justice, Lawal Pedro.
The TIB leader, Sanyaolu, was listed as the defendant alongside Adamma Ukpabi and Tosin Harsogba (for Active Citizens Group); Hassan Soweto; Persons unknown, and the Commissioner of Police, Lagos State.
The judge granted the application by way of an interim injunction to restrict the defendants from converging and carrying out the proposed protests in Lagos from August 1-10 except in the two approved locations from 8 am to 6 pm.
While moving his application before the court, Pedro said there was a need to protect the critical infrastructures of the state and prevent an irreparable loss of lives and property as witnessed during the EndSARS protest in 2020, having been privy to notices by different interests who are for and against the nationwide protest.
But in an interview with The According on Wednesday, Sanyaolu said, “I am yet to be served, and to this end, I take this news as a rumour, and a joke taken too far! No court order can repress a people’s desire to be free,” he told The According.
He added, “I was neither served personally nor by any other means. So how do I know of the order or its content? How do I or any ‘unknown person’ as they claim, comply with what we have not seen?”
The Lagos Coordinator of the TIB, Adeyemi Taofeek, had in a statement reacting to the court judgement, asked the state to provide the protesters with buses to convey protesters from their point of convergence to the court-designated venues.
“The buses to be provided must be clean, safe and air-conditioned. The buses must arrive at these designated areas as early as 6 am and return protesters to their convergence points at 6 pm. Your failure to provide buses for the protesters means they (protesters) would begin the march/walk to the court-designated parks in the city daily for the duration of the #EndBadGovernance direct actions,” Taofeek wrote.
The State Commissioner for Information and Strategy, Gbenga Omotoso, when asked on Wednesday whether the state would accede to the protesters’ demands for buses, said a statement would be issued.
Protest: We’ll not compromise academic calendars — NANS
The National Association of Nigerian Students, NANS, said Nigerian students are not ready to compromise the academic calendars of educational institutions for planned protests.
The national president of the association, Lucky Emonefe, said this on Wednesday in Abuja at a town hall meeting organised for youths, students and members of the civil society organisation to interface ahead of the August 1 planned protest.
The town hall meeting was convened by NANS in collaboration with the chairman of Wells Carlton Hotel and Apartments, Mr Osahon Okunbo.
Emonefe urged students and youths in the country to be law abiding and resist any call for protest.
“We are not interested in anything that will obstruct our current academic calendar; we want to continue with our studies because our academic pursuit is very important to us.
“Coming out to demonstrate is not the way to go because it can be hijacked, public peace will be disrupted and properties destroyed.
“In spite of the fact that we did not agree with those calling for demonstrations, we are very hungry, times are hard and there are harsh economic policies.
“We believe that we can engage government positively through dialogue; we are calling on government to look at some of the policies and address them,” he said.
The NANS president commended the convener of the town hall meeting for the initiative, adding that it was a way for youths in the country to express their grievances.
The Senior Special Assistant to the President on Students’ Matters, Sunday Ashefon, in his remark, called on youths and students in the country to shun the August 1 planned protest.
He said that the coming together of students and youths in the meeting showed that youths were interested in the efforts of the federal government to ease the hardship in the country.
Protest: We’ll not compromise academic calendars — NANS
Manchester City fined over £2 million for delayed kick-offs
Manchester City have been fined £2.09 million ($2.68 million, 2.48 million euros) by the Premier League for 22 instances of delaying the kick-off or restart of matches, it was announced Wednesday.
The English champions have accepted the punishment, which relates to rule infringements over the past two seasons, the league has confirmed.
This issue is unconnected to the 115 charges City is facing for alleged breaches of the Premier League’s financial regulations.
A Premier League statement said: “The Premier League and Manchester City FC have entered into a sanction agreement after the club accepted it had breached Premier League Rule L.33 relating to kick-off and restart obligations.”
City have been punished on a sliding scale for each offence.
Their first, a delay of one minute and 18 seconds to the start of the second half against Crystal Palace in August 2022, led to a warning.
But fines ranging from £10,000 to £200,000 have been imposed for each subsequent breach.
The longest delay was two minutes and 46 seconds for the start of the final game of the season against West Ham last season when City clinched a record fourth successive English title.
The statement added: “Rules relating to kick-offs and restarts help ensure the organisation of the competition is set at the highest possible professional standard and provides certainty to fans and participating clubs.
“It also ensures the broadcast of all 380 League matches around the world is kept to schedule.”
City have not commented directly but the ruling said: “The club has apologised for the accepted breaches… and confirmed that it has reminded the club’s players and football management teams of their responsibilities in complying with Rule L.33.”
AFP
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from According.
Contact: [email protected]
South-East elders mourn Onyeka Onwenu, Iwuanyanwu, Ubah
An Igbo socio-cultural group, Igbo Elders Consultative Forum, has lamented the deaths of some prominent Igbo personalities in July 2024.
In a statement issued on Wednesday and signed by its Chairman, Chief Simon Okeke, and Secretary, Prof. Charles Nwekeakwu, the elders decried the sudden death of the President-General, Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu, who died last Thursday, Senator representing Anambra South Senatorial District, Senator Ifeanyi Uba, who died on Saturday and music icon, Onyeka Onwenu, who passed on Tuesday, including another prominent son, Sir Ferdinand Agu.
The statement read in part, “We mourn these illustrious and much-beloved personalities. Their death is heartrending. But we thank God for the life they lived. We pray for divine grace for their families, Ndigbo, and the people of Nigeria have to bear these irreparable losses.
On the nationwide protest, the elders said that before the death of Iwuanyanwu, he clarified on behalf of Ohanaeze that the Igbo were not part of any protest.
They said that in keeping with the famed Igbo values of enterprise, justice and equity, tolerance, and respect for others, the Igbo would continue to be good Nigerian citizens and work for a prosperous, just, equitable, and peaceful Nigeria.
“Once again, if only for emphasis and for the avoidance of doubt, Ndigbo is not protesting; we are mourning the sad deaths of our illustrious sons and leaders. We will not shy away from the duties of patriotism and courageous citizenship. As we promote peace and prosperity for Nigeria and show respect for other Nigerian people, we will demand the same from others. Ndigbo has contributed immensely and will continue to contribute to the greatness of Nigeria.
“Therefore, it is unacceptable and a gross provocation for any Nigerian, no matter how highly placed or privileged, to overlook the clear statement of Ohanaeze Ndigbo that the Igbo are not part of any national protest and spread malicious falsehood linking Ndigbo to the proposed protest,” the group added.
Alia urges Benue people to shun protest
Governor Hyacinth Alia of Benue State has called on the leaders of youth groups, organised labour and the entire people of the state to shun the planned protest against bad governance scheduled for August 1.
The governor made this appeal at the IBB Square, Makurdi, the state capital, saying it is constitutional for the people to stage a peaceful protest to press home their demand.
However, he noted that mischief makers may take advantage of the protest and cause mayhem.
According to him, social protests can be devastating since they can cause economic setbacks and loss of lives, alluding to the #EndSARS protest and the recent protest in Ukum.
The Catholic priest governor said the precarious security situation in some parts of the state makes Benue an unsafe environment for protest.
He also acknowledged the hardship in the nation, stressing that President Bola Tinubu was trying to mitigate its effects.
Alia urges Benue people to shun protest
Court bars Ghanaian youths from protesting economic hardship, LGBTQ bill
A Ghanaian court blocked a planned youth-led protest on Wednesday aimed at addressing corruption, the high cost of living and the president’s failure to sign a controversial anti-LGBTQ bill into law.
The protest, dubbed “The Gen-Z demo,” was organised by a coalition of civil society and pressure groups and scheduled to take place from July 31 to August 6.
The organisers hoped to emulate similar youth-led protests in Kenya and Uganda, aiming to pressure President Nana Akufo-Addo’s government to address the depreciating cedi currency and soaring living costs.
High court judge Mary Yanzuh blocked the protest following a police application seeking to prohibit the event. The police argued that the extended duration of the protest posed security and logistical challenges.
“Given the number of days proposed for the protest, providing adequate security would severely strain our human, logistical, and operational capabilities, especially in this election year with other political activities taking place,” police prosecutor Sylvester Asare told AFP.
“We are deeply disappointed by the court’s decision,” said Bernard Mornah, one of the protest organisers. “This protest was a chance for the youth to voice their frustrations and demand accountability.”
“Blocking this demonstration silences our calls for change and undermines our democratic rights,” he told AFP.
Ebenezer Havor, a convener of the demonstration, also expressed frustration over the ruling.
He told AFP: “Our intention was to call on the president and his team to implement measures to fix the economy, tackle corruption, and show their commitment to the Sexual and Ghanaian Family Values Bill.”
“This bill reflects the values of many Ghanaians, and the president’s refusal to sign it is a significant point of contention.”
Ghana’s parliament voted to pass the controversial bill to severely restrict LGBTQ rights in February, but the president has yet to validate it into law.
Activists have condemned the so-called “anti-gay bill”, but it is widely supported in Ghana, where in a separate ruling earlier this month the supreme court upheld a law criminalising gay sex.
– Economic challenges –
The protest cancellation comes as Ghana grapples with economic challenges.
Despite a slight easing of inflation to 22.8 per cent in June 2024, the figure remains well above the central bank’s target band of 6-10 per cent.
Ghana, a major producer of gold and exporter of cocoa, has been struggling with external debt servicing since 2022, prompting a $3 billion debt relief agreement with the International Monetary Fund.
The latest Afrobarometer report on democratic trends in Africa highlights growing dissatisfaction with democratic institutions and leadership on the continent.
While young people in Africa are supportive of democratic principles, they are increasingly disillusioned with their leaders’ ability to deliver tangible benefits, the report said.
The blocked protest in Ghana underscores this widening gap between young people and their government.
But the pressure groups remain undeterred and have vowed to continue their advocacy through other means.
“Our voices will not be silenced,” Mornah said. “We will find new ways to demand the change that Ghana needs.”
AFP
Crude oil prices surge after Hamas leader’s killing in Iran
Ahead of Thursday”s meeting of the Organization of the Petroleum Exporting Countries (OPEC), oil prices shot up early on Wednesday morning following reports on the killing of Hamas leader, Ismail Haniyeh, in Iran.
A barrel of benchmark U.S. WTI crude rose by 2.47% to $77.20 while the Brent Crude increased by 2.04% to $80.67.
Hamas confirmed Haniyen’s death, claiming he had been killed by a “treacherous Zionist” attack on his residence in Tehran.
Haniyeh was in Iran to attend the swearing-in ceremony of the country’s new president.
He was killed a day after Israel killed Hezbollah senior commander, Fuad Shukr in an air strike on Beirut, Lebanon.
Expectations of escalation invariably push oil prices higher after hitting their lowest levels in seven weeks on Tuesday.
By: Babajide Okeowo
The post Crude oil prices surge after Hamas leader’s killing in Iran appeared first on Latest Nigeria News | Top Stories from TVN.
CNG: Ogun launches 2,000 electric motorcycle to address transportation cost
The Ogun State Government under the state e-mobility programme launched 2,000 electric motorcycles on Wednesday.
The state governor, Dapo Abiodun said the programme aims to reduce the cost of transportation in the state and ensure a cleaner environment by reducing carbon emissions.
Abiodun, who spoke at the first phase of the launch held at the Arcade Ground, Governor’s Office, Oke-Mosan, Abeokuta, said the e-mobility initiative marks another milestone toward a sustainable and green future for the state.
He said : “Our administration is committed to mitigating the impact of the subsidy removal and the high cost of diesel fuel while reducing transportation costs for our citizens.
“We will be realizing about 2,000 e-bikes in the first phase. These commercial motorbikes can ride up to 75-80 kilometres on a full charge, and the vehicles can travel up to 200 kilometres, thus reducing transportation costs by 40 per cent.”
The governor also announced the groundbreaking of a new facility, named Giga Facility, at the Special Agro Processing Zone located in Iperu-Remo, noting that the facility, with a total investment of $40 million, would serve as an assembly plant for electric bikes, two-wheelers, tricycles, commercial buses, electric cars, and swap stations.
“This investment will be implemented in three phases, beginning with phase one, focusing on our E-Okada bike assembly, and of course, phase two with our tricycles, and phase three with our e-vehicles. It will create over 10,000 direct jobs and 50,000 indirect jobs for assembly line operators,” he said.
Abiodun however appealed to the people, particularly the youth, to engage the government constructively instead of embarking on unnecessary protests, which often do not yield positive results.
Also speaking, the Minister of Transportation, Sa’idu Alkali, lauded the state for being the first to launch the E-Mobility initiative, adding that with this development, Ogun has joined other African countries that are currently using more than 15,000 e-bikes in their transportation sectors.
Alkali appealed to other state governments to take a cue from Ogun State in partnering with the federal government in CNG usage, just as he encouraged the public to support the programme to create jobs and make transportation cheaper, more efficient, and environmentally friendly.
In his remarks, the Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, represented by the Executive Vice President of NNPCL, Mr. Lekan Ogunleye, lauded the state for always being the first in any innovation that would benefit the people.
Commissioner for Transportation, Mr. Olugbenga Dairo, in his welcome address, said the launch of the programme was a follow up to the conversion of the CNG buses last year which is aimed at addressing the increase in transportation fare occasioned by the subsidy removal.
CNG: Ogun launches 2,000 electric motorcycle to address transportation cost
