By Chinyere Joel-Nwokeoma

The nation’s bourse on Wednesday overcame its negative posture growing by N128 billion following bargain buying in Dangote Cement and Nestle as well as news of approval of demutualisation.

Specifically, the market capitalisation rose by N128 billion or 0.63 per cent to close at N20.369 trillion against N20.241 trillion recorded on Tuesday.

Similarly, the All-Share Index appreciated by 244.40 or 0.63 per cent to close at 38,931.25 from 38,686.85 achieved on Tuesday.

Consequently, the month-to-date and year-to-date losses moderated to 2.2 per cent and 3.3 per cent, respectively.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Nestle, Dangote Cement, Nigerian Breweries, May & Baker and Africa Prudential.

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the reversal to high dividend yield due to price correction.

Omordion said bargain hunters were taking advantage of relatively low equity prices to increase their stake in the market.

He said the development coincided with the news of the approval of the demutualisation of the Nigerian Stock Exchange by the Securities and Exchange Commission and the Corporate Affairs Commission.

According to him, the news is expected to boost liquidity in the stock market.

The market recorded 23 gainers and 23 losers.

Morison Industries led the gainers’ chart in percentage terms, gaining 9.72 per cent to close at 79k per share.

Champion Breweries followed with 8.91 per cent to close at N2.20, while Neimeth International Pharmaceuticals rose by 8.85 per cent to close at N2.09 per share.

Mutual Benefits Assurance rose by 7.69 per cent to close at 42k, while Nigerian Aviation Handling Company appreciated by 6.64 per cent to close at N2.25 per share.

On the other hand, Consolidated Hallmark Insurance drove the losers’ chart in percentage terms by 10 per cent to close at 27k per share.

Eterna followed with a loss of 9.94 per cent to close at N4.62, while Conoil dropped 9.79 per cent to close at N17.05 per share.

Northern Nigeria Flour Mills lost 9.65 per cent to close at N5.15, while Livestock Feeds shed 9.57 per cent to close at N1.70 per share.

Meanwhile, the total volume traded declined by 34.1 per cent to 368.22 million shares worth N4.91 billion traded in 4,437 deals.

This was in contrast with 489.98 million shares valued at N6.65 billion exchanged in 4,616 deals on Tuesday.

Transactions in the shares of United Bank for Africa topped the activity chart with 74.84 million shares worth N523.36 million.

FBN Holdings came second with 65.36 million shares valued at N467.82 million, while Guaranty Trust Bank traded 34.34 million shares worth N1.06 billion.

Sovereign Trust Insurance traded 34.22 million shares valued at N9.85 million, while Japaul Gold & Ventures transacted 15.53 million shares worth N7.15 million. (NAN)

By Chiazo Ogbolu

The Nigerian Ports Authority (NPA) said 20 ships at the Lagos ports were discharging bulk wheat, bulk gypsum, general cargo, frozen fish, container, butane gas and bitumen.

The NPA also said that it was expecting 17 others laden with petroleum products, food items and other goods from March 9 to April 23.

It said this in its publication, ‘Shipping Position’, a copy of which was made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

According to NPA, the ships are expected to arrive at the Lagos Port Complex.

The publication indicated that the ships contained frozen fish, general cargo, base oil, bulk salt, bulk wheat, petrol and container.

It added that another eight ships had arrived the ports, waiting to berth with containers, petrol, bulk clinker and automobile gasoline. (NAN)

By Chinyere Joel-Nwokeoma

Investors on the Nigerian Stock Exchange (NSE) on Tuesday lost N317 billion in a trading session amid sell pressure on bellwethers.

Specifically, the market capitalisation which opened at N20.612 trillion shed N371 billion or 1.80 per cent to close at N20.241 trillion.

Also, the All-Share Index dipped 709.72 points or 1.80 per cent to close at 38,686.85 from 39,396.57 achieved on Monday.

Accordingly, the month-to-date and year-to-date losses increased to 2.8 per cent and 3.9 per cent respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Lafarge Africa, United Bank for Africa, Greif Nigeria, Northern Nigeria Flour Mills (NNFM) and Zenith Bank.

Market sentiment remained negative with 21 losers compared with 15 gainers.

UBA led the losers’ chart in percentage terms, dropping by 10 per cent to close at N7.20 per share.

Caverton Offshore followed with a loss of 9.55 per cent to close at N1.80, while NNFM lost 9.52 per cent to close at N5.70 per share.

Greif lost 9.46 per cent to close at N6.70, while AXA Mansard Insurance shed 9.09 per cent to close at 90k per share.

On the other hand, Champion Breweries recorded the highest price gain of 9.78 per cent to close at N2.02 per share.

Neimeth International Pharmaceuticals followed with 9.71 per cent to close at N1.92, while Mutual Benefits Assurance gained 8.11 per cent to close at 40k per share.

Dangote Sugar Refinery gained 7.99 per cent to close at N18.25 per share, while Associated Bus Company appreciated by 7.14 per cent to close at 30k per share.

In spite of the drop in market indices, the total volume of shares traded rose by 64.8 per cent with an exchange of 545.92 million shares worth N9.59 billion achieved in 5,307 deals.

This was in contrast with a turnover of 297.23 million shares valued at N3.15 billion transacted in 4,655 deals on Monday.

Transactions in the shares of UBA topped the activity chart with 123.27 million shares worth N887.63 million.

Notore Chemical Industries followed with 74.07 million shares valued at N3.67 billion, while Mutual Benefits Assurance traded 58.04 million shares worth N23.19 million.

FBN Holdings sold 48.94 million shares valued at N352.08 million, while Access Bank transacted 42.74 million shares worth N324.22 million. (NAN)

By Rukayat Adeyemi

The Institute of Islamic Finance Professionals (IIFP) is seeking partnership with TrustBanc Arthur, a non-interest investment institution, to further deepen the penetration of Islamic finance in Nigeria.

IIFP Acting President, Dr Tajudeen Yusuf, made this known when he led associate members of the institute on a courtesy visit to the Chief Executive Officer of TrustBanc Arthur, Dr Basheer Oshodi, on Friday in Lagos.

Yusuf said that IIFP was seeking partnership with the Shariah compliant firm to gain intellectual support and to also benefit from its wealth of experience.

The IIFP leader commended Oshodi’s impressive passion for the islamic finance movement in Nigeria.

“It is commendable that even after taking a back seat from the helms of affairs of the Institute, you are still very open and ever ready to work with us,” he said.

He said that the institute had submitted a proposal to the University of Lagos for approval to commence postgraduate studies in Islamic finance  as part of the effort to widen the Islamic finance market.

He expressed optimism that enrolment for the programme would start by June for the studies to commence in September, while doctorate programmes was expected to start within three years.

Yusuf said the institute was building its academic and intellectual base to be able to compete globally.

He said the institute would be looking forward to have Oshodi among other Islamic finance academics to lecture in some of its courses.

The IIFP leader said that “the future is bright for the Islamic finance market in Nigeria because it is a market for everybody,” adding that all hands must be on deck to distribute and maximise its inherent benefits.

In his response, Oshodi said it was important for the institute to measure its activities in terms of overall growth of capacity and the industry as a whole.

“By measuring, it means that we have to identify specific things to be done with timelines, so that by this time next year we should have moved from point A to B or M.

“For that to happen, we have to consider what should be put in place, in terms of membership strength for IIFP.

“Now we have more financial institution, Takaful companies, law firms, Assets management companies, among others, who are developing funds and they all need capacity.

“So, we must look into how to make all of them IIFP members, as some of them are not.

“They will be expected to pay minimum subscription, enjoy training programmes from time to time,” he said.

Oshodi urged the institute to look into the areas yet uncovered in the islamic banking such as the strategic model, the business strategy and presentation skills.

He also urged IIFP to package the curriculum vitae of its members to be appealing to employers upon graduation.

The News Agency of Nigeria (NAN) reports that other IIFP members present during the visit were Mr Monsur Musa, Hajia Wasilat Olanrewaju-Adesina, Mrs Adogie Momoh and Miss Kwathar Imam. (NAN)

By Chinyere Joel-Nwokeoma

Investors on the Nigerian Stock Exchange (NSE) on Friday staked N13.62 billion on 587.74 million shares in 4,895 deals.

This was in contrast with 493.17 million shares valued at N4.72 billion exchanged in 5,486 deals on Thursday.

Mansard Insurance dominated trading activities, accounting for 282.32 million shares worth N282.24 million.

It was trailed by Zenith Bank with an exchange of 46.85 million shares valued at N1.18 billion, while FBN Holdings traded 26.50 million shares worth N185.95 million.

United Bank for Africa sold 23.29 million shares valued at N184.59 million, while Guaranty Trust Bank sold 20.83 million shares worth N645.43 million.

The market capitalisation of listed equities dipped N17 billion or 0.08 per cent to close N20.578 trillion from N20.595 trillion reported on Thursday.

Also, the All-Share Index declined by 33.06 points or 0.08 per cent to 39,331.61 from 39,364.67 achieved on Thursday.

Trans Express topped the losers’ chart in percentage terms, shedding 10 per cent to close at 81k per share.

Triple G trailed with a loss of 10 per cent to close at 72k, while Union Homes REITS dipped by 9.96 per to close at N36.6 per share.

Cutix Plc fell by 9.95 per cent to close at N1.81, while Scoa dropped by 9.90 per cent to close at N2.64 per share.

On the other hand, Morrison led the gainers’ table in percentage terms, gaining 10 per cent to close at 66k per share.

Lafarge Wapco followed with a gain of 9.90 per cent to close at N22.20, while NEM Insurance gained 9.88 per cent to close at N1.89 per share.

Skyway Aviation Handling added 9.54 per cent to close at N3.33, while Unity Bank improved by 8.96 per cent to close at 73k per share. (NAN)

By Temitope Ponle

The African Legal Support Facility (ALSF) and the Netherlands’ Ministry for Trade and Development Cooperation have signed a financing agreement of six million euros.

It is to be disbursed over a three-year period.

In a statement by the African Development Bank (AfDB) the ALSF Director, Stephen Karangizi, thanked the Netherlands for its strong support over the years.

He said the funding is to support the ALSF’s work in providing legal and technical services to low-income countries to give them more impact in commercial dealings.

The News Agency of Nigeria (NAN) reports that the ALSF was created by AfDB in 2010 and the facility supports governments in negotiating complex commercial transactions.

It also provides legal and technical assistance in public-private partnership projects across the oil and gas, mining and energy sectors, and covering sovereign debt issues and creditor litigation.

Karingizi said the assistance would help ALSF to better respond to the impacts of COVID-19 and help countries to recover much faster to enhance sustainable inclusive development in Africa.

He noted that the Netherlands, since 2013, has cumulatively provided 15.5 million euros to support African countries to conclude equitable and sustainable contracts and achieve fair litigation outcomes to ensure maximum economic value of their resources.

According to him, the funds provided by the Netherlands enabled the ALSF to successfully assist many African governments to strengthen their legal expertise and negotiating capacities.

“This is particularly in the areas of natural resources and extractives, investment agreements and Public-Private Partnerships.

“The assistance also included large-scale infrastructure and other related complex commercial and business transactions

“The funds also assisted in the negotiations of sovereign debt transactions to prevent debt distress in the respective African states,” he said.

Karingizi noted that with the additional funding, the ALSF could continue to provide technical legal assistance to African countries to strengthen their legal expertise and negotiating capacity in matters pertaining to debt management and litigation.

Also, in natural resources and extractives management and contracting, and investment agreements and related commercial and business transactions. (NAN)

By Chiazo Ogbolu

The National Inland Waterways Authority (NIWA)  has disclosed its plan to engage the services of Akewa Colmar Terminal Limited (ACTL) to move cargo from Lagos to Onitsha River Port, through Burutu port in Delta.

The Managing Director of NIWA,  Dr George Moghalu said in a statement signed by Mr Jibril Darda’ u, NIWA’s General Manager, Corporate Affairs, and issued on Wednesday, that this was in an effort to make Onitsha River Port functional and to decongest Lagos Ports.

“The idea of hauling containers via Burutu Ports to Onitsha River port, is to deliberately avoid the two small bridges of Gbarekolo and Bumandi.

“This is because the two bridges are too tiny and shallow for sea moving badges or vessels to ply.

“That is why the company (ACTL) is considering the route from Lagos ports, to Burutu port then to Onitsha River port, as final destination,” he said.

Moghalu noted that NIWA was targeting the haulage of about 1,000 containers per trip from Lagos ports to Onitsha River port, within four days.

The MD also added that NIWA was engaging the Nigeria Ports Authority (NPA), and other stakeholders, to facilitate the commencement of the cargo haulage.

The Chairman of ACTL, Mr Kenneth Donye, told the management team of NIWA, while defending his company’s proposal at the NIWA Liaison Office, Abuja, of his company’s readiness to partner with NIWA in carrying out this ”noble and historic transshipment” from Lagos ports, via Burutu port to Onitsha River port as final destination.(NAN)