Economy
Stock Market Records Mixed Performances As Investors Loses Billions Of Naira
Stock Market Records Mixed Performances As Investors Loses Billions Of Naira
Stock market records mixed performances as investors loses billions of naira. On Monday, the stock market recorded mixed performances.
Specifically, the market capitalisation shed a marginal loss of N8 billion or 0.01 per cent to close at N66.343 trillion from N66.351 trillion recorded on Friday.
However, the All-Share Index dropped by 0.15 per cent or 155.96 points to close at 105,799.17 against 105,955.13 posted on Friday.
The difference in the performance indices was due to the listing of Sterling Financial Holding Company Plc’s 16,666,666,667 ordinary shares of 50k each at N4.50 per share through Private Placement on the exchange.
Meanwhile, the market breadth closed negative, with 35 losers and 18 gainers. On the losers’ chart, eTranzact International declined by 10 per cent to close at N5.85 per share, while Sunu Assurance dropped by 9.92 per cent to close at N4.63 per share.
Prestige Assurance lost 8.26 per cent to close at N1, and Sovereign Trust Insurance declined by 7.77 per cent to close at 95k. Similarly, Red Star Express fell by 7.76 per cent to close at N5.35 per share.
On the gainers’ chart, X Academy soared by 9.92 per cent to close at N2.88 per share, while Neimeth International Pharmaceutical gained by 8.43 per cent to close at N2.70 per share.
Tantalizer increased by 6.83 per cent to close at N3.13 per share, and Dangote Sugar soared by 4.71 per cent, to close at N36.70 per share. Also, Stanbic gained by 4.24 per cent, to close at N61.50 per share.
A total of 477.51 million shares worth N7.049 billion were exchanged across 13,520 transactions.
This is compared to 750.56 million shares worth N11.056 billion that were exchanged across 10,584 transactions recorded in the previous section.
Transactions in the shares of Jaiz Bank topped the activity chart with 197.42 million shares worth N606.15 million.
Zenith Bank followed with 25.976 million shares valued at N1.235 billion, while Sovereign Trust Insurance traded 19.26 million shares worth N18.525 million.
Stock Market
Prestige Assurance sold 18.542 million shares valued at N18.991 million, and Fidelity Bank transacted 15.895 million shares worth N27.047 million.
Stockbrokers at Atlass Portfolios Ltd. attributed the market performance to the additional listing rather than widespread sell-offs.
“Beyond the impact of the new listing, the market downturn was driven by profit-taking activities in key stocks across major market sectors,” he said.
Nigeria Senate Probes Cameroon’s Alleged Annexation Of Nigerian Mangrove Islands
Nigeria senate probes Cameroon’s alleged annexation of Nigerian Mangrove Islands. The Senate has set up an ad-hoc committee to investigate the alleged annexation of the country’s mangrove islands and maritime territories by the Republic of Cameroon. The committee is expected to report back with necessary recommendations in the next two months.
As part of its resolutions, the Senate has urged President Bola Tinubu to take immediate steps to safeguard Nigeria’s territorial waters, including securing over 2,560 oil wells identified within the disputed mangrove islands in Akwa Ibom State.
The Senate leadership has also committed to engaging directly with President Tinubu to explore diplomatic solutions to the crisis.
Lawmakers during plenary on Tuesday, underpinned the need for urgent action to prevent further escalation of what they described as a “provocation by the Republic of Cameroon”.
Senate
Leading the motion under Orders 41 and 51, Senator Aniekan Bassey had raised an alarm over the economic and territorial implications of Cameroon’s encroachment into Nigerian territory.
Senator Bassey said that the affected mangrove islands, located in Efiat, Mbo Local Government Area of Akwa Ibom State, were not part of the territories ceded to Cameroon under the 1913 Anglo-German treaties or the International Court of Justice (ICJ) ruling of October 2002.
Tension As Another Explosion Rocks Pipeline in Rivers
A second major pipeline explosion has rocked the Ogba/Egbema/Ndoni Local Government Area (ONELGA) of Rivers State, occurring just hours after a similar incident in Bodo, Gokana LGA.
The latest explosion struck a manifold connecting a federal pipeline in the Okwawriwa area on Tuesday morning, sending massive flames into the sky and raising fresh concerns about the safety of oil facilities in the region.
Another Explosion Rocks Pipeline
Another Explosion Rocks Pipeline in Ogba/Egbema/Ndoni Local Government Area (ONELGA) of Rivers State.
Pipeline Explosion Rocks Rivers Community
Pipeline explosion rocks Rivers community. An explosion has occurred in Bodo Community, Gokana Local Government Area (LGA) of Rivers State on Tuesday.
A resident of Bodo, reported that the blast took place on an onshore pipeline near the starting point of the Bodo-Bonny road.
He suggested that the explosion was likely an act of sabotage. He noted that it has not yet been linked to recent political tensions in Rivers State.
Explosion
While the connection to political threats remains uncertain, the residents believe that if left unchecked, the incident could embolden others and potentially reignite unrest in the Niger Delta.
Authorities have not commented on the incident.
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