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.
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.
UniCal Setup 25 Year Plan Ro Strengthen Workforce, Curriculum
UniCal setup 25 year plan to strengthen workforce, curriculum. The University of Calabar says it has developed a 25-year plan to strengthen its workforce and curriculum.
Florence Obi, vice-chancellor of the institution, disclosed this on Tuesday in Calabar during an interaction with the media.
The media interaction is part of activities lined up for the 50th anniversary of the institution and the 37th convocation ceremony.
Ms Obi noted that paucity of funds was a major challenge for any public university, adding that it was the reason for the increase in money paid by students.
She explained that this would enable management to meet the increasing cost of running the institution.
“The federal government pays our personnel costs. They don’t give us money to run the university. In fact, UniCal receives N13 million monthly as subvention which does not cover our electricity bill before solar was introduced.
UniCal Setup 25 Year Plan
The vice-chancellor noted that they could not continue running the institution as an on-campus programme alone and said with 50,000 Open and Distant Learning Programme students, the university would have enough money to maintain facilities.
She appealed to the media to help the institution sell its Open and Distant Learning Programme, noting that the graduates also enjoy the benefit of the on-campus students, such as the one-year National Youth Service Corps.
Ms Obi, the 11th VC of UniCal and the first female to hold the position, was appointed on September 10, 2020, and her tenure will expire in September 2025.
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