Economy
Lagos Insists on Quality from Sachet Water Producers
By Modupe Gbadeyanka
Lagos State government has restated its stance on clean and safe water provision to every resident of the state, assuring that it will not compromise its position or accept water production below acceptable standards from any water producing company.
Executive Secretary of the Lagos State Water Regulatory Commission, Mr Kabiru Abdullahi, reiterated this while addressing the National and State executives of the Association of Table Water Producers in Nigeria when the association paid a courtesy visit to the commission in Alausa, Ikeja on Tuesday.
He maintained that “quality water production is the standard set by this government and anyone who fails to comply with the position of the regulatory body will not be allowed to operate because government places high premium on the well-being of all residents of this state.”
While promising that the state government would continue to provide an enabling environment for all business owners to thrive in the state, the agency’s scribe added that business owners must also strive not to bring the names of their enterprise and their association to disrepute through shoddy and unhealthy practices.
Mr Abdullahi challenged the executives of the association to prevail on their members to pay utmost attention to the laws regulating the water industry, which according to him, would engender a more cordial relationship between the state government and the water stakeholders and would also increase public confidence in the sector.
The National President of the association, Mrs Clementina Ativie Chinwe, promised that the association will continue to work hand-in-hand with the Lagos State government to sanitize the industry.
She promised that the association would embrace better and new initiatives from the State government for the purpose of improving their businesses and in the interest of residents of the State.
Also, the National Secretary and President of the Osun State chapter of the Association, Mr Lekan Lamoye commended the activities of Lagos State Water Regulatory Commission, stressing that the Commission has set a standard to be followed by other States in the country.
“It is a lesson to all states, particularly states in the south-west to take a cue from the Lagos State government’s cordial relationship with its stakeholders”, he added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) recorded a 0.67 per cent appreciation on Thursday, November 28, with the portfolios of investors on the platform rising by N7.09 billion to N1.061 trillion from the N1.053 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) growing by 20.22 points to wrap the session at 3,026.60 points compared with 3,006.38 points recorded on Wednesday.
This happened after the unlisted securities market finished the trading session with three price gainers and two price losers.
Afriland Properties Plc gained N1.58 to end at N17.39 per unit compared with the midweek’s closing price of N15.81 per unit, as Acorn Petroleum Plc improved its value by 14 Kobo to close at N1.69 per share, in contrast to the previous day’s N1.55 per share, and Central Securities Clearing System (CSCS) Plc went up by N1 to sell for N23.00 per unit compared with the preceding session’s N22.00 per unit.
On the flip side, First Trust Microfinance Bank Plc lost 4 Kobo to finish at 32 Kobo per share versus Wednesday’s closing price of 36 Kobo per share and Geo-Fluids Plc slumped by 3 Kobo to sell at N3.90 per unit compared to N3.93 per unit it was sold a day earlier.
There was a 191.9 per cent rise in the volume of securities traded in the session as investors exchanged 2.9 million units compared with the previous trading day’s 1.0 million units.
Equally, there was a 283.9 per cent surge in the value of shares traded yesterday to N7.9 million from the N2.1 million recorded in the previous day, and the number of deals increased by 300 per cent to 12 deals from the three deals executed in the preceding day.
At the close of transactions, Geo-Fluids Plc was the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, trailed by Okitipupa Plc with 752.2 million units sold for N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Adedapo Adesanya
The value of the Naira rose against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.96 per cent or N15.97 to exchange at N1,644.86/$1 on Thursday, November 28 compared with the preceding day’s N1,660.83/$1 amid a surge in FX transactions.
Data showed that the forex turnover increased during the session by 66.2 per cent or $223.27 million to $560.34 million from the $337.07 million recorded at the midweek trading session.
However, the domestic currency weakened against the Pound Sterling in the official market by N8.42 to sell at N2,124.86/£1 compared with the preceding session’s N2,116.44/£1 but appreciated against the Euro by N10.18 to quote at N1,773.18/€1 versus midweek’s closing rate of N1,783.36/€1.
A look at the parallel market showed that the Nigerian currency traded flat against its American counterpart yesterday at N1,750/$1.
Meanwhile, cryptocurrencies were largely positive as Ripple (XRP) rose by nearly 6 per cent, precisely by 5.9 per cent to trade at $1.56to as Thanksgiving holiday saw the market avoid a feared historical massacre.
Traders said the Japanese Yen briefly crossed 150 against the Dollar due to expectations of a Bank of Japan (BOJ) rate increase in December, spurred by higher-than-expected inflation data.
The movement was also likely spurred by month-end financial adjustments and low liquidity due to Thanksgiving.
Further, Cardano (ADA) went up by 3.4 per cent to trade at $1.04, Solana (SOL) jumped by 1.1 per cent to quote at $241.14, Bitcoin (BTC) went up by 0.8 per cent to settle at $95,661.36 and Binance Coin (BNB) grew by 0.2 per cent to finish at $654.44.
On the flip side, profit-taking in Dogecoin (DOGE) saw its price down by 0.5 per cent to sell at $0.4054, Litecoin (LTC) depreciated by 0.5 per cent to quote at $96.36, and Ethereum (ETH) depleted by 0.4 per cent to end the session at $3,578.26, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.50 per cent on Thursday after staying with the bears for a single trading session, though investor sentiment remained weak.
Business Post reports that the market breadth index was negative yesterday with 28 appreciating stocks and 29 depreciating stocks.
Vitafoam Nigeria was the best-performing equity during the trading day after it went up by 9.81 per cent to sell for N23.50, Aradel Holdings appreciated by 9.23 per cent to N517.00, FTN Cocoa rose by 7.82 per cent to N1.93, Sovereign Trust Insurance grew by 6.25 per cent to 68 Kobo, and Oando gained 5.40 per cent to quote at N65.35.
On the flip side, Prestige Assurance ended the day as the worst-performing equity after it shed 10.00 per cent to close at 81 Kobo, Unilever Nigeria lost 9.97 per cent to settle at N26.65, Austin Laz depleted by 9.96 per cent to N2.17, John Holt waned by 9.90 per cent to N8.92, and Eterna fell by 6.94 per cent to N20.80.
During the session, the energy and the consumer goods sectors went down by 0.50 per cent and 0.11 per cent, respectively.
However, the banking index improved by 0.74 per cent, the insurance counter expanded by 0.23 per cent, and the industrial goods space increased by 0.15 per cent.
As a result, the All-Share Index (ASI) jumped by 487.24 points to 97,783.81 points from the 97,296.57 points recorded in the preceding day and the market capitalisation grew by N305 billion to settle at N59.275 trillion compared with Wednesday’s closing value of N58.970 trillion.
Yesterday, the value of transactions expanded by 4.85 per cent to N10.8 billion from the N10.3 billion recorded a day earlier, as the volume of trades shrank by 23.08 per cent to 632.7 million shares from the 822.5 million shares traded at midweek and the number of deals tumbled by 10.45 per cent to 8,404 deals from the 9,385 deals achieved in the previous day.
FBN Holdings was the busiest stock at the market on Thursday with a turnover of 166.8 million units worth N4.2 billion, Haldane McCall traded 119.3 million units valued at N669.8 million, Guinea Insurance transacted 41.3 million units for N20.7 million, Cutix sold 38.5 million units worth N90.5 million, and Access Holdings exchanged 20.6 million units valued at N473.6 million.
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