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Economy

Bargain Hunting in GTCO, Others Keep Market up by 0.05%

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Bargain Hunting

By Dipo Olowookere

The local stock market maintained its positive momentum on Monday with a 0.05 per cent growth buoyed by bargain hunting in GTCO, Zenith Bank, Fidelity Bank and others.

Investors took a position in these equities ahead of the release of the third-quarter earnings later this month as they begin to notify the market of their forthcoming board meetings to consider the results.

This development helped the All-Share Index (ASI) rise yesterday by 21.88 points to 40,243.05 points from 40,221.17 points and lifted the market capitalisation by N14 billion to N20.970 trillion from N20.956 trillion.

Business Post reports that the total value of shares on the Nigerian Exchange (NGX) Limited rose during the session by 0.07 per cent as a result of the listing of additional shares of Jaiz Bank Plc worth N3.3 billion on the exchange. The stocks were from the private placement to Mr Mohammed Indimi.

During the trading day, a total of 202.4 million shares worth N1.9 billion were traded in 4,066 deals compared with the 1.1 billion shares worth N7.4 billion traded in 3,752 deals last Friday, showing that the trading volume and value went down by 80.67 per cent and 74.88 per cent respectively, while the number of deals rose by 8.37 per cent.

Fidelity Bank emerged as the most active stock with the sale of 19.0 million units worth N46.8 million and was trailed by GTCO, which traded 18.3 million units valued at N512.4 million.

FBN Holdings transacted 18.2 million equities worth N147.9 million, Universal Insurance traded 15.5 million stocks for N3.2 million, while Champion Breweries exchanged 14.2 million shares for N29.1 million.

The market breadth was positive on Monday with 14 price decliners and 23 price advancers led by Axa Mansard Insurance, which appreciated by 9.87 per cent to settle at N2.56.

Pharma Deko improved by 9.79 per cent to N2.58, University Press grew by 9.76 per cent to N1.35, Consolidated Hallmark Insurance rose by 8.77 per cent to 62 kobo, while Courtville gained 8.57 per cent to trade at 38 kobo.

Standing on top of the losers’ table at the close of transactions yesterday was Morison Industries with a price decline of 10.00 per cent to settle at N1.89.

Northern Nigerian Flour Mills depreciated by 9.94 per cent to N7.70, Veritas Kapital went down by 8.70 per cent to 21 kobo, Cornerstone Insurance reduced by 8.62 per cent to 53 kobo, while Jaiz Bank dropped 5.00 per cent to trade at 57 kobo.

In terms of the performances of the five key sectors of the market, the insurance space rose by 1.53 per cent, the consumer goods sector appreciated by 0.05 per cent, the banking counter rose by 0.01 per cent, while the energy and industrial goods sectors fell by 0.38 per cent and 0.02 per cent respectively.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Ellah Lakes, Enugu Government Seal Rice Processing Deal

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Ellah Lakes

By Dipo Olowookere

A Nigerian agribusiness company, Ellah Lakes Plc, has sealed an agreement with the Enugu State government for the processing of rice aimed to improve food security in the state and the nation at large.

The chief executive of the firm, Mr Chuka Mordi, described the deal as “a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base.”

Ellah Lakes said in a statement that with the partnership, it will transform the Ada Rice Company and Plantation in Adani, Uzo-Uwani LGA, into a Staple Crop Processing Zone (SCPZ) in Enugu State.

This is expected to create not less than 5,000 jobs over the next 24 months as the company will have the opportunity to establish a feed mill and ethanol processing plant on the site in Adani.

Business Post reports that Adani community is well-known for the cultivation and production of rice but due to poor infrastructure and support of the government, it has suffered low patronage.

This partnership between the Enugu State government and Ellah Lakes should change the narrative for good and boost local production of rice.

In the statement issued on Wednesday by Ellah Lakes, a company listed on the trading platform of the Nigerian Exchange (NGX) Limited, work is scheduled to begin immediately in Adani.

“Ellah Lakes is happy to announce that it has entered into an agreement with the Enugu State Government, through the Enugu State Technical Committee on Privatisation and Commercialisation, for the expansion and further development of the Ada Rice Company and plantation in Adani, Uzo-Uwani LGA, into a Staple Crop Processing Zone (SCPZ) in Enugu State, Nigeria.

“Ellah Lakes will produce and process rice with the participation of over 200 indigenous farmers in the local out-grower program. Ellah Lakes will also develop a feed mill and ethanol processing plant on the site in Adani.

“The development is expected to create a minimum of 5,000 jobs over the next 24 months, and work is scheduled to begin immediately,” a part of the statement disclosed.

“This is a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base, and we are very excited to be working with the Enugu State Government.

“We are very pleased with this collaboration with the very progressive government of Enugu State. For us, this is the beginning of a great journey to expand the industrial base of the state, and we look forward to a mutually beneficial, valuable and fruitful venture,” Mr Mordi was quoted as saying.

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Economy

Stanbic IBTC Pension Managers Rewards Customers

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Stanbic IBTC Pension Managers scheme

Ahead of the festive season, Stanbic IBTC Pension Managers, Nigeria’s largest Pension Fund Administrator (PFA), has unveiled the Stanbic IBTC Pension Managers Loyalty Program tagged Umatter.

It is a reward scheme targeted at the customers of the PFA, to reward them for their loyalty and patronage through exclusive discounts as they shop with their e-loyalty card.

The loyalty program is available at the PFA’s partner merchants’ locations and stores across the nation. It is aimed at providing Stanbic IBTC Pension Managers’ customers with exciting shopping discounts to help them spend less and save more when they shop.

Some of the participating merchant outlets are Maybrands, Café Royale, Hubmart Stores, Chocolate Royal, La Campagne Tropicana, Physio Centers of Africa, Medplus, iStore, Oriki, Launderland and Active Leisure.  The discounts range from 5 to 12 per cent on products and services purchased.

Stanbic IBTC Pension Managers’ partnerships with these major outlets will enable customers to seamlessly enjoy instant discounts on their purchases during this festive period, thereby making life even more easy and affordable for customers who use the Stanbic IBTC Pension Managers e-loyalty card.

Stanbic IBTC Pension Managers will continue to initiate valuable programs like this that encourage people to continue saving for their retirement and building their financial future.

New and existing customers can be a part of this exciting loyalty program by visiting www.stanbicibtcpension.com or calling 01 271 6000.

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Economy

FG to Inject N381trn into Economy to Create Job, Tackle Poverty

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Nigeria Economy challenges

By Adedapo Adesanya

The federal government is partnering with the Industrial Training Fund (ITF) to inject N381 trillion into the economy to cushion the growing rate of poverty, job losses and economic degradation in Nigeria.

This was disclosed by the Director-General of the Fund, Mr Joseph Ari, during a media interaction with the Correspondent Chapel of the Nigeria Union of Journalists in Jos.

Mr Ari said the federal government came up with a 5-year National Development Plan tied around the sum of money to be able to achieve this aim.

He said the plan will replace the initial Economic Recovery and Growth Plan (EGRP).

According to him: “The plan, which projects the creation of 21 million jobs, with 35 million Nigerians lifted out of poverty, affordable housing for Nigerians and an export-led economy among others, is expected to cost N381 trillion to implement and have six focal areas of economic growth and development, infrastructure, public administration, human capital development, social development and regional development.

“As the leading human capital development institution in Nigeria, we have commenced the process of repositioning our programmes and activities to effectively prepare the Nation’s workforce in line with our mandate of developing a pool of qualified Nigerians to man the public and private sectors of the national economy as we believe that for this plan to succeed, all Nigerians as individual citizens and as institutions must contribute their bit.

“You will recall that on the assumption of office in 2016, the economy was in recession leading to massive job losses and corresponding increases in poverty.

“Our initiatives then particularly the emphasis on skills intervention programmes was borne out of the need to drive the actualization of the Economic Recovery and Growth Plan (EGRP), which we achieved to an appreciable degree by training hundreds of thousands of Nigerians that are today gainfully employed or even employers of labour,” Mr Ari said.

He, however, lauded the media for a robust coverage of the Funds activities over the years, saying that the media has been critical in return of peace in the state.

“Beyond this, fora such as we are holding today have been critical to the return of peace in plateau state, thereby creating the necessary environment for our organisation to thrive especially within the last five years on account of your professionalism and determined efforts to rise above sensationalism, headline-grabbing and petty politics,” Mr Ari said.

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