Economy
Berger Paints Expands Operations With New Outlet
By Modupe Gbadeyanka
One of the major manufacturers of paints in the country, Berger Paints Nigeria Plc, has opened a new outlet in Lagos, precisely on Awolowo way, Ikoyi.
Managing Director of the company, Mr Arjan Sircar, explained that the new branch will help the firm showcase its capacity to provide wide range of products in a way that represents its transformation agenda in the paint industry.
At the commissioning of the new outlet, Mr Sircar said the state-of-the-art facility offers one stop-shop for customers’ painting needs, pointing out that the outlet was set up as part of commitment to meet the growing demand for quality paints.
According to him, the new store would be a destination of choice for homes and organisations located within the Ikoyi/Victoria Island axis, desirous of giving their exterior and interior buildings aesthetic look as the company remains dedicated to serving its customers better with different quality paint products.
Mr Sircar stated further that the centre has unlimited paint offerings which are meant to serve five business segments that include Decorative/Architectural finishes, Industrial coatings, Marine & Protection coatings, Automotive/Vehicle refinishes, Wood Finishing and Preservers.
“We are excited to open this new Colour world outlet in Ikoyi. This helps to showcase our capacity to provide wide range of products in a way that represents how we are transforming the paint industry and how we can satisfy the desire of our customers,” he said.
“This outlet offers a variety of colours that meet customers’ specification coupled with a state-of-the-art tinting technology that offers one stop-shop for their painting needs,” he added.
On his part, Chairman of Berger Paints Nigeria Plc, Mr Abi Ayida, described the opening of the outlet as a significant milestone achievement for the company.
“We are grateful for the new journey the company is embarking on. We are excited about the new partnership and the new beginning.
“And I think at the beginning of any venture like this, one usually comes into play is the acknowledgement. What you are seeing here today is the result of the conceptualisation of a vision.
“I salute the team for the commitment and hard work you have put into this. It is always gratifying to see the result of extra ordinary level of effort. This is just a start of greater things to come,” he said at the unveiling.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited reversed the loss recorded on Thursday, closing higher by 0.14 per cent at the close of business on Friday.
The bourse finished in green territory as a result of renewed bargain-hunting by investors, who showed appetite for energy and commodity stocks, leaving their respective sector up by 1.74 per cent and 0.52 per cent.
However, the others experienced profit-taking, with the consumer goods space losing 0.41 per cent, the banking index shedding 0.16 per cent, and the insurance counter declining by 0.13 per cent. When the market closed for the day, the industrial goods sector remained unchanged.
Business Post reports that the All-Share Index (ASI) appreciated by 145.93 points to 107,821.39 points from 107,675.46 points and the market capitalisation gained N91 billion to settle at N67.193 trillion versus Thursday’s value of N67.102 trillion.
Despite the growth recorded by Customs Street yesterday, investor sentiment was weak, as there were 26 price gainers and 34 price losers, indicating a negative market breadth index.
Austin Laz gained 10.00 per cent to close at N2.09, Oando grew by 9.94 per cent to N58.05, Caverton improved by 9.67 per cent to N2.95, John Holt expanded by 9.09 per cent to N7.98, and PZ Cussons appreciated by 9.09 per cent to N35.40.
On the flip side, Red Star Express shed 9.96 per cent to finish at N6.60, Learn Africa dropped 9.84 per cent to close at N3.30, Multiverse crashed by 9.72 per cent to N9.75, Cadbury Nigeria declined by 9.62 per cent to N26.30, and Linkage Assurance slumped by 5.80 per cent to N1.30.
It was quite a busy day on Friday at the bourse as Zenith Bank ended with a turnover of 122.2 million shares sold for N5.9 billion, FCMB transacted 50.2 million stocks worth N525.9 million, Access Holding exchanged 28.6 million equities for N734.8 million, Fidelity Bank traded 19.9 million stocks valued at N353.1 million, and Jaiz Bank transacted 17.6 million shares worth N59.8 million.
At the close of trading activities, investors bought and sold 458.3 million equities for N14.1 billion in 12,213 deals versus the 423.4 million equities worth N9.6 billion traded in 11,112 deals a day earlier, implying a spike in the trading volume, value and number of deals by 8.24 per cent, 46.88 per cent, and 9.91 per cent, respectively.
By Adedapo Adesanya
For another trading day, the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note with a 0.31 per cent growth on Friday, February 28.
This raised the market capitalisation of the bourse by N25.85 billion to close the session at N1.866 trillion compared with the preceding day’s N1.861 trillion and the NASD Unlisted Security Index (NSI) increased by 10.33 points to close at 3,295.32 points, in contrast to the previous trading day’s 3,284.99 points.
The volume of securities traded yesterday slumped by 50.2 per cent to 1.03 million units from the 2.07 million units posted a day earlier and the value of securities traded went south by 14.7 per cent to N39.9 million from the N46.8 million quoted at the preceding session, while the number number of deals increased by 166.7 per cent to 40 deals from 15 deals.
During the session, Okitipupa Plc continued its bullish run by adding N14.52 to its value to settle at N229.52 per share compared with Thursday’s value of N215.00 per share, NASD Plc rose by N1.70 to N18.76 per unit from N17.06 per unit, Afriland Properties Plc gained N1.09 to finish at N22.59 per share versus the previous price of N21.50 per share, and Golden Capital Plc increased by 50 Kobo to trade at N10.50 per unit compared with the N10.00 per unit it was sold a day earlier.
On the flip side, FrieslandCampina Wamco Nigeria Plc depreciated by N1.84 to settle at N38.86 per share compared with the preceding session’s N39.86 per share, and Geo-Fluids Plc lost 4 Kobo to end at N3.20 per unit, in contrast to Thursday’s value of N3.24 per unit.
Impresit Bakolori Plc ended the day as the most active stock by value (year-to-date) with 533.8 million units worth N520.9 million, followed by Afriland Properties Plc with 16.4 million units valued at 335.2 million, and FrieslandCampina Wamco Nigeria Plc with 8.3 million units valued at N329.2 million.
Industrial and General Insurance (IGI) Plc remained the most active stock by volume (year-to-date) with 69.7 million units worth N23.6 million, trailed by Geo-Fluids Plc with 10.9 million units sold for N51.9 million, and FrieslandCampina Wamco Nigeria Plc with 8.3 million units valued at N329.2 million.
By Adedapo Adesanya
A loss of 0.12 per cent or N1.73 was recorded by the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 28.
In the official forex market, the domestic currency was exchanged with the greenback at N1,500.73/$1 during the session compared with the previous day’s rate of N1,499.00/$1.
However, the local currency appreciated against the British Pound Sterling yesterday by N17.78 to settle at N1,880.69/£1 versus Thursday’s closing value of N1,898.47/£1 and it gained N19.93 on the Euro to sell for N1,552.94/€1, in contrast to the preceding session’s N1,572.87/€1.
A look at the parallel market showed that the Nigerian Naira weakened against the Dollar yesterday by N5 to trade at N1,505/$1 compared with the N1,500/$1 it was transacted a day earlier.
Meanwhile, the cryptocurrency market was up on Friday, with analysts pointing out that historical data highlights the recent drawdown as a prime purchasing opportunity for many to stack up while others pointed out that the drawdown may not be over as developments in the political environment may impact sentiments.
During the trading day, Solana (SOL) chalked up 11.0 per cent to trade at $142.99, Dogecoin (DOGE) appreciated by 10.2 per cent to sell at $0.2044, and Litecoin (LTC) recorded an 8.9 per cent rise to trade at $126.43.
In addition, Ripple (XRP) gained 8.6 per cent to quote at $2.17, Cardano (ADA) added 7.9 per cent to finish at $0.6407, Bitcoin (BTC) improved its value by 7.3 per cent to $84,973.70, Ethereum (ETH) grew by 5.8 per cent to $2,234.20, and Binance Coin (BNB) went up by 4.8 per cent to settle at $595.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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