Economy
CSCS, UBN Property Pull Unlisted Stocks Down by 0.14%

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange returned to the bearish zone on Thursday, December 29 as it depreciated 0.14 per cent.
This was driven by the negative price movements from two companies, which outweighed the single price gainer recorded during the session.
Central Securities Clearing System (CSCS) Plc lost 47 Kobo yesterday to settle at N12.00 per unit, in contrast to the previous day’s N12.47 per unit, as UBN Property Plc depreciated by 4 Kobo to trade at 73 Kobo per unit compared with Wednesday’s price of 77 Kobo per unit.
The only price gainer for the trading session was Niger Delta Exploration and Production (NDEP) Plc, which improved by N6.88 to close at N186.88 per share, in contrast to the midweek session’s N180.00 per share.
At the end of the day, the market capitalisation of unlisted stocks went down by N1.33 billion to N927.26 billion from N928.59 billion, and the NASD Unlisted Securities Index (NSI) crashed by 1.01 points to wrap the session at 705.67 points compared with 706.68 points in the previous session.
On the activity chart, the volume of transactions increased by 24,163.96 per cent as investors traded 43.4 million units compared with the preceding day’s 178,685 units.
Likewise, the value of shares traded at the session ballooned by 185.8 per cent to N33.9 million from N11.9 million, while the number of deals depleted by 21.4 per cent to 11 deals from Wednesday’s 14 deals.
AG Mortgage Bank Plc remained the most traded stock by volume with 2.3 billion units valued at N1.2 billion, CSCS Plc stood in second place with 688.5 million units valued at N14.3 billion, while Lighthouse Financials Services Plc was in third place with 224.7 million units valued at N112.3 million.
In the same vein, the security with the highest value of transactions was still CSCS Plc with the sale of 688.5 million units worth N14.3 billion, VFD Group Plc was in second place with 29.1 billion units valued at N7.7 billion, while FrieslandCampina WAMCO Plc was in third place for selling 18.4 million units valued at N2.0 billion.
Economy
NGX Jumps 1.17% on Strong Investor Sentiment

By Dipo Olowookere
The upward movement witnessed at the Nigerian Exchange (NGX) Limited in the past trading session continued on Wednesday by 1.17 per cent.
The bullish momentum was buoyed by bargain-hunting in mid and large-cap shares on the platform amid renewed confidence in Nigerian equities.
Though the insurance counter closed lower by 0.04 per cent due to profit-taking, the gains by the others ensured that the domestic bourse remained in the green territory.
The industrial goods index appreciated by 2.11 per cent, the consumer goods sector surged by 1.44 per cent, the banking industry increased by 0.49 per cent, and the energy space rose by 0.20 per cent.
Consequently, the All-Share Index (ASI) went up by 1,272.64 points to 107,847.62 points from 106,574.98 points and the market capitalisation gained N794 billion to settle at N67.290 trillion compared with the previous day’s N66.496 trillion.
The volume and value of transactions as well as the number of deals decreased yesterday by 7.52 per cent, 15.25 per cent, and 1.19 per cent, respectively.
This was because investors bought and sold 442.6 million stocks worth N10.0 billion in 15,376 deals at midweek versus the 478.6 million stocks valued at N11.8 billion in 15,561 deals.
Sterling Holdings traded 49.6 million shares for N296.8 million, Ellah Lakes exchanged 34.5 million equities valued at N133.9 million, Zenith Bank transacted 25.6 million stocks worth N1.3 billion, Access Holdings sold 19.6 million shares valued at N553.7 million, and AIICO Insurance traded 18.5 million equities worth N32.2 million.
Business Post reports that Customs Street ended midweek with a positive market breadth index after 51 stocks closed in green and 16 stocks ended in red, indicating a strong investor sentiment.
VFD Group and Ikeja Hotel were the best-performing equities on Wednesday after chalking up 10.00 per cent each to sell for N52.80 and N14.85 apiece, Honeywell Flour gained 9.99 per cent to quote at N12.66, Transcorp Hotels also improved its value by 9.99 per cent to N126.10, and Eterna rose by 9.93 per cent to N48.70.
However, the worst-performing equity for the day was CWG with an 8.95 per cent loss to trade at N8.65, Regency Alliance slumped by 7.89 per cent to 70 Kobo, Lasaco Assurance tumbled by 7.25 per cent to N3.20, Royal Exchange plunged by 7.22 per cent to 90 Kobo, and SCOA Nigeria crashed by 6.54 per cent to N3.43.
Economy
Controversial Tax Reform Bills Scale Second Reading at House of Reps

By Adedapo Adesanya
The four tax reform bills transmitted to the National Assembly last year by President Bola Tinubu have finally scaled second reading in the House of Representatives.
The bills, which have generated criticisms across the country, scaled the second reading on the floor of the Green Chamber on Wednesday, five months after the President transmitted them to the parliament for consideration following the recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms led by a tax expert, Mr Taiwo Oyedele.
The bills include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
They are gearing up for public hearing, which should be announced soon.
The four bills met minimal opposition in the Senate but faced a higher level scrutiny at the 360-member House of Reps as well as criticisms from northern statesmen, including governors and leaders.
During the midweek plenary, Mr Sada Soli feared that some sections of the new bills might contradict the 1999 constitution. According to the lawmaker, the issue of derivation must be clearly defined to avoid any ambiguity.
He was hopeful that the committee saddled with the responsibility to scrutinise the bills would address the issues that might arise before the bills are passed.
Other lawmakers also drew attention to the 40 acts which the bill sought to amend and requested they should be laid before the National Assembly.
The lawmakers said the issue of multiple taxation involving property purchase provided in the bill should be addressed, as the provision stated that the buyer and seller must pay tax.
In response, the Chairman of the tax reforms committee, Mr Oyedele, who has tirelessly defended the bills since they were presented, lauded the efforts of the lawmakers.
“We are grateful to the lawmakers for their robust debates and diligent consideration of the bills and look forward to continued engagement with the National Assembly and active participation in the public hearing process.
“May Nigeria win!,” he wrote.
Economy
NASD Unlisted Security Index Slips 0.49%

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.49 per cent on Tuesday, February 11 as investors recalibrated their portfolios, selling off some securities they fell have yielded returns since they were acquired from the market.
This action by the market participants depleted the value of the trading platform by N8.86 billion during the trading session to N1.803 trillion from the N1.812 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) went down by 15.65 points to settle at 3,184.02 points compared with 3,199.67 points recorded at the previous session.
UBN Property Plc declined by 17 Kobo to end at N2.05 per share compared with Monday’s closing price of N2.22 per share, Geo Fluids Plc decreased by 30 Kobo to N4.24 per unit from N4.54 per unit, Central Securities Clearing System (CSCS) Plc lost N1.50 to settle at N23.00 per share versus N24,50 per share, and FrieslandCampina Wamco Nigeria Plc crumbled by 12 Kobo to close at N39.98 per unit, in contrast to the preceding session’s N40.10 per unit.
Conversely, Air Liquide Plc appreciated by 41 Kobo to N8.33 per share from N7.92 per share and Afriland Properties Plc increased by 75 Kobo to sell for N18.65 per unit versus N17.90 per unit.
During the trading session, there was a 270.2 per cent rise in the volume of securities traded by investors to 1.9 million units from 502,112 units, the value of securities transacted grew by 223.4 per cent to N48.2 million from N14.9 million, and the number of deals went up by 63.2 per cent to 31 deals from 19 deals.
Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.
Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.
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