Connect with us

Economy

FrieslandCampina Sinks NASD Exchange Deeper in Bears Territory

Published

on

FrieslandCampina

By Adedapo Adesanya

The bears tightened their grip on the NASD Over-the-Counter (OTC) Securities Exchange on Thursday as the major market barometers further declined marginally by 0.03 per cent.

The market capitalisation lost N340 million to close at N1.007 trillion in contrast to the N1.008 trillion it quoted at the previous session, while the NASD Unlisted Securities Index (NSI) scraped off 0.3 points to end the day at 766.4 points as against the 766.7 points it recorded on Wednesday.

The decline was buoyed by FrieslandCampina WAMCO, which lost 81 kobo or 0.4 per cent to trade at N192.52 per share compared with N193.33 per share it finished a day earlier.

However, there was a price advancer at the session as Central Securities Clearing System (CSCS) Plc added 9 kobo 0.5 per cent to its value to close at N17.00 per unit compared with N16.91 per unit in the previous session.

During the session, the volume of securities traded by investors went down by 99.6 per cent as a total of 200,864 units exchanged hands compared with the 51.6 million units transacted at the midweek session.

Likewise, the value of trades went down by 91.9 per cent to N35.2 million from N432.3 million, while the number of deals depreciated by 28.3 per cent to 33 deals from the 46 deals carried out on Wednesday.

At the close of business, CSCS Plc was the active stock by value on a year-to-date basis with the sale of 661.1 million units valued at N13.9 billion, followed by AG Mortgage Plc with the sale of 2.3 billion units worth N1.2 billion, and FrieslandCampina with the sale of 5.9 million units valued at N861.5 million.

But AG Mortgage Bank Plc was the most traded stock by volume on a year-to-date basis as it has transacted 2.3 billion units of its stocks valued at N1.2 billion. CSCS Plc occupied second place with 661.1 million exchanged for N13.9 billion, while Food Concepts Plc was in third place with 69.0 million units valued at N56.0 million.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

20 Comments

20 Comments

  1. Pingback: FrieslandCampina Sinks NASD Exchange Deeper in Bears Territory – Business Post Nigeria – New National Star

  2. Pingback: FrieslandCampina کمک مالی NASD را به عمق بیشتری در قلمرو خرس فرو می برد – CryptoDol ایران

  3. Pingback: FrieslandCampina sinks NASD grant deeper into bear territory – CryptoDol

  4. Pingback: FrieslandCampina는 NASD 보조금을 곰 영역으로 더 깊이 침몰시킵니다. – CryptoDol 대한민국

  5. Pingback: FrieslandCampina nhấn chìm khoản tài trợ NASD sâu hơn vào lãnh thổ của gấu – CryptoDol Việt Nam

  6. Pingback: تغرق FrieslandCampina لمنح NASD أعمق في منطقة الدب – CryptoDol عرب

  7. Pingback: FrieslandCampina sänker NASD-bidraget djupare in i björnens territorium – CryptoDol Sverige

  8. Pingback: FrieslandCampina потапя дарбата от NASD по-дълбоко в територията на мечката – CryptoDol България

  9. Pingback: 弗里斯兰坎皮纳将 NASD 赠款深入熊市 – CryptoDol 中国

  10. Pingback: FrieslandCampinaがNASDの助成金をクマの領土の奥深くに沈める – CryptoDol 日本

  11. Pingback: FrieslandCampina iegremdē NASD grantu dziļāk lāču teritorijā – CryptoDol Latvija

  12. Pingback: FrieslandCampina NASD dotaciją nuleidžia giliau į lokių teritoriją – CryptoDol Lietuva

  13. Pingback: FrieslandCampina zinkt NASD-beurs dieper in berengebied – CryptoDol Norge

  14. Pingback: FrieslandCampina pochłania grant NASD głębiej na terytorium niedźwiedzi – CryptoDol Polska

  15. Pingback: FrieslandCampina upottaa NASD-avustuksen syvemmälle karhualueelle – CryptoDol Suomi

  16. Pingback: FrieslandCampina enfonce la subvention NASD plus profondément dans le territoire des ours – CryptoDol La France

  17. Pingback: ФриесландЦампина тоне НАСД грант дубље у територију медведа – CryptoDol Србија

  18. Pingback: Η FrieslandCampina βυθίζει την επιχορήγηση της NASD βαθύτερα στην περιοχή των αρκούδων – CryptoDol Ελλάδα

  19. Pingback: FrieslandCampina занурює грант NASD глибше на територію ведмедя – CryptoDol Україна

  20. Pingback: FrieslandCampina versenkt NASD-Zuschuss tiefer in Bärenterritorium – CryptoDol Deutschland

Leave a Reply

Economy

Nigeria’s Pension Funds Reach N14.27bn as Contributors Near 10 million

Published

on

Pension Funds

By Adedapo Adesanya

The National Pension Commission (PenCom) says the total number of registered contributors and the value of pension fund assets stand at 9,795,957 million and N14.27 trillion respectively, as at June 2022.

The Director-General of PenCom, Mrs Aisha Dahir-Umar, gave the figures at a recent workshop themed Increasing Informal Sector Participation In The Contributory Pension Scheme (CPS): The Case for Micro Pension Plan (MPP).

Mrs Dahir-Umar, represented by the Head, Corporate Communications, Mr Abdulqadir Dahiru, said the increasing number of pension funds and contributors was responsible for the recapitalisation of the Pension Fund Administrators (PFA’s) by PenCom.

“The reason for the recapitalisation exercise was to ramp up the capacity of the PFA’s to manage the increasing number of registered contributors and the value of pension fund assets which stood at 9,795,957 million and N14.27 trillion respectively, as at June 30, 2022.

“PenCom increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs from N1 billion to N5 billion in 2021.

“All PFAs have complied with the commission’s directive to increase their minimum capital during the exercise which had a 12-month transition between April 27, 2021, and April 27, 2022,” she said.

According to her, the theme of the workshop aligned with the commission’s objective of expanding coverage of the CPS as it relates to the micro pension plan.

The director-general explained that the objective was to bring into the CPS, Nigerians working in the informal sector and those who were self-employed through the MPP.

Mrs Dahir-Umar noted that strategic efforts to drive the MPP remained one of the significant areas of focus of the commission.

She said the MPP was conceptualised to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans and entrepreneurs.

“The MPP was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old, ” Mrs Dahir-Umar said.

The director-general stated that to create awareness of the MPP, the commission, in collaboration with the Pension Fund Operators Association of Nigeria, was currently championing an industry media campaign in major cities in the country’s six geopolitical zones.

She said it was expected that the exercise would bring about increased effectiveness and efficiency as well as improved service delivery in the industry.

“Let me re-affirm the commission’s commitment to creating awareness and holding social dialogue on the workings of the CPS with relevant stakeholders towards the smooth implementation of the scheme in Nigeria,” she said.

Continue Reading

Economy

Outrage Over Payment of N18.39bn Daily for Fuel Subsidy

Published

on

fuel subsidy

By Adedapo Adesanya

Some Nigerians have started to express anger over the disclosure by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, that the sum of N18.39 billion is used by the federal government daily to pay for fuel subsidy.

Speaking during an investigative hearing of the House of Representatives ad hoc committee looking into the petroleum subsidy regime between 2017 and 2021, the Minister revealed that, “The total amount of subsidy per day is N18.397 billion per day.”

“So, if you are projecting for the full year, it would be N6.715 trillion. If you are projecting for half year, it would be 50 per cent of that,” she informed the lawmakers.

According to the Finance Minister, this was calculated using the information provided by the Nigerian National Petroleum Company (NNPC) Limited and the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

She said the information showed that 64.96 million litres of fuel are the projected average daily truck out, adding that N1.774 trillion was paid to independent oil marketers as subsidy in four years.

Aside from the increasing cost of petrol importation, economic and energy experts have continued to decry the rising cost of fuel subsidy by the federal government.

In January, the federal government said it will retain fuel subsidy indefinitely and amended the 2022 budget to provide funds for that purpose, a move that saw the provision jump over 800 per cent to N4 trillion.

Mrs Ahmed, at that time, said the government realised that the timing of the planned removal of the petrol subsidy was problematic and would worsen the suffering of Nigerians.

According to her, all payments on fuel subsidies were supposed to cease from July 2022 but, “subsequent to the passage of the [Finance] Act, we went back to amend the Fiscal Framework that was submitted to the National Assembly to incorporate this demand, but after the budget was passed we have had consultations with a number of stakeholders.

“It became clear that the timing is problematic, that practically there is still heightened inflation, and also removal of subsidy will further worsen the situation, thereby, imposing more difficulties on the citizens, and Mr President clearly does not want to do that.”

Continue Reading

Economy

Naira Exchanges at N694/$1 in Peer-to-Peer FX Segment

Published

on

Nigerian Naira

By Adedapo Adesanya

The Naira depreciated against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange market on Thursday by 0.32 per cent or N2 to sell for N694/$1 in contrast to the preceding day’s rate of N692/$1.

However, it closed flat against the greenback in the Investors and Exporters (I&E) segment of the FX market at N429.38/$1 amid a slump in the value of transactions at the ecosystem.

According to data from the FMDQ Securities Exchange, forex transactions worth $63.30 million were carried out during the session compared with the $120.46 million reported a day earlier, indicating a decline by $57.16 million or 47.5 per cent.

But at the interbank segment, the local currency moved in the same direction on Thursday, appreciating against the British Pound Sterling and against the Euro.

It was observed that the domestic currency appreciated against the Pound Sterling by N1.72 to trade at N508.24/£1 compared to the previously traded rate of N509.96/£1 and against the Euro, the Naira gained N11.06 to settle at N420.83/€1 compared with the previous day’s N431.89/€1.

Also, in the black market, the domestic currency improved its value by N2 to trade at N678/$1 in contrast to the N680/$1 it was sold on Wednesday.

Meanwhile, in the cryptocurrency market, investors counted more losses as the appetite for the digital coins waned, with Shiba Inu (SHIB) dropping 9.9 per cent to sell for $0.00001343 and Dogecoin (DOGE) losing 8.4 per cent to close at $0.07429.

Cardano (ADA) depreciated by 8.1 per cent to settle at $0.4951, Solana (SOL) slumped by 6.2 per cent to sell at $38.30, Binance Coin (BNB) slid by 5.0 per cent to close at $291.64, Ripple (XRP) depreciated by 3.7 per cent to finish at $0.3616, Litecoin (LTC) went down by 3.0 per cent to quote at $58.99, Bitcoin (BTC) recorded a 2.5 per cent drop to end at $22,818.66, while Ethereum (ETH) retreated by 1.5 per cent to trade at $1,817.11, with the US Dollar Tether (USDT) retaining its previous day’s value of $1.00 due to the strong performance of the US Dollar against other currencies.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: