By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note as the local bourse shed 0.34 per cent on Friday.
Renewed profit-taking influenced the decline posted by Customs Street as traders offloaded equities mainly in the industrial and insurance sectors, causing their respective indices to lose 0.94 per cent and 0.69 per cent.
However, the banking and consumer goods counters appreciated by 0.26 per cent and 0.18 per cent respectively, while the energy space closed flat.
But at the close of transactions, the All-Share Index (ASI) went down by 150.07 points to 44,454.67 points from 44,604.74 points, while the market capitalisation depreciated by N81 billion to N23.951 trillion from N24.032 trillion.
The market breadth closed negative as there were 14 price gainers and 17 price losers led by Sunu Assurance, which fell by 8.82 per cent to 31 kobo.
Cutix went down by 7.17 per cent to N2.46, Mutual Benefits lost 3.57 per cent to sell at 27 kobo, Jaiz bank depreciated by 2.86 per cent to 68 kobo, while Royal Exchange declined by 2.44 per cent to 80 kobo.
On the flip side, Fidson recorded the biggest price appreciation by 9.65 per cent to trade at N7.50, Julius Berger grew by 3.64 per cent to N22.80, Sterling Bank rose by 3.29 per cent to N1.57, UPDC appreciated by 2.61 per cent to N1.18, while Regency Assurance gained 2.22 per cent to quote at 46 kobo.
Yesterday, a total of 405.7 million stocks worth N9.8 billion were traded in 3,880 deals compared with the 321.8 million stocks worth N3.7 billion traded in 4,565 deals, implying that the trading volume and value increased by 26.10 per cent and 168.88 per cent respectively, while the number of deals decreased by 15.01 per cent.
Business Post reports that BUA Foods ended the trading day as the most active stock with a turnover of 102.6 million units valued at N6.8 billion.
Transcorp transacted 97.2 million shares worth N110.2 million, Access Bank exchanged 33.2 million stocks worth N315.8 million, FBN Holdings sold 26.6 million equities for N318.6 million, while Jaiz Bank traded 25.9 million stocks for N17.8 million.
Nigerian Breweries Lists Additional Shares on Stock Exchange
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited has admitted additional shares of Nigerian Breweries Plc on its trading platform, a notice from the exchange has confirmed.
The new stocks were issued to shareholders of the brewery giant as part of their dividend payment. They are those who opted to exchange their cash payment for shares of the firm.
According to the disclosure from the NGX on Monday, Nigerian Breweries listed a total of 78,929,849 ordinary shares of 50 kobo on the platform, increasing its total issued and fully paid-up equities to 8,075,831,900 ordinary shares from 7,996,902,051 ordinary shares.
“Additional 78,929,849 ordinary shares of 50 kobo each of Nigerian Breweries Plc were today, Monday, January 24, 2022, listed on the daily official list of the Nigerian Exchange Limited.
“The additional shares listed on NGX arose from Nigerian Breweries scrip dividend election scheme.
“With this listing of the additional 78,929,849 ordinary shares, the total issued and fully paid-up shares of Nigerian Breweries Plc has now increased from 7,996,902,051 to 8,075,831,900 ordinary shares of 50 kobo each,” the statement noted.
Shares of Nigerian Breweries depreciated by 1.46 per cent or 70 kobo today at the stock exchange to close at N47.30, according to data obtained by Business Post.
FG Suspends Fuel Subsidy Removal, to Amend 2022 Budget
By Modupe Gbadeyanka
The federal government has suspended fuel subsidy removal, which was earlier meant to be from July 1, 2022, and will now amend the 2022 Appropriation Act to accommodate the new change.
This action followed the pressure mounted by the Nigeria Labour Congress (NLC), which threatened to embark on a nationwide protest from January 27, 2022.
In the 2022 budget signed into law by President Muhammadu Buhari last month, the provision of petrol subsidy was till June 30, but the labour said fuel subsidy removal at this period of high inflation would be resisted.
On Monday, January 24, 2022, the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, was at the National Assembly for a meeting with lawmakers.
She explained that due to ongoing consultations, it was agreed that the planned removal of fuel subsidy should be shelved for now.
“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy.
”The provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.
“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.
“However, after the budget was passed, we had consultations with a number of stakeholders and it became clear that the timing was problematic.
“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.
“Mr President does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.
“One of these includes the rollout of the refining capacities of the existing refineries and the new ones which would reduce the amount of products that would be imported into the country.
“We, therefore, need to return to the National Assembly to now amend the budget and make additional provision for the subsidy from July 22 to whatever period that we agreed was suitable for the commencement of the total removal,” the Minister informed the lawmakers.
The Senate President, Mr Ahmad Lawan, who conveyed the meeting, commended the federal government for the bold step, urging the labour unions to suspend their action.
Also present at the gathering were the Minister of State for Petroleum Resources, Mr Timipre Sylva; the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari; among others.
Stanbic IBTC Finances Ardova LPG Storage Terminal
By Aduragbemi Omiyale
The 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage terminal being constructed in Ijora, Lagos, by AP LPG terminal, a fully owned subsidiary of Ardova Plc, is being financed by the Stanbic IBTC Infrastructure Fund, Business Post has learned.
In August 2021, Stanbic IBTC closed the first tranche of its N100 billion Stanbic IBTC Infrastructure Fund aimed to support the funding of critical projects in the country with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.
Ardova, one of the leading players in the energy sector in Nigeria, keyed into the initiative and on Wednesday, January 19, 2022, the firm performed the groundbreaking ceremony for the construction of the LPG storage terminal, which is expected to be completed in December 2022.
Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.
Speaking at the event, the Group Chief Executive Officer of Ardova, Mr Olumide Adeosun, commended Stanbic IBTC for its commitment to the project, noting that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised.
“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova Plc.
“This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful,” he said.
Mr Adeosun further that, “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.”
On his part, the CEO of Stanbic IBTC Asset Management, Mr Oladele Sotubo, noted that, “Across the globe, cleaner energy investments have continued to be the focus.”
“Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne LPG storage facility terminal,” he added.
Mr Sotubo applauded Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund.
He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.
The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives.
He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.
Like Our Facebook Page
Latest News on Business Post
- NAFDAC Stops Registration of Alcoholic Drinks in Sachet, Bottles January 24, 2022
- In Terms of Profitability, 2022 Will be a Big Year for Access Bank—Wigwe January 24, 2022
- Cape Town to Host 2022 African Energy Week October 18 January 24, 2022
- Nigerian Breweries Lists Additional Shares on Stock Exchange January 24, 2022
- FG Suspends Fuel Subsidy Removal, to Amend 2022 Budget January 24, 2022
- FG Strengthens Efforts to Combat Lassa Fever Outbreak January 24, 2022
- Intra African Trade Could Reach $300bn in 2025—Akinwuntan January 24, 2022
- Bybit NFT Marketplace to Allow Multi-chain Transactions January 24, 2022
- Stanbic IBTC Finances Ardova LPG Storage Terminal January 24, 2022
- Still on Nigeria’s Electricity Crisis January 24, 2022
Feature/OPED2 years ago
Davos was Different this year
Economy5 years ago
Kwara Disburses N1.7b For Projects
Travel/Tourism5 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
Technology1 year ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy5 years ago
How To Identify Fake Naira Notes
Banking4 years ago
Sort Codes of GTBank Branches in Nigeria
Economy4 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy4 years ago
NSE Market Capitalisation Sheds N76b as Sell‐offs Persist