By Dipo Olowookere
The Nigerian Exchange (NGX) Limited sustained its positive momentum on Wednesday on the back of buying interest in MTN Nigeria, Ecobank, Honeywell Flour, Dangote Sugar and others.
The patronage enjoyed by these stocks and 16 others resulted in the 0.99 per cent growth printed by the trading platform yesterday, boosting the confidence of investors in the market, which recorded a series of losses last week.
As a result, the All-Share Index (ASI) increased by 416.24 points to 42,435.16 points from 42,018.92 points, while the market capitalisation grew by N218 billion to N22.143 trillion from N21.925 trillion.
Topping the gainers’ chart yesterday was Livingtrust Mortgage Bank as its value jumped 9.09 per cent to 96 kobo, trailed by Meyer, which grew by 7.69 per cent to 28 kobo.
Axa Mansard appreciated by 7.25 per cent to N2.22, Dangote Sugar went up by 6.67 per cent to N16.00, while Honeywell Flour chalked up 6.51 per cent to trade at N3.60.
On top of the losers’ table during the session at the stock market was Cutix as a result of the 9.69 per cent loss it recorded, closing at N2.61.
Royal Exchange fell by 8.06 per cent to 57 kobo, Mutual Benefits depreciated by 7.69 per cent to 24 kobo, Sovereign Trust Insurance dropped 4.17 per cent to 23 kobo, while NAHCO declined by 2.51 per cent to N3.50.
Business Post reports that, unlike the preceding session, the five key sectors of the market closed bullish, with the banking, energy, insurance, consumer goods and industrial goods counters finishing higher by 1.83 per cent, 1.14 per cent, 0.62 per cent, 0.41 per cent and 0.10 per cent respectively.
The recent heavy trades in FBN Holdings continued on Thursday and this may be connected to the silent leadership tussle between two billionaires fighting to take charge of the boardroom politics.
The company traded 411.9 million shares worth N5.0 billion, Sterling Bank transacted 64.4 million stocks valued at N95.9 million, GTCO transacted 20.7 million equities worth N501.4 million, UBA sold 14.7 million shares for N116.0 million, while Access Bank exchanged 12.3 million stocks valued at N110.6 million.
In all, a total of 649.8 million equities worth N7.2 billion exchanged hands in 3,757 deals yesterday as against the 639.4 million equities valued at N6.6 billion transacted in 4,564 deals on Tuesday.
This showed that the volume and value of trades appreciated by 1.61 per cent and 8.71 per cent respectively, while the number of deals depreciated by 17.68 per cent.
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