NSE: Equities lose N64bn amid sell pressure
Trading on the nation’s bourse returned to negative territory on Tuesday with crucial market indices dropping by 0.46 per cent following loses in 20 stocks.
Specifically, the All Share Index (ASI) decreased by 129.79 points, representing a loss of 0.46 per cent to close at 27,820.57 against 27,950.36 posted on Monday.
Also, the market capitalisation, which opened at N13.621 trillion, lost N64 billion to close at N13.558 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are: Nestle Nigeria, Nigerian Breweries, Dangote Flour Mills, Guaranty Trust Bank and United Bank for Africa (UBA).
Cordros Capital Limited reemphasised outlook for equities in the short to medium term remains conservative, in the absence of any catalyst to drive positive market returns.
Market breadth closed negative, with 11 gainers against 20 laggards.
Japaul Oil & Maritime Services led the losers’ chart by 8.70 per cent to close at 21k per share.
Nigerian Breweries followed with a decline of 8.33 per cent to close at N55, while Lasaco Assurance shed 8.11 per cent to close at 34k per share.
Wema Bank lost 3.23 per cent to close at 60k, while Transcorp declined by 3.03 per cent to close at 96k per share.
Conversely, Mutual Benefit Assurance
recorded the highest price gain of 10 per cent, to close at 22k per share.
Ikeja Hotels followed with a gain of 8.96 per cent to close at N1.46, while Unity Bank appreciated by 8.62 per cent to close at 63k per share.
Vitafoam Nigeria went up by 5.13 per cent to close at N4.30, while Julius Berger appreciated by 3.59 per cent to close at N18.75 per share.
However, the volume of shares traded rose by 66.7 per cent to 155.21 million shares, worth N2.23 billion and traded in 3,192 deals.
This was in contrast with a total of 93.11 million shares valued at N1.11 billion in 3,056 deals on Monday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with a turnover of 22.27 million shares valued at N640.11 million.
UBA followed with 21.23 million shares worth N123.79 million, while Zenith Bank traded 14.97 million shares valued at N276.29 million.
FBN Holdings traded 12.05 million shares valued at N67.53 million, while African Alliance Insurance transacted 10 million shares worth N2 million. (NAN) The Federal Mortgage Bank of Nigeria, yesterday, disclosed plans to build 100 housing units in each state of the federation.
Executive Director, Business Development and Portfolio Management Abdullahi Umar who disclosed this at a zonal retreat in Sokoto, said it would commence with 14 states as pilot.
"It is a collaborative project which we intend to deliver in six months. It is also a rollover system until the last Nigerian benefits from the project," he Remote sensing technology is capable of generating thousands of jobs in the country and boost its economy if properly utilised, the National Chairman of Nigerian Institution of Space Engineers (NISE), Dr Sadiq Umar, has said.
Dr Umar disclosed this in an interview on the sideline of the 3rd Engr. Brig. Gen. (rtd) M.O Agu Annual Distinguished Lecture in Abuja.
He said proper use of data and images captured by satellites would improve agriculture and also ensure food security.
He also said remote sensing is capable of reducing insecurity thereby enhancing trading among different communities in the country.
According to him, data and images obtained through remote sensing are being used to curtail piracy and kidnapping on Nigerian waters and on the Gulf of Guinea.
This, he said, had saved the country of huge foreign exchange the country would have used to pay ransom. added.
According to him, the National Employers Consultative Association, the Nigerian Labour Congress and the Trade Union Congress have keyed into the scheme.
He called on Nigerians to embrace the National Housing Fund scheme under the bank in order to harness its benefits.
Umar recalled that the scheme had refunded about N24 billion to its exiting contributors out of which, he said, N16 billion was disbursed within the last two years by the new management.