Equity begins week on bullish note, gain N246bn
Trading activities recorded boost on the floor of the Nigerian Stock Exchange (NSE) yesterday with a gain of N246 billion.
The market capitalization which opens with N9.671 trillion appreciated by 2.54 per cent to close at N9.917 trillion.
The NSE All Share Index also rose by 738.51 basis points or 2.54 per cent to close at 29,773.40 basis points.
Market turnover closes positive as volume moved northwards by 63.12 per cent against 6.07 per cent decline recorded in the previous session. Mutual Benefit Assurance Plc, Access Bank Plc and FCMB Plc were the most active to boost market turnover. Guaranty Trust Bank Plc and Nigerian Breweries top market value list.
Market breadth closed positive as Guaranty Trust Bank Plc led 32 gainers against 15 losers topped by University Press Plc at the end of the trading which was an improved performance when compared with previous outlook.
Guaranty Trust Bank Plc led other stocks on the gainers chart with a gain of 9.94 per cent to close at N19.68 kobo per unit. NEM Insurance Plc followed with 7.55 per cent gain to close at N0.57 kobo, while Lafarge Africa Plc grew by 5.00 per cent to close at N79.80 kobo per share. Also, Zenith Bank Plc rose by 4.98 per cent to close at N17.30 kobo per share and UAC of Nigeria Plc gained 4.97 per cent per share to close at N32.52 kobo.
On the other hand, University Press Plc led the losers’ table with a loss of 9.72 per cent to close at N3.81 kobo per share. Cadbury Nigeria Plc followed with 5.00 per cent to close at N39.90 kobo per share while RT Briscoe Plc loss 4.76 per cent to close at N0.80 kobo per share, Costain West Africa Plc with 4.48 per cent loss to close at N0.64 kobo per share and Eterna Plc with 4.41 per cent loss to close at N2.60 kobo per share A Professor of political science and International Relations, Professor Hassan Saliu, has advocated for reduction in the salaries and allowances of political office holders in Nigeria.
He stated this while delivering a paper titled “Sardauna and Contemporary Politics in Nigeria: What Lessons For Our Leaders”, at the Kwara 2015 GAMJI Day in Ilorin, Kwara state.
According to Salihu of the University of Ilorin, public office holders should make the sacrifice considering the present economic crises occasioned by the downturn in global oil price. The Nigerian National Petroleum Corporation (NNPC) has initiated a scheme aimed at cutting off the several layers of middlemen who make it difficult for end users to enjoy the subsidy on petroleum products.
The scheme, which will be officially flagged off soon will involve the distribution of a total of 1,500 trucks of kerosene across NNPC Retail mega and affiliate stations across the country to ensure that each consumer gets at least 25 litres of the product over the next three months.
The objective of the scheme is to get kerosene to consumers across the 36 states of the federation and the Federal Capital Territory, Abuja, at the regulated price of N50 per litre.
A statement from the NNPC said the scheme was disclosed in Abuja over the weekend at a one-day workshop organized by the corporation to enlighten members of some grassroots non-governmental organizations and volunteers drawn from all over the country who have been engaged to help monitor the distribution and sale of the product at NNPC mega and affiliate stations across the country.