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Business News

See if your favorite stocks made the gainers list last week

The Nigerian Stock Exchange closed the week on a bearish note.

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Cornerstone Insurance leads this week’s gainers as NSE closes on negative note

The Nigerian Stock Exchange closed the week on a bearish note as the All Share Index closed at 35,446.47 basis points, down 2.89%. Year to date, the index is down 7.31%.

20 equities appreciated in price during the week, lower than 34 in the previous week. 47 equities depreciated in price from 48 equities of the previous week, while 103 equities remained unchanged, higher than 87 equities recorded in the preceding week.

Here are the top gainers and losers for the week:

Gainers

Neimeth International Pharmaceuticals Plc

Neimeth International Pharmaceuticals was the best performing stock this week. The stock opened at N0.60 and closed at N0.80, up N0.20 or 33.33%. Year to date, the stock is up 6.67%.

Niger Insurance Plc

Niger Insurance Plc opened at N0.30 and closed at N0.39, up 30%. Year to date, the stock is down 22%. The NSE earlier in the year moved the minimum price floor from N0.50 to N0.10, then N0.20. This led to many penny stocks trading at N0.50 to fall, before recovering.

Newrest ASL Nigeria Plc

Newrest ASL gained 10% this week. The stock opened at N4.50 and closed at N4.95. Year to date, the stock is down 16.81%.

Eterna Plc

Eterna Plc opened the week at N6.00 and closed at N6.55, up 8.26%. Year to date, the stock is up 61.33% and is the best performing oil and gas stock.

Livestock Feeds Plc

Livestock Feeds appreciated by 6.49%. The stock opened at N0.64 and closed at  N0.69, up N0.05 or 7.81%. Year to date, the stock is down 16.87%.

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Consolidated Hallmark Insurance

Consolidated Hallmark Insurance opened at N0.30 and closed at N0.32, up N0.02 or 6.67%. Year to date, the stock is down 36%.

UAC Property Development Company Plc

UPDC gained 5.88%. The stock opened at N1.70 and closed at N1.80, up N0.10. Year to date, the stock is down 35.48%.

The company this week announced several board changes.  Larry Ettah, the Chairman stepped down, with Babatunde Kasali appointed as his replacement. Folasope Aiyesimoju was appointed Chief Executive Officer (CEO). Awuneba Ajumogobia was appointed Non-Executive Director. Adeniun Taiwo, who had been the Acting Managing Director, was appointed Chief Operating Officer (COO).

International Breweries Plc

International Breweries opened at N30.50 and closed at N32 up 4.92% Year to date, the stock is down 41.2%.

Unity Bank Plc

Unity Bank gained 4.76% during the week. The stock opened at N0.84 and closed at N0.88. Year to date, the stock is up 66.04% and is the best performing stock in the banking sector.

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UACN Plc

UAC of Nigeria Plc rounds up the top gainers for the week with a 3.59% gain. The stock opened at N12.55 and closed at N13.00, up N0.45. Year to date, the stock is down 23.08%.

Losers

Secure Electronic Technology

Secure Electronics Technology, formerly known as NSL Tech, was the biggest loser this week. The stock opened at N0.36 and closed at N0.29, down N0.07 or 19.44%. Year to date, the stock is down 42%.

Cornerstone Insurance Company Plc

Cornerstone Insurance Plc depreciated by 13.79% during the week. The stock opened at N0.29 and closed at N0.25, down N0.04. Year to date, the stock is down 50%.

The company this week released its audited financial statements for the 2017 financial year, as well as Q1 and Q2 2018 results.

Gross premium written increased from N5.5 billion in 2017 to N7.1 billion in 2018. The company made a loss before tax of N415 million in 2018, as against a loss before tax of N866 million in 2017.

Ikeja Hotels Plc

Ikeja Hotels opened the week at N3.13 and closed at N2.79, down 10.86%. Year to date, the stock is up 56.74% and is the best performing stock in the hospitality segment.

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Mutual Benefits Assurance Plc

Mutual Benefits Assurance lost 10.81% during the week. The stock opened at N0.37 and closed at N0.33, down N0.04. Year to date, the stock is down 34%.

The company’s N2 billion rights issue has opened.

Linkage Assurance Plc

Linkage Assurance opened at N0.80, and closed at N0.72, down N0.08 or 10%. Year to date, the stock is up 9.09%.

Law Union and Rock Insurance Plc

Law Union and Rock Insurance lost 10% during the week. The stock opened at N1.00, and closed at N0.90, down N0.10. Year to date, the stock is down 16.88%.

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Vitafoam Plc

Vitafoam Plc this week, fell from its year high of N3.60, to close at N3.24, down by 10% or N0.36. Year to date, the stock is up 8%.

GSK Consumer Nigeria Plc

GSK Consumer opened at N17.00 and closed at N15.30, down N1.70 or 10%. Year to date, the stock is down 29.20%.

CAP Plc

Chemical and Allied Products (CAP) Plc closed the week’s trading session at a year low. The stock opened at N31.25 and closed at N28.35, down N3.15 or 10%. Year to date, the stock is down 16.62%.

Veritas Kapital Assurance Plc

Veritas Kapital rounds up our list of losers this week with a 10% drop. The stock opened at N0.30 and closed at N0.27, down N0.03. Year to date, the stock is down 46%.

The company this week released its audited financial statements for the 2017 financial year, as well as Q1 and Q2 2018 results.

Results for the period ended June 2018 show that gross premium written increased from N1.6 billion in 2017 to N2.1 billion in 2018. Profit before tax, however, fell from N301 million in 2017 to N93 million in 2018. Profit after tax also dropped from N244 million in 2017 to N65 million in 2018.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Business

Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway

The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.

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The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.

The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.

That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.

Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.

What the statement from the Lagos State Police Command is saying

The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.

The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.

The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.

The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.

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The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.

 

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Business News

COVID-19 Update in Nigeria

On the 10th of April 2021, 84 new confirmed cases and death was recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 163,736 confirmed cases.

On the 10th of April 2021, 84 new confirmed cases and 1 death was recorded in Nigeria.

To date, 163,736 cases have been confirmed, 154,098 cases have been discharged and 2,060 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.8 million tests have been carried out as of April 10th, 2021 compared to 1.7 million tests a day earlier.

COVID-19 Case Updates- 10th April 2021,

  • Total Number of Cases – 163,736
  • Total Number Discharged – 154,098
  • Total Deaths – 2,060
  • Total Tests Carried out – 1,803,177

According to the NCDC, the 84 new cases are reported from 13 states- Lagos (26), Akwa Ibom (16), Rivers (10), Ebonyi (9), Abia (6), Kano (6), Osun (3), Bauchi (2), Delta (2), Edo (1), Jigawa (1), Kaduna (1), and Ogun (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 57,950, followed by Abuja (19,703), Plateau (9,030), Kaduna (8,984), Rivers (6,986), Oyo (6,838), Edo (4,892), Ogun (4,620), Kano (3,924), Ondo (3,226), Kwara (3,120), Delta (2,615), Osun (2,547), Nasarawa (2,378), Enugu (2,259), Katsina (2,097), Gombe (2,034), Ebonyi (2,008), Anambra (1,909), Akwa Ibom (1,794), and Abia (1,677).

Imo State has recorded 1,655 cases, Bauchi (1,538), Borno (1,337), Benue (1,188), Adamawa (1,051), Niger (930), Taraba (910), Bayelsa (871), Ekiti (868), Sokoto (774), Jigawa (525), Kebbi (450), Cross River (385), Yobe (365), Zamfara (234), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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