The Nigerian Stock Exchange (NSE) ended Tuesday’s trading session in negative territory. The All Share Index closed at 29,668.68 basis points, down 0.47%. Year to date, the index is down 5.61%.
Top Gainers: Sovereign Trust Insurance Plc was the best performing stock today. The stock gained 9.52% to close at N0.23. CCNN Plc also gained 9.47% to close at N13.30. Champion Breweries Plc gained 8.33% to close at N1.69.
Livestock Feeds Plc gained 5.66% to close at N0.56. Jaiz Bank Plc rounded up the top five gainers for today by gaining 4.44%, closing at N0.47.
Top Losers: Forte Oil Plc was the worst performing stock, declining by 9.38% to close at N29. NEM Insurance Plc followed with a 8.73% drop to close at N2.30. Prestige Assurance Co Plc fell by 8.47% to close at N0.54. AIICO Insurance Plc fell by 4.35% to close at N0.66. United Bank for Africa Plc rounds up the top five losers for the day. The stock shed 3.91% to close at N6.15.
Top Trades by Volume: Guaranty Trust Bank Plc (GTBank) was the most actively traded stock today. 50,437,653 shares valued at N1,568,801,975.35 were traded in 233 deals. Zenith Bank Plc was next with 22,195,779 shares valued at N443,834,598.80 traded in 355 deals.
Custodian and Allied Insurance Plc was next with 21,421,223 shares valued at N119,892,987.65 traded in 10 deals. Access Bank Plc was next with 20,461,631 shares valued at N135,874,119.15 traded in 223 deals.
United Bank for Africa Plc (UBA) rounded up the top five most actively traded stocks today with 17,449,781 shares valued at N110,463,601.05 traded in 169 deals.
Nigerian Breweries Plc informed the NSE and the public of its Series 3 and 4 Commercial Paper (CP) programme that opened yesterday. While Series 3 would be for a tenor of 91 days, Series 4 would be for 172 days, and the aim is to raise N15 billion to support the Company’s short terms funding needs.
Forte Oil Plc notified the public of the resignation of the following directors: Mr Femi Otedola, Mr Akin Akinfemiwa, Mr Julius Omodayo-Owotuga, Mr Christopher Adeyemi, Mr Anil Dua, Mrs Suleiman Salamatu, Dr Mairo Mandara, and Mr Nicolaas Vervelde. Their appointment is with effect from June 20, 2019.
The company also appointed Alhaji AbdulWasiu Sowami, Alhaji Aminu Umar, Mr Olusola Adeeyo, Mr Olumide Adeosun, Mr Moshood Olajide, and Mrs Durosinmi-Etti Aniola as directors.
However, the new directors will hold an inaugural Board of Directors meeting on the 26th of June 2019.
NPF Microfinance Bank Plc also notified the public that it’s 25th Annual General Meeting (AGM) will hold on the 25th of July, 2019, at Ibom Hotel and Golf Resort, Nwaniba Road, Uyo, Akwa Ibom state, at 11.00am.
The company is also declaring a dividend of 5 kobo per every 50 kobo ordinary share
C & I Leasing Plc also announced that it will be paying a final dividend of 0.075 kobo per every 50 kobo ordinary share for the 2018 financial year.
MTN Nigeria Communications Plc launched 4G+ in Lagos, Abuja, and Port-Harcourt for the purpose of delivering a premium experience to more people across the country.
KLM, Air France to resume flight operations in Nigeria on December 7
KLM Royal Dutch Airlines and Air France have announced they will gradually resume flight operations to Abuja and Lagos.
KLM Royal Dutch Airlines and Air France have announced they will gradually resume flight operations to Abuja and Lagos from December 7.
According to a report by Punch, the airlines in a statement on Monday disclosed that international passengers can now fly Air France and KLM from Nigeria (Abuja and Lagos) to Paris and Amsterdam, with the possibility of further transfers to other European and North Atlantic destinations.
In a piece of travel advice, the airline asked customers to ensure they are well prepared for their trip and check the entry and travel requirements for their destination and transit countries in line with travel restrictions and governmental authorizations before making any travel plans. This is as the entry requirements may change with short notice.
General Manager Air France KLM Nigeria and Ghana, Michel Colleau, was quoted to have said, “Flights to and from Lagos and Abuja will be operated in strict compliance with the Nigerian Civil Aviation Authority and international health protocols, adhering to the highest standards of health and hygiene.”
It can be recalled that in September 2020, the Federal Government barred Air France and KLM airlines and some other foreign airlines from flight operations into the country.
The Aviation Minister, Hadi Sirika, said that Air France and KLM were not granted approval for flight operations because tourist visa holders were not allowed entry into their countries.
Nairametrics had reported about a week ago that the Federal Government had given a go-ahead to Lufthansa, Air France/KLM and Qatar Airways to resume flight operations into the country.
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The Central Bank of Nigeria (CBN), voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5%.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5%.
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday. Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
The committee highlighted that inflation continues to be influenced by structural policies, increase in petrol price and latest #EndSARS protest.
Highlights of the Committee’s decision
- MPR was kept at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquid Ratio was also kept at 30%
More details shortly…
Port Harcourt Refinery to get a facelift in Q1 2021 – NNPC
NNPC is set to commence the second phase of the rehabilitation of the Port-Harcourt Refinery in the first quarter of 2021.
The Nigerian National Petroleum Corporation (NNPC) is set to commence the second phase of the rehabilitation of the Port-Harcourt Refinery in the first quarter of 2021.
According to the African Business Intelligence Report, NNPC is working hard and round the clock towards ensuring that four refineries are up and running by 2023.
The Group MD of NNPC, Mallam Mele Kyari made this disclosure and said, “The vision of revamping the pipelines is in tandem with the Refineries Rehabilitation Project, which we have promised to deliver by 2023. I am happy to announce that the funding challenge which had stalled the second phase of the rehabilitation of the Port Harcourt Refinery has been resolved. The contract for the second phase will soon be awarded and work will commence in Q1 of 2021.”
According to Mallam Kyari, a lot has been put in place to boost exploration and production with a view of achieving 3m barrels per day production target.
What you should know
Nairametrics had reported that the first phase rehabilitation was to take place 2 years ago and to be executed by Milan-based Maire Tecnimont S.p.A, in collaboration with its Nigerian affiliate, Tecnimont Nigeria.
It was expected that after the phase-1 of rehabilitation, the Refinery complex should be able to reach its 60% capacity utilization.
Further rehabilitation of the PHC refinery is expected to enhance its production capacity to meet its production targets
Putting the refineries in good shape to produce optimally would stem down the huge imports of the refined petroleum products, considering that about 90% of the refined petroleum products consumed in Nigeria are imported.