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Business News

NSE ends the week positively as GTBank trades billions-worth of shares

The Nigerian Stock Exchange ended Friday’s trading session in positive territory. The All Share Index closed at 29,966.87 basis points, up 0.73%.

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Nigerian Stock Exchange, Nigerian Stocks

The Nigerian Stock Exchange ended Friday’s trading session in positive territory. The All Share Index closed at 29,966.87 basis points, up 0.73%.

Year to date, the index is down 4.66%.

Top Gainers and Losers: Ikeja Hotel Plc was the best performing stock yesterday. The stock gained 10% to close at N1.43. Nigerian Breweries Plc also gained 9.57% to close at N63. Berger Paints Plc gained 8.53% to close at N7. Caverton Offshore Support Group Plc gained 7.98% to close at N2.57. Chams Plc rounded up the top five gainers for Friday by gaining 7.41% to close at N0.29.

On the flip side, NPF Microfinance Bank Plc was the worst performing stock, declining by 9.48% to close at N1.05. Courteville Business Solutions Plc fell by 8.00% to close at N2.52. AIICO Insurance Plc fell by 4.35% to close at N0.66. Access Bank Plc fell by 2.99% to close at N6.50. Forte Oil Plc rounds up the top five losers for the day. The stock shed 2.19% to close at N26.80.

[READ ALSO: Pension Funds lose N60 billion to Nigerian stock market as index return 12% loss]

Top Trades by Volume: Guaranty Trust Bank Plc was the most actively traded stock yesterday. 83.5 million shares valued at N2.6 billion were traded in 246 deals. Ecobank Transnational Inc was next with 25 million shares valued at N269 million traded in 43 deals. Zenith Bank Plc was next with 18.2 million shares valued at N362 million traded in 331 deals. FBN Holdings Plc was next with 17.3 million shares valued at N115 million traded in 190 deals. Lafarge Africa Plc (WAPCO) rounded up the top five most actively traded stocks on Friday with 16.2 million shares valued at N195 million traded in 103 deals.

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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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