There appears to be no end in sight to the negative performance on the Nigerian Stock Exchange (NSE) as the market closed in negative, for the third week running. Last week, the All–Share Index closed at 27,630.46 basis points, down 0.43%.
The NSE All–Share Index declined by 1.17% this week, closing at 27,306.81 basis points. Year to date, the index is down 13.12%.
12 equities appreciated in price during the week. This is lower than 32 equities that appreciated the previous week. 42 equities depreciated in price this week as against 27 equities the previous week, while 113 equities remained unchanged this week, which is higher than 109 equities recorded in the preceding week. The following stocks are marked down for this week.
Here are the top 10 gainers and losers for the week.
Cement Company of North Nigeria (CCNN)
Cement Company of Northern Nigeria was the best performing stock this week. The stock opened at N12.35 and closed at N14.00, up N1.65 or 13.36%.
Year to date, the stock is up 27.84%.
Dangote Flour Mills Plc
Dangote Flour Mills Plc opened at N18.50 and closed at N20.60, up N2.10 or 11.35%.
Year to date, the stock is up 200.7%.
B.O.C. Gases Plc
B.O.C. Gases Plc opened at 5.07 and closed at N5.57, up N0.50 or 9.86%.
Year to date, the stock is up 32.3%.
NCR (Nigeria) Plc
NCR (Nigeria) Plc. opened at N5.30 and closed at N5.80 up N0.50 or 9.43%.
Year to date, the stock is down 3.3%.
Axa Mansard Insurance Plc
Axa Mansard Insurance Plc opened at N1.65 and closed at N1.80, up N0.15 or 9.09%.
Year to date, the stock is down 1.6%.
Custodian Investment Plc
Custodian Investment Plc opened at N5.50 and closed at N6.00, up N0.50 or 9.09%.
Year to date, the stock is down 6.2%.
Sterling Bank Plc
Sterling Bank Plc opened at N2.25 and closed at N2.40, up N0.15 or 6.67%.
Year to date, the stock is up 26.3%.
LASACO Assurance Plc
Lasaco Assurance Plc opened at N0.34 and closed at N0.36 up N0.02 or 5.88%.
Year to date, the stock is up 20%.
Lafarge Africa Plc
Lafarge Africa Plc opened at 14.40 and closed N15.00, up N0.60 or 4.17%.
Year to date, the stock is up 20.5%.
MTN Nigeria Communications Plc
MTN Nigeria Communications Plc rounds up the top 10 gainers for the week. The stock appreciated by 3.15% opening at N127.00 and closing at N131.00, up N4.00.
Year to date, the stock is up 45.6%.
Continental Reinsurance Plc
Continental Reinsurance Plc was the worst performing stock this week shedding 19.19%. The stock opened the week at N1.72 and closed N1.39, down N0.33.
Year to date, the stock is down at 27.2% and is trading at a year low.
Law Union and Rock Insurance Plc
Law Union and Rock Insurance Plc opened the week at N0.47 and closed at N0.39, down N0.08 or 17.02%.
Year to date, the stock is down 35%.
Unity Bank Plc
Unity Bank Plc opened at N0.74 and closed at N0.64, down N0.10 or 13.51%.
Year to date, the stock is down 40.2%.
Forte Oil Plc
Forte Oil Plc opened at N19.45 and closed at N17.00, down N2.45 or 12.60%.
Year to date, the stock is down 40.8%.
Academy Press Plc
Academy Press Plc opened at N0.40 and closed at N0.35, down N0.05 or 12.50%.
Year to date, the stock is down 30%.
FBN Holdings Plc
FBN Holdings Plc opened at N5.60 and closed at N4.95, down N0.65 or 11.61%.
Year to date, the stock is down 37.7%.
May & Baker Nigeria Plc
May & Baker Nigeria Plc opened at N2.30 and closed at N2.05 down N0.25 or 10.87%.
Year to date, the stock is down 16.3%.
Zenith Bank Plc
Zenith Bank Plc opened at N18.30 and closed at N16.35, down N1.95 or 10.66%.
Year to date, the stock is down 29.1%.
Nigerian Aviation Handling Company Plc
Nigerian Aviation Handling Company Plc opened at N2.60 and closed at N2.34, down N0.26 or 10%.
Year to date, the stock is down 35.6%.
Guinness Nigeria Plc
Guinness Nigeria Plc rounds up the top 10 losers for the week. The stock also fell by 10%, opening at N46.00 and closing N41.40, down N4.60.
Year to date, the stock is down 42.5%.
US Government removes visa reciprocity fees for Nigerians from December 3
The US government has removed all visa reciprocity fees for Nigerian citizens seeking visas to the US.
The United States government has announced the removal of all visa reciprocity fees for Nigerian citizens seeking visas to the US with effect from December 3.
This disclosure was made through a statement titled, ‘Update on removal of visa fees for Nigerian citizens by the US Government,’ by the Federal Ministry of Finance on Saturday, December 4, 2020, and signed by the ministry’s Spokesperson, Ferdinand Nwonye.
The Federal Government revealed that this positive development follows the removal of excess visa application, processing and biometric fees for United States citizens applying for Nigerian visas by the Nigerian Government.
The statement from the Foreign Affairs Ministry reads, “The Ministry of Foreign Affairs wishes to inform that the United States Government has removed all visa reciprocity fees for Nigerian citizens seeking visas to the United States.
“The positive development is in line with the removal of excess visa application, processing and biometric fees for the United States citizens applying for Nigerian visas by the Nigerian Government. The United States Government has therefore eliminated reciprocity fees for Nigerian citizens with effect from December 3, 2020.”
The foreign affairs ministry, in the statement, also advised prospective travellers to the United States to visit www.travel.state.gov for details.
What you should know
- It can be recalled that in 2019, the Donald Trump administration had imposed the reciprocity fee for all approved non-immigrant visa applications by Nigerians. This fee was charged in addition to visa application fees for only applicants who were issued visas.
- While imposing the additional reciprocity fees, which ranged from $80 to $303 depending on the class of visa, the US Embassy in Nigeria disclosed that the reciprocity fees were a fallout of unsuccessful talks with the Nigerian government over the reduction of visa fees it charged United States citizens.
Ministry of Foreign Affairs, Abuja ______________________
PRESS RELEASE pic.twitter.com/YH8AhPsO2X
— Ministry of Foreign Affairs, Nigeria 🇳🇬 (@NigeriaMFA) December 4, 2020
COVID-19: Over 70% of jobs lost in aviation, tourism industries in 2020 – AfDB
The AfDB has stated that about 5 million jobs have been lost in the aviation and tourism industries in Africa due to the COVID-19 pandemic.
About 5 million out of Africa’s 7 million aviation and tourism industry-related jobs have been lost in 2020. Also, as much as $15 billion in revenue, half of this to African airlines.
This was disclosed by the African Development Bank (AfDB) in a statement issued and seen by Nairametrics on Friday.
Vice President for Infrastructure, Industrialization and Private Sector, AfDB, Solomon Quaynor explained that the pandemic’s effect was felt more in Africa, a claim that was backed up by numerous panelists at the just concluded AfDB’s webinar themed ‘African Aviation Recovery Conference: coordinating an efficient response to the COVID-19 crisis’s effects on the Aviation sector in Africa.’
He said, “The air transport system is really at the forefront of all our collective objectives to realize Africa as a single economic bloc. The centrality of the aviation sector to Africa’s long-term goals by referencing three flagship projects of the AU’s Agenda 2063 that aim to advance open skies and closer connectivity: SAATM, The African Continental Free Trade Area, and the African Passport-Free movement of people.
“The air transport system is really at the forefront of all our collective objectives to realize Africa as a single economic bloc of 1.3 billion people with a GDP of almost 3 trillion dollars, for which we want to begin to really focus and increase trade among ourselves, as well as investment.”
Also at the event, Minister of Aviation, Hadi Sirika called on African governments to embrace full liberalisation of the aviation sector, invoking the Yamoussoukro Decision, which established an arrangement for the gradual liberalization of intra-Africa air transport services.
He said, “Nigeria today has all its bilateral air service agreements with the YD and was also among the first ten countries that signed a commitment to implement the Single African Air Transport Market.”
Dr. Amani Abou Zeid, African Union Commission for Infrastructure and Energy, explained that Africa’s aviation industry represents a huge market that the continent’s airlines need to exploit more fully, with technology and AI offering the way forward for expansion, regional development experts.
“Technology and smart technologies are offering this fantastic opportunity, so let’s make use of AI, let’s make use of the Internet of Things, let’s capacitate our people to revamp and to rethink our industry, to make sure that both our airports and our airlines cater for the very near future,” said Zeid.
What they are saying
A key takeaway was the urgent need for coordinated action among the sector’s actors, including governments, aviation authorities and multilateral stakeholders such as the Bank.
“The time is now. All of us who have really been working on upstream issues such as SAATM, the World Bank, ourselves, the AU and others, now is the time to really pool our advocacy and resources to make this happen once and for all because if we continue to operate as a federation of 54 states as opposed to an integrated market, our economies will continue to be sub-optimal,” said Quaynor
Explore Data on the Nairametrics Research Website
Autogas: Nigerians will not pay N250,000 for conversion, it is free – FG
The FG has clarified an earlier statement about Nigerians having to pay N250,000 to have their vehicles converted from diesel/fuel use to autogas.
The Federal Government has said that news reports of Nigerians having to pay N250,000 to convert their cars from diesel/petrol engines to autogas is false and incorrect.
This was disclosed by Justice Derefaka, the Technical Adviser on Gas Business and Policy Implementation to Minister of State for Petroleum, Timipre Sylva, to newsmen on Friday.
CLARIFICATION BY TECHNICAL ADVISER, @FMPRng ON FG’S AUTOGAS CONVERSION OF VEHICLES: “I granted an interview where I stated that the auto conversion of vehicles to run on gas will amount to N250,000 & Nigerians will need to pay for that. That statement is not correct, it’s wrong.” pic.twitter.com/yQDfZyxhll
— Government of Nigeria (@NigeriaGov) December 4, 2020
On Friday, Derefaka clarified his position as wrong and said the FG plans make the conversion for free. He added that the FG plans to convert 1 million vehicles for free by the end of 2021.
“I granted an interview on Channels Television, where I stated the auto conversion of vehicles to gas will amount to N250k and Nigerians will need to pay for that. That statement is not correct, it is wrong.
“On that note, I will like to state the position that has been made by my boss, Timipre Sylva, that FG will convert those vehicles for free for Nigerians, and we are looking at 1 million vehicles by the end of 2021,” he said.
Explore Data on the Nairametrics Research Website
What you should know about autogas conversion
- Nairametrics reported earlier this week that Justice Derefaka had said vehicle owners in the country would have to pay N250,000 to have their cars converted to autogas from petrol.