Connect with us
nairametrics
UBA ads

Business News

The Stock Market Trades on a Positive Note Again

The Nigerian Stock Exchange (NSE) ended Wednesday’s trading session in positive territory. The All-Share Index closed at 27,352.94 basis points,

Published

on

Stock

The Nigerian Stock Exchange (NSE) ended Wednesday’s trading session in positive territory. The All-Share Index closed at 27,352.94 basis points, up 1.09%. Year to date, the index is down by 12.97%.

Top Gainers: Honeywell Flour Mill Plc was the best-performing stock today. The stock gained 9.68% to close at N1.02. Ecobank Transnational Inc also gained 9.60% to close at N6.85.  AXA Mansard Insurance Plc gained 9.41% to close at N1.86. Union Diagnostic & Clinical Services Plc gained 9.09% to close at N0.24. Jaiz Bank  Plc rounded off the top five gainers for today. The stock gained 8.82% to close at N0.37.

UBA ADS

Top Losers: On the flip side, Forte Oil Plc was the worst-performing stock, declining by 10% to close at N15.30. Okomu Oil Palm Plc fell by 9.18% to close at N44.50. Livestocks Feeds Plc fell by 8.89% to close at N0.41. Wapic Insurance Plc fell by 5.56% to close at N0.34. Access Bank Plc rounded off the top five losers for the day. The stock shed 4.62% to close at N6.20.

Top Trades by Volume: United Bank of Nigeria Plc was the most actively-traded stock today. 64.7 million shares valued at N381.9 million were traded in 210 deals. Access Bank Plc was next with 58.1 million shares valued at N372.2 million traded in 160 deals, followed by Guaranty Trust Bank Plc with 43.9 million shares valued at N1.1 billion traded in 266 deals.

[READ ALSO: Aviation committee to question contractor responsible for Enugu Airport Closure]

GTBank 728 x 90

FBN Holdings Plc was next with 36.1 million shares valued at N177.9 million traded in 310 deals. Zenith Bank Plc rounded off the top five most actively traded stocks today with 34.5 million shares valued at N608.1 million traded in 392 deals.

Corporate Actions

Total Nigeria Plc, has notified the general public of the appointment of Mrs. Lesley Baxter-Green as the director of the company. This took effect on August 16, 2019.
Etranzact Plc, notifies the general public of its 15th Annual General Meeting which will hold at Colonades Hotel, 21, Alfred Rewane Road, Ikoyi, Lagos State on September 26, 2019 by 12pm.
Lasaco Assurance Plc, notifies the general public of its 39th Annual General Meeting which will hold at City Mall, Catholic Mission Street, Lagos Island, Lagos State on September 12, 2019 at 11pm.

 

[READ ALSO: VAT charges on online transactions will cripple e-Commerce businesses ]

app
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Ecobank Transnational to hold AGM by proxies on June 30th

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies.

Published

on

Ecobank

Ecobank Transnational Incorporated (ETI) has announced the date and venue of its 32nd Annual General Meeting (AGM). According to a disclosure that was sent to the Nigerian Stock Exchange, the company’s AGM and an Extraordinary Meeting are scheduled to hold on June 30th, 2020, at Eko Hotels and Suites in Victoria Island, Lagos.

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies. The proxy AGM is expected to enable the Pan-African financial institution to abide by the directives issued by governments and agencies regarding COVID-19 and how to contain its spread.

UBA ADS

“As a responsible corporate citizen, ETI intends to strictly comply with this restriction in addition to other applicable health and safety measures. Accordingly, attendance at this year’s General Meetings shall be mainly by proxies in accordance with the Articles of Association of the Company and applicable law,” a statement by the company said.

To this end, shareholders have been advised to select any of the company’s top executives (including the Chairman, Emmanuel Ikazoboh, and the MD of Ecobank Nigeria, Patrick Akinwuntan) to represent and vote on their behalf during the AGM. Proxy forms may be downloaded from the company’s website, filled, and submitted in advance.

Meanwhile, the issues that are up for discussion during the AGM and the Extra Ordinary meeting are enumerated below.

GTBank 728 x 90

Annual General Meeting

1. Approval of the accounts
2. Appropriation of the Profits
3. Election of Directors
4. Ratification of the co-option of directors
5. Renewal of the appointment of the joint auditors
6. Approval of the Final Board Fees for Retiring Directors

Extraordinary General Meeting

1. Withdrawal of resolution on consolidation of shares
2. Amendment of the Articles

Note that in Q1 2020, ETI reported profited after-tax from continuing operation of N66.4 billion, marking a 19% decline when compared to N81.9 billion during the comparable period in 2019.

Deal book 300 x 250

ETI’s share price on the Nigerian Stock Exchange closed Friday’s trading session at N5.55. The company has a market capitalisation of about N137.3 billion according to information obtained from Bloomberg.

app
Continue Reading

Business News

NNPC explains measures to cut cost of crude oil production

Ewubare stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing the cost of production to $10 per barrel or below. 

Published

on

NNPC, IJV model, JV

The Nigerian National Petroleum Corporation (NNPC) has said that it is taking some measures to bring down the cost of crude oil production to $10 per barrel or below. 

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020. 

UBA ADS

Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors that are peculiar to the Nigerian terrain and would definitely drive up crude oil production cost in the country. 

He, however, stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing cost of production to $10 per barrel or below. 

He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, stressing that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager. 

GTBank 728 x 90

Mr. Ewubare denied reports that Nigeria is part of OPEC+ member countries that did not comply with the output cut that was agreed by the alliance 

Mr. Ewubare explained that though Nigeria’s total production capacity was 2.3million barrels per day, it was currently producing only about 1.4million barrels per day in compliance with the OPEC+ production quota, stressing that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.  

While making some clarification, Ewubare said, There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd. Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil. The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”. 

NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview, advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.  

app
Continue Reading

Business News

NNPC raises alarm over low grade, contaminated diesel in the market

This warning was contained in a report by the Managing Director, NNPC Retail Limited Managing Director, Dr. Billy Okoye, who also admonished motorists to be careful of the off-spec products. 

Published

on

The Nigerian National Petroleum Corporation (NNPC) has raised alarm over the circulation of low grade and contaminated AGO, popularly known as diesel, which is offered at discounted prices in some parts of the country. 

This was disclosed in a press release by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Friday June 5, 2020. 

UBA ADS

This warning was contained in a report by the Managing Director, NNPC Retail Limited Managing Director, Dr. Billy Okoye, who also admonished motorists to be careful of the off-spec products. 

READ MORE: FG projects $2 billion annual revenue from Escravos Gas project

The state oil giant, in the press statement, said, “The Nigerian National Petroleum Corporation (NNPC) has raised an alarm over prevalent low grade and contaminated AGO, otherwise called diesel, offered at discounted prices in parts of the country.” 

GTBank 728 x 90

Dr. Okoye, stated that the warning became necessary because the low grade contaminated diesel is harmful to machines and the environment. He explained that NNPC Retail Ltd is a market leader and therefore considered it incumbent upon it to alert the general public on the circulation of these low grade products. 

While urging consumers of the product to patronize the oil firm’s service stations where the quality of their products was assured, Dr. Okoye gave assurances that NNPC Retail Limited dealt only in premium high-quality products in the interest of Nigerian motorists and users. 

READ MORE: Fitch revises national ratings of GTBank, Zenith bank

Deal book 300 x 250

Unlike the premium motor spirit otherwise known as petrol, which was operating a fixed price regime and had NNPC as the sole importer, the diesel products were deregulated and had other independent marketers apart from NNPC importing the products as well. 

The intense competition and unhealthy drive for profit, in addition to poor regulation, could have given rise to this.  

app

Patricia
Continue Reading