Business News
Ecobank leads this week’s gainers as NSE closes on a positive note
The Nigerian Stock Exchange (NSE) received a serious boost as the market closed on a positive note this week.
The Nigerian Stock Exchange (NSE) received a serious boost as the market closed on a positive note this week. Last week, the All-Share Index closed at 26,925.29 basis points, down 0.47%. The NSE All-Share Index improved by 0.62% this week and closed at 27,800.17 basis points. Year to date, the index is down 11.55%.
40 equities appreciated in price during the week, higher than 15 equities that appreciated the previous week. 25 equities depreciated in price this week, as against 34 equities in the previous week, while 101 equities remained unchanged this week, lower than 119 equities recorded in the preceding week.
Here are the top 10 gainers and losers for the week.
Top Gainers
Ecobank Transnational Incorporated: Ecobank Transnational Incorporated was the best-performing stock this week. The stock opened at N6.00 and closed at N8.00, up N2.00 or 33.3%.
Year to date, the stock is up 42.9%.
Oando Plc: Oando Plc opened at N3.35 and closed at N4.05, up N0.70 or 20.9%.
Year to date, the stock is up 19%.
Fidelity Bank Plc: Fidelity Bank Plc opened at N1.40 and closed at N1.68, up N0.28 or 20%.
Year to date, the stock is up 17.2%.
UACN Plc: UACN Plc opened at N4.50 and closed at N5.35, up N0.85 or 18.9%.
Year to date, the stock is up 45.1%.
Law Union & Rock Insurance Plc: Law Union & Rock Insurance Plc opened at N0.33 and closed at N0.39, up N0.06 or 18.2%.
Year to date, the stock is up 35%.
C & I Leasing Plc: C & I Leasing Plc opened at N6.20 and closed at N7.30, up N1.10 or 17.7%.
Year to date, the stock is up 310%.
Honeywell Flour Mill Plc: Honeywell Flour Mill Plc opened at N0.96 and closed at N1.10, up N0.14 or 14.6%.
Year to date, the stock is up 14.1%.
United Capital Plc: United Capital Plc opened at N1.82 and closed at N2.06, up N0.24 or 13.2%.
Year to date, the stock is up 27%.
Transnational Corporation of Nigeria Plc: Transnational Corporation of Nigeria Plc opened at N0.91 and closed at N1.03, up N0.12 or 13.2%.
Year to date, the stock is up 22%.
CHAMS Plc: CHAMS Plc rounded up the top 10 gainers for the week. The stock appreciated by 13% opening at N0.23 and closed at N0.26, up N0.03.
Year to date, the stock is up 30%.
Top Losers
Okomu Oil Palm Plc: Okomu Oil Palm Plc was the worst-performing stock this week, shedding 18.1%. The stock opened the week at N49.00 and closed N40.15, down N8.85.
Year to date, the stock is down at 47.3% and is trading at a year low.
NCR Nigeria Plc: NCR Nigeria Plc opened the week at N5.80 and closed at N4.95, down N0.85 or 14.7%.
Year to date, the stock is down 17.5%.
LASACO Assurance Plc: Lasaco Assurance Plc opened the week at N0.33 and closed at N0.29, down N0.04 or 12.1%.
Year to date, the stock is down 3.3%.
Continental Reinsurance Plc: Continental Reinsurance Plc opened the week at N1.45 and closed at N1.30, down N0.15 or 10.3%.
Year to date, the stock is down 31.9%.
Tripple Gee and Company Plc: Tripple Gee and Company Plc opened the week at N0.70 and closed at N0.63, down N0.07 or 10%.
Year to date, the stock is down 18.2%.
MRS Oil Nigeria Plc: MRS Oil Nigeria Plc opened the week at N20.85 and closed at N18.80, down N2.05 or 9.8%
Year to date, the stock is down 26.9%.
Cadbury Nigeria Plc: Cadbury Nigeria Plc opened the week at N10.30 and closed at N9.30, down N1.00 or 9.7%.
Year to date, the stock is down 7%.
[READ ALSO: May & Baker, United Capital Plc make best stocks as NSE closes negatively]
Mutual Benefits Assurance Plc: Mutual Benefits Assurance Plc opened the week at N0.22 and closed at N0.20, down N0.02 or 9.1%.
Year to date, the stock is down 4.8%.
Unity Bank Plc: Unity Bank Plc opened the week at N0.69 and closed at N0.63, down N0.06 or 8.7%.
Year to date, the stock is down 41.1%.
Linkage Assurance Plc: Linkage Assurance Plc rounded up the top 10 losers for the week. The stock fell by 7.7%, opening at N0.52 and closing N0.48, down N0.04.
Year to date, the stock is down 33.3%.
[READ ALSO: Financial sector dominates gainers chart this week]
Real Estate and Construction
Tax on rents and Certificate of Occupancy is valid – Akabueze
FIRS had announced that stamp duty will be paid on house rent and C of O.
The Director-General of the Budget Office of the Federation, Ben Akabueze, announced that the recent FIRS taxes on Certificate of Occupancy and rents is not new and has been around since the 1980s.
He disclosed this in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) on Friday, adding that ever since the 80s, his landlord had always given him a postage stamp on his rent receipts, and that the law was not just recognized for a long time.
“Over time, because the culture of postage has dropped off and that was not being implemented. What FIRS has done now is to make that into electronic stamp that you can still use to comply with the existing law,” Akabueze said.
Last week, the Federal Inland Revenue Service (FIRS) announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty. The new duty was inaugurated in Abuja at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties.
FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, said the new policy was necessary so as to give the instruments the legal backing required and make them legally binding on all parties involved in such transactions.
Consequently, Ahmad asked Nigerians to ensure that documents that related to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.
He also advised Nigerians to make sure that any document related to leasing agreements and rents related to offices and homes, including C of O and other transaction instruments used in these seals were authenticated with the new FIRS Adhesive Stamp Duty.
Coronavirus
Port-Harcourt International airport resumes flight operations
The first flight to Port Harcourt was conducted by Air Peace 5N EUV from Lagos.
The Port Harcourt International Airport formally resumed flight operations on Saturday, July 11, with the Federal Airports Authority of Nigeria (FAAN), restating its commitment towards a zero coronavirus transmission.
This was disclosed by the Regional Manager South-South and South-East of FAAN, Abayomi Akinbinu, on Saturday, July 11, during the arrival of the first flight after 3 months of shutdown due to the coronavirus outbreak.
The first flight, which was conducted by Air Peace 5N EUV from Lagos, arrived Port-Harcourt International Airport terminal at 7.50 am.
He said the Port-Harcourt airport management was ready to ensure zero chances of the coronavirus transmission with the management giving no room for default of the COVID-19 safety guidelines by regulatory authorities as flight operations resume at the airport.
He frowned at the non-adherence to physical distancing rule, while also commending safety compliance level by service providers and passengers at the airport.
According to Abayomi, “Our markings of 1.5 metres apart are visibly on the floor, but maybe because of excitement it’s not being properly followed; so we need to make quick enforcement in that regard.”
He said although there was low turnout of passengers, he expected a gradual increase in the coming days.
He said, “On the departure section, we are gradually getting more passengers and I believe that going forward passengers’ turnout is going to increase. My message to prospective passengers is that the Port Harcourt International Airport terminal is safe.”
On his own part, the Head of Aviation Medical Clinic of the airport, Dr Nuhu Mwabi, said that the Port Health is seriously conducting mandatory temperature checks on both service providers and passengers before allowing them into the airport terminal building.
Nuhu said, “This is because we want to fish out persons with a temperature of 38 degrees Celsius and above, so that we can isolate such individual. Our cardinal objective is to ensure that we contain the spread of COVID-19 as well as other communicable diseases within the airport.”
He added that the World Health Organization and the various medical teams were ready to professionally handle any suspected case, should the need arise.
It can be recalled that the Minister of Aviation, Hadi Sirika, had last week announced the resumption schedule for flight operations for the various airports across the country. The Murtala Muhammed Airport Lagos and the Nnamdi Azikiwe International airport resumed flight operations on July 8.
Coronavirus
Lagos Govt Seals Acouns Medical Lab for conducting illegal COVID-19 tests
The lab conducted COVID-19 tests without required government approval.
The Lagos State Ministry of Health has sealed a private medical laboratory that was conducting illegal COVID-19 tests inside a pharmacy at Banana Island in Ikoyi, Lagos.
The ministry stated that the laboratory, Acouns Medical Laboratory and Diagnostic Centre, conducted COVID-19 tests without required government approval.
Yesterday, @LSMOH through @HEFAMAA_LASG sealed a private laboratory located on Banana Island, Ikoyi for carrying out #COVID19 tests without the required government approval. The lab; Acouns Medical Laboratory and Diagnostic Centre was also situated in a pharmacy! @followlasg pic.twitter.com/KkMzxYDBFq
— LSMOH (@LSMOH) July 11, 2020
According to a NAN report, the laboratory was sealed on Friday, July 10 by one of the agencies of the Ministry of Health – Health Facility Monitoring Accreditation Agency (HEFAMAA).
The ministry warned in its Saturday morning tweet, that such health facilities posed a danger to their communities and staff, and discouraged residents from patronising facilities that had not been duly accredited for such purposes.
“It is illegal to manage COVID-19 cases outside of an accredited facility. We implore the public not to go for tests or treatment in a private facility that has not been accredited by government.
“It is dangerous and it might put you at more risk,” it said.
The ministry promised to ensure that health facilities in the state adhered strictly to the standards put in place, and urged residents to cooperate with the authorities.
Recall that a few weeks ago, the Lagos State government announced it has added Seven Private Laboratories into its testing strategy to expand capacity in Nigeria’s commercial capital.
Lagos state has, through its accredited health facilities, conducted over 45,000 COVID-19 tests, with over 7000 confirmed cases from the number.
The ministry had also recently announced the private health facilities accredited for the purpose of COVID-19 testing.
rigorous accreditation accreditation and validation process by @HEFAMAA_LASG and @LagosBiobank
The approved private labs are;
📍Total Medical Services
📍SynLab
📍54 Gene
📍Medbury medical Services
📍Biologix Medical Services
📍02 Medical Services
📍Clina Lancent Lab pic.twitter.com/GS2f1FfP5j— Prof. Akin Abayomi (@ProfAkinAbayomi) June 30, 2020
Tax on rents and Certificate of Occupancy is valid – Akabueze
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