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Airtel tops worst performing stocks in today’s trading session

The NSE ended Tuesday’s trading session in negative territory. The All-Share Index closed at 27,407.04 basis points, down 0.61%.

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Nigerian Stock Exchange, Nigerian Stocks, Daily market summary, NSE, Bourse bows to bears as ASI dip 0.55% on Friday, NSE: Bears dominant reign continues as ASI shed 4.91% on Tuesday, Bearish trend persists at Nigerian Stock Exchange, as investors lose N456 billion, Bears return, Nigeria’s local bourse drops 0.12%, Bears return Nigeria's ASI index down 3.12% Investors lose N370 billion, Bulls lift Nigerian bourse up 0.10%, as trading volume picks up,  BUACEMENT, CADBURY, WAPCO Bring the Bears to Party, Investors Lose N198.05 Billion

The Nigerian Stock Exchange (NSE) ended Tuesday’s trading session in negative territory. The All-Share Index closed at 27,407.04 basis points, down 0.61%.

Top Gainers

Pz Cussons Nigeria Plc was the best-performing stock today. The stock gained 9.32% to close at N6.45. Stanbic IBTC Holdings Plc gained 6.69% to close at N37.50. Okomu Oil Palm Plc gained 3.88% to close at N54.95. NASCON Allied Industries Plc also gained 3.08% to close at N13.40. Cement Company Northern Nigeria Plc rounded off the top five gainers for today. The stock gained 2.79% to close at N16.60.

Top Losers

On the flip side, Airtel Africa Plc was the worst-performing stock, declining by 10% to close at N283.50. NCR Nigeria Plc fell by 9.09% to close at N4.50. Custodian and Allied Insurance Plc fell by 4.76% to close at N6.00. Flour Mills of Nigeria Plc fell by 3.70% to close at N13.00. Zenith Bank Plc rounded off the top five losers for the day. The stock shed 1.57% to close at N18.80.

Top Trades by Volume

Access Bank Plc was the most actively-traded stock today. 57.81 million shares valued at N434.18 million were traded in 493 deals. Zenith Bank Plc was next with 19.98 million shares valued at N382.22 million traded in 351 deals, followed by Sterling Bank Plc with 10.37 million shares valued at N23.46 million traded in 79 deals.

[READ MORE: Zenith Bank Plc trades large volume as NSE ends Monday’s trading in red]

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FBN Holdings Plc was next with 10.35 million shares valued at N55.91 million traded in 273 deals. United Bank for Africa Plc rounded off the top five most actively traded stocks today with 9.31 million shares valued at N59.78 million traded in 173 deals.

Corporate Action

R.T Briscoe Nigeria PLC released its financial statement for the year ended December 31st, 2018.

Revenue increased from N4.37 billion in 2017, to N5.18 billion in 2018. This marks 18.40% decrease year on year.

Gross profit also increased from N971.46 million in 2017, to N1.45 billion in 2018, representing an increase of 50%.

Loss before tax declined from N3.13 billion in 2017, to N2.16 billion in 2018, representing a downturn of 30.8%.

[READ MORE: NSE closes Tuesday’s trading in negative territory]

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Loss for the year from continuing operations decreased from N3.16 billion in 2017, to N2.18 billion in 2018. Depicting a reduction of 30.7%.

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Just in: NUPENG calls off strike for petroleum tanker drivers in Lagos State

The disclosure was made in a series of tweet posts by the SSA to the Lagos State Governor.

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The National Union of Petroleum and Natural Gas Workers (NUPENG), has called off the strike action of the Petroleum Tanker Drivers (PTD) in Lagos State which started earlier today.

This is contained in the communique which was signed by the Lagos State Commissioner for Energy and Mineral Resources, Olateru Odusote and the Deputy National President of NUPENG, Solomon Kilanko, on Monday, August 10, 2020.

The disclosure was made in a series of tweet posts by the Senior Special Assistant to the Lagos State Governor on New Media, Jubril Gawat, through his official twitter handle.

Jubril disclosed that the state will set up a standing committee to discuss with the union on an ongoing basis to resolve the various issues as they arise. The state government will also review the timing restriction on movement of petroleum tankers within the next week.

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FMDQ says newly signed CAMA bill will make Nigeria a powerful destination of capital

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business.

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AFEX to partner with FMDQ and Dubai Commodities Exchange

FMDQ Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by President Muhammadu Buhari, would reposition Nigeria as a powerful destination of capital.

The newly signed Companies and Allied Matters Act. 2020 bill, repeals and replaces the extant Companies and Allied Matters Act, 1990.

While making the disclosure in Lagos on Monday, August 10, 2020, the Group Chief Executive Officer of FMDQ, Bola Onadele, said the country’s financial market and the economy as a whole would receive the long-awaited boost to encourage economic development with the new CAMA.

READ MORE: President Buhari signs amended Companies Allied Matters bill

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business in the country. Some of such innovation are reduction in filing fee and other reforms to encourage small and medium enterprises, provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.

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According to a report from News Agency of Nigeria (NAN), FMDQ’s Onadele pointed out that the implementation of the new CAMA, would lead to a new wave of innovative developments in the Nigerian financial market and as well as improve the ease of doing business in the country.

Onadele said, ‘’With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts.’’

“Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria.’’

“The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,” he said.

Going further, he said noted that these game-changing provisions would provide the remedy to critical legal deficiencies that were affecting the development of the financial markets.

Onadele disclosed that the netting provisions in the CAMA would address the credit risk challenges, operational and legal bottlenecks of gross settlement for spot and derivatives transactions.

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He said the derivatives market would enhance market liquidity, improve price discovery, reduce risk capital charges and transaction costs as well as increase financial markets stability.

READ: It costs more to ship through Apapa port than Ghana’s Tema port, others –SBM

Nairametrics had 3 days ago reported that President Muhammadu Buhari signed the new Company and Allied Matters Bill 2020, which was recently passed by the National Assembly. The newly signed bill replaces the extant Companies and Allied Matters Act, 1990 and introduced several corporate legal innovations geared toward enhancing the ease of doing business in the country.

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Nigeria to begin gold production in 2021 with the Segilola Gold Project

The gold produced is expected to become a part of Nigeria’s external reserve.

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Nigeria to begin gold production in 2021 with the Segilola Gold Project, Nigeria to save $300 million from importation of barite 

Nigeria is set to commence gold production in 2021 after the launch of the Segilola Gold Project in Osun state. This was disclosed by the Honourable Minister of Mines and Steel Development, Olamilekan Adegbite, while taking stock of his first year in office as Minister.

In a statement signed by his Special Adviser on Media, Ayodeji Adeyemi, Adegbite said that the project is expected to create about direct 400 direct jobs and 1000 indirect jobs along the gold value chain.

READ ALSO: Why Ajaokuta Cannot Make Steel

He added that once the project takes off, Nigeria would become a major gold producing country, a move that would hasten the diversification of the economy and reduce unemployment among the youth populace.

He noted that the government was creating an enabling environment across the gold value chain. According to him, “the international roadshows we have had in the past have borne fruits. Today we have Thor exploration in Osun State through the Segilola Gold project, which is projected to start producing in the first half of next year.”

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The minister also noted that the government has licenced two gold refineries to refine gold to the London Bullion Market Association, LBMA, standard.

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About the Ajaokuta Steel Plant, Adegbite explained that the global travel restriction caused by the pandemic had prevented the technical experts from Russia from coming over to the plant to conduct an audit of the steel plant. He assured that this would be done as soon as the flight restriction was over, and there are hopes to revive the plant before the expiration of President Buhari’s tenure.

Why it matters

The take-off of gold production in Nigeria is expected to open up an industry centred around gold production, from equipment leasing and repairs, logistic and transport. Note that gold requires a specialized means of transport, security, insurance, aggregators among others. These, according to Adegbite, would ultimately create tens of thousands of jobs across the gold value chain.

READ ALSO: Mambilla Plant: FG disburses N700 million for power project

The minister further stated that Nigeria has mined, processed, and refined gold under the Presidential Artisanal Gold Mining Development Initiative, PAGMI. The first batch of PAGMI gold was unveiled at a presentation ceremony to President Buhari on July 16, 2020.

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The gold produced is expected to become a part of Nigeria’s external reserve after being purchased by the Central Bank.

“PAGMI will result in the creation of thousands of new mining and formalized jobs, leading to poverty alleviation for many households. Under the scheme, artisanal and small scale gold miners will earn more from higher productivity, better recovery rates through mechanization of operations, and better access to reliable geological information,” he said.

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