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Omoluabi, UAC Prop, Zenith Bank lead most traded chart on Wednesday

The trading session ended Wednesday in positive territory as the All-Share Index closed at 26,397.94 basis points, up by 0.12%.

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Nigerian Stock Exchange, Nigerian Stocks

Omoluabi Mortgage Bank Plc, UAC Prop Plc, Zenith Bank, Guaranty Trust Bank, and FBN Holdings Plc led the most actively traded stocks on the Nigerian Stock Exchange (NSE) on Wednesday’s trading session.

Details: While Omoluabi Mortgage Bank Plc led the chart with 122.5 million shares valued at N67.3 million traded in 1 deal, UAC Prop followed with 30.3 million shares valued at N31.8 million in 9 deals and Zenith Bank traded 26.8 million shares valued at N460.8 million in 427 deals.

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GTBank followed with 18 million shares valued at N475 million traded in 137 deals and FBN Holdings rounded off the top five most actively traded stocks with 17.5 million shares valued at N94.1 million traded in 180 deals.

The trading session ended Wednesday in positive territory as the All-Share Index closed at 26,397.94 basis points, up by 0.12%.

[READ ALSO: Shareholders raise alarm as GTBank and 6 other banks get N145m fine]

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Top Gainers: Omoluabi Mortgage Bank Plc also earned the best-performing stock, as it gained 10% to close at N0.55, followed by UAC Prop Plc gained 9% to close at N1.09. AG Leventis & Company Plc gained 7.69% to close at N0.28, United Bank for Africa Plc and FBN Holdings Plc gained 2.63% to close at N5.85, and 1.89% to close at N5.40 respectively.

Top Losers: Union Diagnostic & Clinical Services Plc was the worst-performing stock, dropped by 8.33% to close at N0.22. LASACO Assurance Plc also fell by 6.25% to close at N0.26. Followed by Jaiz Bank Plc, which fell by 7.50% to close at N0.45, Access Bank also fell by 3.40% to close at N7.10. Lafarge (WAPCO) Africa rounded off the top five losers for the day. The stock shed 2.97% to close at N14.70.

 

 

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Update: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos

This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

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The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.

This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.

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This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

NUPENG in its statement revealed that the entire rank and file members of the Union are deeply pained and frustrated by the so many challenges being consistently faced by Petroleum Tanker Drivers in Lagos State.

They said that they are left with no other option but to direct its members to withdraw their services in Lagos State until the State Government and other relevant Stakeholders address these critical. challenges.

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The statement from NUPENG reads, ‘’The National Leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed the withdrawal of services of Petroleum Tanker Drivers from Lagos State with effect from Monday, 10th August 2020 following the failure of various authorities in the State to address three major issues that have severely caused pains and harrowing experiences on the hapless Petroleum Tanker Drivers in the State for several months now.’’

‘’The entire rank and file members of the Union are deeply pained, frustrated and agonized by the barrage of these challenges being consistently faced by Petroleum Tanker Drivers in Lagos State and are left with no other option but to direct the withdrawal of their services in Lagos State until Lagos State Government and other relevant Stakeholders address these critical challenges.’

The Union reiterated that It is sad and disheartening to note that they had made several appeals and reports to Lagos State Government and the Presidential Task Force for the decongestion of Apapa on these challenges but all to no avail.

They said that they cannot afford to fold their arms while their members are being consistently and continually extorted, intimidated, harassed and victimized by different groups and segments in Lagos.

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President Buhari signs amended Companies Allied Matters bill

The President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990.

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Budget: FG completes just 31.7% of constituency projects, Nigerians react to President Buhari's signing of Finance Bill 

President Muhammadu Buhari has assented to the Companies and Allied Matters Bill 2020, which was recently passed by the National Assembly.

This was disclosed in a statement signed by a media aide of President Buhari, Femi Adesina and shared by the Personal Assistant to the President, Bashir Ahmad, via his Twitter handle.

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According to the statement, the President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990, and introduced several corporate legal innovations geared toward enhancing ease of doing business in the country.

Key innovations in the new Act:

* Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

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* Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

* Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

* Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

* Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

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Update: FG extends second phase of eased lockdown by another 4 weeks

This is the third time the second phase of the eased lockdown is being extended.

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President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide

President Muhammadu Buhari has approved the extension of the second phase of eased lockdown by another 4 weeks.

According to a monitored media report, this is the third time the second phase of the eased lockdown which is currently observed across the country is being extended

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The disclosure was made by Boss Mustapha, the Secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19, during the Task Force briefing in Abuja on Thursday.

READ MORE: China will not accept any Microsoft-TikTok deal

The Federal Government had on July 27 extended the current lockdown by an additional one week due to the Sallah celebration on July 29.

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Mustapha disclosed that the extension followed the briefing and recommendation to President Muhammadu Buhari on Wednesday on the progress made so far by Presidential Task Force in containing the spread of Covid-19 and keeping citizens safe from contracting the virus.

The PTF Chairman noted that they made a couple of recommendations to the president and the extension of the current phase of ease of lockdown was one of the ones approved.

READ MORE: NCC initiates second phase of sim deactivation, disables 2.2 million lines

He revealed that in the recommendation that was made to the president about retaining the current phase of the lockdown, the PTF made some minor changes to address the economic, socio-political concerns of Nigerians.

Under the current extended second phase, the current curfew of 10 pm to 4 am is still in force, civil servants on grade level 12 and above are now to resume work fully and close by 4 pm and no longer 2 pm that currently operates. He, however, said that virtual meetings by government officials and parastatals will be maintained.

He also said that while the restrictions on recreational parks have been lifted for non-contact physical activities, the ban on entertainment centres will be sustained.

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Mustapha explained that despite the accomplishments and challenges, some challenges continue to pose a considerable concern. Some of them include increased non-compliance with non-pharmaceutical prevention measures, lack of enforcement of necessary guidelines issued to preserve lives, insufficient engagement by some states with the national response, and lingering concern about the gap between identified cases and the actual burden of disease.

He also talked about apathy, fatigue and disbelief combining to challenge public enlightenment, compliance and behaviour change.

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The SGF said that to address these challenges, the PTF decided that it was important to ensure that restrictions were not completely relaxed in order to control transmission.

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He noted that it was also important that at this Community Transmission Phase of the pandemic, sub-national governments should step up to take more responsibilities by owning the response.

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The various state authorities and the Federal Capital Territory were mandated to enforce non=pharmaceutical guidelines, the use of face masks in public appearances and places.

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