The Nigerian Nigerian Stock Exchange (NSE) traded in positive territory on Friday as the major market indicator, All share index, grew 0.38% to close at 26,968.79 index points. The equity market capitalisation hit the N13 trillion mark as the stock market recorded 6,071 deals in trades of 608.86 million units of shares valued at N3.76 billion.
Niger Insurance Plc gained the most on the bourse today with 10% gain to close at N0.22 followed by Cornerstone Insurance, which gained 8.16% to close at N0.53.
Africa Prudent Plc gained 6.25% to close at N4.25 and Etisalat Transnational gained 6.11% to close at N6.95 while Mutual Benefit rounded off the list with 5% gain to close at N0.21.
On the flip slide, Deap Capital was the worst-performing stock today as it shed 10% of its stock value to close at N0.36 alongside Omatek ventures, which also lost 10% to close at N0.45. Neimeth Pharmaceuticals lost 9.68% to close at N0.56. Linkage Assurance lost 9.43% to close at N0.48 while Interlink technology shed 9.06% closing at N2.91 to round off the list.
Top trades by volume
Niger Insurance was most actively traded in the stock market as it attracted trades in 127.2 million units of shares at N27.99 million across 3 deals followed by Veritas Kapital Assurance, which traded 121.2 million units of shares valued at N24.24 million across 4 deals.
Zenith Bank Plc traded 63.5 million shares valued at N1.21 billion across 748 deals. UBA traded in N46.04 million unit of shares at N340.67 million across 348 deals while Japaul Oil capped the list with trades in 30.16 million units of shares at N6.04 million across 18 deals.
#DigitalSkillsTraining: FG announces conclusion of selection process
Only successful applicants that are contacted by the Ministry are to report at the training venue.
The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.
This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.
“The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.
The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.
“Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.
What you should know
Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.
Cost of building materials rise by over 60% in one year
The price of building materials in the market experienced a rise of over 60% in the last one year.
The cost of Cement, Steel, Tiles and Plaster of Paris (PoP) cement, among others have risen by over 60% between March 2020 and March 2021.
For instance, the cost of steel, which was sold at N234,000 per tonne as of March 2020, had increased to N380,000 at the end of March 2021. This represents a 62% increase within the period under review.
While Dangote Cement increased from N2,600 to N3,800 (though it is sold at N3,600 in some areas in Lagos), Lafarge Cement and BUA Cement increased from N2,400 and N2,250 to N3,600 and N3,250 respectively within the same period.
The price hikes are not limited to the cost of steel and cement alone but also to other materials like Tiles, PoP cement, and roofing sheets.
The cost of super white cement increased from N2,500 (25kg) to N3,700, and the cost of high-quality white cement (40kg) also increased from N4,000 to N6,500.
The cost of gravel increased from N80,000 to N140,000; that of 8mm diameter and 25mm diameter (imported) increased from N234,000 and N245,000 to N330,000 and N380,000 respectively.
Doors are not left out in the hike. Costs of Flush door (high quality), Panel door and Turkish steel door (1,500 x 2,100) also rose from N35,000, N40,000, N165,000 to N60,000, N75,000 and N235,000 respectively.
Why the hike?
Industry experts have attributed the hike to persistent depreciation of the naira and the rising cost of other building materials.
Tunde Oluwole, a fellow of the Nigerian Institute of Builders, explained that the development was caused by high interest rate, inflation, increasing exchange rate and scarcity of forex in the country.
He said, “The increasing prices in Nigeria is a result of the combined effects of high-interest rates, devaluation of the naira, inflation, and non-effective distribution network of the materials.”
To Kolawole Adebisi, an Estate Developer, the development in the cement industry is caused by the ban of imported cement in the country.
He told Nairametrics that he is not against the ban, as the government’s intention is to boost local production of cement but explained that “the local manufacturers were unable to produce enough cement to meet the demand and this contributed to the rising cost of the product.”
Nairametrics | Company Earnings
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- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.