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Business News

Law Union, Lafarge, Unity Bank lead gainers’ chart on Tuesday 

The stock exchange market traded negatively on Tuesday as the all-share index dipped 0.83% to close at 29,462.76 index points.

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Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion, Dangote ,MTN & Gtbank hit a home run as Nigeria’s bourse continues bullish momentum

The Nigerian Stock Exchange traded negatively on Tuesday as the all-share index dipped 0.83% to close at 29,462.76 index points while the bourse recorded trades in 272.84 million units of shares valued at N3.71 billion across 4,945 deals.

Total equity market capitalisation closed at N15.176 trillion, 0.84% decline compared to N15.303 recorded on Monday.

Top gainers 

Law Union Insurance recorded the highest gain with 9.09% increase to close at N0.60k followed by Unity Bank, which gained 6.15% to close at N0.69 and Lafarge Africa Plc, which gained 6.12% to close at N17.35. Honeywell Flour recorded 4.85% gain to close at N1.08 while Courteville Business Solution capped the list with 4.35% gain to close at N0.24.

[READ MORE: FUGAZ lead actively traded stocks on Monday)

Top losers 

Arbico on the hand, topped the ranks of decliners as it dipped 9.97% to close at N3.16 followed by Eterna Plc, which lost 9.72% to close at N3.25. Champion Breweries lost 7.14% to close at N0.91. Access Bank recorded 6.51% loss to close at N10.05 while GTBank rounded off the list with 6.51% loss to close at N32.2.

Top trades by volume 

Zenith Bank Plc attracted sales in 57.81 million units of shares valued at N1.31 billion across 587 deals followed by Access Bank Plc which traded 33 million units of shares at N340.75 million across 537 deals. UBA traded 22.43 million shares at N193.72 million across 311 deals.

[READ MORE: FUGAZ lead actively traded stocks on Monday)

Oando Plc recorded trades in 18.21 million units of shares at N65.59 million across 59 deals while FCMB traded 16.24 million units of shares at N32.33 million across 142 deals.

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Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

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While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

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The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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Coronavirus

Covid-19: Nigeria records over 1 million vaccinations

The NPHCDA has stated that it has vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The National Primary Health Care Development Agency has disclosed that Nigeria, as of April 14th, 2021, had vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.

The NPHCDA revealed this in a statement on Wednesday evening.

Kwara State leads in the vaccination percentage of target reached, at 110% with 30,708 vaccinations.

READ: Only 10 countries have administered 75% of all vaccinations – UN Secretary-General

Meanwhile, Lagos State has conducted the most vaccinations so far at 192,061 representing 75.7% of its percentage target reached so far.

The Federal Capital has vaccinated 40.1% of its target so far at 44,098 and Kogi State has conducted the least number of vaccinations at 5,568.

READ: Covid-19: Pope Francis set to get vaccinated, says its ethical

In case you missed it

Nairametrics reported earlier that the Nigerian government aimed to get 70 million Johnson and Johnson single-shot COVID-19 vaccines after the African Union recently announced a deal with the drugmaker for 400 million vaccine doses.

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