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Business News

Stock market bows to bears as ASI dip 0.55% on Friday 

NSE witnessed a bearish trading session on Friday as the All-share index dipped 0.55% to close at 26,279.61 index points.

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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 Nigeria Stock Exchange witnessed a bearish trading session on Friday as the major market indicator, the All-share index dipped 0.55% to close at 26,279.61 index points leaving the equity market capitalization at N13.70 trillion.

The negative performance could be attributed to losses recorded in medium and large capitalized stocks such as Zenith Bank, Unilever Nigeria, Stanbic IBTC, Access Bank, Lafarge and GTBank, which made the market to shed a total of N75.39 billion as the market capitalization dipped 0.55% to close at N13.7 trillion from an initial value of N13.78 trillion.

Top gainers

11 (Mobil) Plc was the best performing stock in the stock market on Friday, as it gained 9.98% to close at N146.5 followed by Learn Africa Plc, which gained 9.9% to close at N1.11 from an opening value of N1.01.

Red Star Express, which opened at N2.98, recorded 9.73% gain to close at N3.27, May & Baker Nigeria Plc gained 9.69% to close at N2.15 while UAC Property rounded off with 9.68% gain to close at N1.02.

[READ MORE: FUGAZ lead actively traded stocks as bourse up by 1.7%)

Top losers

Omatek Ventures was the worst-performing stock on Friday as it dipped 9.76% from N0.41 to close at N0.37 followed by Ecobank Transnational with 9.3% loss to close at N5.85.

First Bank Holdings also declined by 6.96% to close at N05.35 as well as Wema Bank, which dipped 6.15% to close at N0.61 while Zenith Bank dipped 6% to round off the list N18.8.

Top trades by volume

Zenith Bank despite recording a dip, was the most actively traded stock on the bourse today as it traded in 85.84 million units of shares valued at N1.65 billion across 880 deals followed by GT Bank, which recorded trades in 43.95 million units of shares at N1.08 billion across 581 transactions.

UBA recorded trades in 34.92 million units of shares at N242.74 million across 364 deals, Access Bank also traded in 24.66 million units of shares at N214.61 million in 195 deals while Fidelity Bank capped the list with trades in 22.79 million units of shares at N45.35 million across 105 deals.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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