Connect with us
nairametrics
UBA ads

Business News

NSE: Market drops by N329.39 billion on Monday, as one stock makes the gainers’ chart

The outbreak of Coronavirus (COVID-19) around the world continues to weigh heavily on investors as it dealt an unexpected shock to the economy.

Published

on

Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion

The outbreak of Coronavirus (COVID-19) around the world continues to weigh heavily on investors as it triggered sell-offs of stocks by various investors.

All-share index of the Nigerian Stock Exchange, which is the major metric used in measuring Market performance, plummeted by 2.41% to close at 25,647.54 index points compared to its initial index of 26,279.61 points while the equity market capitalization suffered a N329.39 billion loss at the detriment of market investors.

UBA ADS

NSE in 2019, events & outlook, Foreign portfolio transactions drop by N280 billion as foreign investors remain net sellers of Nigerian equities , 2020 Nigerian Equities Outlook: Breaking the Jinx?, Equities: Foreign investors remain net sellers for second consecutive year , Investors part with N152.1 billion as bearish trade extends, Stocks close February in deep red as investment options dry up for Nigerians

The equity market capitalization, which opened on Monday at N13.7 trillion, dipped 2.4% to close trading session at N13.4 trillion. The downturn could be attributed to sell-offs recorded in large and medium capitalized stocks such as Stanbic IBTC, GTBank, Nigerian Breweries, Zenith Bank, Cadbury and UACN. This negative development is feared to continue with the spread of the deadline disease, as solution is not in sight.

[READ MORE: Stock market bows to bears as ASI dip 0.55% on Friday)

GTBank 728 x 90

Top gainer

Only Consolidated Hallmark Insurance was the gainer on the floor of the Stock Market yesterday, gaining 7.14% to close at N0.3 compared to its opening value of N0.28.

Top losers

The bourse recorded 39 losers as against 1 gainer, from which nine of them lost the maximum of 10% on a day characterized by significant losses.

Access Bank, however, tops the rank of decliners as it dipped 10% to close at N7.65 from an opening value of N8.5 followed by Conoil which also dipped 10% to close at N16.2.

Cornerstone Insurance also dipped 10% as it declined from an opening value of N0.5 to close at N0.45; Fidelity Bank shed 10% to close at N1.8 while Nigeria Aviation Handling Company (NAHCO) rounded off the list with 10% loss to close at N2.25.

[READ ALSO: Zenith Bank Reaffirms Market Leadership as PAT Crosses N200billion Mark

app

Top trades by volume

Zenith Bank attracted the highest volume sales of stocks on Monday as it traded in 53.51 million units of shares valued at N907.08 million across 70 transactions followed by Transcorp Plc, which traded in 23.06 million units of shares at N18 million across 95 deals.

devland

GTBank traded in 15.21 million units of shares at N336.81 million in 208 transactions; Skyway Aviation recorded trades in 8.37 million units of shares at N19.59 million across 5 deals while Law Union Insurance rounded off the list with trades in 6.87 million units of shares ay N6.69 million across 78 deals.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

Nigeria’s Bonga crude oil export terminal shutdown

Nigeria’s crude oil output is going to drop further, following the shutdown of the Bonga crude oil export terminal, which is operated by Shell Nigeria Exploration..

Published

on

Bonga crude oil

In what appears like a temporary setback, especially in this era of global oil market crisis, Nigeria’s crude oil output is going to drop further.
This is after the shutdown of the Bonga crude oil export terminal, which is operated by Shell Nigeria Exploration and Production Company (SNEPCO).

According to Reuters, the Bonga crude oil export terminal will be shut for routine maintenance for 2 weeks and is expected to be done in a record time.

UBA ADS

In a statement from Shell, the oil firm said that the maintenance of Bonga floating production storage and offloading unit (FPSO) started in May 21.

The oil production firm said, ‘’The scope includes statutory recertification and critical asset integrity activities and the exercise would run until July during which there will be a few days of total shutdown’’.

The Bonga crude oil export terminal was scheduled to load four cargoes in June or 127,000 barrels per day, an increase from the 123,000 barrel per day that was done in May.

GTBank 728 x 90

The repairs of the crude oil terminal appear to be behind schedule as Nairametrics had reported that Shell had schedule to carry out the maintenance on the facility earlier with the expectation that it will be ready for use in March.

This exercise is expected to help ensure sustained production and reduced unscheduled production deferments. The turnaround maintenance should involve inspections, recertification, testing and repair of equipment as well as engineering upgrades with Nigerian companies and subsea professional playing key roles.

A major focus is the Bonga floating, production, storage, offloading (FPSO) vessel, which is at the heart of Bonga operations. It has a production capacity of 225,000 barrels of oil and 150 million standard cubic feet of gas per day.

Bonga is Nigeria’s first deep water development in depths of more than 1,000 metres and is located 120km offshore Nigeria. SNEPCO expanded the project with further drilling of wells in Bonga phases 2 and 3 and through a subsea tie-back that unlocked the nearby Bonga North West field in August 2014. Bonga Phase 3 achieved first oil October 2015.

The Bonga is operated by SNEPCO in partnership with Total, Nigerian Agip Exploration Limited, Esso Exploration and Production Nigeria (Deep Water) Limited under a production sharing contract with NNPC.

app

devland
Continue Reading

Business News

Global oil market to re-balance in 2 months’ time

In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

Published

on

Crude oil prices, bonny light

With the uncertainty that still prevails in the global oil market due to the prevailing coronavirus pandemic, analysts have been coming up with different forecasts on the future of the market. The latest forecast is that the market will most likely recover by July 2020.

Crude oil prices and oil demand plunged over the past few months as a result of the pandemic. However, with the lifting of global lockdowns and gradual reopening of global economies, oil prices are expected to rebound. Russia’s energy minister, Alexander Novak, said the global oil supply and the oil demand will most likely rebalance by July.

UBA ADS

In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

In his analysis earlier today, OPEC’s Secretary-General, Mohammed Barkindo, urged OPEC+ members not to flout the output cut. According to him, OPEC+ members must remain committed to production cuts despite signs that oil demand is beginning to recover.

(READ MORE: Oil price gains likely to halt over demand uncertainty, as US-China tension intensifies)

GTBank 728 x 90

Global oil market to rebalance in 2 months’ time

On its part, Russia had agreed to cut down its oil production to 8.5 million barrels of crude per day in May and June, down from 10.5 million barrels.  There is a possibility that the country could extend the current level of output cut beyond June, a situation that is expected to serve as a major boost in the rebalancing of the oil market.

Last week, the International Energy Agency (IEA) said that it had seen signs that the oil market would rebalance quicker than originally expected after the United States and OPEC implemented the agreed output cut. The development came as a big relief to Nigeria because the rebound of oil prices and the rebalancing forecast will help reduce the country’s fiscal pressure and boost its revenue.

Note that the Brent crude and Bonny light crude sold for about $36 per barrel and over $33 per barrel respectively. These are above the revised budget oil benchmark of $25 per barrel for the 2020 budget.

app
Continue Reading

Business

LIRS further extends deadline for filing annual tax returns by one month

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair

Published

on

LIRS further extends deadline for filing annual return by one month

The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.

This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.

UBA ADS

In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:

“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.  

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”

GTBank 728 x 90

(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)

He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.

Continue Reading