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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.

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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
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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.

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)

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.

SSKOHN

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

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.

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.

Stanbic 728 x 90
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Business

Hyundai and Kia to set up an assembly plants in Ghana by 2022

The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

Why this matters

More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

SSKOHN

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Business

Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

What the Minister said

“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The new passport process

The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

What you should know 

  • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
  • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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