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Business News

Zenith, GTBank pull the brakes on momentum at Nigerian stock market

The Nigerian bourse slowed down its upward tempo, with the ASI/Market Capitalization inching by +0.07%, to close at 22,554.84 points

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How your stocks performed last week, Bears rule at the stock market, lose N174.37 billion on Wednesday , Nigerian bourse up 0.54% as Investors gain N63 billionBears dominate Nigerian bourse Index down 0.94%, trading volume remains low,Bears dominate Nigeria bourse trading session, ASI down 2.02%, Bulls lift Nigerian bourse, Index up 1.24%, Investors gain N133 billion, Banking Stocks stop the raging bulls at the Nigerian Stock Market index down 0.01%

The Nigerian bourse slowed down its upward tempo, with the All-Share Index/Market Capitalization inching by +0.07%, to close at 22,554.84 points and N11.754 trillion respectively.

Market turnover was moderate, as volume and value traded increased by 16.13% and 29.60% respectively to 379.11million units and N4.327 billion in 5,985 deals. Zenith Bank was the most traded stock by volume at 84.56mn units, followed by First Bank Nigeria Holdings with 65.66 million units of trades.

Two of the five indices under coverage declined, while three advanced. On the Nigerian stock exchange, the Banking Index reversed its yesterday’s gain by -6.25% to lead the laggards, trailed by the Industrial Index (-2.04%). Contrastingly, the Consumer Goods, Insurance and Oil & Gas indices appreciated by +5.69%, +1.19%, and +0.25% respectively.

Significant depreciation in ACCESS (-10.00%), ZENITH BANK (-9.75%) and GUARANTY (-6.39%) dragged the Lenders Index lower, while WAPCO (- 6.61%) and BUACEMENT (-3.29%) weighed down the Industrial Index.

On the flip side, NESTLE (+10.00%), NB (+9.80%) and HONYFLOUR(+2.13%) propelled the Consumer Goods Index upward, as the Insurance and Oil & Gas Indices were boosted by gains in CORNERS6 (+9.59%), and CONOIL (+9.69%).

(READ MORE: Stock Market NewsLetter Thank You)

Top gainers

NESTLE up 10.00% to close at N913.2; NB up 9.89% to close at N29.45; CONOIL up 9.69% to close at N15.85; MTNN up 3.57% to close at N101.5, and DANGCEM up 2.18% to close at N133.

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Top losers

ZENITH BANK down 9.75%  to close at N14.35, GUARANTY down 6.39% to close at N20.5; WAPCO down 6.61%  to close at N12; STANBIC down 3.85%  to close at N27.5;   and BUACEMENT down 3.29% to close at N29.4.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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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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