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Business News

NSE Consumer goods index expands by 2.18%, printing first gain in 6 weeks

The NSE Consumer goods index increased by a total of 11.53 index points in the second week of March, to print first expansion in six weeks.

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EFG Hermes, Impact of COVID-19 pandemic on consumer packaged goods in Nigeria

The Nigerian Stock Exchange Consumer Goods Index (CGI), an index that tracks the performance of consumer goods companies, grew by 2.18%, to close at 539.85 index points this week amidst buying pressures in some key select stocks with value.

A preview of the performance of the index revealed that at the close of trading activities on Friday12th of March 2021, the NSECG index appreciated by 2.18% to close the week higher at 539.85 index points, from 528.32 index points at the open of trade for the week.

In line with this, the Consumer goods Index gained a total of 11.53 index points, to halt a five-week streak of contraction in the index.

Source: Tradingview

The recent rise in the index was occasioned by the buying pressures in the shares of few select companies with impressive fundamentals this week.

When compared to the overall performance of the market, the NSE Consumer goods index outperformed the NSE All-Share index, noting that the NSE ASI and market capitalization by depreciated 1.74% to close the week at 38,648.48 and N20.221 trillion respectively.

What you should know

  • The NSE Consumer goods Index was designed to provide an investable benchmark to capture the performance of companies in the consumer goods sector. The index comprises the most capitalized and liquid companies in food, beverage, and tobacco.
  • The index is based on the market capitalization methodology, as it tracks the performance of fifteen consumer goods companies on the Nigerian Stock Exchange which includes, Nestle, Nigerian Breweries (NB), Dangote Sugar, and Flour Mills.
  • The overall performance of the companies was relatively bullish, as the index closed on a postive note in the second week of March with 8 advancers.
  • CHAMPION (45.24%) led the gainers’ chart, followed by FLOURMILLS (10.00%) and NASCON (7.69%)

Top Gainers

  • CHAMPION up by 45.24% to close at N2.44.
  • FLOURMILLS up by 10.00% to close at N29.70.
  • NASCON up by 7.69% to close at N14.00.
  • HONYFLOUR up by 6.96% to close at N1.23.
  • DANGSUGAR up by 6.21% to close at N17.95.

Top Losers

  • NNFM down by -10.60% to close at N1,375.
  • INTBREW down by -4.33% to close at N5.30.
  • PZ down by -4.00% to close at N5.00.
  • CADBURY down by -3.61% to close at N8.00.
  • VITAFOAM down by -2.00% to close at N7.35.

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Business

NPA suspends Electronic Call-up for trucks at APM terminal, Apapa

This follows a fallout of the dispute between members of the Maritime Workers Union and the management of AP Moller Terminals.

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 Onitsha River Port Set To Receive 1000 Containers from Lagos Next Week

The Nigerian Ports Authority (NPA) has announced the suspension of the Electronic Call-up for trucks (ETO) for cargoes bound for the AP Moller Terminal (APMT) in Apapa.

This follows the disruption of operations at the terminal which is a fallout of the dispute between members of the Maritime Workers Union and the management of AP Moller Terminals.

This disclosure is contained in a series of tweet posts by NPA on its official Twitter handle on Thursday, April 15, 2021.

The NPA said that while it is working towards resolving the dispute between both parties, APMT will not receive or exit cargoes for the next 24 hours.

The tweet from NPA reads, ”Following a dispute with the management of AP Moller Terminals at the Lagos Ports Complex, Apapa, members of the Maritime Workers Union have today, April 15, disrupted operations at the terminal.

While the NPA is working toward resolving the dispute between the two parties, APMT will not be able to receive or exit cargoes for the next 24 hours.

The authority hereby urges stakeholders to please take note, as ETO tickets will not be issued to APMT bound cargoes.’’

What you should know

  • There were earlier reports that the Maritime Workers’ Union of Nigeria (MWUN) on April 15 shut down AP Moller Terminal (APMT) in Apapa.
  • The President-General of MWUN, Mr Adewale Adeyanju, disclosed that the grounding of activities at the terminal is due to the expiration of the one week plus notice given to the management of the terminal to adhere to the laws of the land.

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Business

NCC issues NIN enrollment guideline for foreigners living in Nigeria

All legally resident foreigners are required to obtain a NIN just like Nigerian citizens.

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Nigerian Communication Commission (NCC) has issued NIN enrollment guidelines for foreigners living in Nigeria.

According to NCC, all persons in Nigeria who use mobile networks are required to register their SIM cards and link them with the NIN database.

This was disclosed by the commission via its Twitter handle on Thursday.

READ: Here are 6 directives NCC gave MTN, Airtel, others on SIMs without NIN

It tweeted, “All persons in Nigeria who use mobile networks are required to register their SIM cards and link them with the NIN database.

All legally resident foreigners (i.e. non-Nigerians living and working in Nigeria) are to obtain a NIN just like Nigerian citizens. They can do this by submitting valid resident/work permits at NIMC enrolment centres.

However, foreigners on tourist or visiting visa are to tender their international passports to acquire a SIM. But where such a visiting foreigner or tourist’s immigration status changes to residency or work permit, he/she will be required to obtain NIN and link the registered SIM.”

READ: Beware of fake NIN app, NIMC warns Nigerians

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It added that the NIN does not confer citizenship on foreigners but only serves to identify a person (citizens and legal residents).

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