Rivers
Capital Market Indices Records 2.53 Percent Rise
The Equity
Market of the Nigerian Stock Exchange (NSE) for the week ended July 19, 2013 finished on a bright note as the bulls maintained their grip on the market resulting to a straight-nine day-gaining streak.
This market upbeat was reflected in twin market indicators as both the composite index and the aggregate market capitalisation of listed equities surged by 2.53 per cent each.
In specific terms, the All Share Index (ASI) which opened the week at 37,382.49 basis points finished at 38,328.29 basis points even as the market capitalisation of listed equities firmed up by N299.53 billion to close the week at N12.138 trillion from an opening value of N11.83 trillion.
The week opened with the first trading day finishing on positive note as the market advanced by 0.90 per cent as the ASI closed at 37,720.78 basis points. The market index continued tilting southward on the second trading as it rose by 0.44 per cent even as it increased by 0.24 per cent the following day being Wednesday.
The market recorded the highest gain on Thursday with 0.95 per cent growth while it carved in marginally on Friday flaking 0.02 per cent.
The NSE 30 index which tracks 30 most capitalised stocks on the Nigerian bourse rose by 3.06 per cent to close the week at 1,812.57 points.
Also four of the NSE indices appreciated during the week with the NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Oil/Gas and NSE –Lotus 11NSE advanced by 4.72 per cent, 1.27 per cent, 0.28 per cent, 9.37 per cent and 3.30 per cent respectively while NSE Industrial Goods and NSE Asem dropped by 0.45 per cent and 0.50 per cent in that order.
The NSE price movement chart had a total of 50 stocks which appreciated in their value up from 37 equities which recorded price appreciation the previous week. Thirty-nine dipped in their prices compared with the 47 equities that depreciated last week.
Those whose value remained flat were 105 as against 110 equities that remained constant in their prices the previous week.
The top 10 gainers were Julius Berger Nigeria Plc N13.73, Seven-Up Bottling Company Plc N10.00 Forte Oil Plc N9.42, PZ Cussons Nigeria Plc N9.14, MRS Oil Nigeria Plc N6.28, /HS Plc N1.20, Champion Breweries Plc N1.47, IPWA Plc 47 Kobo, UTC Nigeria Plc 14 Kobo and ABC Transport Plc 19 Kobo.
Conversely, the top 10 losers for the week were, Berger Paints Plc, N1.68, Points and coatings Manufacturers Plc 23 Kobo, Costain (WA) Plc 24 Kobo, Portland Paints and Products Nigeria Plc 80 Kobo, Trans-Nationwide Express Plc 27 Kobo, Jos International Breweries Plc 11 Kobo, Academy Press Plc, 20 Kobo, ARBICO Plc 62 Kobo, Nigerian-German Chemical Plc 81 Kobo, B.O.C. Gases Plc 73 Kobo and Pharma Deko Plc 20 Kobo.
A total market volume of 1.886 billion units of shares valued at N15.536 billion were recorded during the week under review in 28,619 transactions up from a total of 1.674 billion units of shares worth N18.266 billion exchanged by investors the previous week in 25,367 trades.
In volume terms, the financial service sector emerged first on the activity chart accounting for 763.653 million units of shares valued at N7.276 billion exchanging hands in 14,740 deals indicating 40.50 per cent, 46.83 per cent, 51.50 per cent of the overall equity turnover volume, value and deals.
It was followed by the conglomerates sector with a turnover volume of 704.825 million units of shares 704.825 million units of shares at the value of N1.137 billion recorded in 1,122 deals contributing 37.38 per cent, 7.32 per cent and 3.92 per cent to the total equity turnover volume, value and number of deals respectively.
With a turnover volume of 169.556 million units of shares worth N335.382 million recorded in 943 deals, the million recorded in 943 deals, the services sector emerged third on the week’s activity chart.
Trading in the shares of Transnational Corporation of Nigeria Plc (Transcorp), ABC Transport Plc and FBN Holdings Plc accounted for 900.568 million units of shares valued at N2.693 billion executed in 3,714 deals contributed to 47.76 per cent, 17.33 per cent and 12.98 per cent to the total equity turnover volume, value and deals in that order.
Meanwhile according to the National Bureau of Statistics (NBS) the drop in inflation rate last week shot pushed up the price of bond but the FGN bond reduced as bond yields and prices moved in the opposite direction.
The Nation’s Consumer Price Index (CPI) for June fell to 8.4 per cent compared to the 9 per cent it stood in May, the NBS stated. It noted that core and food indices in June averaged 8.9 per cent and eight per cent respectively as against the 12.5 per cent and 14.1 per cent it attained the previous month.
The drop in inflation rate, according to NBS was due to “slower rise in all Classification of Individual Consumption According to Purpose (COICOP) classes except the food and non-alcoholic beverages class”.
The 4 per cent FGN April 2015 rose marginally as it closed at N85.96 as against N85.33 it sold the previous week while the 15.10 per cent FGN April 2017 paper closed at N105.70 last week from an opening price of N104.70 the preceeding week. Also, the 10.70 per cent FGN May 2018 finished higher at N90.47 compared with an on-board price of N89.82.
The Rivers State Chief Judge, Justice Simeon Chibuzor Amadi, says the state judiciary has a total of 23,870 cases pending in various courts in the State.
This figure includes all cases pending in Magistrate, High, and Customary Courts, as well as Customary Court of Appeal in the State.
Justice Amadi stated this while presiding over a special court session held to mark the comencement of the 2024/2025 new legal year held at the auditorium of the High Court in Port Harcourt, Thursday.
The State Chief Judge, while giving the breakdown of performances by the Judiciary in the last year ended, revealed that the stastics of the cases brought before the courts from October 30, 2023 to 30th September 2024 is 31,886, while cases filed stood at 14,791 and cases disposed in the period under review is 22,725.
He further disclosed that the State Judiciary and the customary courts generated a total of #525,322,478,83 as revenue in the last judiciary year under review.
He described the special court session as an annual ritual of the judiciary marked to herald the beginning of a new legal year, stressing that it affords the judiciary and all stakeholders the needed opportunity to take stock of the activities of the judiciary in the past one year in order to improve, with a view to strengthening the justice administration.
The number one state judiciary officer stated that the judiciary had undertaken a lot of capital infrastructure in the year ended to ensure the comfortablility of the workers and judicial officers, and announced that additional high courts would be constructed at Okehi and Degema to ease the challenges of numerous cases coming from such jurisdictions.
Justice Amadi further disclosed that the state judiciary has a total of 51 judges, 57 magistrates, 30 Chairmen of customary courts, and 60 presiding members, adding that the state judiciary has 12 judicial Divisions, 37 magisterial Districts, and 30 customary courts.
“We lost seven judiciary staff, Port Harcourt NBA lost 16, Okehi branch 1, Bori branch 2, and Ahoada branch 2 . Creation of a judicial Division is based on cases filed from such area and we recommend for approval of such and not for politically based”, he stated.
The State Chief Judge used the opportunity to thank the State Governor, Sir Siminalayi Fubara, for the support given to the judiciary in the state, noting that the success recorded by the judiciary in the state was attributed to the huge support from the State Governor.
He also appreciated the efforts of the security agencies and the media for their various cooperation and support and urged them to sustain such in this legal year .
In their various speeches at the event, the State Attorney General and Commissoner of Justice, Dagogo Isreal-Ibroma, SAN; the Leader of the body of Senior Advocates of Nigeria, Rivers State, OCJ Okocha, SAN; and the Chairman of NBA, Port Harcourt Branch, Mrs. Eke Cordelia, commended the achievements recorded by the state judiciary and urged that more measures be put in place to enhance speedy dispensation of justice.
The special court session was preceded by a church service.
By: Akujobi Amadi
A religious body in Rivers State, the House of Jesus Christ Ministries, has appealed to the warring politicians in the State to stop the orgy of violence over leadership supremacy and embrace genuine dialogue.
This is contained in a recent statement by the Parish Church Council (PCC) meeting of the church.
The statement, which was signed by the General Overseer, Apostle Joseph Emmanuel; Secretary, Evangelist ThankGod Akpanowoh; Parish Women Leader, Mrs. Promise Aniebet William; and Parish Evangelist, Elder Aniefiok Benneth, noted that the spate of violence witnessed across the state has taken unimaginable dimensions with the recent killings, wanton destruction of properties, and the burning down of Council Secretariats.
It said if care is not taken, the crisis could extend to homes, and therefore called on the warring parties to stop and gove room for a lasting solution.
Blaming the Federal Government under the watch of President Bola Tinubu, who it said had been seemingly passive in handling the political difference between the former Governor of the State and Minister of the Federal Capital Territory, Chief Nyesom Wike and his successor, Governor Siminalayi Fubara.
“The kind of crisis we are seeing cannot be rationalised. Whether in Rivers or Lagos, whether we are talking of state violence of political upheavals rocking the state, we plead as a church with the contending politicians to pull back their hatchets of indifference for the sake of peace, unity, stability and progress, and allow the possibility of genuine dialogue to begin, and lasting peace restored”, the church said.
Noting that the xurrent wind of democracy blowing in the state is one of the legacies of Governor Siminalayi Fubara and others who preach peace, love and development in the state, the Church cautioned against further crises “in the once peaceful state for posterity”.
It urged the current politicians in the country to emulate the peaceful disposition and virtues of Governor Siminalayi Fubara, which is instrumental to the prevailing peace in the state, in the face of continued provocations.
By: Bethel Toby
Rivers State has topped the performance chart in the implementation of the Nigerian Community Action Resilience And Economic stimulus (NG -CARES) programme in the South-South and Nigeria.
This was contained in a report released at the just-concluded two-day peer learning and experience sharing event in Port Harcourt.
According to the report, Rivers State performed excellently in all aspects of the programme implementation.
The state was followed by Delta State, which emerged second both in the South-South and the country at large.
Meanwhile, the World Bank has approved an additional $500million for the extension of the programme for the next three years.
World Bank Task Team leader, Dr.Lire Ersado, said at the event that the programme has lived up to expectations as it has gone along way to alleviate the sufferings of millions of poor and vulnerable Nigerians.
Ersado, who was represented by Professor Folorusho Okumadewa, said NG CARES has gotten the right strategies and approach in making sure that poor and vulnerable Nigerians can smile.
He said the programme, which was initially setup to address suffering caused by the COVID-19 pandemic, is even more relevant today with a view to addressing the plights of Nigerians affected by flood and other natural disasters.
Ersado said the Port Harcourt meeting, which is the sixth in the series of meetings held across the country, will provide opportunity for all states in the country to cross check their performances with each, as well as learn from the successes and failures of each other.
Also speaking, Rivers State Commissioner for Commerce And Industry, Barrister John Otamiri, said the programme was in line with the State Government programme of alleviating the sufferings of the people.
He also said the government is ready to partner with NG CARES to alleviate the sufferings of the poor and vulnerable in the society.
Otamiri said also assures that Rivers State is safe for investment.
While reeling out its performances, National Coordinator, NG CARES, Dr. Abdulkarim Obaje, said the world Bank is passionate about the programme , adding that the bank has graciously extended the programme for another three years with an additional $500 million.
He said within the last three years $750 million was disbursed to the 36 states and FCT in 160 delivery platforms.
Obaje added that 9.2 million poor and vulnerable Nigerians also benefited from the programme across the country in the last three years.
Earlier, Rivers State Coordinator, RiV CARES, Mrs. Ephraim George Imaonyani, commended the delegates for choosing Rivers State for the South-South meeting.
By; John Bibor
