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 management of the Rivers State University, (RSU), Nkpolu Oroworukwu Port Harcourt has admitted eleven thousand and eighty-three students to study in various disciplines and courses for 2024/2025 academic sessions in the university.
The vice chancellor of the university,prof Isaac Zeb-Obipi disclosed this during his address at the 43rd matriculation ceremony of the institution held at the convocation arena in Port Harcourt, last Friday.
Zeb-obipi expressed delight that it was a privilege to welcome everyone to the momentous occasion, marking the beginning of an exciting academic journey for the new students and described matriculation as an important ceremony organised by institutions, especially universities.
“Though this is the 43rd matriculation ceremony of the university,it is the first under my watch as vice chancellor, and I am highly excited that I am having my tail cut in the conduct of this significant ritual of matriculation.”
“Once again, I give God all the glory and thank the State Governor, Sir Siminalayi Fubara, the 14th Governing council under the leadership of Her Excellency, Hon. Justice Mary Odili and the host of others who played one role or the other in my emergence as the vice chancellor. May I also use this opportunity to acknowledge my co-contenstants that made the selection a worthy competition, especially Prof Adolphus J. Toby and prof Nkalo H.Ukoima. There is no doubt that they all mean well for the university and as such i am studying the various vision statements they had submitted for possible inclusion in the efforts to implement what we have, “he stated.
He explained that his vision is to transform the university into a world class, innovative, inclusive institution, fostering a culture of excellence, creativity, and social responsibility through the re-engineering of the university’s academic, administrative, and community engagement frameworks to ensure that they are student centric, faculty driven, community oriented responsive to the need of the 21st century.
According to him the university aim to achieve the visions by enhancing academic programmes to meet global standards, strengthening research capacity and promoting innovation and improving infrastructure and facilities to support teaching, learning research, and fostering partnerships with industries, government, and other stakeholders to promote community engagement and entrepreneurship among others.
The VC while giving the statistics of the administration said a total of 29,107 candidates took the university as first choice in the 2024 JAMB Examination, 16,172 qualified the institution 190 cutoff mark, 15,348 registered for the post UTME, while 15,014 participated in university test and out of the number,11,083 was admitted.
The VC while congratulating the matriculants, urged them to shun any forms of social vices such as cultism, examination malpractices, sorting and indicent dressing, adding that the the school has zero tolerance on indiscipline and other anti social behaviours that are detrimental to societal growth.
Akujobi Amadi
The Vice Chairman of Opobo Council of Chiefs, Alabo Edwin Cockeye Brown has joined the chorus of voices calling for an immediate end to the suspension of democratically elected officials in Rivers State.
The Opobo chiefs Council’s vice chair who was speaking on the sidelines at an emergency stakeholders’ congress of the INC held at the Ijaw House in Yenagoa last Wednesday, emphasized the gravity of the suspension of a state governor, deputy and legislators, characterizing it as an unprecedented assault on the democratic process.
He argued that suspending an elected governor and the state legislature not only undermine the mandate given by the electorate but also poses a significant threat to the political stability of the state. Brown further declared the suspension as “an aberration and travesty of the constitution.”
His words, “Even though the Nigerian Constitution grants the President powers to declare a state of emergency under Section 305, it does not authorize the suspension of democratically elected officials, such as governors or members of the legislature. The proper procedure for removing a governor is outlined in Section 188 of the Constitution, which requires legislative processes rather than executive fiat”.
Brown went on, “The unconstitutional suspension of democratically elected government officials is a Slowly but surely dismantling of democratic structures. This will not help our fledgling democracy, but will destroy all the gains so far made in this democratic dispensation”.
“This is not just about Governor Fubara; it is about every citizen of Rivers State who participated in a democratic election,” he stated. He added, “Injustice in Rivers State is injustice all over Nigeria because we are all governed by one constitution.”
He expressed concern that such actions could set a dangerous precedent, eroding public trust in the electoral system and democratic institutions across Nigeria.
He further articulated the historical context of the Ijaw struggle for
representation, highlighting the community’s long-standing grievances
regarding political marginalization.
“For over 24 years, we have fought to regain our rightful place in governance,” Brown remarked. “To have that struggle undermined by a unilateral decision from the federal government is not just
frustrating—it is an affront to our identity and aspirations as Ijaw people.”
Brown called for a united front among Ijaw leaders and communities,
urging them to resist any attempts to divide or silence their voices.
He underscored the importance of dialogue and reconciliation as vital
pathways to resolving the ongoing crisis, rather than resorting to forceful measures that could exacerbate tensions. “We must engage with
the federal government, but we will do so on our terms,” he insisted.
In closing, Brown reaffirmed his commitment to the principles of
justice and equity, emphasizing that the Ijaw people would not back down in their quest for recognition and respect.
“We are prepared to stand firm and advocate for our rights. Our
history is rich with leaders who have fought for us, and we will not
allow their sacrifices to be in vain,” he concluded, rallying support
for a peaceful resolution that honors the democratic process and the will of the Rivers people.
The high-profile one-day stakeholders’ meeting brought together
influential Ijaw leaders, including Bayelsa State Governor, Douye
Diri, his deputy, Senator Lawrence Ewhrudjakpo; former Rivers State
Governor and Amanyanabo of Twon-Brass, King Alfred Diete-Spiff; former Rivers Governor, Chief Rufus Ada-George; and former Bayelsa Deputy
Governor, Rear Admiral Gboribiogha John Jonah.
Also in attendance were the Speaker of the Bayelsa State House of
Assembly, Abraham Ingobere; National Chairman of the Pan Niger Delta
Forum (PANDEF), Dr. Boladei Igali; prominent traditional rulers from
various parts of Ijawland; the President of the Ijaw Youth Council
(IYC), Jonathan Lokpobiri and many other notable Ijaw leaders from across the Niger Delta.