Rivers

Capital Market Indices Records 2.53 Percent Rise

Published

12 years ago

July 24, 2013

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.

Rivers

Experts Urge Fubara On Youth Marine Safety Training

Published

5 days ago

February 19, 2025

The Tide

A Maritime Security Expert, Captain Ifeanyi Eke Lawrence, has called for the training of youths as marine Safety officers in order to improve and regulate safety among boat operators and passengers.

He said the programme, if carried out, will create jobs for the teeming unemployed youths in the state and drastically reduce the rate of death and loss of properties along the state’s water ways.

According to him, Rivers inland waterways can create over 50,000 direct and indirect jobs if properly harnessed.

Lawrence said the timely training of youths and positively engaging them as safety officers on all the jetties where waterborne transportation system is operated was necessary to solve the state’s unemployment challenge and end incessant boat mishap in the State.

The Expert, who is the Chairman, El-Bravo Maritime Safety Training Services Limited, said this in an interview with newsmen shortly after their monthly safety exercise in Port Harcourt.

He said the Government can do this through educating reasonable number of youths who will carry the responsibility of educating boat operators and regulate safety on all the jetties and state’s waterways, adding that the improvement in safety along the state’s waterways will restore the confidence of boat passengers and speed boat operators who operate along the state’s waterways.

According to him, the situation will check incessant boat mishaps which result to loss of lives and goods worth millions whenever there’s a boat accident, hence the need to save lives and property along the state’s inland waterways.

Captain Lawrence said Government can also achieve this feat through constant engagement and training of youths on Maritime safety in the state.

“Governor Fubara needs to critically tackle the dangerous threat of boat mishaps and unemployment rate among Rivers youths whose population is on the Increase

“Rivers State inland waterways have the capacity to create over 50,000 direct and indirect Jobs for the ciitizens if properly and professionally harnessed.

“This can be achieved through training and constant engagement and monitoring of the boat operators all over the State”, he said.

Lawrence continued that the state stands to benefit maximally from its God-given maritime potentials if properly harnessed.

“Rivers State with its enormous God-given natural resources, especially the amazing creeks, channels, rivers , lagoons and others, should be able to harness and tap from it to benefit the people.

“Rivers State is the second largest maritime environment in Nigeria after Lagos State, and has the largest fishing Community in West Africa at Oyorokorto, in Andoni LGA of the state.

“The community environment is a tourist site of international reputes that needs to be developed by the State Government.

“There are several tourist sites along the State’s waterways, but tourist are skeptical to visit them for their relaxation due to lack of state safety organs, to educate, regulate and enforce safety on boat drivers, passengers and everyone who does business on the state’s maritime environment.

“I’m calling on Governor Fubara to use his executive mandate and create a State civil maritime unit and sanitize all the jetties and the entire waterways.

“It’s necessary as 80 percent of Rivers people earn their living from the jetties, channels, rivers, creeks and lagoons that surround them.

“The major means of transportation in Rivers State is Waterborne transportation system, therefore it’s pertinent the State Government act as a matter of urgency, make hay while the sun shines”, he advised.

He also decried the incessant boat mishaps and loss of lives and property along waterways in the state.

John Bibor

Rivers

Association Boss Urges For Professionalism, Efficiency Among Memebers

Published

5 days ago

February 19, 2025

The Tide

The new National President of the “Noble Association of Nigeria”, Sir Emenike Nwokeoji, has called for professionalism and efficiency among members in carrying out their duties and relating to other agencies in course of their work.

Sir Nwokeoji, who was part of a Thanksgiving service organized by members of the Association of Nigeria Customs Licensed Agents (ANCLA), weekend, said this during the Service at the Christ Inter-Denominational Church, near Government House, Port Harcourt.

Speaking at the occasion, he said the past year (2024) has been full of challenges, but they have cause to thank God for His guidance and protection of their members in the course of the duties.

He however, urged members to always exhibit high degree of professionalism in carrying out their jobs and ready to co-operate with all the relevant agencies for efficiency.

“We work in synergy and amicably with other relevant agencies for effective result. We do not work in isolation”, in he said.

The service was organized to appreciate God for His grace and also to express happiness and gratitude over the emergence of Sir Nwokeoji as the National President of the Noble Association.

Also speaking, the State Chairman of the Association, Rivers State Chapter, Sir, Mike Egwuatu, expressed confidence on the ability of the new National President to pilot the affairs of the association to higher level.

According to him, Chief Nwokeoji is a loveable and friendly administrator who grew up within the system. He therefore urged the members to give him all necessary support for him to succeed in office.

Dignitaries from government circle, Heads of Churches, Academia, and Nigerian Customs Services attended the occasion.

Rivers

Redeem Your Financial Pledges, Oxfam Urges Nations

Published

5 days ago

February 19, 2025

The Tide

Oxfam, an international organisation, has called on nations to honour their financial commitments made during the 27th Conference of Parties (COP27) convention on climate change.

The Oxfam Programme Manager for Accountable Governance in Nigeria, Mr Henry Ushe, made the call at a two-day workshop organised by the Civil Society Legislative Advocacy Center (CISLAC), with the support of Oxfam in Port Harcourt.

The Tide’s source recalls that some developed countries had pledged $100 billion annually to support the low and middle income countries in their climate action efforts.

Oxfam said the actual amount already delivered was low with much of the finance provided as loans which aggravating debt burdens in vulnerable countries.

Ushe, however, stated that Nigeria had developed the gas master plan following its commitment to COP27 to transit energy to net zero by 2060 and to the Paris agreement of accelerating climate action.

He explained that Nigeria had also passed the Climate Justice Act and established its secretariat to work with CSOs and other stakeholders to ensure the total implementation of the policy framework.

“But what we haven’t seen since then is the financial commitment to be able to drive through with all of this policy; what we need is the financing of all these plans”, he said.

He said that was why they were calling on those who made financial pledges at COP27 to redeem them, ‘’while we hold our government to account, ensuring that the support is used judiciously.

“We are very optimistic about the safe transition because the country has put in place all the mechanism that is needed, including a very robust gas master plan”.

In his remarks, the Head, Community, Environmental Legal Desk of Natural Justice in Nigeria, Mr. Lawrence Dube, urged the regulatory agencies to structure and enforce global energy security.

Dube, who spoke on the “Aligning Gas Plans with Climate Goals”, urged government to put the policy framework into use, bringing investors to the round table discussion for investment and partnership.

On hosoart, the Chairman, Civil Society National Regulation Council of Nigeria, Mr. Harry Udoh, decried the slow pace of the implementation of the plans since 2007 till date.

Udoh urged government to accelerate gas infrastructure development, invest in pipeline networks, processing plants and storage facilities to improve market access.

He recommended that there should be expansion of virtual gas pipelines like the CNG and LNG trucking system to reach under served areas.

He called for the strengthening of partnership within the West Africa Gas Pipeline (WAGP) to enhance regional energy security among others.

Earlier, the Programme Lead, Department of Tax Justice, Environment, and Conservation of Nature in CISLAC, Mr. Ayo Omowu, urged the country to implement the policy framework for the renewable energy and its sustainable development goals for 2060.