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Nigerian Stock Exhange

Nigerian stock market opens October with N15bn gain

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Trading in the domestic stock market resumed on Monday bullish with a gain of 0.05 per cent on investors’ interest in Eterna and 22 others.

Precisely, the benchmark index rose by 21.88 points or 0.05 per cent to close at 40,243.05 from 40,221.17 achieved on Thursday.

Accordingly, month-to-date and year-to-date returns stood at 0.1 per cent and 0.1 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Eterna, United Capital, AXA Mansard Insurance, Pharm-Deko and FBN Holdings.

On market performance this week, United Capital Plc expected some profit-taking on the bourse amid last week’s rally.

The market breadth closed positive with 23 gainers against 14 losers.

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AXA Mansard Insurance led the gainers’ chart in percentage terms with 9.87 per cent to close at N2.56 per share.

Pharm-Deko followed with 9.79 per cent to close at N2.58, while University Press appreciated by 9.76 per cent to close at N1.35 per share.

Consolidated Hallmark Insurance went up by 8.77 per cent to close at 62k, while Courteville Business Solutions appreciated by 8.57 per cent to close at 38k per share.

On the other hand, Morison Industries led the losers’ chart in percentage terms by 10 per cent to close at N1.89 per share.

Northern Nigeria Flour Mills followed with a decline of 9.94 per cent to close at N7.70, while Veritas Kapital Assurance shed 8.70 per cent to close at 21k per share.

Cornerstone Insurance lost 8.62 per cent to close at 53k, while Jaiz Bank depreciated by five per cent to close at 57k per share.

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Transactions in the shares of Fidelity Bank topped the activity chart with 18.59 million shares valued at N46.77 million.

Guaranty Trust Holding Company followed with 18.27 million shares worth N512.42 million, while FBNH traded 18.15 million shares valued at N147.87 million.

Universal Insurance traded 15.48 million shares worth N3.23 million, while Champion Breweries transacted 14.19 million shares worth N29.09 million.

However, the total volume of trades dipped by 80.7 per cent to 202.36 million shares valued at N1.86 billion traded in 4,066 deals.

This was in contrast with 1.05 billion shares worth N7.42 billion exchanged in 3,752 deals recorded on Thursday.

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Economy

JUST IN: FG raises exchange rate for cargo clearance to N1,356/$

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JUST IN:  FG raises exchange rate for cargo clearance to N1,356/$

The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This is coming weeks after the rate was increased from N783/$ to N952/$.

In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$ in December.

However, our correspondent observed on Friday that the new rate has been reflected on the portal of the Nigeria Customs Service.

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Reacting to this, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with The PUNCH on Friday, said, “How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.

“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation. The sector have been neglected and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”

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Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar,”

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Business & Finance

Many marketers out of business over state of P’Harcourt refinery – IPMAN

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Many marketers out of business over state of P’Harcourt refinery – IPMAN

The Independent Petroleum Marketers Association of Nigeria has said the non-functional state of the Port Harcourt Refinery has pushed many marketers out of business.

The body said this during the Port Harcourt Depot Unit‘s 2023 Annual General Meeting/Election held in Port Harcourt on Wednesday, where Tekena Ikpaki, was elected as Chairman.

Speaking to newsmen, Ikpaki charged the Federal Government to quickly complete the ongoing repairs at the refinery.

While noting that his administration will ensure better leadership of the body, he advised that the facility should be completed and put into use, pointing out that the delay was affecting businesses in the area.

Ikpaki stated, “We will bring in new ideas into the leadership of the body. We were elected to manage the activities of IPMAN.  We want to make a difference.

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“It is our sole duty to make sure that everybody is satisfied, even if man’s desires are insatiable. We will try our best to ensure that products that will come from the refinery when it is complete get to our members and then it gets to our communities.

“The non-functionality of the refinery has crippled a lot of businesses, and a lot of people have gone out of business. People who cannot sustain themselves with the little that is available to them.

“Goods and services as we know moving from one part of the country to another is transportation and this works with petroleum products. The dilapidation of the refinery has affected the movement of goods and services.”

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Meanwhile, the Zonal Chairman, System 2E of IPMAN, Prince Bobby-Ibekwe, has expressed optimism that the Port Harcourt Refinery would fully commence operation in early 2024.

Bobby-Ibekwe charged the newly elected executive of the body to ensure that members get products to sell when the Port Harcourt Refinery begins operation.

He challenged the Port Harcourt Unit executive of IPMAN to ensure the protection of the interest of IPMAN and members of the public to reduce the suffering being experienced by Nigerians due to the harsh economic climate.

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Business & Finance

Dangote Refinery gets Maiden Crude Feedstock

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Dangote Refinery gets Maiden Crude Feedstock

In a major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency), Dangote Petroleum Refinery and Petrochemicals plant has purchased one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.

The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks.

The maiden 1 million barrels, which represent the first phase of the 6 million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility. The next four cargoes will be supplied by the NNPC in two to three weeks and the final of the six cargoes will be supplied by ExxonMobil.

This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).

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This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.

Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.

Dangote Petroleum Refinery can meet 100% of the Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have surplus of each of these products for export.

The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck loading gantries.

Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.

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The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.

President of Dangote Group, Mr. Aliko Dangote stated: “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”

Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor stated: “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulphur fuels for Nigeria and across West Africa and are happy to be enabling it.”

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