News
Equities Market Rebounds with 0.09% Gain as Investors Focus on Q3 Earnings
The Nigerian equities market recorded a modest recovery last week, with the All-Share Index (ASI) rising by 0.09%, closing at 97,606.63 points, up from the previous week’s 97,520.54 points. This marked the return of bullish sentiment following a recent phase of profit-taking.
Investor interest in mid and large-cap stocks drove market capitalization to N56.09 trillion, reflecting a weekly gain of N49.53 billion. The year-to-date (YtD) ASI return now stands at 30.54%.
Analysts from Cowry Research highlighted that optimism around the upcoming Q3 earnings season, along with positive government reforms, fueled market confidence. However, overall momentum remained cautious, as trading volumes increased by 3.92% to 2.97 billion shares in 42,482 deals, while total trade value dropped by 76.24% to N31.51 billion ahead of the expected September 2024 inflation report.
Sectoral performance was mixed. The Oil & Gas sector led with a 1.57% rise, driven by Seplat’s gains. The Banking and Insurance sectors also saw growth of 0.47% and 0.08%, respectively, bolstered by FBN Holdings, LASACO Assurance, and PRESTIGE Assurance. On the downside, the Consumer Goods sector declined by 1.25%, while the Industrial Goods sector fell by 0.13%, with TRIPPLEG, Tantalizer, and Guinness leading the losses.
Top gainers included Mecure (+20%), UPL (+18%), and LASACO Assurance (+17%). Meanwhile, TrippleG suffered a steep 60% decline, followed by Daarcomm (-25%) and AFRIPRUD (-13%).
The Financial Services Industry led market activity, contributing 50.05% of the total equity turnover volume and 57.02% of the value. The Services and Agriculture sectors followed, with notable trading in stocks like Tantalizer Plc, Coronation Insurance Plc, and Fidelity Bank Plc, which together accounted for 54.80% of the total volume traded.
News
TCN Acknowledges 7th Grid Collapse in 2024
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
News
Jigawa Tanker Tragedy: Shettima, First Lady Mourn Victims, Pledge Federal Support
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
News
Nigeria Customs Intercepts Arms, Ammunition Worth N9.5bn Over Six Years
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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