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NSE Sustains Bearish Trend, Dips 0.22% On Wednesday

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NSE Sustains Bearish Trend, Dips 0.22% On Wednesday
The market capitalisation of listed equities declined slightly by N26 billion from N14.08 trillion to N14.06 trillion.

The Nigerian Stock Exchange (NSE) on Wednesday declined further as investors continue to let go of their positions amid growing uncertainty.

Nigeria Stock Exchange News: The market capitalisation of listed equities declined slightly by N26 billion from N14.08 trillion to N14.06 trillion.

NSE Sustains Bearish Trend, Dips 0.22% On Wednesday

Cred: InvestorsKing News, Stock Photo of Nigerian Stock Exchange (NSE)

While the NSE (Nigerian Stock Exchange) All-Share Index declined by 0.22 percent to close at 26,974.38 basis points as 16 stocks closed in the red with only 11 gainers.

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Total shares of 228.38 million valued at N2.74 billion were traded during the trading hours of Wednesday.

Honey Well Flour led top gainers with 9.38 percent to close at N1.05, followed by FCMB with 6.29 percent to close at N1.86, while Ekocorp Plc, UBA, and Lasaco Assurance gained 5.77 percent, 4.38 percent and 4.17 percent to close at N5.5, N7.15 and N0.25, respectively.

Leading top losers’ chart was Redstar Express, Vitaform Nigeria Plc, University Press, Consolidated Hallmark Insurance and Jaiz bank with 9.98 percent, 9.98 percent, 9.6 percent, 9.38 percent and 8.62 percent to close at N3.61, N4.06, N1.13, N0.29 and N0.53.

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Business Africa

Nigeria to Become Petroleum Product Refining Hub, Minister Says

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The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region

 

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.

 

Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.

 

According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments

 

Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.

 

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Business Africa

Nigeria to Strengthen Economic Cooperation With Algeria Says President Buhari

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President Muhammadu Buhari has reassured of Nigeria’s commitment to stronger economic cooperation with the republic of Algeria in various critical areas.

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The President restated the commitment on Thursday when he received the Algerian foreign affairs minister, and special envoy of the Algerian president, Sabri Boukadoum, in the Aso rock presidential villa in Abuja.

According to a statement issued by special adviser to the President on Media and Publicity, Femi Adesina, the president said projects like the Trans-Sahara road, international gas pipelines, and other areas of economic cooperation would be given adequate attention for the good of the people of the two countries.

Buhari also emphasized the need for peace, tranquility and security in African countries, saying development and growth would depend a lot on how peaceful and secure the continent is.

In his remark, the special envoy said Nigeria was the pillar of Africa, and he had brought messages from his president, for the two countries to explore areas of collaboration.

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Agriculture & Nigerian Economy

We Have to Reduce Oil Production Cost, Says Osinbajo

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Vice-president, prof. Yemi Osinbajo, has said the deal to cut oil production by the organization of petroleum exporting countries and its allies has resulted in lower revenue generation for the federal government.

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The vice-president, who was represented by the minister of state for petroleum resources, Timipre Sylva, said the collapse in crude oil demand due to the covid-19 pandemic caused the recent sudden slump in oil prices.

Osinbajo said on Tuesday that the ministry of petroleum resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue.

He expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production.

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