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Stock Market Gains N28bn In Two Weeks



Stock Market N28bn

Stock Market Gains N28bn In Two Weeks


Shareholders of quoted firms on the floor of the Nigerian Stock Exchange recorded a gain of N28bn during the first two weeks of lockdown over the COVID-19 pandemic ravaging the country.

Market watchers had speculated that the announcement by the Federal Government ordering restriction of movements in Lagos, Ogun states and the Federal Capital Territory, Abuja for a period of first 14 days would dampen investors’ sentiment.

During the 14 days, the market opened for eight trading days as the Federal Government declared Friday, April 10 (Good Friday) and Monday, April 13 public holidays for the Easter period.

Checks by our correspondent showed that activities on the NSE which opened the trading at N11.12tn in market capitalisation and 21,330.79 in index at the beginning of trading on March 31 closed at N11.14tn and 21,384.03 index points on April 13, hence made a cumulative gain of about N28bn.


Also, the All-Share Index grew by 53.24 basis points or 0.25 per cent. The index measures the performance of the stock market and reflects how prices of stocks have moved, which in turn determines how much investors made as gains or losses.

Since the outbreak of the pandemic, financial markets, particularly the capital markets around the world have seen levels of volatility that are only comparable to the global financial crisis of 2007/2008.

To maintain the integrity of the market and in order for it to continue to stimulate economic growth, the NSE activated its business continuity plan on March 23.

Through the activation, the exchange has continued trading during normal hours and days by providing remote trading access for dealing member firms through FIX Protocol and Virtual Private Network platforms.

The acting DG SEC, Ms Mary Uduk, speaking on how the lockdown had affected the capital market on Wednesday said, “We are happy with the way the capital market is going; we have released about three circulars concerning the action against the COVID-19. One of them was to tell the entire capital market operators who we regulate to give us report on their Business Continuity Plan and processes.”

She added that the market had been trading as everyone had activated their BCPs.

Bourse extends gain with N8bn

Following bargain hunting activities, the Nigerian stock market on Thursday extended its gaining streak for the sixth day as the NSE ASI rose further by 0.066 per cent.

However, market breath closed negative as the number of gainers at the close of trading session was 18 while decliners closed at 20.

Consequently, the All-Share Index rose by 14.9 basis points or 0.066 per cent to close at 22.554.84 index points as against 22.539.94 recorded the previous day while market capitalisation of equities appreciated by N8bn to close higher at N11.754tn from N11.746tn as market sentiment remained on the green territory.

Meanwhile, a turnover of 379.11 million shares in 5,985 deals was recorded in the day’s trading.

Premium subsector was the most active (measured by turnover volume); with 196.33 million shares exchanged by investors in 3,123 deals.

Volume in the subsector was driven by activities in the shares of Zenith Bank Plc and FBNH Plc.

Banking subsector boosted by the activities in the shares of GTB Plc and Fidelity Bank Plc followed with a turnover of 55.33m shares in 1.002 deals.

Further analysis of the day’s trading showed that Nestle Nigeria Plc topped the gainers’ table with 10 per cent to close at N913.20 per share while Nigerian Breweries Plc followed with 9.89 per cent to close at N29.45 per share and Conoil Nigeria Plc with a gain of 9.69 per cent to close at N15.85 per share.

On the flip side, Access Bank Plc and Sterling Bank Plc led the losers’ chart with a drop of 10 per cent each to close at N6.30 and N1.35 per share respectively. Nacho Plc followed with a loss of 9.79 per cent to close at N2 12 per share while Zenith Bank Plc dropped by 9.75 per cent to close at N14.35 per share.

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Labour Force

Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers



Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.


The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja


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She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.


The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.

Read Also: FCTA Set to Implement Minimum Wage for FCT Workers

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CBN to End Forex Sales to Commercial Banks in 2022



Author: Eunice Johnson, Abuja 

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.




Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.


Read Also: CBN Encourages Nigerians to Accept E-Naira

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Customs Corner

Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command



Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

Author: Gift Wada, Abuja

The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.

This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.

Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.


Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.


Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.

Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.

Read Also:

Customs Raises Concerns over Finance Act as Senate Sets N3trn Target for Revenue Agencies

Comptroller Ali Ibrahim Assumes Duty as New Customs FOU Zone ‘C’ Boss

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