NSE WEEKLY REPORT
The bears continued to dictate proceedings in the local bourse as the market suffered its fifth consecutive weekly loss amid growing concerns about the direction of yields in the Financial Investors market. Accordingly, the All-Share Index declined by 1.2% w/w (the largest weekly loss in 2021 so far) to close at 39,331.61 points. Consequently, the YTD return dipped further into negative territory, settling at -2.3%. Activity levels were stronger this week as trading volume and value rose by 8.4% w/w and 44.0% w/w, respectively. Notably, sell-offs in bellwether stocks; NESTLE (-6.9%), FLOURMILL (-6.4%), NB (-4.8%) and MTNN (-2.3%), drove the weekly loss. The sectoral performance was broadly negative as the Industrial Goods index (+1.4%) emerged as the week’s sole gainer. The Consumer Goods (-6.3%) led the losers’ chart, followed by Insurance (-5.0%), Oil and Gas (-2.2%) and Banking (-1.9%) indices.
The Nigeria Stock Exchange (Nse) Also Laaunched Its E-Filing Portal, X-Filing, To Enhance Securities Listing In The Market. It Comes As Part Of Efforts Of The Exchange To Facilitate A Timely Review Process As Well As Improving The Quality Of Its Service Delivery. It Follows The Recent Upgrade To The Nse Issuers’ Portal, X-Issuer, And Is A Fully Integrated, Secure Web Interface Designed To Enable The Submission And Processing Of Securities Listing Applications Online.
Fg, Ocp Group Partner On Fertilizer Production For Farmers: The Federal Government Has Partnered The Ocp Group Of Morocco To Boost Fertiliser Production For Farmers In Nigeria. Against This Background, A Number Of Agreements Have Been Signed At The University Mohamed Vi Polytechnic In Morocco By Ocp Africa And The Nigerian Delegation Headed By The Minister Of Petroleum Resources, Chief Timipre Sylva. Through These Agreements, The Ocp Group Had Confirmed Its Commitment To The Development Of A Sustainable And Inclusive Agriculture In Nigeria. It Also Reaffirms Ocp And Nigeria Sovereign Investment Authority (Nsia) Unwavering Support Of Agricultural Development Initiatives Across The Country.
And On Aviation, Chairman Of The United Nigeria Airlines Dr. Obiora Okonkwo Says The Airline Is Poised To Fill Existing Gaps In The Industry. According To Him, The United Nigeria Airlines Is Driven By Service And As Such Committed To Making Enugu An Aviation Hub. He Was Speaking During The Airline’s Commencement Of Operations From Lagos To Enugu, Enugu To Abuja, Abuja Back To Enugu And Then To Lagos, Which Took Place Recently In Enugu.
Nigeria To Understudy Egypt On The Siemens Power Project.
President Muhammadu Buhari Had Directed The Ministry Of Power To Collaborate With The Egyptian Government On The Effective Implementation Of The Presidential Power Initiative, That Is The Siemens Project. The Minister Of Power, Engr. Sale Mamman, Disclosed This On Monday In Abuja, While Receiving The Egyptian Ambassador To Nigeria, His Excellency Ihab Moustafa Awad In His Office. He Also Disclosed That President Buhari Had Intimated To Him That Egypt Had Successfully Rehabilitated And Restored Its Power Sector Through Its Collaboration With Siemens Saying Nigeria Will Overhaul Its Power Grid Through The Siemens Deal. In September 2020, The Government Had Said The Project Would Expand Nigeria’s Power Grid Capacity From Its Current 4,000mw And 5,000mw To 25,000 Megawatts.
The National Identity Management Commission (Nimc) Has Issued A Disclaimer Against National Identification Number Verification Website, Https://Nin-5gb-Offer.Online. Nimc On Friday Warned The General Public That The Website, Which Claimed To Verify Numbers Chosen To Receive 5gb As Part Of A Nin Verification Reward Programme Was Not Associated With The Commission As It Was Run By Fraudsters, Advising Members Of The Public To Protect Their Personal Information.
Ponzi Schemes- Three Million Nigerians Lost N18bn To Fraudsters – Sec
Director-General Of The Securities And Exchange Commission Lamido Yuguda, Says Three Million Nigerians Lost N18 Billion To Ponzi Scheme Operators.
He Was Speaking On Tuesday, At A Two-Day Webinar Organised By The Attorney General Alliance-Africa In Collaboration With The Securities And Exchange Commission (Sec).
Ponzi Schemes Are Fraudulent Investing Scams Which Generate Returns For Early Investors With Money Taken From Later Investors. They Are Similar To Pyramid Schemes In That Both Are Based On Using New Investors’ Funds To Pay The Earlier Backers.
Financial Analyst Tope Fasua Says Many More Nigerians Would Still Fall Victims Of Such Ponzi Schemes As It Thrives Where People Are Eager To Get Rich Quick.
Economy Watchers Have Described The Blockade Of Food And Agricultural Products To The South By Northern Trade Unions Last Week As An Idea That Was Not Well Thought Out And One Which Did Impact Negatively On The Availability And Prices Of Food Items In The South Regions, Especially In Cities Such As Lagos And Nearby States. Although It Has Been Called Off, Again Financial And Economy Analyst Tope Fasua Responds To This Development Saying It Gaoes Byond A Wake Up Call For Nigerian In The South To Position Themselves In The Agribusiness Sector.
FMDQ Exchange has approved the Registration of Fidson Healthcare PLC ₦10.00 billion Commercial Paper (“CP”) Programme on its platform; this comes as a milestone for the leading pharmaceutical manufacturing company in Nigeria as it joins other corporate institutions across various sectors of the economy to enjoy the benefits of visibility, transparency and liquidity.
STILL FROM THURSDAY, THE PRESIDENT MUHAMMADU BUHAR HAS SAYS TO THE immigration service ‘’tighten UP security around THE NATION’S borders’’ and “ensure that criminal elements don’t find Nigeria AS a safe haven FOR CRIME. He was speaking at the virtual opening ceremony of the NIS Technology Building in Abuja.
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