Transactions in the Nigerian equity market on Thursday closed on a negative note as losing streak extends to the fourth consecutive trading day, following sell-off on some high valued stocks.
The market breadth closed negative, recording six gainers and 40 losers.
The Nigerian Stock Exchange All-Share Index dipped 444 basis points or 1.27 per cent to close at 34,577.26 index points as against 35,021.26 recorded the previous trading session.
The market capitalisation of equities depreciated by N232bn from N18.30tn the previous day to N18.07tn as market sentiment remained in the negative territory.
Meanwhile, a turnover of 553.95 million shares exchanged in 6,441 deals was recorded in the day’s trading.
The premium subsector was the most active (measured by turnover volume), with 175.38 million shares exchanged by investors in 2,612 deals.
Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and FBN Holdings Plc.
The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc followed with a turnover of 154.25 million shares in 1,245 deals.
Further analysis of the day’s trading showed that Okomu Oil Plc topped the day’s gainers’ table with 10 per cent to close at N88.00 per share while Mutual Benefits Assurance Plc followed with 9.09 per cent to close at 24 kobo per share.
FTN Cocoa Plc added 8.11 per cent to close at 40 kobo per share.
On the other hand, FBNH Plc, Wapco Plc and UPL Plc led the losers’ with a drop of 10 per cent each to close at N6.30, N20.25 and N1.26 per share respectively while Portland Paints Plc shed 9.96 per cent to close at N1.35 per share.
BUA DENIES INCREASE IN THE PRICE OF ITS CEMENT, FROWNS AT CARTEL- LIKE OPERATION TO DETERMINE PRODUCT PRICES
The BUA group has denied increase in the price of it’s cement. The clarification came as a result of requests from customers as well as distributors who have been calling to find out whether, like DANGOTE Cement BUA had also increased its own price by 260 Naira.
In a signed statement released this afternoon, the BUA group insists that it stands by its earlier decision not to increase cement price which was communicated on April 24, 2021.
According to the management of BUA, they are aware that Dangote decided to increase the price of it’s cement by 260 NAIRA from June 14, 2021. The management also noted that even though there had been decline in cement demand due to commencement of rainy season, any further increase in price will disrupt, the normalisation or stabilisation of prices.
The BUA group further stated that they will always be willing to play their role as a responsible corporate entity rather than associate with others to form a cartel to fix prices which will ultimately not be in the best interest of Nigerians.
In their words, ‘ The timing is not right for any increase on BUA’s part and we do not have any justifiable business reason to increase to increase our prices any time soon.
They also hope that the price increase by Dangote will not disrupt the downward trend of cement price movement
Dangote $2 Billion Urea Fertilizer Plant Pushes Out 120 Trucks Everyday..… Excites marketers, farmers in North
After months of speculations, Dangote Urea fertilizer is now finally on sales nationwide and it currently pushes out a minimum of 120 trucks per day across the country
Group Executive Director, (Strategy, Capital Projects & Portfolio Development) · Dangote Industries Limited, Devakumar Edwin, revealed to the press over the weekend that the Plant which has the capacity to turn out more than 4,500 tonnes of urea per day will conveniently meet the local demand and even produce for exports.
According to him: “…We have the capacity to turn out 4,500 tonnes of Urea everyday…this is a bulk application fertilizer…each crop in Nigeria or globally will require Nitrogen and this is a rich fertilizer, having 46 per cent nitrogen…The company has the capacity to meet local demand and also export to African countries… Currently the demand is less than 1 million tonnes and we alone can produce 3 million tonnes, so we can easily meet local demand and also produce for export to other west African countries.”
Aside fertilizer production, the company, according to Edwin is already working to support the farmers with training on application of the fertilizer and even establish laboratories across the country for proper soil examination.\
“The uniqueness of this plant, apart from the fact that we are producing is the focus on farmers’ support, on training, education, development as we are now establishing laboratories across the country and even mobile laboratories where we can go drive around and take soil samples for proper examination to effectively grow the agricultural outputs across the country”
The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.
The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.
Meanwhile marketers and farmers in Kano have described the newly introduced Dangote Fertilizer as a game changer and a forecast for the expected agricultural revolution in the country.
Marketers and farmers who were apparently excited, over the weekend welcomed the more-than ten trucks that entered Kano markets at the weekend.
Speaking at the event organized by Dan Hydro Company in Kano to mark the introduction of the fertilizer into the northern market, chairman of the Kano state Agro Dealers Association Alhaji Shuaibu Akarami said agro dealers have confidence in Dangote fertilizer as they have in all his products, adding that as a dealer who spent decades in the business he has discovered that Dangote fertilizer will have no problem penetrating the market in the North.
“I have checked the product and have found out that it will have no problem penetrating the market. With my experience in agro products, I can authoritatively say the product has met our expectations and that has confirmed the confidence we have in Dangote fertilizer and other sister products of the Dangote Group,” he said.
The Dan-Hydro fertilizer Company in Kano which took delivery of the first batch of trucks in Kano said the timing and strategy for the introduction are rife.
Head of operations, Dan- Hydro operations Mr. Hamadi Sekou Drammeh said the Dangote fertilizer conforms to all set standard required by the regulatory agencies.
He said the phenomenon of perennial shortage of the fertilizer product will be over in the country.
He said as part of its public enlightenment plan, the company was going to work with all stakeholders in the agricultural sectors.
In the same vein, Sales Manager of Dan Hydro Mr. Sulaiman Tanko assured that the product will be sold at a reasonable price that will enable fair competition in the market.
Jumia Marks 9th Anniversary with 60% discount, partners Unilever, Xiaomi, Nivea
Nigeria’s leading e-commerce platform, Jumia, is celebrating nine years of e-commerce journey with a sales campaign aimed at celebrating customers, sellers, and partners on its platform. The campaign will run from June 11th until 27th, 2021.
Jumia’s 9th anniversary which also doubles as the anniversary of e-commerce in Nigeria, since the e-commerce giant paved the way for online shopping, is offering 60% discount in a sales campaign tagged “Celebrating You”, aimed at celebrating new and loyal consumers. The discount will apply to categories such as Electronics, Beauty, Fashion, Phones & Tablets, Groceries, Appliances and many more.
Partners for this campaign include over 11,000 sellers on the Jumia Nigeria platform and international brands such as Unilever, Xiaomi, Nivea, Reckitt Benkisser and Infinix.
Jumia Nigeria CEO, Massimiliano Spalazzi said: “It has simply been an amazing journey. If I went back to how we started and where we are, being the number one e-commerce company in Africa and in Nigeria, it makes us very humble. We believe that e-commerce has played an even more important role in people’s life and to celebrate the achievement and to better serve our consumers and sellers, that is why the slogan for our 9th anniversary is ‘Celebrating You’.”
For the anniversary window, customers will enjoy up to 60% off on a diverse list of brands across categories including Groceries (Unilever, Nestle, Coca-Cola, Carrefour), Sanitary & Hygiene (Reckitt Benckiser, P&G, Henkel, GSK), Beauty (l’Oreal, Maybelline, Garnier, Nivea), Phones (Samsung, Xiaomi, Nokia, Huawei), Electronics (Intel, HP, Philips, Sony), lifestyle (Playstation 4) and many more.
“The anniversary will be celebrating you as our consumer, employee, seller, logistics partner, celebrating you as our client and those in the ecosystem and our environment for which we make life better every day,” Spalazzi added.
Politics3 years ago
2019: Tinubu Plots Alliance With Atiku, As Plan To Dump Buhari Thickens *The Restructuring Factor
News11 months ago
Sacked Kano Emir, Sanusi Kicks Off 2023 Presidential Project.
News1 year ago
Gunmen Attack Lanre Teriba, Condition Unstable In Lagos Hospital
News1 year ago
Hakeem O. Odumosu, Commissioner of Police, Lagos State on Successes Recorded by the Command in the last 119 days
News6 months ago
JUST IN: Asiwaju Bola Tinubu Hospitalized
Business3 years ago
Lagos Guber: New Name Emmerges As Tinubu, Aregbeshola Move To Stop Ambode’s Second Term Bid
Crime1 year ago
Five Female Secondary Students Rape Teacher To Coma In Ogun State
Politics3 years ago
Iyaloja General Tinubu Ojo, Market Leaders Endorse Sanwo-Olu Ahead Sunday Election