The Nigerian Stock Exchange market indicators on Friday dropped further by 1.46 per cent due to unimpressive third quarter results released by some banks.
The All-Share Index lost 506.83 points or 1.46 per cent to close at 34,136.82 compared with 34,643.65 recorded on Thursday.
Also, the market capitalisation dipped N265 billion or 1.46 per cent to close at N17.837 trillion against N18.102 trillion achieved on Thursday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the emergence of the bears to third quarter below expectation results released by some banks.
Omordion said that the development triggered profit taking in spite of positive economic news of an expansion in the nation’s industrial output as shown by the Purchasing Managers Index.
BUA Cement topped the losers’ chart with a loss of N2.55 to close at N53.45.
MTN Nigeria Communications trailed with N2 to close at N153, while Dangote Cement dipped N1.80 to close at N193 per share.
Dangote Sugar lost 70k to close at N24.50 per share.
On the other hand, UPDC Reits led the gainers’ table, gaining 35k to close at N4.15 per share.
NEM Insurance followed with 23k to close at N2.58, while NAHCO garnered 12k to close at N2.30 per share.
Ikeja Hotel added 10k to close at N1.10, while AIICO gained 9k to close at N1.01 per share.
An analysis of the activity chart shows that Zenith Bank was the most active stock, trading 44.33 million shares valued at N1.14 billion.
United Bank for Africa accounted for 41.23 million shares worth N337.79 million, FBN Holdings traded 34.33 million shares valued at N255.34 million.
Access Bank traded 29.29 million shares worth N256.27 million, while Transcorp exchanged 28.77 million shares valued at N29.14 million.
In all, investors bought and sold 344.90 million shares valued at N4.22 billion in 6,565 deals.
This was against a total of 364.92 million shares worth N3.50 billion exchanged in 6,340 deals on Thursday.
Again Nigeria slump back into recession
The Nigerian economy has slipped into its second recession in five years after the gross domestic product contracted the second consecutive quarter.
The National Bureau of Statistics on Saturday announced that the nation recorded a contraction of 3.62 per cent in the third quarter of 2020.
The country had earlier recorded a 6.10 per cent contraction in the second quarter.
It is the nation’s second recession since 2016, and the worst economic decline in almost four decades.
The Nigerian economy has been battered this year by the coronavirus pandemic, which caused significant decline in oil revenues and crippled economic activities.
DPR warns Adamawa marketers against exploitation
The Department of Petroleum Resources (DPR) has warned marketers operating in Adamawa state not to use petrol subsidy removal as an excuse to exploit customers at the filling stations, threatening that any filling stations engaged in sharp practices will be sanctioned by the regulatory body.
The Operations Controller (DPR) in charge of Adamawa/Taraba field office,Sadiq Ibraheem Danjuma who gave the warning during an interactive session with journalists said that the department would not allow customers to be cheated.
Danjuma said although there was increase in the price of petrol at both depots and retail outlets as a result of removal of fuel subsidy, marketers should not engage in sharp practices to exploit buyers.
“Marketers should desist from selling lower quantities than what they display in the pump. They must make sure that one litre is up to one litre before selling to customers.
“Any marketer found selling less than a litre, the department will deal with him”, the controller said.
He appealed to owners of filling stations to make sure that their pumps were working efficiently.
“We are to ensure that there is equity between the marketers and buyers, we are also to make sure that the quality and quantity of the petroleum product is guaranteed”, he said.
He said that hoarding, under-dispensing of products, sales above official pump price, diversion of products and it’s smuggling were all part of sharp practices.
Danjuma said that any marketer found practicing such offences would be penalized according to the law.
“Such practices are a punishable offence, we will close down the filling station to remain closed for a period of time.
“Then the marketer is to pay a penalty into the Treasury Single Account”, he said.
The Controller said that those found for hoarding the product would pay N270 per each litter.
He also called on the marketers to follow due process for a successful business.
He further said that the DPR mandate is to regulate and monitor the product and they have now moved to online smart inspection for lances, surveillance among others.
Kano: Governor Ganduje’s Aide Shares Donkey To Empower Youths
Murtala Gwarmai, the Senior Special Assistant to Governor Abdullahi Ganduje of Kano State on Youth Development has given out a donkey as part of youth empowerment in the state.
The donkey which was presented to the beneficiary inside the premises of the state’s Ministry for Youths and Sports was said to have been specifically requested.
According to the aide, the beneficiary requested the animal which he said would assist his business in transporting sand, gravel, and blocks.
Other items given to other beneficiaries of the same programme include motorcycles, bicycles, cash prizes, building blocks, and roofing sheets.
Present at the youth empowerment program were other aides of the governor and top government officials including the Commissioner for Youths and Sports, Kabiru Ado Lakwaya, the Senior Special Assistant on Youths II, Ibrahim Ahmad, and ministry officials.