₦airaland Forum

Dipo Olowookere

The first trading day on the floor of the Nigerian Stock Exchange (NSE) after President Muhammadu Buhari was sworn in for a second term in office yesterday ended bearish.

Business Post reports that the stock market depreciated by 0.17 percent on Thursday as investors embarked on profit-taking and wait to hear how the President intends to run his administration in the next four years.

During his inauguration on Wednesday, President Buhari failed to deliver any speech. It was said that the speech is to be delivered on June 12, 2019, when the country will mark Democracy Day.

At the close of transactions today, the All-Share Index (ASI) decreased by 52.81 points to settle at 31,254.19 points, while the market capitalisation reduced by N23 billion to end at N13.766 trillion.

Despite the loss printed by the market today, the market breadth finished positive with 20 price gainers and 19 price losers.

Dominating the top gainers’ chart on Thursday was Nestle Nigeria, rising by N4.50k to finish at N1454.50k at the sound of the closing gong.

MTN Nigeria gained N3.45k to settle at N136 per share, while Stanbic IBTC improved by 75 kobo to end at N43 per share.

UBA and Julius Berger appreciated by 35 kobo each to close at N6.60k and N23.85k per unit respectively.

At the other side, Unilever Nigeria claimed the top spot on the losers’ table after going down by N2.70k to finish at N31 per unit.

Dangote Cement went down by N1.80k to settle at N199.80k per share, while Forte Oil depreciated by N1.10k to end at N26.90k per unit.

GTBank declined by N1 to end at N32 per share, while Ecobank depreciated by 95 kobo to settle at N11.15k per share.

During trading today, the activity level was mixed as the volume of shares transacted rose by 9.44 percent from 344.3 million to 376.8 million, while the value depleted by 18.97 percent from N7.3 billion to N5.9 billion.

Union Diagnostic & Clinical Services led the activity chart today with a turnover of 43.4 million units sold for N10.4 million.

UBA exchanged 42.6 million shares worth N280.2 million, while Zenith Bank transacted 39.1 million equities valued at N803.8 million.

Access Bank traded 34.4 million shares for N220.1 million, while Law Union and Rock Insurance sold 29.6 million shares worth N14.2 million.

https://businesspost.ng/2019/05/30/nse-index-sheds-0-17-as-investors-await-buharis-economic-direction/

Nestle Nigeria’s Marketing Cost too High—Shareholders
https://businesspost.ng/2019/05/30/nestle-nigerias-marketing-cost-too-high-shareholders/

Access Bank to Redeem $400m 9.25% 2021 Bond Next Month
https://businesspost.ng/2019/05/30/access-bank-to-redeem-400m-9-25-2021-bond-next-month/

CBN Further Trims Rates at PMA as Investors Scramble for T-Bills
https://businesspost.ng/2019/05/30/cbn-further-trims-rates-at-pma-as-investors-scramble-for-t-bills/

Overnight Rate Rises to 19.75% as CBN Sells N65.73b OMO Bills
https://www.businesspost.ng/2017/11/13/overnight-rate-rises-19-75-cbn-sells-n65-73b-omo-bills/

Stock Recommendation for this Week (Nov. 13)
https://www.businesspost.ng/2017/11/13/stock-recommendation-week-nov-13/

Moody’s Downgrades 8 Nigerian Banks
https://www.businesspost.ng/2017/11/13/moodys-downgrades-8-nigerian-banks/

CBN to Auction N119.94b Treasury Bills Wednesday
https://www.businesspost.ng/2017/11/13/cbn-auction-n119-94b-treasury-bills-wednesday/

During this week, the Central Bank of Nigeria (CBN) sold Treasury Bills (T-Bills) worth N192.60 billion via the Open Market Operations (OMO).

The outflows were offset by inflows worth N181.01 billion in matured 297-day bills.

In line with our expectations, NIBOR moderated for most tenor buckets: overnight funds rate, NIBOR for 1 month tenor and 3 months buckets fell w-o-w to 8.5% (from 40.18%), 19.13% (from 19.98%) and 20.63% (from 20.85%) respectively.

However, NIBOR for 6 months tenor bucket increased to 22.70% (from 22.69%). Elsewhere, NITTY moved in mixed directions: yields on the 1 month and 3 months maturities moderated to 16.78% (from 18.78%) and 17.09% (from 18.17%) respectively; however, 6 months and 12 months maturities increased w-o-w to 19.23% (from 18.81%) and 18.05% (from 17.91%) respectively.

This week, CBN will auction treasury bills worth N119.94 billion, viz: 91-day bills worth N32.44 billion, 182-day bills worth N22.82 billion, and 364-day bills worth N64.68 billion respectively.

We expect a moderation in stop rates in line with declining inflationary trend and improving economic outlook.

The auctions will be more than offset by T-bill maturities worth N208.57 billion via OMO. Hence, we expect boost in financial system liquidity and resultant moderation in interbank rates.

https://www.businesspost.ng/2017/11/11/cbn-sells-t-bills-worth-n192-6b-via-omo-in-5-days/

CBN Sells T-Bills worth N192.6b via OMO in 5 Days
https://www.businesspost.ng/2017/11/11/cbn-sells-t-bills-worth-n192-6b-via-omo-in-5-days/

GCR Upgrades C&I Leasing Issuer Rating To BBB(NG)
https://www.businesspost.ng/2017/11/10/gcr-upgrades-ci-leasing-issuer-rating-bbbng/

Nigeria’s 5 Biggest Banks Generate N2tr in 9Months, Post N418b Profit as Assets Hit N21tr
https://www.businesspost.ng/2017/11/09/nigerias-5-biggest-banks-generate-n2tr-9months-post-n418b-profit-assets-hit-n21tr/

By Modupe Gbadeyanka

The Council of Nigerian Institution of Estate Surveyors and Valuers has been urged to regulate values and rates of land across the country.

This appeal was made by the Minister of Power, Works and Housing, Mr Babatunde Fashola, at the Ministry’s headquarters in Abuja when he received members of the Council.

The delegation visited the Minister to discuss critical issues that bothers on property development and provision of professional services by Estate Surveyors and Valuers.

Mr Fashola noted that if the suggestion is accepted, it will bring an end to reoccurrence of disputes that often lead to huge compensation on the part of government.

The former Lagos State Governor stressed that “the council is expected to play its role in developing a regime of predictable rates for land in each local government area whether the place is developed or not across Nigeria.”

He stated that the Buhari administration was poised with the implementation of the International Public Sector Accounting Standards (IPSAS) in all the Ministries Departments and Agencies (MDAs) to ensure accountability in the public sector and building the capacity of civil servants.

He expressed pleasure receiving the Council members particularly as they engaged the ministry on developmental issues in rebuilding the nation’s economy.

On the National Housing Policy, the Minister stated that the ministry does not have the large scale resources to build permanently, adding that the on-going 5 hectares mass housing projects across 33 states of the federation is a pilot scheme that will set the pace for affordability and acceptability for private sectors to key into.

Earlier in his remarks, President of the Nigerian Institution of Estate Surveyors and Valuers, Dr Bolarinde Patunola-Ajayi, on behalf of the Council members expressed their deep appreciation to the Minister for the meeting.

He added that the meeting will create a channel of synergy and profitable collaboration between the ministry and the institution resulting in a robust and efficient management of the nation’s National Assets.

The President informed the Minister that the Nigerian Institution of Estate Surveyors and Valuers as a major stakeholder in national land resource development and management performs among others the following functions, advice the government on land and housing policies and their implementation; generate revenue for government through the various services rendered and registration of titles to landed properties granted by the federal government.

Dr Patunola-Ajayi stated that following the adoption of the International Public Sector Accounting Standard (IPSAS) policy by the federal government, he enjoined the Ministry to set up implementation committee in all departments and agencies of the ministry for IPSAS compliance.

https://www.businesspost.ng/2017/08/03/fg-wants-prices-land-nigeria-regulated/