Stock market drops as 14 firms record losses
The stock market closed on a negative note on Monday as 14 companies saw their share prices decline at the end of trading on the Nigerian Exchange Limited.
The NGX All-Share Index fell by 0.44 per cent to 39,306.47 basis points while the market capitalisation dropped to N20.49tn from N20.58tn on Friday.
A total of 357.69 million shares valued at N3.56bn in 4,394 deals were traded on the floor of the NGX on Monday.
Nigerian Enamelware Plc, which led the losers’ table, saw its share price drop by 9.8 per cent to N17.95.
Twenty-five stocks appreciated on Monday, led by 16.29 per cent FGN MAR 2027 and 12.40 per cent FGN MAR 2036. Other top gainers were Eterna Plc, Royal Exchange Plc and Capital Hotel Plc.
FMDQ Exchange admits Mixta’s N960m commercial paper
FMDQ Securities Exchange Limited announced on Monday that it had approved the quotation of the N960m Series 35 Mixta Real Estate Plc Commercial Paper under its N20bn CP Issuance Programme on its platform.
It said in a statement that the proceeds from the CP quotation would be used to finance Mixta Real Estate’s short-term funding requirements.
The exchange said it continued to fulfil its mandate to further deepen and effectively position the Nigerian debt capital market for growth, in support of the realisation of a globally competitive and vibrant economy.
Mixta Real Estate, a subsidiary of Mixta Africa, is a real estate development company in Nigeria, with operations spanning the residential, commercial, and retail sectors of the Nigerian real estate industry.
Dangote to bridge supply gap with 4.5mtpa expanded capacity
To check the rising price of cement in the country, Dangote Cement Plc said efforts were underway to expand its yearly production capacity by 4.5 million tonnes in the next three months.
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Local cement prices have continued to rise with many end-users buying the product for about N4000 per 50kg bag. The rising cost has raised concerns in the building and construction industry.
According to the cement firm, local producers have witnessed an unprecedented surge in the demand for the product, which necessitates an increase in capacity to check the high prices.
To this end, the firm noted that it has invested in new production lines in Obajana (Kogi State) and Okpella (Edo) while the plant in Gboko, Benue state, is being restarted to address the supply gaps.
Group Sales and Marketing Director of Dangote Industries Limited, Rabiu Umar, explained that the firm had to cease its export programme to address local needs, despite potential earnings from such exercise.
Hadiza to Binta Garba: Keep telling lies but your day of reckoning coming
Hadiza Bala Usman, the suspended managing director of the Nigerian Ports Authority (NPA), has refuted allegations by Binta Garba that she resisted inquiries into the finances of the agency.
Garba, a former board member of NPA, had alleged that Bala Usman influenced her removal as a board member of the NPA after she demanded financial transparency.
Garba, who represented Adamawa north at the senate between 2015 and 2019, also accused Usman of working against the directives of President Muhammadu Buhari and Rotimi Amaechi, Minister of transportation.
Bala Usman, in a statement on Monday, described Garba’s comments as “spurious and unproved allegations”, adding: “Those who allow themselves to be used to malign innocent people have their own days of reckoning waiting for them.”
Nigeria needs $3tn for infrastructure in 30 years – Report
Agusto & Co., a rating agency and research firm, has said Nigeria has a huge infrastructural deficit and requires up to $3tn over the next 30 years to bridge this gap.
It said in a report on Monday that putting this into perspective, the Federal Government would need to spend the entire 2021 budget of N13.58tn continuously over the next century on capital expenditure to meet the target.
It said, “The fact that less than N3tn was appropriated for capital expenditure reflects the urgency to increase infrastructure spending. Sadly, the dire fiscal position of the Federal Government of Nigeria has left little room for investments in infrastructure, a vital expenditure for an emerging economy like Nigeria.
