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Free School Meals: FG Partners NASCO to Produce Nutrient-Filled Biscuits

As part of efforts to realize its campaign promises of providing quality education in the country, the Federal Government has signed a Memorandum of Understanding with NASCO Foods limited, Jos for the commercial production of high nutrient density biscuit for the national school feeding programme.

Speaking at the occasion at the weekend, the Director General and CEO, Federal Institute of Industrial Research, Oshodi (FIIRO), Dr. Mrs. Gloria Elemo, said the MoU was meant to provide a strategic guide for the collaboration between the Federal Ministry of Science and Technology, Federal Institute – of Industrial Research Oshodi and Nasco Foods Limited, Jos on commercial production of the High Nutrient Density Biscuit.

The initiative was an innovation of FIIRO for the National School Feeding Programme in the spirit of the Public-Private Partnership promoted by the Federal Government of Nigeria.

The FIIRO boss stated that the strategic collaboration was one of the approaches that the institute considered and adopted to partner with relevant organizations that can make’ significant contributions to the realization of its mandate.

With this collaboration, Elemo assured that jobs and wealth would be created, while the national GDP will be enhanced through the productive sector of the economy. She maintained that technology was the way to go for Nigeria to diversify her economy, most especially at this juncture of our national history when the nation is giving serious attention to utilization of indigenous technologies and the instrument of science and technology as a potent strategy to diversify the economy to provide alternative revenue sources.

The project she said was conceived out of the need to address the increasing food insecurity which had become a major concern especially for children between the ages 5 and 13 who are mainly primary school children.

The HND biscuit is developed from indigenous crops which will be commercially produced domestically with this arrangement. Elemo revealed that the choice of Nasco Foods Limited in this partnership was based on the company’s integrity and experience in the industry. For her, the event signified the technical commencement of strategic partnership with Nasco Foods Limited to fully commercialize the High Nutrient Density biscuit production technology. Similarly, the FIIRO DG said the agency was already working with other strategic partners to produce drinks based on our formulation to compliment the biscuit for effective- administration of the National School Feeding Programme.

Passage of 2016 Budget Unattainable in February – NASS

The National Assembly has said  its proposed date of February 25 for the passage of the 2016 budget is not acheivable.

The chairmen of the Senate and House of Representatives committees on Appropriation, Senator Danjuma Goje and Representative Abdulmumin Jibrin made this known while addressing a news conference in Abuja.

The two lawmakers said that the National Assembly observed during the ongoing budget defence that government ministries have padded their budgets and because of this, lawmakers require more time to thoroughly work on the budget.

In the last two weeks, government ministries, departments and agencies have been visiting the National Assembly to defend their 2016 budget proposals.

But one common trend in almost all the budget defence sessions is that the agencies are complaining of insufficient funds appropriated to them and are asking for more money.

Issues such as arguments and soliciting for more funds which have been playing out in the budget defence sessions, have led the National Assembly to postpone the date which it set for the passage of the 2016 budget.

The Chairman of the House of Representatives Committee on Appropriation said that lawmakers also observed complaints from different quarters arising from the imbalance from the capital allocation.

The National Assembly has however not come out with a new date when the 2016 budget would be passed.

Lagos High Court Adjourns Trial of Bank, 16 Others Over Alleged N2.6bn Fraud

The Federal High Court sitting in Lagos has fixed the indictment of a distressed bank, Nigeria International Bank Limited and 16 other accused persons till March 2.

The accused persons were charged before the court by the Federal Government on a 20-count charge bordering on conspiracy, intent to defraud, falsification of document, fraudulent alteration and diversion of over N2.6 billion.

The presiding judge, Justice Ibrahim Buba had to adjourn after the prosecuting counsel, Mr Chukwudi Chikelue, urged the court to grant the short adjournment to enable the charge be served on all the accused persons.

Those charged alongside the bank include: Chief C. S Sankey, Peter Harris, Adekunle Oladosun, Okechi Egwu, Lulu Ndubuka, Oyowole Ariyo. Ukabiru Bello, and J.E Eriagbon; Samson Ebie, Steve Obodomechine, Mikky Dons Nigeria Limited, Mark Anaele, Ariyo Odunala, Peter Oriade, Olusola Fagbure and Obianwa Chuba.

In the charges, the accused persons were alleged to have conspired among themselves to induce MicMerah International Agency Limited, to deliver the sum of 2.6 billion Naira to them, to be used for offsetting a fraudulent import finance facility scheme.

They were also alleged to have falsified documents to fraudulently secure the release of four Volvo luxury buses and two 40-feet containers from the Nigeria Customs Service.

They are also to face a charge of obtaining property by false pretence, as well as corruptly enriching themselves.

Forte Oil Enlisted in UN Global Compact CSR Initiative

The Nigeria’s premier integrated energy solutions provider, Forte Oil Plc, has been enlisted to participate in the United Nations Global Compact, the world’s largest corporate social responsibility initiative. It comprises  of over 8,000 companies and 4,000 non-business participants in 135 countries that are devoted to the growth of the global Sustainable Development Goals (SDGs).

Forte Oil aligns its core business activities, advocacy and philanthropy with universal principles on human rights, labour, environment and anti-corruption.

UNGC ensures that business enterprises enhance the lives of people, communities and the planet.

According to the company’s Group Chief Executive Officer, Mr. Akin Akinfemiwa, the goals and ideals of the UN global impact aligns with the vision of the company to use best governance practices as a tool, not only for profitability but also to be to be a valuable corporate citizen in Nigeria and the world at large.

“We are very proud to be part of this globOal initiative that promotes what our company is very passionate about , which is conducting business in the most ethical and transparent manner.” he remarked.

Borno State Government Earmarks N100 Million to Rebuild Dalori

The Borno State Government has set aside 100 million Naira for the rebuilding of Dalori and Mairi villages recently attacked by suspected members of Boko Haram.

Governor Kashim Shettima briefed reporters about the rehabilitation plan on Monday after a trip to Saudi Arabia where he sort critical development partnership with the Islamic Development Bank on rebuilding towns affected by insurgency.

He expressed sadness over the recent attacks, describing them as a setback to the ongoing rebuilding efforts.

One hundred million Naira would be set aside for the project, the governor told villagers in Dalori where over 65 locals were killed and more than 10,000 people displaced.

Late last year, the Borno State government commenced a rebuilding programme in communities destroyed by insurgents.

The plan is for the Internally Displaced Persons taking refuge in Maiduguri to begin to return to their original homes for an official closure of the makeshift camps by May.

A committee had already been set up to oversee the rebuilding of the recently attacked villages.

On the current state of the counter-terrorism operations in the northeast, a Borno Senator, Bashir Garbai, under whose constituency the recent attacks occurred, claimed that both the military and Boko Haram had full control of three separate local government areas in Borno State and share control in all the 21 other local government areas.

TRANSPORT & LOGISTICS JOBS | Genesis Group Fresh Job Recruitment (6 Positions)

Genesis Group is a wholly Nigerian owned Catering, Hospitality & Entertainment Conglomerate with business interest in Hotels, Restaurants, Cinemas, Shopping Malls, Real Estate Development, Outdoor Catering, Industrial Catering & Housekeeping Management, and Food Production.

For over 2 decades we have provided ‘Exceptional Products & Services’ to both multinational and Nigerian corporations, as well as discerning members of the public looking for something special.

We are recruiting to fill the following vacant positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

EDUCATION & TRAINING JOBS | Obafemi Awolowo University Graduate and Exp. Job Recruitment (10 Positions)

The Obafemi Awolowo University is a comprehensive public institution established in 1962 as The University of Ife. The University is situated on a vast expanse of land totaling 11,861 hectares in Ile-Ife, Osun State, southwest of Nigeria.

Applications are hereby invited from suitably qualified candidates to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MANUFACTURING JOBS | Female Customer Care Representatives at Myjoy Food Industries Limited

Myjoy Food Industries LTD founded in February 2013, carries on the business of production of quality Loaf breads, pastries, snacks, rolls and other baked goods. Our passion is making the highest quality products; we only use all-natural ingredients and never compromise on quality.

We are recruiting to fill the position of:

Job Title: Female Customer Care Representative

Location: Oyo

Primary Responsibilities

  • Deal directly with customers either by telephone, electronically or face to face
  • Respond promptly to customer inquiries
  • Handle and resolve customer complaints
  • Obtain and evaluate all relevant information to handle product and service inquiries
  • Provide pricing and delivery information
  • Perform customer verification
  • Set up new customer accounts
  • Process orders, forms, applications and requests
  • Organize workflow to meet customer time-frames
  • Direct requests and unresolved issues to the designated resource
  • Manage customers’ accounts and
  • Keep records of customer interactions and transactions
  • Record details of inquiries, comments and complaints
  • Record details of actions taken
  • Prepare and distribute customer activity reports
  • Follow up on customer interactions
  • Provide feedback on the efficiency of the customer service process.

Requirements

  • HND/B.Sc in any discipline with minimum of 4 years cognate experience.
  • Excellent communication and analytical skills.
  • Ability to work on office applications i.e. Microsoft excel and Microsoft word.

Application Closing Date
23rd February, 2016.

How to Apply
Interested and qualified candidate should send their CV’s to: jobs@myjoyfoodng.comusing CUSTOMER CARE REPRESENTATIVE as the subject of the mail.

IT/TELECOMS JOBS | Strategy and Operations Manager, Sub Saharan Africa at Google Nigeria

Google is not a conventional company, and we don’t intend to become one. True, we share attributes with the world’s most successful organizations – a focus on innovation and smart business practices comes to mind – but even as we continue to grow, we’re committed to retaining a small-company feel. At Google, we know that every employee has something important to say, and that every employee is integral to our success. We provide individually-tailored compensation packages that can be comprised of competitive salary, bonus, and equity components, along with the opportunity to earn further financial bonuses and rewards.

Googlers thrive in small, focused teams and high-energy environments, believe in the ability of technology to change the world, and are as passionate about their lives as they are about their work.

We are recruiting to fill the position of:

Job Title: Strategy and Operations Manager, Sub Saharan Africa

Location: Lagos, Nigeria

Job Description

  • The Business Strategy & Operations organization provides business critical insights using analytics, ensures cross functional alignment of goals and execution, and helps teams drive strategic partnerships and new initiatives forward.
  • We stay focused on aligning the highest-level company priorities with strong day-to-day operations, and help evolve early stage ideas into future-growth initiatives.
  • In this role, as Strategy and Operations Manager for Sub Saharan Africa you will drive a “One Google approach” and coordinate across multiple Google business functions such as Marketing, Sales and Partnerships and Google product teams such as Search, Android and YouTube, to implement Google’s strategy for Sub Saharan Africa.
  • In addition, you will be part of a global Strategy and Operations network, sharing best practices and driving operational rigor, leveraging relationships and knowledge across the business.

Responsibilities

  • Lead/coordinate senior cross-functional teams to implement Google’s strategy for Sub-Saharan Africa – developing recommendations and driving them through to implementation.
  • Define, structure and execute major initiatives – developing work plans, gathering and synthesizing relevant data, leading analyses, and developing final recommendations.
  • Prepare presentations and clearly communicate findings and recommendations to senior leadership teams.
  • Manage the delivery of the core planning processes – including annual planning and business updates.

Qualifications
Minimum Qualifications:

  • BA/BS degree or equivalent practical experience.
  • Experience in a similar cross functional analytical project management role.

Preferred Qualifications:

  • Experience at a leading consulting firm, or equivalent project management experience in a high-growth technology firm
  • Experience working in Sub Saharan Africa, and good knowledge of the African business environment and Internet ecosystem
  • Demonstrated ability to lead complex operational and strategic initiatives, with increasing levels of responsibility and independence
  • Good networker and influencer, with interpersonal skills, able to work across various Google functions
  • Excellent problem-solving and analytical skills, as well as the ability to communicate with technical teams

Application Closing Date
Not Specified.

Method of Application
Interested and qualified candidates should APPLY

Foreign Investment Inflow in Oil Plunges by N36billion

The volatility  in the international oil market has led to a reduced investment in Nigeria’s petroleum, as year on year capital inflow slides by 85.7 per cent.

Crude Oil Data obtained from the National Bureau Statistics, NBS, revealed that foreign investment inflow into the oil sector dropped further by $178.42 million, about N35.684 billion in one year, from December 2014 to December 2015.

The NBS in its Capital Importation Report for the Third and Fourth Quarters, Q3 & Q4 2015, pointed out that foreign investment inflow into the sector crashed to $29.78 million, about N5.95 billion as at the end of 2015, compared to $208.18 billion in 2014, representing a decline of 85.7 per cent.

“Further analysis revealed that in Q1 2015, foreign investment inflow into the petroleum industry stood at $9.47 million, compared to $201.14 million in Q1 2014.”

In the second, third and fourth quarters of 2015, capital imported into the oil and gas sector stood at $4.86 million, $2.21 million and $13.22 million respectively, against $3.83 million, $3.16 million and N0.05 million recorded in the corresponding periods of 2014.

Quarterly decline In its analysis of capital importation in Q4 2015, NBS noted that in the last few years, a high proportion of the capital imported originated from the United Kingdom, UK, but that this had changed markedly since Q2 2014 when 68.46 per cent of imported capital was from the UK.

The NBS also said capital imported from the UK has recorded a quarterly decline, adding that in Q3 & Q4 2015, the quarterly decline was 47.64 per cent and 23.70 per cent respectively. It further stated that compared to the periods of the previous year, capital imported from the UK had declined by 80.42 per cent in Q3 and 77.85 per cent in Q4.

The NBS said: “As a result of these changes, the UK only accounted for 27.69 per cent of total capital imported in the final quarter of 2015, slightly less than the 27.96 per cent accounted for by the Netherlands.”

“In total, between 2014 and 2015, the value of capital imported from the UK fell from $10.938 billion to $3.834 billion, a drop of 64.95 per cent. This fall accounted for 63.96 per cent of the total fall in capital importation between these years.” It added that despite these trends, the UK and the United States, US, remained the first and second largest providers of capital investment for Nigeria, as they have been each year since 2007.

 

Portland Paints to Raise N1.9billion Capital Via Rights Issue

 

Portland Paints and Products Nigeria, PPPN Plc, has unveiled plans to raise about N1.98 billion from the existing investors through a Rights Issue.

The company, which is owned 51 per cent by UAC of Nigeria Plc has sent its application regarding the Right Issue to the Nigerian Stock Exchange(NSE).

Although the PPPN did not disclose when the issue would be made, the NSE notified stockbrokersyesterday that the company will issue 600 million ordinary shares of 50 kobo each at N3.30 per share on the basis of three new shares for every two shares already held to shareholders.

“Dealing Members are hereby notified that PPPN has through its stockbroker, Stanbic IBTC Stockbrokers Limited, submitted an application to the NSE for approval and listing of a Rights Issue of 600 million ordinary shares of 50 Kobo each at N3.30 per share on the basis of three new ordinary shares for every two ordinary shares held,” the exchange said.

The Chairman of PPPN, Larry Ettah has last year given indication of the right issue when he told the shareholders at the company’s s annual general meeting of the company that it would raise additional additional capital in pursuit of its plan to improve returns and address the high leverage position of the company and other business expansion plans.

He had said the company would focus on innovation and seek opportunities to introduce new products into its array of brands as it pursues increased profitability.

PPPN recorded 159 per cent growth profit after tax in 2014 to N148 million, from N57.3 million in 2013. However, the company did not pay dividend.

 

FG Targets Construction, Repairs of 6,000kilometers of Roads by 2019

The Minister of Power, Works and Housing, Babatunde Fashola, has said approval for the N433 billion proposed in the 2016 budget, which is currently before the National Assembly will ensure that the federal government is able to construct and complete about 6,000 kilometres of roads before 2019,

Fashola, who defended his ministry’s budget before the House of Representatives Joint Committee on Power, Works and Housing yesterday, Fashola said embarking on massive construction of roads is intended to drive the country’s economy.

He provided the plan for the construction: 31 projects resulting in 2,902kilometres of roads in the first year, 55 projects resulting in 2,663 kilometres of roads in the second year and 49 projects resulting in 2,059 kilometres of roads in the third year.

Construction of the roads are prioritized for roads of economic importance, roads with heavy traffic, and uncompleted roads, he said, adding that over 200 road projects across the country are yet to be completed.

He also noted that of the N433 billion proposed, N268 billion is proposed for power while N99 billion and N66 billion would be expended on works and housing respectively.

 

FG Sources for N240billion to Fund Teachers’ Programme

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Minister of State for Education, Anthony Anwuka, said the federal government requires about N240 billion yearly to fund the 500,000 teachers programme as part of the strategy to tackle unemployment and bridge the existing gap in shortage of teachers across the country.

At a briefing to inaugurate the committee, the Minister estimated that approximately N240billion naira would be required by government to pay minimum remuneration to the teachers for a year and government has no clue where to source such funds from.

Anwuka said: “Our mandate is to reposition education for the better in our country. The first leg in this very serious dance is the responsibility placed on us to recruit, train and deploy 500,000 teachers NCE and graduate teachers for our basic education sector.

“Initially to kick start the effort relying very much on the 2015 budget speech of Mr. President and the shortage of teachers in public schools across the country promised to recruit, train and deploy 500, 000 unemployed graduates and NCE holders and deploy them to our primary schools.

“It is the feeling that this measure will no doubt help in reducing the number of unemployment in the country and greatly aid in producing teachers and enhancing teachers quality as a result this committee was conceptualized and to be inaugurated formally this morning with the responsibility to examine and recommend the methodology to be adopt in the recruitment training and deployment of such teachers.

“We have a very broad term of reference given to us, it is a tall order and it is the desire of the federal government to actualise the provision of teachers in our basic education sector and by the same token scratch on the unemployment problem in the country by such recruitment.” Anwukah added

 

FG Partners with World Bank to Unveil $160million Financing, Job Creation Scheme

The Minister of Trade, Industry and Investment,  Okechukwu Enelamah on Tuesday, February 9, inaugurated a $160 million (about N49.2 million) World Bank supported initiative to boost access to finance as well as boost job creation in the country.

An online vehicle  named the Business Innovation and Growth (BIG) platform to properly execute the programme was launched.

BIG is landmark initiative of the Federal Ministry of Trade, Industry and Investment, which is funded by the World Bank and represents the main channel through which the Growth and Employment (GEM) assistance is expected to be made available to micro small and medium enterprises (MSMEs) in order to stimulate economic activities in critical non-oil sector areas.

The minister noted that the initiative, which has a three-year-implementation time frame, would among other things, help to open up the nation’s economic space to more players, particularly small business operators.

He said: “One of the challenges we have, which is well documented, is our ranking in the ease of doing business; it is depressing to know that Nigeria is ranked 169th of 189. And we have told the World Bank what exactly are the issues. So I am very confident that as unsatisfactory as it is, it is not going to be business as usual. So we are going to see a new Nigeria, you are going to see us working together in the mirror to see our country rise.”

 

Stock Market Rests in Green Zone as Index Gains 0.02%

Transactions on the Nigerian Stock Exchange, NSE, closed on Tuesday, February 9, in the green zone as the All Share Index gained 0.02 per cent to close at 23,981.09 points from 23,977.10 on Monday, February 8.

Similarly, market capitalization also soared from N8.246 trillion to N8.248 trillion.

The market recorded 19 gainers today led by Sterling Bank with a gain of N0.14 or 8.19 per cent to N1.85 followed by Unilever with a gain of N1.59 or 4.99 per cent to close at N33.43 while Mobil gained N6.99 or 4.82 per cent to close at N152.00 per share.

On the other hand, UACN topped 18 stocks on the losers’ chart with N1.03 loss or 4.93 per cent to close at N19.86 followed by Fidelity Bank that lost N0.06 or 4.76 per cent to close at N1.20 per share, and ETI that lost N0.70 or 4.76 per cent to close at N1.20 per share.

All together, a total of 169,504,504 shares worth N1.518 billion exchanged hands in 3,020 deals.

Interbank Rates Surge by 2.9% Ahead of CBN Forex Sales

Interbank lending rate  leaped to 2.9167 per cent on Tuesday, February 9 from 1.0317 per cent on Monday, February 8, after the Central Bank of Nigeria, CBN,

directed commercial lenders to fund their naira accounts to enable them take part in its foreign exchange intervention on Thursday.

Overnight lending rates soared 100 basis points as the movement of naira cash for forex purchases drained liquidity in the market. The central bank intervenes once a week at the interbank foreign exchange market to provide dollar liquidity for some eligible importers.

In January the bank banned dollar sales to retail bureaux de change outlets, sending the naira to record lows on the black market, and later stopped daily sales to the interbank market, with the aim of conserving reserves which are down to an 11-year low.

The naira sold at N198.95 to the dollar on the interbank market yesterday while it weakened to N312 to the dollar on the parallel market against N310 it sold on Monday.

“The overnight rate went up today to three per cent in early trade but declined to two per cent after some banks funded their foreign exchange account,” one dealer said.

Nigeria’s interbank rate mirrors the level of naira liquidity in the banking system.

Value Of Electronic Transactions Jumps To N48.93trillion

The value of electronic transactions climbed to N48.93 trillion as at December 2015, up from N43.85 trillion in 2014, indicating a leap of 11.6 per cent, even as volume rose by 43.4 per cent to 162.59 million from 113.42 million in 2014.

Although the volume of transactions and fraud on the electronic banking channels have been on the rise in the past year, the value of actual loss to fraud has declined substantially, the Central Bank of Nigeria said.

While the volume of attempted fraud rose by 635 per cent in 2015, the attempted value and actual loss dropped by 43.6 and 63.7 per cents respectively.

According to the CBN director, Banking and Payment System, ‘Dipo Fatokun, the value of attempted fraud in 2015 dropped to N4.37 billion compared to the 2014 value of N7.75 billion.

Speaking in Ibadan on Tuesday, February 9, at a seminar for finance journalists and editors organised by the apex bank, he said that the decline in fraud was as a result of the Bank Verification Number, the two way authentication factor, as well as the beefed up security features on the electronic payment channels.

The value of actual loss to fraud likewise dropped to N2.25 billion in 2015 as against the N6.21 billion lost to fraud in 2014.

On the e-dividend mandate, he noted that the apex bank was aware that some banks have continued to charge customers for the mandate contrary to the agreement that it will be free till the end of the first quarter of the year.

 

AXA Acquires €75million Minority Stake In AIG

AXA Mansard Money Equity

Global leader in insurance and asset management, AXA, has acquired an 8 per cent minority equity in Africa Internet Group (AIG).

This move is in an effort to strengthen its insurance and financial solutions across the continent.

The additional capital contributed by AXA will further strengthen the balance sheet and support AIG’s continued growth.

Jumia, AIG’s main subsidiary, is currently present in 11 African markets and grew its transaction volume by 265 per cent during the first nine months of 2015 to reach €206 million.

The two companies said yesterday that AXA will become the exclusive provider of insurance products and services through Jumia and other AIG online and mobile platforms in Africa.

Going forward, AXA’s African insurance companies plan to propose customs-made insurance products to Jumia and AIG’s e-commerce client base through its ecosystem of marketplaces and classifieds services.

As part of the partnership, AXA will also become a shareholder of AIG, along with MTN, Rocket Internet, and Millicom. AXA and Jumia view Africa as a fast developing market for financial services and insurance products benefitting from strong fundamentals such as low penetration rates, rise in middle class, urbanisation as well as its youth population.

 

African Nations Pay 70% More On Transportation Of Imports

The deputy minister of transport, Republic of Ghana, Joy Bawa Mogtari, has said developing nations in Africa pay between 40 and 70 per cent more on the average for the international transportation of imports than the developed economies in Europe and North America.

Mogtari, who spoke on “Maritime Media as Vessel for Africa’s Economic Transformation” at the just concluded African Maritime Journalists Conference, AMJOC, said that to achieve sustainable growth in Africa, the countries must connect their economies.

She said: “Our port systems and the whole business of shipping require customs administrations to relate seamlessly in order to bring down transportation cost, enhance standardized procedures and make the economy very competitive. This goal demands effective coordination and communication.”

Represented at the event by a chief director in the Ministry of Transport, Mr Twumasi-Ankra Selby, she said that the maritime subsector offers the best path to the connectivity of Africa’s economies, but the benefits have to be effectively communicated.

She said: “Maritime transport remains the backbone of international trade. Around 80 per cent of global trade by volume and over 70 per cent of global trade by value are carried out by sea and are handled by ports worldwide. The importance of the maritime subsector to the national economy is appreciated in terms of facilitation of trade within and across national borders, revenue generation, employment, empowerment opportunities, and promotion of tourism.”

 

Market Capitalization Soars Marginally By N2 billion

The equities market closed trading on Tuesday, February 9, on a positive note as market capitalization leaped marginally by N2 billion.

Market breadth closed negative as 7-Up Bottling Company Plc led 22 gainers against 17 losers, topped by UAC of Nigeria Plc at the end of trading, which was an improved performance when compared with previous outlook.

Market turnover closed positive as volume moved up by 19.56 per cent against 8.70 per cent uptick recorded in the previous session. UBA Plc, Sterling Bank Plc and Zenith Bank were the most active to boost market turnover. Zenith Bank Plc and Guaranty Trust Bank Plc topped market value list.

Sterling Bank led the list of active stocks that recorded impressive volume spike at the end of the trading.
Banking stocks were the toast of investors as FCMB Plc traded 43.647 million share worth N39.281 million, followed by Diamond Bank Plc with 28.650 million share valued at N48.428 million, Guaranty Trust Bank Plc with 14.166 million at N231.081 million, UBA Plc traded 13.432 million valued at N37.582 million and FBN Holdings traded 12.383 million worth N48.363 million.

Top on the gainers’ chart was 7-Up Bottling Company Plc with a gain of N7.28 kobo to close at N183.98 kobo, followed by Mobil Oil Plc with N6.99 kobo to close at N152.00 kobo. Meanwhile, UAC of Nigeria Plc topped the losers chart with N1.03 kobo to close at N19.86 kobo. Ecobank. Transnational Corporation of Nigeria Plc was next with N0.70 kobo to close at N15.00 kobo per share.

 

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