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Industrial Goods Sector Depresses Investors’ Wealth by N83bn

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China Industrial Output
  • Industrial Goods Sector Depresses Investors’ Wealth by N83bn

Losses sustained by the industrial goods sector, which turned out to be the only sector that recorded negative return last week, has dragged activity in the equities market to a negative close.

At the end of the trading session last week, the sector recorded 2.33 per cent negative return, thereby dragging the equities capitalisation down by N83 billion.

This was as a result of the negative disposition by investors to the shares of Dangote Cement Plc, an industrial goods giant and the single most capitalised stock on the Nigerian Stock Exchange, NSE, last week. The company’s shares fell by N8.44 or 4.99 per cent to close at N160.55 per share.

As a result, the market capitalisation slumped by N83 billion to close at N 8.656 trillion, while the All Share Index declined to 25,012.08 points, representing 0.94 per cent decrease.

However, all other sectors finished higher during the week with the oil and gas sector appreciating the most (4.51 per cent) propelled by in Seplat Petroleum Development Company Plc which rose by N30.00 or 8.11 per cent and Oando Plc that appreciated by N0.25 or 5.31 per cent.

The consumer goods sector followed by 0.84 per cent appreciation driven by gains in Nestle Nigeria Plc, that appreciated by N54.42 or 10.25 per cent, while the banking and insurance sectors rose by 0.77 per cent and 0.40 per cent respectively.

Gainers and losers

For every loser in the market during the week, there was a gainers as 24 equities appreciated in price corresponding with other 24 equities depreciated in price. United Capital Plc led the losers, dropping by 22.34 per cent to close at N2.85. Cadbury Nigeria Plc followed with 13.33 per cent decrease to close at N7.80; 7Up Bottling Company was the third, depreciating by 10.80 per cent to close at N95.00 per share.

Transnational Corporation of Nigeria,Transcorp Plc, fell by eight per cent to close at N0.69 per cent, while Unity Bank Plc went down by 7.59 per cent to close at N0.73. FCMB Group Plc fell by 6.98 per cent to close at N1.20; Guinness Nigeria Plc was down 6.62 per cent to close at N4.50, while African Prudential Registrar recorded 6.25 per cent decline to close at N2.70 per share.

On the other hand, Nestle Nigeria Plc led the gainers with 10.25 per cent increase to close at n628.42 per cent, followed by Okomu Oil Palm Plc with 10.23 per cent increase to close at N48.7o. Vitafoam Nigeria Plc was the next, as it rose by 9.88 per cent to close at N1.89. Aiico Insurance plc went up by 9.09 per cent to close at N0.60; Seplat went up by 8.11 per cent to close at N400.00, while UAC of Nigeria Plc appreciated by 5.95 per cent to close at N13.35 per share.

Volume and value

A total turnover of 1.387 billion shares worth N13.726 billion were traded by investors in 15,422 deals compared to 765.656 million shares valued at N9.717 billion that exchanged hands the previous week in 12,468 deals.

The financial services sector, measured by volume, led the activity chart with 1.224 billion shares valued at N9.080 billion traded in 10,213 deals. The consumer goods sector followed with 52.016 million shares worth N3.435 billion in 2,311 deals, the conglomerate sector placed third with a turnover of 41.515 million shares worth N63.506 million in 586 deals.

Trading in Zenith International Bank Plc, Continental Reinsurance Plc and United Bank for Africa Plc, measured by volume, accounted for 738.698 million shares worth N6.910 billion in 4,205 deals, contributing 53.24 per cent and 50.34 per cent to the total equity turnover volume and value respectively.

Bonds

A total of 375 units of Federal Government Bonds valued at N447,055.02 were traded in five deals, compared to a total of 24,850 units valued at N20.533 million transacted last week in six deals.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Sterling Homes Plans To Reduce Housing Deficit

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Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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Mutual Benefits Drives Financial Inclusion

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Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.

A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.

The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.

He said, “The role we all have to play is to be ambassadors of Mutual Benefits.

“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”

Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.

In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.

He said the firm would provide stakeholders with the platform and support to make them excel as a member.

The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.

The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.

He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.

“This is an opportunity for us to strengthen insurance penetration within the South-West states.”

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CAC Sets Three-Hour Circle For Company Registration

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Corporate Affairs Commission

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

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