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Nigerian Stock Exchange Drops 2.89 Percent

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Nigerian Stock Exchange
  • Nigerian Stock Exchange Drops 2.89 Percent

The Nigerian Stock Exchange continued to drop last week following weak business sentiment and growing economic uncertainty.

The All Share Index that gauge the Nigerian Stock Exchange depreciated by 2.89 percent to 35,446.47 basis points, while the market capitalisation of listed stocks declined by 2.86 percent to close the week at N12.941 trillion.

A total of 925.630 million shares worth N8.333 billion were traded in 15,565 transactions during the week, lower than the 1.391 billion shares valued at N20.316 billion that were traded in 20,064 transactions the previous week.

The financial sector was the most active during the week, with a total of 680.751 million shares valued at N5.283 billion traded in 8,524 deals. Therefore, contributing 73.54 percent and 63.40 percent of the total shares turnover volume and value respectively.

While 47.664 million shares worth N31.197 million were traded from the health industry, making it the second most active industry during the week. The Third by volume was the conglomerates industry, a total of 40.814 million shares were reportedly traded.

The weak economic sentiment amid political uncertainty in the country continued to impact the Nigerian Stock Exchange market, especially with the rising capital outflow due to rising U.S interest rates and growing global trade tensions.

The Central Bank of Nigeria, during the last Monetary Policy Committee meeting in Abuja, said implementation of the 2018 budget and expected election spending may impact consumer prices towards the end of the year. Therefore, the apex bank is likely to raise interest rates from the current 14 percent in order to sustain capital inflows and moderate prices.

Meaning, the fixed income market might experience a surge in demand. However, politics will decide economic direction as the surge in interest rates might not be enough to sustain capital importation needed to deepen economic growth.

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.

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Npower News: Beware of Fake Npower Employment, Ministry Warns Exited Beneficiaries

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Npower Exited Beneficiaries are Warned to Beware of Fake Npower Employment

Following the exit of Batch A and Batch B beneficiaries from the N-power program under the National Social Investment Programme (NSIP), the Ministry of Humanitarian Affairs, Disaster Management and Social Development has described the series of employment offers being shared on social media as fake.

The Ministry said President Buhari, as described in some of the fake offers, is not presently absorbing exited beneficiaries into the Federal Civil Service (FCS).

This was disclosed in a statement signed by Rhoda Ishaku Iliya, the Deputy Director Information of the ministry.

The Ministry reiterated that any N-power news will be communicated to the public through its numerous official channels.

The attention of the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development  has been drawn to the fake news trending on social media that President Muhammadu Buhari will on June 12 broadcast to the nation the absorption of N-Power Volunteers Batch A, into the Federal Civil Service,” the statement reads.

“The Ministry is hereby calling on the public to disregard the message and consider it as fake news. Any information on N-Power or the National Social Investment Programme will be issued through the appropriate Federal Government channels.

Also, read the number of people that applied for Npower Batch C.

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Laycon Must Pay Tax in 2021, LIRS Tells BBNaija Winner

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Laycon BBNaija 2020 winner

LIRS Tells BBNaija Winner, Laycon, to Pay Tax

Lagos Internal Revenue Service (LIRS) on Monday told the Big Brother Naija 2020 winner, Olamilekan ‘Laycon’ Agbeleshe, to pay his tax.

In a congratulatory message to Laycon, LIRS said “Congratulations @itsLaycon winner @BBNaija Lockdown edition. More wins!! We look forward to seeing you in Y2021 as you #payyourtax.” The service tweeted on Monday.

Laycon, 26, emerged the winner of the 2020 edition of the reality TV show after receiving 60 percent of the total votes cast by viewers to beat Dorathy Bachor, who got around 21.95 percent votes.

Both contestants emerged from the five finalists that include Nengi, Neo and Vee, that made it to the grand finale out of the total 20 housemates that participated in this year edition.

For winning the show, Laycon received N30 million in cash and he will also receive various gifts and incentives worth N55 million, according to the show organisers. Some of the incentives are an all-expense-paid trip to Dubai for two, a two-bedroom apartment, a Sport Utility Vehicle from Innoson Motors, a Scanfrost electronic makeover, one year supply of Pepsi Cola, one year supply of Munch It and Indomie noodles and VIP tickets to watch the European Champions League final.

Click here to read more about Laycon career, family and health issue.

In a series of tweet, Governor Ifeanyi Okowa of Delta State, congratulated Bachor and Neo Akpofure, both who are from the state, for making it to the finale.

He said “I am not surprised that she became the last woman standing out of 10 women among 20 housemates in the competition.

“Her exemplary conduct in the Big Brother house was good and she did not bring any embarrassment to the state.

“As a state, we are very delighted that our daughter, Dorathy Bachor, emerged the Runner Up in the just-concluded BBNaija competition.

“We are glad that she and Neo related very well with the other housemates and survived all the evictions and avoided controversies in the house.

“They have portrayed the Delta character of being well behaved and worthy ambassadors of the state,’’ the governor stated.

 

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Big Brother Naija 2020 Winner is Laycon

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Olamilekan Agbeleshe, popularly known as Laycon, has emerged  Big Brother Naija 2020 winner following record-shattering votes he received from millions of fans across Nigeria and Africa.

As widely expected, Olamilekan Agbeleshe, popularly known as Laycon, has emerged  Big Brother Naija 2020 winner following record-shattering votes he received from millions of fans across Nigeria and Africa.

Laycon, 26, made it to the grand finale with four other contestants, Dorathy, Neo, Vee and Nengi.

On September 27, 2020, Vee, a London born and raised Nigerian, was the first to be evicted followed by her partner, Neo.

This was followed by Nengi, the beautiful model that was romantically involved with Ozo, another housemate that was evicted two weeks to the finale.

Dorathy, as earlier predicted by Investors King Ltd, was the last contestant to drag it out with viewers’ favourite, Laycon.

While Laycon, a graduate of the University of Lagos and rapper, has mesmerized Nigerians with his intelligence and calmness, Dorathy, on the other hand, has used her calmness and perceived relatable personality to win seizable number of Nigerians over, even though a small number of people thinks she was not real throughout her stay in the house. She continues to win many Nigerians over.

According to Dorathy, she participated in the reality TV show to build her brand and sell her products.

However, Laycon participated to sell his music and also further his career as an entertainer.

While in the Big Brother House, Laycon got involved with Erica, another housemate that was eventually disqualified due to altercation with Laycon and several other issues. Laycon, later became a close friend with Vee who stood by him and helped him overcame emotional trauma that almost halted his journey to the finale.

To know more about Laycon read his biography, career and health issue here.

Laycon has been leading the entire voting chart of the show since day one and at some point, he had over 51 percent of the entire votes.

Since he entered Big Brother’s house, Laycon has built his fan base from slightly above 3000 to over 1.4 million on Instagram while across social media he has over 2 million fans that passionately voted for him throughout his stay in the house.

Raised by a police father, who sadly died of cancer, according to the news flying around on social media. Laycon, a discipline and principle young man, holds no grudges.

Laycon was officially declared as the winner of 2020 big brother Naija on Sunday, September 27, 2020 after receiving 60 percent of the entire votes.

Dorathy received 21.5 percent, while Nengi received 15.03 percent, Neo 1.94 percent and Vee got 1.18 percent.

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