The Nigerian Stock Exchange (NSE) resumed trading for the week on Monday on a positive trend, with the market capitalisation rising by N37 billion.
Speficially, the market capitalisation which opened at N12.440 trillion rose by N37 billion to close at N12.477 trillion, indicating by 0.30 per cent.
Also, the All-Share Index grew by 70.42 points or 0.30 per cent to close at 23,941.75 against 23,871.33 achieved on Friday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, MTN Nigeria, Unilever Nigeria, Lafarge Africa and GlaxoSmithKline.
NAN quoted analysts at Imperial Asset Managers Ltd as saying“This week, we expect market sentiment to be mild considering that risks remains broad following the increasing new cases of COVID-19 in Nigeria.
“As such, investors are advised to trade cautiously, and seek buying opportunities in fundamentally justified stocks,” they said.
Market breadth closed positive with 25 gainers and 13 losers.
Okomu Oil recorded the highest price gain to lead the gainers’ table in percentage with 9.99 per cent, to close at N60.55 per share.
Neimeth followed with a gain 9.72 per cent to close at 79k, while BOC Gases appreciated by 9.59 per cent to close at N4 per share.
Fidson appreciated by 9.12 per cent to close at N3.11, while Unity Bank appreciated by 8.89 per cent to close at 49k per share.
Conversely, Lasaco Assurance led the losers’ chart by 7.41 per cent to close at 25k, while Cornerstone Insurance and Jaiz bank followed with a loss of 6.78 per cent each to close at 56k per share, respectively.
Wapic Insurance dipped 6.25 per cent to close at 30k, while Transcorp shed 4.17 per cent to close at 69k per share.
Also, the total volume traded increased by 49.47 per cent with an exchange of 331.002 million shares, worth N2.93 billion achieved in 5,544 deals.
This was in contrast with a total of 221.45 million shares valued at N2.45 billion achieved in 4,330 deals on Friday.
Transactions in the shares of Access Bank topped the activity chart with 83.56 million shares worth N522.79 million.
Zenith Bank followed with 54.93 million shares valued at N842.87 million, while Sterling Bank sold 33.65 million shares worth N43.41 million.
FBN Holdings traded 20.53 million shares valued at N101.06 million, while Lafarge Africa transacted 16.17 million shares worth N182.81 million.
Customs operations hindering ease of doing business, says NECA
The Nigeria Employers’ Consultative Association (NECA) says incessant obstructions, caused by the Nigeria Customs Service, are hindering the ease of doing business by the manufacturing companies.
Its Director-General, Mr Timothy Olawale, said in a statement on Monday that such act was jeopardising the Federal Government’s efforts at promoting ease of doing business in Nigeria.
Olawale said: “This is the time when all hands must be on deck to promote local enterprise competitiveness and prevent jobs losses.
“It is a known fact that the world economy is on the precipice with nations doing all that is necessary to keep their productive sector going.
“Recent incessant issues with the Nigeria Customs Service have become worrisome as it has the potential to push businesses off the cliff.
“This will fast-track the demise of more enterprises and exacerbating the current unemployment situation in Nigeria,” he said.
The director-general urged the Federal Government to call men of the custom services to order.
He said that Customs operatives were obstructing legitimate businesses through inconsistent and arbitrary tariff classification, excessive and unfriendly duty rate on key raw materials without local substitute.
Olawale said that other blockages include improper valuation of consignments and reckless interception of containers after legitimate clearance, among others.
He said: “While the Customs Service is desirous of meeting its revenue target, it should not be at the expense of legitimate businesses.
“With the Africa Continental Free Trade Area coming into effect Jan. 1, 2021, these recurring issues will only destroy Nigerian businesses.
“It will also make importation of manufactured goods more attractive with grave consequences for Nigeria and Nigerians as a whole.”
