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NSE market capitalisation loses N277bn amidst COVID-19, weaker oil price


It is bizarre that people don’t believe that Covid-19 is real- Nigerian survivor shares his experience

Nigerian equities market on Monday opened trading for the week with a loss of N277 billion, amidst weak sentiments in the wake of weaker oil prices and Coronavirus pandemic.

Specifically, the All-Share Index (ASI) decreased by 530.99 points or 2.43 per cent to close at 21, 330.79 against 21, 861.78 on Friday.

Similarly, the market capitalisation, which opened at N11.383 trillion, shed N276 billion or 2.43 per cent to close at N11.116 trillion.

The downtrend was impacted by loses recorded in large and medium capitalised stocks, among which are: MTN Nigeria, Zenith Bank, Guaranty Trust Bank, International Breweries and Access Bank.

This week, analysts at Imperial Asset Managers Ltd., said:

“We expect market sentiment to remain volatile, given the circumstances surrounding oil prices and macro-economy development.

“We also expect investors to react positively to healthcare quoted stocks amid the fiscal and monetary stimulus channelled to the sector in desperate move to combat the COVID-19 pandemic,” they said.

Market breadth was negative with 11 gainers against 15 losers.

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MTN Nigeria led the losers’ chart in percentage terms, dropping by 10 per cent to close at N90 per share.

Wema Bank followed with a decline of 9.62 per cent to close at 47k, while International Breweries declined by 9.26 per cent to close at N4.90 per share.

Prestige Assurance and United Capital shed 8.33 per cent each to close at 55k and N2.20 per share, respectively.

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Conversely, Berger Paints dominated the gainers’ chart in percentage terms, gaining 9.84 per cent to close at N6.70 per share.

Mobil followed with 9.83 per cent to close at N160.90, while Cadbury Nigeria appreciated by 9.68 per cent to close at N6.80 per share.

DN Meyer grew by 8.70 per cent to close at 50k, while Africa Prudential improved by 8.19 per cent to close at N3.70 per share.

In spite of the drop in market indices, the volume of shares traded closed upbeat as investors bought and sold 466.91 million shares worth N1.93 billion traded in 3,659 deals.

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This was in contrast with 261.41 million shares valued at N3.36 billion transacted in 3,968 deals on Friday.

Transactions in the shares of DN Meyer topped the activity chart with 200.99 million shares valued at N92.46 million.

Champion Breweries followed with 89.34 million shares worth N61.67 million, while Zenith Bank traded 48.19 million shares valued at N574.35 million.

United Bank for Africa sold 19.16 million shares worth N98.79 million, while FBN Holdings accounted for 18.81 million shares valued at N75.16 million.



JUST IN: NDDC headquarters shuts down over COVID-19 scare



The management of the Niger Delta Development Commission (NDDC) has shut down the commission’s corporate headquarters following COVID-19 scare.

The coronavirus scare, it was gathered, was triggered by the death of a member of the Interim Management Committee (IMC) of NDDC, Mr Ibanga Etang.

Etang, who until his death, was the Acting Executive Director of Finance and Administration reportedly died at about 2 am on Thursday at the Rivers State University Teaching Hospital (RSUTH), Port Harcourt after a brief illness.

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An internal memo signed for the management by Silas Anyanwu directed informed all employees that the headquarters of the commission would be shut down for two weeks with immediate effect.

“Consequently, all activities of the commission including ongoing matters are hereby shut down,” the memo said.

Details shortly…

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VSF supports Edo IDPs with COVID-19 palliatives



The Victims Support Fund (VSF) has supported the Internally Displaced Persons (IDPs) and vulnerable Nigerians in Edo State with palliatives to help cushion the effects of the COVID-19 pandemic.

The VSF Team was led by the Chairperson of the VSF Task Force on COVID-19, Mrs. Toyosi Akerele-Ogunsiji who was in the company of the Edo State government that was ably represented by the wife of the Edo State Governor, Mrs Betsy Obaseki.

This comes as the country battles over 8700 cases of the respiratory illness that has affected economies across the globe, including that of Nigeria. reports that the VSF palliative was in the form of 200 bags set that contained 10kg of rice, 10kg of beans, 10kg of garri, 4kg of vegetable oil and 2 small packets of salt per bag.

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During the course of delivery of the items, additional bags of foodstuff were added to the initial amount by compassionate officials of VSF to the amazement IDPs Camp Uhogua.

Speaking on behalf of the management team of the camp, Coordinator of International Christian Centre (ICCM) and Coordinator of the Camp, Pastor Solomon Folorunsho said the VSF is Godsent for coming at this very critical time.

He said the lockdown caused by Covid-19 has impacted negatively on the welfare of the residents of the Camp.

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The visit to the IDPs Camp Uhogua was a response to an “SOS correspondence they recently received from CSED (Community Sport and Educational Development)” and the VSF intends to visit most states in Nigeria.

According to reports, the current cost of preparing a meal for the four thousand five hundred and seventy-five residents of the Camp is about three hundred thousand naira.

National Coordinator of CSED, Mr Edema Fuludu said that they were forced to reach out to VSF and other bodies having seen the plight of the people, though the CSED work is mainly sport/educational intervention.

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“We cannot afford to walk on by when the children/youths we work with are in dire needs of food and basic daily necessities,” Mr Fuludu said.

Mr Fuludu urged public-spirited individuals, corporate organisations and NGOs to continue to provide palliatives to the IDPs and other needy members of the society, as this is the only way they (vulnerable Nigerians) can survive the hunger and social isolation that has been induced by Covid-19.

He noted that “every effort put in touching the vulnerable in the society is the rent we pay to God for allowing us to live on planet earth.”

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Govt can’t risk reopening schools now – education minister



No date yet for schools resumption – Education minister

The Minister of State for Education, Emeka Nwajiuba,  said that the Federal Ministry of Education would not risk reopening schools across the country, until all preventive measures had been put in place.

He noted that various dates of resumption being circulated in some quarters were false, adding that the government would consider introducing afternoon classes to ease rowdiness.

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Nwajiuba said,

“We want to say that the announcement that we are reopening all schools on June 8 did not emanate from us. That is not true; until we are sure that these children can go to school, return safely and not bring home with them this COVID-19 material.

“So we are not taking that risk yet. We are going to prepare as much as possible within the guidance that we are offered, working in conjunction with the World Health Organisation, before we reopen schools.”


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