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

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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.

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RCCG issues guidelines for resumption of services, stops children church

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Adeboye

The Redeemed Christian Church of God [RCCG] has issued a seven-page guidelines for all its parishes.

According to the guidelines, which is called “Church re-opening strategy,” children churches in all the parishes will remain closed in the event that the government decides to reopen worship centres.

The Assistant General Overseer (Admin/Personnel), Pastor J. F. Odesola, in a May 28, 2020 memo, addressed the guidelines to all the church’s assistants general overseer, special assistants to the general overseer, as well as pastors in charge of regions and provinces.

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Nigeria’s COVID-19 cases on Sunday exceeded 10,000 according to a statement by the Nigeria Centre for Disease Control on its website.

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COVID-19: NMA, NANNM, PSN speak on reopening of worship centres

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The Nigerian Medical Association [NMA], the National Association of Nigerian Nurses and Midwives [NANNM] as well as the Pharmaceutical Society of Nigeria [PSN] spoke on reopening of worship centres as the country battles coronavirus [COIVID-19] pandemic.

The new President of the NMA, Prof Innocent Ujah, said the government should approach the issue of reopening of worship centres scientifically.

He said the government must sensitise religious groups and other segments of society to ensure compliance with COVID-19 guidelines.

Ujah stated that churches, mosques and others must abide by social distancing and use of face masks.

He stated,

“What have we put on the ground to say they should push back a little bit? I don’t have the answer because I have to have evidence.

“They said there shouldn’t be more than 50 in a church or a mosque. But have we not seen congregation of people everywhere? What about markets?”

“But I have no power to say yes or no. I am only saying we should approach these things scientifically, because it’s science. It’s not about emotions. The National Orientation Agency should also do its job. In this case, in my opinion, the NOA is not doing well. I think it should do more in sensitisation.”

He noted that with the eased lockdown, Nigerians were not abiding by social distancing and the use of face masks.

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Ujah stated,

“The issue of face masks and physical distancing is not obeyed or followed. I am a scientist and I’ve even commissioned some boys to look at the compliance on the use of face masks and social distancing.”

On non-compliance with COVID-19 guidelines, Ujah said though burials should be done quietly, people had been sighted crowding around graves.

He stated,

“If you go to Lugbe, Nyanya (Abuja) or a place like Mararaba, Nasarawa State, there is nothing like social distancing. Over 90 per cent do not wear face masks. You have to have water to wash hands. We need to know whether there is universal availability of water to wash hands. That’s the truth.”

But the President of the NANNM, Abdulrafiu Adeniji, said the reopening of churches and mosques should be gradual.

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The nurses’ president said,

“In the first instance, they (churches and mosques) are expected to be partners of progress with the government. A religious organisation (in the United States) went to court against the government and it lost. There is no way it could say the government should not try as much as possible to enforce public health law.”

But the General Secretary of the PSN, Emeka Duru, said the important issue regarding reopening churches and mosques was the economic ramifications.

According to him, churches are more ready than other sectors for reopening.

Duru said,

“I think churches, from what I can perceive, are more ready, because they want to continue their activities, and they wouldn’t want the Federal Government interrupting their activities again, so they would try to enforce guidelines.

“For instance, in the Catholic Church, to which I belong, they also tell people not to engage in stretching of hands anymore. I believe that churches, especially the Catholic Church, would decide the number of people that will attend a particular session of mass, so that there would be a reduced number of people.”

He, however, expressed concern about the reopening of what he described as “mushroom churches.”

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The PSN secretary-general explained that in such churches, as with any uncontrolled gatherings, “anything can happen, just like the buses we see on the road where everybody is on his own.”

Duru said,

“It is not a matter of being ready. It is a question of if our economy is ready to sustain the present reality we have found ourselves. The Federal Government is a big institution, including provision of security, and it wouldn’t like to be embarrassed as the citizens are opening up the lockdown themselves.”

 

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100-year-old woman recovers from Coronavirus in Indonesia

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Amid fear of mass deaths recorded by the world owing to the deadly disease, Coronavirus, a 100-year-old Indonesian woman has reportedly recovered from COVID-19, making her the country’s oldest survivor of the deadly disease.

Officials disclosed that the woman identified as Kamtim was discharged from the hospital after a month of treatment in her hometown Surabaya, Indonesia’s second-biggest city.

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According to The Hindu, Ms. Kamtim was taken to hospital last month after showing Coronavirus symptoms before it was confirmed she had it.

The daughter-in-law of the 100-year-old recovered patient, Siti Aminah credited her recovery to “discipline and persistence”.

“Every day I checked her condition with nurses and they always told me that she was very strong and diligent about taking her medicine,” Ms. Aminah said.

“She was very motivated to get better.”

It was not clear how the home-bound woman contracted the virus.

“She probably got it when people from the neighbourhood came around to visit since she never goes outside,” said Ms. Aminah.

East Java Governor Khofifah Indar Parawansa while speaking on her recovery said she hoped Ms. Kamtim’s story would give a boost to at-risk residents.

“I hope her recovery can motivate elderly people during the pandemic,” Ms. Parawansa added.

Indonesia has confirmed more than 26,000 cases of COVID-19 and 1,613 deaths.

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