The Nation Newspaper

Tag: lose

  • Nigeria, others lose $3.5b to cyber crime

    Nigeria, Tanzania, Ghana, Kenya and Uganda – together lost $3.5 billion to cyber crooks last year, a cyber security firm Serianu, has said.

    Its Africa Cyber Security Report 2017 explained that  the five African countries suffered damages and losses through post-attack disruptions.

    “Further analysis of cyber crime for the countries: Nigeria, Kenya, Ghana, Uganda and Tanzania was estimated at $3.5 billion a year, which includes direct damage and loss, post-attack disruption to the normal course of business and reputational loss,” the report said.

    In the leading five countries, banking and financial services were most affected, losing $248 million during the period under review.

    Government lost $204 million, while e-commerce, mobile-based transactions and telecommunications lost $173 million, $140 million and $119 million respectively.

    The Project Leader at Cashless Kenya, Simon Muriithi, said this situation could limit the benefits of technology within the banking sector.

    “For us, this is one of the biggest challenges in going digital in Kenya right now, but we have good security experts locally who can help banks bridge the gap,” Muriithi said.

    Nigeria’s provider of shared platforms for financial transactions, the Nigeria Interbank Settlement System (NIBSS) said the country’s payment system remained one of the most secured in the world.

    Its Business Development, Niyi Ajao, however agreed that no matter the means of payment chosen, there is always the risk of losing cash if care is not taken.

    He said: “Even if you go by cash, the risk of losing money is always there if you don’t apply by the basic security principles. If I put my cash inside my purse and I don’t keep my purse well, pick-pockets will pick it.  So, for all these other new channels, including the mobile phone, it has its own risk but the beauty of it is that every customer, everyone that abides by the basic principles, would not lose money.

    “For instance, with the mobile phone payment, even if you steal my phone, to complete a payment process you need my PIN (personal identification number).”

  • Equities lose N234b in opening trades

    Equities lose N234b in opening trades

    The Nigerian stock market reopened yesterday to a strong selloff as investors continued to readjust their portfolios ahead of release of earnings reports and dividend recommendation of major quoted companies.

    Benchmark indices at the Nigerian Stock Exchange (NSE) showed average day-on-day decline of 1.53 per cent, equivalent to net capital loss of N234 billion. This depressed the average year-to-date return to 9.79 per cent.

    With two losers for every gainer, the negative overall market position was due to widespread selloff across the sectors, especially losses recorded by large-cap stocks such as Dangote Cement, Nestle Nigeria, Nigerian Breweries and Zenith Bank.

    The All Share Index (ASI)-the benchmark value index for Nigerian equities, declined from its opening index of 42,638.83 points to close at 41,987.74 points. Aggregate market value of all quoted equities at the Exchange dropped from its opening value of N15.302 trillion to close at N15.068 trillion.

    Sectoral indices showed a mixed performance. The NSE Consumer Goods Index declined by 1.6 per cent. The NSE Industrial Goods Index trailed with a drop of 1.5 per cent while the NSE Oil and Gas Index closed flat. On the upside, the NSE Insurance Index rose by 0.74 per cent while the NSE Banking Index inched up by 0.01 per cent.

    There were 32 losers to 16 gainers. Nestle Nigeria-NSE’s highest-priced stock, led the downtrend with a drop of N58.20 to close at N1,341.80. Dangote Cement followed with a drop of N8.60 to close at N251.30. Nigerian Breweries dropped by N2.10 to close at N128.90. PZ Cussons Nigeria lost N2 to close at N23. Enamelware declined by N1.15 to close at N22.10 while Zenith Bank dropped by 70 kobo to close at N31.30 per share.

    On the upside, International Breweries led the gainers with a gain of N1.25 to close at N59. Guaranty Trust Bank followed with a gain of N1 to close at N47.50. Cement Company of Northern Nigeria added 35 kobo to close at N18.50. Fidson Healthcare rose by 22 kobo to close at N4.69. AXA Mansard Insurance chalked up 13 kobo to close at N2.78 while May & Baker Nigeria garnered 10 kobo to close at N2.95 per share.

    Total turnover stood at 287.1 million shares valued at N2.3 billion, representing 53.4 per cent and 71.1 per cent decline in volume and value of trading respectively. Skye Bank was the most active stock with a turnover of 57.99 million shares valued at N63.21 million. Diamond Bank followed with a turnover of 40.33 million shares valued at N106.72 million while FCMB Group placed third with a turnover of 35.34 million shares valued at N89.42 million.

    “Although market breadth is still negative, its advancement is an indication of strengthening investor sentiment. Against this backdrop, we expect market to perform positively in subsequent sessions this week,” Afrinvest Securities stated.

    Analysts at Cordros Capital also remained optimistic, noting that despite the selloffs, the theme on the equities market remains positive given encouraging macroeconomic fundamentals.

  • Nigerian equities lose N1.05tr in 7 days

    Nigerian equities lost N369 billion yesterday in their highest decline in five months, increasing the total net capital depreciation over the seven days of consecutive decline to N1.05 trillion. All major indices at the Nigerian Stock Exchange (NSE) closed in the red yesterday as investors stepped up open market orders to attract bids, forcing most transactions to close at lower prices.

    The benchmark indices indicated average day-on-day decline of 2.41 per cent, equivalent to net capital loss of N369 billion. The average year-to-date return pared to a single digit at 9.06 per cent.

    The All Share Index (ASI)-the benchmark value index for Nigerian equities, closed yesterday at 41,708.15 points as against its opening index of 42,737.89 points. Aggregate market value of all quoted equities also declined from its opening value of N15.337 trillion to close at N14.968 trillion.

    Nigerian equities had lost N542 billion in five-day consecutive negative trading sessions last week, the longest downtrend so far this year. With equities reaching a high of N16 trillion two weeks ago, most analysts had attributed the recent decline to profit-taking transactions by investors seeking to monetise their capital gains. The ASI had opened last week at 44,639.99 points while the aggregate market value of all quoted equities had opened at N16.019 trillion.

    With 40 losers to 15 gainers, all sectoral indices at the NSE also closed negative yesterday. The NSE Consumer Goods Index recorded above average decline of 2.8 per cent. The NSE Industrial Goods Index dropped by 1.6 per cent. The NSE Insurance Index declined by 1.5 per cent. The NSE Oil & Gas Index depreciated by 0.6 per cent while the NSE Banking Index slid by 0.2 per cent.

    “Following seven consecutive days of decline in the market, we do not rule out the possibility of an upswing in performance before the end of the week. Our view is buttressed by the fact that the current 14-day RSI stands at 38.8 points, which is closer to the oversold region,” Afrinvest Securities stated.

    Large-cap stocks headlined the losing streak. Nestle Nigeria-Nigeria’s highest-priced stock, led the losers with a loss of N40 to close at N1, 320. Dangote Cement-Nigeria’s most capitalised stock followed with a loss of N13.30 to close at N258.70. Nigerian Breweries-the second most capitalised quoted company dropped by N5.20 to close at N127.80. Guinness Nigeria declined by N5 to close at N105. International Breweries lost N2.50 to close at N57.50 while Forte Oil declined by N2.40 to close at N45.80 per share.

    On the positive side, Lafarge Africa led the gainers with a gain of N1 to close at N51. Zenith Bank followed with a gain of 60 kobo to close at N30. Access Bank and Berger Paints rose by 45 kobo each to close at N12 and N9.45 respectively. Dangote Sugar Refinery added 30 kobo to close at N21 while Eterna chalked up 27 kobo to close at N5.69 per share.

    Total turnover stood at 470.5 million shares valued at N3.68 billion in 6,309 deals. Diamond Bank was the most active stock with a turnover of 67.7 million shares valued at N181.14 million. FCMB Group followed with a turnover of 49.22 million shares worth N126.18 million while Fidelity Bank ranked third with 42.78 million shares valued at N129.55 million.

    Market analysts at FSDH Securities said they expected that the market performance may remain soft in the days ahead, but there is a possibility of a rebound at the end of the week, driven by bargain hunting.

     

  • Equities lose N187b as profit-taking continues

    The profit-taking trend at the Nigerian stock market worsened yesterday as investors stepped up the rush to take profits. With more than three losers for every gainer, equities lost N187 billion at the end of the five-hour trading session at the Nigerian Stock Exchange (NSE).

    The All Share Index (ASI)-the benchmark index for the Nigerian equities market, showed average decline of 1.16 per cent to close at 44,389.85 points as against its opening index of 44,912.53 points. Aggregate market value of all quoted equities dropped from its opening value of N16.090 trillion to close at N15.903 trillion.

    With the second consecutive negative trading session, the average year-to-date return moderated to 16.07 points.

    Most sectoral indices also closed negative while the momentum of activities slowed down considerably. The NSE Banking Index dropped by 2.6 per cent. The NSE Insurance Index declined by 2.4 per cent while the NSE Industrial Goods Index depreciated by 0.7 per cent. Meanwhile, the NSE Consumer Goods Index appreciated by 0.7 per cent while the NSE Oil & Gas Index inched up by 0.1 per cent.

    Total turnover slowed down to 737.86 million shares valued at N7.67 billion in 8,927 deals. Low-priced stocks continued to dominate activities chart. Skye Bank was the most active stock with a turnover of 150.37 million shares valued at N226.77 million. FBN Holdings followed with 104.17 million shares valued at N1.36 billion while Wema Bank placed third with 64.09 million shares worth N87.36 million.

    “There was sell pressure in the equity market today, a combination of profit taking and price corrections predominantly in the banking sector stocks. The downward trend may likely continue till midweek,” FSDH Securities, a subsidiary of FSDH Merchant Bank, stated in post-trading notes.

    There were 43 losers against 14 gainers. 11, formerly Mobil Oil Nigeria, led the losers with a loss of N7 to close at N209. Dangote Cement followed with a loss of N4 to close at N269. Julius Berger Nigeria declined by n1.60 to close at N30.40. Guaranty Trust Bank dropped by N1.51 to close at N52. Zenith Bank declined by 75 kobo to close at N32 while FBN Holdings lost 73 kobo to close at N13.02 per share.

    On the positive side, Seplat Petroleum Development Company led the gainers with a gain of N9.99 to close at N685. Unilever Nigeria followed with a gain of N2.21 to close at N46.41. Nigerian Breweries added N2 to close at N145. Presco rose by N1.31 to close at N70 while Nestle Nigeria gathered N1.11 to close at N1, 471.11 per share.

    “Despite losses recorded since the start of the week, we expect sell-offs across sectors to continue in subsequent trading sessions as investors look to book profits following weeks of sustained gains,” Afrinvest Securities stated.

  • Don’t lose your temper, fan urges Tubaba

    Don’t lose your temper, fan urges Tubaba

    Following his recent outburst in which he took shots at former bandmate, Blackface and former member of the Remedies music group, Eedris Abdulkareem, a fan has called on veteran singer, Innocent ‘Tubaba’ Idibia to apply restraints.

    In a recent interview with Pulse TV, Blackface had painted Tubaba as a an unserious bandmate who not only stole his (Blackface’) shine, but also performed without rehearsals.

    When asked why he has been tough on Tubaba in recent times, he said; “I should be. I’m just trying to make him understand that there are stuff in life that if you get the education and the teaching about it, you develop yourself in trying to improve yourself on that. Before I met Tuface, Tuface would go on stage without rehearsing, without practicing, without anything. He feels he can get on stage and sing without anything happening. And I told him that I’m the one that you would not do that for. You do rehearsal. I’m the one saying you must do rehearsal.”

    A couple of months back, Eedris had also thrown shade at Tubaba, accusing him of disrespecting fellow veteran, Daddy Showkey while stating that his songs were written by Blackface.

    Responding on Twitter yesterday, Tubaba wrote; “Blackface and Idris, as na una sabi music pass make una do the music and stop talking nonsense all the time. I’m 2 busy so this is the only advice and response u’re gonna get from me. una fit resume una nonsense rants.”

    However, a fan commented on the post; “Baba you are known for controlling your temper. Don’t start losing it now. Verbal conflict na waste of words.”

  • Investors lose N117b in August downtrend

    Investors in Nigerian equities suffered a net loss of N117 billion in August as a scramble for profit-taking and sell pressure due to financial demand depressed the stock market. Benchmark indices at the Nigerian Stock Exchange (NSE) showed that Nigerian investors recorded average negative return of -0.96 per cent in August, equivalent to a month-on-month capital depreciation of N117 billion.

    Aggregate market value of all quoted equities on the NSE closed August at N12,237 trillion as against N12.354 trillion recorded at the beginning of the month, representing a decline of N117 billion. The All Share Index (ASI)-the value based common index that tracks share prices at the Exchange, also indicated a month-on-month average return decline of 0.96 per cent to close the month at 35,504.62 points as against the month’s opening index of 35,844.00 points. The average year-to-date return declined from 33.37 per cent in July to 32.11 per cent in August.

    The performance in August appeared to underlined a profit-taking trend that followed significant capital appreciation in July 2017, when equities rallied net capital gain of N902 billion as expectations on corporate earnings reports and improved macroeconomic outlook boosted the market to its highest performance in more than 31 months.

    The depreciation in August was particularly driven by considerable declines in share prices in the oil and gas and industrial goods sectors. The NSE Oil and Gas Index slumped by 11.37 per cent in August to bring oil and gas investors to a negative average year-to-date return of -4.40 per cent. The NSE Industrial Goods Index recorded a return of -4.69 per cent in August to cut down the average year-to-date return for the sector to 28.62 per cent. The NSE Insurance Index declined by 2.47 per cent while the NSE Banking Index dropped by 1.27 per cent. However, the NSE Banking Index still showed the biggest eight-month return with a gain of 60.28 per cent while insurance stocks carried a modest 8.91 per cent.

    Against the negative overall market performance, investors in the consumer goods sector recorded impressive gains in August with the NSE Consumer Goods Index appreciating by 11.68 per cent during the period. The average year-to-date return for the sector thus spiraled to 32.87 per cent.

    With the average year-to-date return of 32.11 per cent, investors’ net capital appreciation so far this year dropped to N2.99 trillion as against N3.11 trillion capital gains recorded over the seven-month period. Aggregate market value of all quoted equities and the ASI had opened this year at N9.247 trillion and 26,874.62 points respectively.

    The second half on the whole has seen the market on a positive swing, as a significant rally in July had set the second half on an upswing after equities netted more than N2.2 trillion in capital gains in the first half of the year. The stock market recorded average year-to-date return of 23.23 per cent in the first half, equivalent to net capital gain of N2.2 trillion for the period.

    Aggregate market value of all quoted equities on the NSE closed the first half at N11.452 trillion as against 2017’s opening value of N9.247 trillion, representing net capital gain of N2.205 trillion or 23.85 per cent. The ASI had crossed seven levels to close first half at 33,117.48 points compared with its year’s opening index of 26,874.62 points, representing an increase of 23.23 per cent.

    The rebound represents a major recovery for hard-pressed Nigerian investors, who had lost N3.98 trillion in the past three years. The stock market had been on a losing streak since 2014. Investors lost N1.75 trillion in 2014 and followed this with another loss of N1.63 trillion in 2015. Against the general expectation that political transition and new government will quicken a rebound, equities closed 2016 with a net capital loss of N604 billion. Aggregate market value of all quoted equities on the NSE closed 2016 at N9.247 trillion as against N13.226 trillion recorded at the start of trading in 2014, representing a net capital loss of N3.98 trillion.

    Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, had attributed the recovery at the stock market to positive changes in the polity.

    Chukwu said the market recovery was boosted by the introduction of the Investors and Exporters’ foreign exchange window and the narrowing of exchange rates between official and parallel rates due to policy stimulation by the Central Bank of Nigeria (CBN).

  • Equities lose N310b to profit-taking

    Nigerian equities ended their four-day consecutive rally yesterday as investors turned round to monetise recent capital gains. The scramble to close sell transactions turned the stock market into a buyer’s market, forcing most transactions to close at lower prices.

    With nearly three losers to every gainer, benchmark indices at the Nigerian Stock Exchange (NSE) showed a net capital loss of N310 billion within the five-hour trading session, representing average day-on-day decline of 2.6 per cent.

    Aggregate market value of all quoted equities dropped from its opening value of N11.887 trillion to close at N11.577 trillion. The All Share Index (ASI)-the main value-based index also declined from its opening index of 34,375.60 points to close at 33,477.89 points.

    Highly capitalised stocks headlined the downtrend. Nestle Nigeria-the highest-priced stock at the Exchange, led the losers with a loss of N10 to close at N900. Dangote Cement, the most capitalised quoted company, followed with a loss of N8.97 to close at N205. Seven-Up Bottling Company dropped by N2.99 to close at N90.01. Lafarge Africa declined by N2.20 to close at N52 while Nigerian Breweries, the second most capitalised company, lost N2 to close at N166 per share.

    There were 37 losers against 13 gainers. Conoil recorded the highest gain of N1.92 to close at N40.42. CAP followed with a gain of 79 kobo to close at N34.99. Cement Company of Northern Nigeria added 53 kobo to close at N11.27. UAC of Nigeria rose by 35 kobo to close at N17.90 while Nascon Allied Industries chalked up 20 kobo to close at N10 per share.

    Zenith Bank was the most active stock with a turnover of 87.03 million shares worth N1.86 billion. Fidelity Bank followed with 55.4 million shares worth N71.5 million while Zenith Bank placed third with 50.3 million shares valued at N1.8 billion.

  • Equities lose N17b in tight market situation

    The topsy-turvy market situation at the Nigerian stock market continued yesterday as a selloff on large-cap stocks pressed the overall market position to a marginal loss of N17 billion. With 16 gainers to 15 losers, the stock market traded on almost a balance of profit-taking and bargain-hunting but losses recorded by highly capitalised stocks tilted the overall market position to the bears.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) declined from its opening value of N8.765 trillion to close at N8.748 trillion. The All Share Index (ASI), the benchmark index for the market, also slipped marginally by 0.19 per cent from its opening index of 25,331.77 points to close at 25,282.75 points.

    The decline pushed the negative average year-to-date return to -5.92 per cent. The decline was largely due to losses recorded by large-cap stocks such as FBN Holdings, Dangote Cement, Zenith Bank, Okomu Oil and Dangote Sugar Refinery.

    Most sectoral indices closed in the negative. The NSE Industrial Goods Index and the NSE Banking Index declined by 0.3 per cent each while the NSE Insurance Index slipped by 0.1 per cent. Meanwhile, the NSE Oil & Gas index rose by 0.5 per cent while the NSE Consumer Goods Index inched up by 0.1 per cent.

    Seven-Up Bottling Company led the losers with a loss of N5.24 to close at N99.66. Okomu Oil Palm dropped by N2.49 to close at N47.39. Dangote Cement lost N1 to close at N159. Nascon Allied Industries declined by 70 kobo to close at N7.74 while UAC of Nigeria dropped by 50 kobo to close at N14.10.

    Total turnover volume however declined by 54.11 per cent to 147.89 million shares valued at N836.84 million in 2,578 deals. Transactions in the shares of Transcorp topped the activity chart with 28.07 million shares valued at N25.67 billion. Diamond Bank followed with 24.98 million shares worth N21.78 million while FCMB Group placed third with 13.8 million shares valued at N13.8 million.

    On the upside, Seplat Petroleum Development Company led the gainers with a gain of N5 to close at N405. Nigerian Breweries rose by N1 to close at N124. Stanbic IBTC Holdings added 49 kobo to close at N19.50. Nestle Nigeria chalked up 30 kobo to close at N750.30 while Africa Prudential rose by 12 kobo to N2.53 per share.

  • Unlucky Saraki Boys lose to brilliant Flying Antelopes in Enugu

    Unlucky Saraki Boys lose to brilliant Flying Antelopes in Enugu

    A Brilliant individual goal scored by Daniel Etor was all Rangers International of Enugu needed to secure a 1-0 victory over Abubakar Bukola Saraki (ABS) Ilorin FC on Wednesday at the Nnamdi Azikiwe Stadium.

    The hosts started the game brightly and left the visitors chasing their own shadows while the Flying Antelopes were flashing the passes across the length and breadth of the field.

    The Saraki Boys after taken a while to settle into the game were dangerous going forward as Mohammed Mohammed pinned Papic Ousmane to his territory leaving Ugwu Uwadiegwu to the Senegalese rescue.

    Etor who was one of the most outstanding players on the field, picked a pass from Charles Helong, the former ABS FC attacker outsmarted three players before he buried the ball to Abdullahi Boje’s far right.

    ABS FC Coach, Henry Makinwa introduced Adeshina Gata to stop Osas Okoro from assisting his attack, a tactics that paid off for the former Rayo Vallecano attacker as the Flying Antelopes’ right wing back remained in his territory since Gata came on.

    After the goal, the Flying Antelopes got gripped of the game again and finished the first half on a high note.

    The Makinwa wards are the better side for the most parts of the 2nd half but an experienced midfield marshalled by Obinna Nwobodo and Chiamaka Madu were hard nuts for ABS attackers to crack.

    Speaking after the game, ABS FC Coach, Henry Makinwa, said it was not a day for his team because the boys did not display the true spirit of ABS FC people are used to.

    “We played very bad today, this is not ABS everybody knows.

    “The reason was because we played against a better team, they played better than us.

    “Fatigue affected us, tiredness too, we played on Sunday and made over 700 kilometres of journey to play here today.

    “Of cause that is not the major reason, we played a better side that outclassed us in every departments and I accept it,” Makinwa said.

    He said he  be going home to restrategise again and correct some of the mistakes noticed in today’s game.

    Also speaking after the game, ABS FC midfielder, Abubakar Chindo, agreed with his coach that they played a better side.

    Chindo said the result was an unfortunate one because they came to win or at least pick a draw in Enugu.

    The former Kogi United player said his team is targeting the league title or at least a top four finish.

    ABS FC will now lock horns with Katsina United on Sunday in Ilorin.

  • Equities lose N42b as selloff continues

    Equities lose N42b as selloff continues

    The selloff at the Nigerian stock market continued for the second consecutive trading session yesterday as sustained profit-taking transactions shaved off N42 billion from market capitalisation of quoted companies.

    The All Share Index (ASI), the common value-based index that tracks prices at the Nigerian Stock Exchange (NSE), declined by 0.46 per cent from 26,616.89 points to close at 26,495.04 points. Aggregate market value of all quoted companies dropped from N9.158 trillion to close at N9.116 trillion, indicating a loss of N42 billion. The two-day decline pushed the average year-to-date return to -1.4 per cent.

    Sectoral indices generally indicated widespread selling sentiment. The NSE Banking Index dropped by 1.6 per cent. The NSE Industrial Goods Index declined by 1.0 per cent. The NSE Insurance Index dropped by 0.6 per cent. The NSE Oil & Gas Index lost 0.46 per cent while the NSE Consumer Goods Index closed flat.

    The downtrend was driven largely by losses recorded by highly capitalised companies in the banking, oil and gas and cement sectors. Guaranty Trust Bank, the most capitalised banking stock, led the 17-stock losers’ list with a loss of N1.10 to close at N22.90. Lafarge Africa followed with a loss of 95 kobo to close at N40. Forte Oil dropped by 62 kobo to close at N83.60. Ashaka Cement declined by 59 kobo to close at N11.43. Ecobank Transnational Incorporated lost 23 kobo to close at N9.54 while Cement Company of Northern Nigeria declined by 20 kobo to close at N4.55 per share.

    Investors traded 602 million shares valued at N1.20 billion in 2,150 deals. Unity Kapital was the most active stock, by turnover volume, with a cross deal for 435.96 million ordinary shares valued at N335.69 million. Omoluabi Savings and Loans placed second with 104 million shares worth N83.3 million while United Bank for Africa (UBA) staged a distant third with 9.23 million shares valued at N41.67 million.

    On the positive side, Flour Mills of Nigeria led 13 other stocks on the upside, rising by 49 kobo to close at N18.49. Zenith Bank followed with a gain of 15 kobo to close at N14.55. UACN Property Development Company added 13 kobo to close at N2.88. Vitafoam Nigeria rose by 12 kobo to close at N2.54 while Africa Prudential Registrar chalked up 9.0 kobo to close at N3 per share.

    Market analysts said the bearish sentiment underlined expected portfolio rebalancing by investment managers in line with earnings outlook for the current business year.

    “Given the bearish sentiment in the market and with little fundamental drivers to support performance, we expect the benchmark index to continue to post losses until bargain opportunities surface,” Afrinvest Securities stated.