The Nation Newspaper

Tag: rally

  • Autonomy: NULGE for nationwide rally

    Autonomy: NULGE for nationwide rally

    The Nigeria Union of Local Government Employees (NULGE) will begin a nationwide rally at the 36 states’ Houses of Assembly to mobilise for local councils’ autonomy on  Monday.

    Its Acting General Secretary, Chuks Aguonye, said in Abuja that mobilisation would begin from Zamfara and Anambra states on August 21, and end on Thursday, September 14, in Sokoto State.

    He said the rally was to prevail on the Houses of Assembly and governors to join the National Assembly, which has already voted for local governments autonomy.

    Aguonye alleged that some governors were behind the inability of the National Assembly to pass the Local Government Autonomy bill into law.

    He said: “The two chambers of the National Assembly have passed the bill and have transmitted same in addition to other bills to states Houses of Assembly as required by law.

    “The Seventh National Assembly attempted to amend the 1999 Constitution, which it passed on the local government autonomy bill; unfortunately, it failed to get the two-third majority of the states Houses of Assembly.’’

    Aguonye continued: “Available evidence confirmed that the failure of the state assemblies to get the required two-thirds majority was attributable to the dictates and influence of governors who wanted to control councils’ funds but this time around, the union will not allow what happened in the last assembly to repeat itself.

    “In view of the above, it has become necessary for the national leadership to act fast. Therefore, at the end of an emergency NEC meeting of the union, it was agreed that rallies should be held in the 36 states capital across the country, whether or not such rallies have been held before now.

    “Accordingly, all state chapters of the union have been directed to mobilise all our members for peaceful rallies on a date assigned to them as one of the programmes slated for this campaign at this stage,” he said.

    Lamenting the absence of President Muhammadu Buhari, who, he said, promised to ensure the bill was passed into law, Aguonye revealed that the union has set aside a day within the week pray for his quick recovery.’’

  • Equities regain rally with N185b gain

    After losing N584 billion to profit-taking last week, Nigerian equities regained the uptrend at the resumption of trading yesterday as highly capitalised stocks rallied the market to a net capital gain of N185 billion. Benchmark indices at the Nigerian Stock Exchange (NSE) showed average gain of 1.7 per cent, nudging the average year-to-date return to 21.5 per cent.

    The overall market situation showed widespread positive sentiments, especially within the blue chips and value stocks. However, the profit-taking continued to run underneath with 26 gainers to 21 losers. Aggregate market value of all quoted equities rose from its opening value of N11.108 trillion to close at N11.293 trillion. The All Share Index (ASI)-the common value-based index that tracks prices at the Exchange, also increased from 32,122.14 points to close at 32,657.30 points.

    Most sectoral indices also closed positive, underlining the broad rally that marked share pricing yesterday. The NSE Banking Index rose by 3.2 per cent. The NSE Industrial Goods Index appreciated by 1.1 per cent. The NSE Consumer Goods Index rose by 0.8 per cent while the NSE Oil & Gas Index inched up by 0.4 per cent. However, the NSE Insurance Index slipped by 0.1 per cent.

    Nestle Nigeria-the highest priced stock at the stock market, led the rally with a gain of N9.99 to close at N910. Dangote Cement-the most capitalised quoted company, followed with a gain of N4.40 to close at N200. Nigerian Breweries-the second most capitalised quoted company, appreciated by N2.63 to close at N154.53. Forte Oil rose by N2.50 to close at N52.54 while Guaranty Trust Bank-the most capitalised banking stock, rallied N1.50 to close at N36 per share.

    Total turnover stood at 386.2 million shares valued at N3.3 billion. The most active stock was United Bank for Africa with 87.11 million shares worth N762.08 million.

    On the downside, Okomu Oil Palm led the losers with a loss of N3.07 to close at N58.49. Unilever Nigeria followed with a drop of N2.14 to close at N40.85 while Julius Berger Nigeria lost N2.07 to close at N39.45 per share.

    “As expected, the prices of some value stocks prompted buying interest by investors and we expect the optimism to be sustained in the near term as investors continue to spot opportunities in a fundamentally driven market,” Afrinvest Securities stated.

  • Access Bank, UBA, others hit highs as equities sustain rally

    Several stocks set new highs on Thursday as Nigerian equities continued their rally amidst increased investors’ appetite for bargain stocks across the sectors. Two first-tier banks- United Bank for Africa (UBA) and Access Bank, the two leading agricultural stocks-Okomu Oil Palm and Presco, Seplat Petroleum Development Company and May & Baker Nigeria Plc spiraled to their highest prices in more than 12 months on Thursday.

    With exactly three advancers to every decliner, the benchmark indices at the Nigerian Stock Exchange (NSE) indicated an average gain of 0.77 per cent yesterday, equivalent to net capital gain of N87 billion. The average year-to-date return also improved to 22.56 per cent, providing equities investors with positive inflation-adjusted returns.

    Several other stocks in the banking, industrial goods and consumer goods also continued to trade around their highest prices in spite of recurring profit-taking transactions that seek to convert and lock in capital appreciation.

    Seplat, the highest gainer for the second consecutive trading session, recorded a gain of N39.13 to close at N425 per share, its highest price in more than a year. Seplat is riding on the back of the lifting of Force Majeure on Forcados export terminal, which is expected to boost production volumes, forward earnings and cash flow of Seplat. Okomu Oil Palm recorded the fourth highest gain of N2.88 to set a new 52-week high of N60.63. Presco followed with a gain of N2.83 to close at a new high of N59.53.

    Also, May & Baker Nigeria continued to ride on its new domestic vaccine production partnership with the Federal Government, adding 23 kobo to close at a new high of N2.59. United Bank for Africa rose by 38 kobo to a new 52-week high of N8.84 while Access Bank consolidated its tier-one capitalisation with a gain of 70 kobo to close at a new 52-week high of N10.27.

    Overall, aggregate market value of all quoted equities at the NSE rose from its opening value of N11.300 trillion to close at N11.387 trillion. The All Share Index (ASI), the benchmark index for quoted equities, appreciated to 32,937.98 points as against its opening index of 32,686.72 points.

    There were 45 gainers to 15 losers. Sectoral indices showed widespread positive sentiment. The NSE Oil & Gas Index rose by 4.9 per cent. The NSE Banking Index appreciated by 3.0 per cent while NSE Consumer Goods Index rallied 1.3 per cent. On the negative side, the NSE Industrial Goods Index declined by 1.0 per cent while the NSE Insurance Index slipped by 0.2 per cent.

    Other top gainers yesterday included Forte Oil, which rose by N5.41 to close at N58.33; Total Nigeria added N4.49 to close at N279.50, International Breweries rallied N2.71 to close at N29.24, UAC of Nigeria gathered N1.70 to close at N18.53, Nigerian Breweries chalked up N1.49 to close at N156.50 while Cadbury Nigeria rose by N1.31 to close at N14.22 per share.

    Total turnover stood at 528.69 million shares valued at N4.84 billion in 5,603 deals. Banking stocks remained atop activities’ chart. Access Bank was the most active stock with a turnover of 81.82 million shares valued at N832.43 million. FBN Holdings followed with 71.42 million shares worth N471.73 million while United Bank for Africa placed third with 67.13 million shares worth N586.54 million.

    On the downside, Dangote Cement recorded the highest loss of N3.97 to close at N205. Julius Berger Nigeria followed with a loss of N1.86 to close at N38. Guaranty Trust Bank dropped by 15 kobo to close at N33.55 while Lafarge Africa lost 11 kobo to close at N52.64 per share.

    “While the equities market is expected to ride on the positive developments in the economy, we note that that the run of gains over the past weeks may have limited the upside for some stocks. Nonetheless, we still maintain the market may be set for a “year round bull run” following the improved flexibility in the administration of foreign exchange and anticipated strong second quarter earnings season,” Afrinvest Securities stated in a positive review of equities outlook.

  • Muslim women rally for hijab

    Muslim women rally for hijab

    Muslim women in Remo Zone of Ogun State has held a rally and lecture to make case for use of hijab in the country.

    Under the auspices of the Coalition of Muslim Women in Remo, the event was commenced with a rally round the major streets in Sagamu town with variety of Islamic slogans and rhymes.

    The rally which took off at about 9am at Sagamu Central Mosque to Maku road, Bright Fashion junction, Surulere,  Baruwa and  Olabisi Onabanjo University Teaching Hospital Road, Ayegbami,  all within Sagamu township.

    After the rally that lasted for about three hours, the crowd returned to the Central Mosque where special lecture was delivered.

    An erudite Islamic scholar and Chief Imam of Ansar-ud-deen Society, Alhaji Abdul Rahman Otutu, emphasised the need for Muslim women to protect their chastity and fear Allah in their dressing, stressing that hijab is a fundamental principle of Islam that cannot be compromised.

    Imam Otutu urged Muslim women to be a role model and give priority to the care and training of their wards over other worldly engagement.

    The cleric used the occasion to pray for President Muhammadu Buhari.

  • Trump rally: Army didn’t kill 11 IPOB members

    The 6 Division has described as false and malicious a statement credited to the Indigenous People of Biafra (IPOB) that the Army killed 11 members of the group during a rally on January 20 in Port Harcourt.

    In a statement by the Deputy Director, Army Public Relations, Col Aminu Illyasu, the Army described as  baseless and unsubstantiated “allegation by Emma Powerful, who claims to be the Media and Publicity Secretary of a criminal gang in which he claimed that 11 of its members were killed by soldiers on January 20 in Port Harcourt during a solidarity rally to commemorate the election of Donald Trump as President of the United States of America”.

    Colonel Iliyasu said: “We, therefore, wish to warn Emma Powerful and other likeminded mischief makers that the Army will no longer tolerate such spurious and unfounded allegations that are injurious to its hard-earned image and reputation, its selfless and dedicated officers and soldiers by any group of criminals regardless of their appellation.”

    He said the choice of Port Harcourt as the epicentre of the protest has left much to be desired,  adding that in line with its constitutional mandate, troops of 29 Battalion were deployed with officers of other sister security agencies to prevent any loss of life or property with strict adherence to the established rules of engagement.

    “Despite all provocative attempts occasioned by the stoning of security agents and the smashing of commuters’  windscreens by the violent protesters, troops refused to be cajoled into the criminal gang’s trap to fire a single shot.

    “This is indicative of the troops’ total compliance with their rules of engagement. The violent protest was subsequently subdued with the use of tear gas and arrests were made by a sister security agency with no casualty recorded on either side,” Illiyasu said.

    He, however, described as “worrisome and disturbing for anyone to falsely accuse troops deployed in support of civil authority who conducted their duty professionally under the beaming lenses of cameras of allegedly killing 11 citizens of our great country.”

    He claimed that a well observed trend of this “criminal gang” is the malicious posting of old videos and pictures on social media platforms, which have no bearing on their claims to attract public sympathy and whip public sentiments.

    “To this end, 6 Division headquarters wishes to inform the public that the allegation is not true and should be dismissed as mere propaganda by the separatist group.

    “We wish to restate our total commitment to the protection of lives and properties within the Division’s area of responsibility,” the statement reads.

  • Pro-Trump rally: Southeast Senate caucus condemns ‘killings’

    The Southeast Senate Caucus yesterday condemned the alleged killing of members of the Indigenous People of Biafra (IPOB) during a rally in Port Harcourt, the Rivers State capital.

    Members of the group were said to be holding a rally last Friday on the inauguration of American President Donald Trump when security agents alleged shot some of them.

    The caucus urged the Federal Government to conduct a thorough investigation into the allegations of deliberate use of excessive force by security agencies to contain peaceful assemblies, particularly where groups from the Southeast were involved, with particular reference to the latest action.

    In a statement at the weekend in Abuja through its Chairman, Enyinnaya Abaribe, the Senate caucus noted that since the security agencies allegedly applied excessive force in a peaceful rally, there were questions about an emerging pattern in the containment of peaceful assembly in the country.

    The senator said the 1999 Constitution, as amended, provides for the freedom of association and the right of the people to freely assemble to express their common interest.

    The statement said: “The last time I checked, that section of the constitution was still intact and has not been amended. It is, therefore, worrisome that the rights of a section of Nigerians would be so wilfully denied with such extra force.

    “If the report of killings by the security agencies were to be confirmed, it would no doubt leave a gaping hole in the unity of this country.

    “This is one regrettable action too many, coming against the backdrop of the recent report of the Amnesty International (AI) of mass killings of people from the same section of the populace in Nigeria.”

    The Southeast Senate Caucus called for a stop to such acts, which it said had embarrassed the country.

    It also urged the Federal Government to investigate the alleged high-handedness of its security services in handling civil protests with particular emphasis on the latest action by the security agencies in Port Harcourt.

  • Equities sustain rally with N32b gain

    Nigerian equities continued on the uptrend for the fourth consecutive trading session as fund managers continued to rebalance their portfolios for the year-end. Today is the last trading session for this year and the stock market will close by 12.30 pm, two hours earlier than the usual closing time for the market. Nobel Laureate, Professor Wole Soyinka will beat the closing gong to close the market for the 2016 business year, keeping to the Nigerian Stock Exchange (NSE)’s tradition of ceremonial closure for the market.

    With 24 gainers to 20 losers, aggregate market value of all quoted equities rose from N9.183 trillion to close at N9.215 trillion, representing a gain of N32 billion. The All Share Index (ASI), the common index that tracks prices at the Exchange, also rose from 26,688.25 points to close at 26,782.93 points.

    Oil and gas stocks remained atop on both sides of bargain-hunting and profit-taking. Total Nigeria led the gainers with a gain of N11.88 to close at N299. Seplat Petroleum Development Company followed with a gain of N9.49 to close at N379.99. Guaranty Trust Bank rose by N1.35 to close at N24.74. Okomu Oil Palm added 65 kobo to close at N40.17 while Ashaka Cement garnered 57 kobo to close at N12.02 per share.

    On the other hand, Forte Oil led the losers with a loss of N10.07 to close at N93.54. Mobil Oil Nigeria followed with a loss of N2 to close at N290. Stanbic IBTC Holdings declined by 66 kobo to close at N15. Access Bank lost 19 kobo to close at N5.78. Champion Breweries dropped by 12 kobo to close at N2.38 while Airlines and Services Logistics lost 12 kobo to close at N2.43.

    Total turnover was below average at 117.40 million shares valued at N877.63 million in 2,392 deals. FCMB Group was the most active with 12.77 million shares worth N13.9 million. Zenith Bank followed with 11.76 million shares valued at N174.15 million while FBN Holdings placed third with 11.6 million shares worth N40.31 million.

    Analysts at Afrinvest Securities noted that the uptrend has been largely dictated by end of year portfolio rebalancing by institutional investors.

    “We expect this bullish sentiment to persist in (today) tomorrow’s trading session as the market closes for the year,” Afrinvest Securities stated.

  • ‘PDP didn’t pay to use public schools for campaign’

    ‘PDP didn’t pay to use public schools for campaign’

    Edo State Government has described as untrue allegations by the People’s Democratic Party (PDP) that it refunded money paid by the People’s Democratic Party for the use of public school fields and other public places for electioneering campaigns.

    It also said no school head was summoned by Governor Adams Oshiomhole for allowing the PDP to use Okpujie primary school in Uromi for its campaigns in Edo Central Senatorial district.

    State Publicity Secretary of the PDP, Chris Nehikhare, had accused the state government of denying them the use public property for its campaigns.

    But State Commissioner for Education, Gideon Obhakhan, in a chat with newsmen said it is difficult to refund any money paid into the state Internally Generated Revenue account.

    Obhakhan challenged the PDP to show evidence of its application and payment for the use of school field and other public places across the state.

    He said the APC led administration believed in equity and fairness and as such gives equal opportunity to everybody in the state to use public facilities.

    The Education Commissioner said there was no evidence to show that the PDP paid for the use of any school field and was denied access.

    According to him, “As far as they apply, they pay and it is approved, they are allowed to use it. There is no evidence from our record to show that the PDP paid and they were denied. There was no request from them to use any primary school and there was nothing that was denied. They have used other primary schools and there was no denial.

    “To say a school head was sanctioned is the figments of their own imagination because there is no record to show that anybody has been sanctioned or queried for allowing use of Okpujie Primary school because there is no reason for denying them the use of the school.

    “Their allegation is not going to prevent APC from winning the election. They are free to use any school as far as they follow due process. I heard they said they paid and somebody refunded the money. How do you get money from the IGR account as if it is one man’s business. Raising sentiment in the public will not help their course because their past government was a failed one. They think the only way to gather support was to create media hype and sentiments from the public.”

  • Ekiti workers shun rally over unpaid salaries, doctors’ death

    Majority of workers in Ekiti State stayed away from the celebration of the 2016 May Day. Only a few of them gathered at the Oluyemi Kayode Stadium to witness the event.

    The lack of interest in the rally by workers could be attributed to the non-payment of four months arrears of salaries and the mournful mood of the state which yet to recover from the death of six medical doctors who died on their way to Sokoto last week for the Nigerian Medical Association ( NMA) Annual Conference.

    At yesterday’s rally which was also boycotted by Governor Ayo Fayose, only the state box section of the stadium was occupied by those who cared to show up as at 12 noon when the event was almost ending.

    They offered prayers for the revival of the nation’s economy to enhance prompt payment of salaries and other benefits.

    They mourned death of the six doctors and their driver last Sunday association who died in an auto crash on the Kaduna road praying to God to grant  the families the fortitude to bear the monumental loss.

    Labour urged Fayose to review the state workers’ wage bill which currently stands at N2.6billion, saying the measure became imperative because the same figure was declared by the Kayode Fayemi administration.

    NLC Chairman Ade  Adesanmi urged Fayoseto pay the workers their gross salaries rather than net adding that this is the best way the plight of the workers can be alleviated in view of the encumbrances in the payment  of salaries due to economic downturn.

    On the agitation for the review of the wage bill , Adesanmi said : “the current wage bill quoted was inherited from the immediate past administration. After one year of this administration, we expect that the bill would have reduced.

    “This  is because no employment was done and  civil servants are retiring every day. If this is look into, more resources will be available for the payment of salaries and perform other government functions”.

    The workers also called for the immediate release of the 2015 verification exercise, so that those involved  could know their fate.

    Fayose, represented by the Head of Service, Gbenga Faseluka, commended the workers in the country for their resilience in the face of biting economic situation, but expressed the hope that the future holds better prospect for the employers and the employees.

    The governor noted that the prevailing economic situation must also not be allowed to cause disharmony between the organised labour and the government.

    He said: “Notwithstanding the dwindling allocations to the state, the huge debt obligations we inherited and the near zero industrial base of the state which means poor internally-generated revenue, we are still better.

    “Our administration has not hidden all necessary facts about our finances from labour and we cannot but appreciate your understanding and support in this critical period. All hope is not lost, as there is a silver lining ahead.

    “The current situation does not affect workers only, it affects all of us. But I am very optimistic that with your continued support and prayers, we will weather the storm.

    “I wish you all a happy celebration of your day and I pray that God will spare our lives and when next your day comes, we will all have a better story to tell.”

  • Equities sustain modest rally with N70b gain

    Nigerian equities surmounted a mid-week increase in benchmark interest rate to sustain a modest rally last week as investors continued bargain-hunting for dividend-paying and undervalued stocks.  Key indices at the Nigerian Stock Exchange (NSE) indicated a week-on-week gain of 0.80 per cent, equivalent to about N70 billion.

    The market faltered on Wednesday, the first trading session after the Central Bank of Nigeria (CBN) increased interest rate, but equities rallied back on Thursday after investors discounted the double-digit yields for fixed income securities against the mid-to-long-term values of mostly undervalued equities.

    The Monetary Policy Committee (MPC) of the apex bank had on Tuesday announced the increase in the Monetary Policy Rate (MPR) from 11 per cent to 12 per cent.

    Equities have sustained a largely positive outlook this month, riding on the back of announced and prospective earnings. Not less than five companies announced their audited annual reports and accounts last week, with dividend recommendation in most instances running around double-digit dividend yields.

    The considerable dividend yields and prospects of capital gains have quickened investors’ appetite in recent trading sessions. The rally has however remained around influential highly capitalised stocks while underlying selling sentiments continued to depress several stocks.

    Aggregate market value of all quoted equities rose from its week’s opening value of N8.839 trillion to close the four trading-sessions week at N8.909 trillion. The All Share Index (ASI)- the common index that tracks prices of all quoted equities, closed the week at 25,899.91 points as against its week’s opening index of 25,694.79 points.

    There were 22 advancers against 38 decliners last week as against 20 advancers and 41 decliners recorded in the previous week. The larger chunk of quoted equities, especially in the insurance and information and communication technology sectors, remained dormant. A total of 129 stocks were unchanged last week as against 128 stocks that closed flat in previous week.

    Sectoral analysis underlined the continuing widespread selling pressure in spite of the positive overall market position. While gains by highly capitalised stocks boosted many indices, most indices closed on the negative. The NSE Main Board Index, which tracks all quoted equities on the main board, rose by 1.68 per cent. The NSE 30 Index, which tracks the 30 most capitalised stocks, recorded a week-on-week gain of 1.47 per cent. The NSE Banking Index appreciated by 1.37 per cent while the NSE Consumer Goods Index increased by 4.96 per cent.

    On the negative side, the NSE Premium Index, which tracks the trio of Dangote Cement, FBN Holdings and Zenith Bank Internationals, dropped by 0.66 per cent. The NSE Insurance Index depreciated by 1.65 per cent. The NSE Oil and Gas Index recorded the highest loss of 3.69 per cent. The NSE Industrial Goods Index declined by 0.37 per cent. The NSE ASeM Index, which tracks emerging stocks, dropped by 0.21 per cent. The NSE Lotus Islamic Index, which tracks stocks that comply with Islamic investment rules, slipped by 0.90 per cent while the NSE Pension Index, which tracks some 40 stocks specially screened in line with pension investment rules, depreciated by 0.31 per cent.

    United Capital recorded the highest percentage gain of 17.65 per cent to close at N2. Fidelity Bank followed with a gain of 14.17 per cent to close at N1.37. Nigerian Breweries rose by 12.10 per cent to close at N117.70. Vitafoam Nigeria rallied 10.02 per cent to close at N4.72 while Transnational Corporation of Nigeria rose by 6.25 per cent to close at N1.19 per share.

    On the other hand, African Prudential Registrars dropped by almost a quarter with a loss of 21.56 per cent to close at N2.51. Nascon Allied Industries dropped by 14.21 per cent to close at N6.52. Cadbury Nigeria declined by 14.13 per cent to close at N14.77. Tiger Branded Consumer Goods dropped by 12.07 per cent to close at N2.55 while Honeywell Flour Mills dropped by 11.11 per cent to close at N1.44.

    Total turnover stood at 1.55 billion shares worth N10.45 billion in 14,994 deals last week as against a total of 11.91 billion shares valued at N18.34 billion traded in 19,508 deals. Financial services sector led the activity chart with 1.19 billion shares valued at N7.30 billion in 10,457 deals; representing 76.5 per cent and 70 per cent of total equity turnover volume and value respectively. The consumer goods sector followed with a turnover of 160.33 million shares worth N1.55 billion in 2,167 deals. The conglomerates sector recorded a turnover of 79.55 million shares worth N122.75 million in 527 deals.

    The trio of Zenith Bank International Plc, Guaranty Trust Bank Plc and United Capital Plc were the most active with a joint turnover of 536.25 million shares worth N5.85 billion in 4,735 deals, representing 34.55 per cent and 55.98 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 118,976 units of Exchange Traded Products (ETPs) valued at N1.267 million executed in 20 deals compared with a total of 294,047 units valued at N3.209 million traded in 42 deals in the previous week.

    In the bond segment, a total of 91,918 units of Federal Government Bonds valued at N100.479 million were traded in seven deals compared to a total of 12,470 units of Federal Government Bonds valued at N14.348 million traded in eight deals in the previous week.