Market dips further, shedding N101bn

Market dips further, shedding N101bn

Investment in the nation’s equity market yesterday sustained declining profile, dropping by N101 billion.
Specifically, market capitalisation of listed equities declined further by 0.76 per cent to N13.211 trillion from N13.312 trillion reported on Wednesday.
All Share Index depreciated by 278.13 basis points to 36470.05 points from 36748.18 points traded the previous day.
Investors exchanged 296.591 million shares worth N4.862 billion in 3684 deals against 181.281 million shares valued at N1.640.billion traded the previous day in 3854 deals.
The Nigerian Stock Exchange trading result showed that Guaranty Trust Bank led gainers table during the day, gaining N1.45 kobo to close at N38.00, Dangote Sugar Refinery Nigeria Plc followed with a gain of N1.20 kobo to close at N19.50 kobo, Oando Plc gained N0.45 kobo to close at N5.20 kobo, Eterna Oil added N0.40.kobo to close at N6.90 kobo, Nascon gained N0.25 kobo to close at N20.25 kobo On the contrary, Nestle Nigeria Plc topped losers chart for the day, shedding N84.70 kobo to close at N1442.30 kobo, Nigerian Breweries trailed with a loss of N2.40 kobo to close at N106.80 kobo, International Breweries fell by N1.80 kobo to close at N39.
20 kobo, Zenith International Bank down by N1.00 to close at N22.95 kobo while UAC of Nigeria fell by N0.75 kobo to close at N13.25 kobo.
A review of the transactions indicated that Guaranty Trust Bank was the most active stock during the day, trading 78.361 million shares worth N2.977 billion, Medview Air followed with account of 50.000 million shares valued at N102.245 million, Zenith international Bank sold 26.513 million shares cost N608.966 million, Transnational Corporation Of Nigeria traded 24.391 million shares valued at N28.698 million while FBNHoldings sold 19.295 million shares worth N 171.896 million

 

AfDB advocates more private sector investment in infrastructure

By Benjamin Umuteme Abuja The President, African Development Bank, Dr.
Akinwumi Adesina, has said that private sector infrastructure financing in the continent remains low averaging $6 billion annually.
In 2016, the figure dipped to $ 2.6 billion.
According to AfDB, the continent’s requires $170 billion in infrastructure funding annually, leaving a financing gap of $68- 108 billion.
He said, “We need to act with speed and urgency.
Our people expect nothing else.” He emphasized the importance of tackling factors that inhibit private sector infrastructure investments, including high costs of financing, weak regulations, lack of cost reflective tariffs, low profitability, and weak regulatory frameworks for public-private partnerships.
Adesina said Africa requires new models of financing infrastructure.
“We must work smart to attract greater levels of investment financing for infrastructure development in Africa.
Globally, there is approximately a US$ 120 trillion pool of savings and private equity.
Africa must creatively attract some of this into the continent,” he said.
In response to Africa’s infrastructure finance deficit, the African Development Bank has launched the Africa Investment Forum (AIF) set to take place in South Africa in November 2018.
The transaction-based forum is expected to be a gathering of global pension funds, sovereign wealth funds and institutional investors, and key private sector player




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