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Money & Markets

Money & Markets (3)

Activities on the Nigerian Stock Exchange (NSE) on Tuesday sustained bullish trend for the second consecutive day, with major equities recording price growth led by Nestle. Nestle recorded the highest price growth with a gain of N22 to close at N1,252 per share just as predicted by market watchers. It was followed by Seplat with N15 to close at N492 and Dangote Cement rose by N5 to close by N224 per share. Flour Mills rose by N1.50 to close at N31.50 per share. Some financial experts on Oct. 30 predicted that the 2018 budget proposal presentation and improved third quarter earnings would impact positively on the market this week. Consequently, the All-Share Index appreciated further by 195.99 points or 0.54 per cent to close at 36,680.29 against 36,484.30 on Monday. In the same vein, market capitalisation inched N67 billion or 0.53 per cent to close at N12.694 trillion compared with N12.627 trillion on Monday. Total posted the highest price loss to lead the losers’ table with a loss of N4 to close at N236 per share. Beta Glass trailed with a loss of N2.84 to close at N54.01, while Unilever dropped by N1.59 to close at N41.19 per share. Nigerian Breweries lost N1.50 to close at N150 and Forte Oil declined by 99k to close at N40 per share. Also, the volume of shares transacted inched by 48.08 per cent with an exchange of 259.08 million shares valued at N3.05 billion traded in 4,503 deals. This was against a turnover of 174.96 million shares worth N1.82 billion achieved in 3,401 deals on Monday. Diamond Bank was the toast of investors during the day, exchanging 42.94 million shares worth N42.64 million. Fidelity Bank came second with an account of 31.07 million shares valued at N47.62 million, while FBN Holdings traded 21.47 million shares worth N132.12 million. Dangote Flour sold 19.72 million shares valued at N183.97 million and Transcorp traded 19.34 million shares worth N27.15 million.

The Niger State Emergency Management Agency (NSEMA) has confirmed the death of 22 persons in a boat mishap around Mahuta community in Agwara Local Government Area of the state. Malam Hussaini Ibrahim, the Public Relations Officer of the agency, confirmed the incident in Minna on Wednesday. He said the deceased were traveling on Tuesday from Yauri in Kebbi and Mage around Kontagora area to Manhuta in Niger. Ibrahim said that seven of the travelers were, however, rescued. According to him, the victims were traveling to Mahuta following information that a divine stone, with an islamic inscription was found there, when their boat capsised. “Some of the survivors said the boat hit a log of wood inside the river and capsized,” he said. He said the bodies of the deceased were deposited at the General Hospital in Yauri.

The Securities and Exchange Commission (SEC) last week arraigned the Deputy Managing Director of BGL plc, Chibundo Edozien, in a Wuse Chief Magistrates’ Court for conspiring with some staff of the company to defraud the investing public. The accused person, of Plot 417 Tigris Crescent, Maitama, Abuja, was docked on charges of criminal conspiracy, breach of trust and cheating. Edozien also appeared in court on behalf of M/S BGL plc, its asset management and securities limited subsidiaries. The prosecutor, Moshood Adeyemi, told the court that Edozien conspired with the company along with one Albert Okumagba, now at large. He alleged that the accused also conspired with some other staff and cheated one Mahmoud Usman and four others. Adeyemi further alleged that the accused cheated UN Staff Thrift and Credit Cooperative Society of Anambra, Abuja Office, among others, who filed complaints against the defendant before the Securities and Exchange Commission (SEC). The prosecutor said the offences contravened the Penal Code. Edozien, however, pleaded not guilty to the charges. The defence counsel, Mr K.B Asunogie, made a bail application for Edozien, stressing that the matter had been on since 2015 and he had been honouring invitations all through the inquiry. He added that his client was on administrative bail and never breached it, urging the court to grant bail in the most liberal terms. The prosecutor, however, said if bail was granted, it should be with conditions that would ensure the defendant’s appearance for his trial. He also said the police detained and granted the defendant administrative bail, not the SEC. The Magistrate, Chinyere Nwecheonwu, however, granted the accused bail in N1 million with one surety in like sum. She said the surety must be a civil servant of Grade Level 12 and the office address must be verified by the prosecutor and the court registrar. She added that the surety must present original appointment letter and promotion letter before the court and adjourned the case till Nov. 6 for hearing.

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