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NSE Market Capitalisation Drops By N106bn

The market capitalisation of the Nigerian Stock Exchange (NSE) dropped by N106 billion last week to close at N10.51 trillion against the N10.62 trillion posted in the preceding week.

According to statistics made available to the News Agency of Nigeria (NAN) in Lagos on Monday, the All-Share Index also lost 334.09 points or 1.01 per cent to close at 32,849.11.

This was against the 33,183.20 posted the previous week.

In the week under review, Nestle topped the losers' table with N50 to close at N836 per share.

It was followed by Guinness which lost N11.50 to close at N265, while Dangote Cement lost N5.49 to close at N142.50 per share.

Conversely, UACN led the gainers' chart with N4.10 to close at N54.10 kobo per share.

Oando came second with N2.96 to close at N17.94 per share, while Unilever gained N2.14 to close at N19.76 per share.

Similarly, the volume of shares traded declined by 1.93 billion shares worth N20.99 billion.

This was against the 2.28 billion shares valued at N24.63 billion traded in 28,170 deals in the corresponding week.

The Financial Services sector was investors' delight as it accounted for 1.51 billion shares worth N13.53 billion in 17,688 deals.

Capital market operators told NAN that the lull in the capital market last week was due to the poor dividend declared by Nestle and Nigerian Breweries for their 2012 financial year.

Mr David Adonri, the Chief Executive Officer, Lambeth Trust & Investment Company Ltd., said that most investors were disappointed by the dividends declared by Nestle and Nigerian Breweries.

Adonri also attributed the market downturn to over valuation of some stocks due to prolonged bullish trend.

 "Due to the prolonged bull run, several stocks became over valued and market correction set in when speculators started taking profit, thus inundating the market with excessive supply of stocks.

Alhaji Rasheed Yussuf, the immediate past President, Association of Stockbroking Houses of Nigeria, said that the market was expecting 2012 results of companies that could propel activities.

Yussuf said that the market was expecting financial results, particularly from the banking sector that could meet investors’ expectations in terms of dividends.

He, however, urged investors to take advantage of the current low price of equities to increase their stakes in the market.

Another stockbroker, Mr Emma Ndu, called for macroeconomic policies and decisive interventions by market makers to ensure stability in the market.

Ndu said that the Federal Government should speed up its privatisation process, implement its 2013 budget effectively and pass the Petroleum Industry Bill to increase liquidity in the market.

 

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Hayatou Set To Emerge CAF President For The Last Time

The 35th General Assembly of African soccer's governing body, CAF, enters the second day in Marrakech, Morocco, on Sunday, with the election of the confederation's officials, including the president.

Incumbent CAF President, Issa Hayatou, who was first elected to the post also in Morocco 25 years ago, is sure to retain the presidency, because he is the only candidate.

The Court of Arbitration in Sports (CAS) which is based in Switzerland, paved the way for Hayatou to be returned unopposed after ruling last week that his possible opponent, Jacques Anouma of Cote d'Ivoire, was not eligible to contest.

CAS ruled on Tuesday that the CAF Executive Committee had jurisdiction to refuse Anouma's candidature.

It added that CAF Statutes adopted in September 2012 were applicable in assessing the validity of the candidates in the presidential election.

The ruling also said that Anouma did not meet these criteria because he had never been a member of the CAF Executive Committee.

Last year, CAF confirmed that the 66-year old Hayatou will be unchallenged for re-election.

This followed a controversial amendment that was made to the confederation's statutes last September, when member nations voted to introduce a measure that will permit only executive committee officials to run for the organisation's presidency.

Hayatou, who has said this will be his last contest for the CAF presidency, is the fifth CAF president and by far the longest serving.

His predecessors are Ethiopian Ydnekatchew Tessema, who served 15 years, Egyptian Abdel Aziz Moustafa (10 years), Sudanese Abdel Halim Mohammad (5 years) and Egyptian Abdel Aziz Abdallah Salem (1 year).

Apart from the election into the CAF presidency, there will be elections for four executive committee positions, while Algerian Mohamed Raouraoua and Sudanese Magdi Sham El Din have been returned unopposed.

The CAF general assembly had opened on Saturday with a colourful ceremony depicting the diversity of the African continent.

Declaring the congress open, Hayatou said Morocco held special memories because the north African country hosted the congress at which he was elected president for the very first time.

He said the country had been a great, willing and constant supporter of African football for a long time.

Among those who attended the opening were the presidents of the 54 national associations and FIFA President Sepp Blatter.

Blatter hailed Hayatou’s leadership of African football over the last quarter of a century, saying African football has become world famous and made commendable strides during this period.

He also commended Morocco for the continued development of its football infrastructure and recent launching of professional league.

The FIFA President added: “As a result, Morocco will become the first African nation to host FIFA World Club Cup in December this year and that is in recognition of the enormous work Morocco, through the guidance and leadership of King Mohamed VI, has undertaken.”

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Jonathan Promises Police More Support For Games

President Goodluck Jonathan has promised more support for the development of the Nigeria Police Games, to enable it to discover more talents for international competitions.

Jonathan made the promise in Port Harcourt during the closing ceremony of the 10th Biennial Police Games.

The president said that the support was necessary to promote sportsmen and women in the police force and to also enhance the nation's sports development.

Represented by Vice-President Namadi Sambo, the president said that the importance of Nigeria Police to securing the nation could not be over-emphasised.

''The history of Nigeria will not be complete without the roles the police played to the development of the country,'' Jonathan said.

He said that Nigeria recorded a remarkable achievement from the police force, commending the legends that had been discovered through police games.

''To all the participants in the 10th biennial games in Port Harcourt, I urge you to consider your participation in the games as an honour to Nigeria,'' he said.

The Inspector-General of Police, Mr Mohammed Abubakar, said that the games had been a breeding ground for discovering of stars in the country.

''The best of Nigeria Police has been displayed in the games; I urge those that participated not to rest but to utilise their talents.

''The time demands that you must work hard for you to become a legend,'' Abubakar said.

The Rivers Governor, Chibuike Amaechi, congratulated the organisers of the games, and expressed optimism that the aim of the games had been achieved.

''We have seen unity among the police and the entire Nigerians; I hope they have learnt much about Rivers state,'' Amaechi said.

Represented by his Deputy, Mr Tele Ikuru, the governor said that unity, which was one of the objectives of the games, must have been achieved through interactions among the participants.

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PDP Not Afraid Of Merger By Opposition Parties – Ahitogo

The National Vice-Chairman, Peoples Democratic Party (PDP) North-Central Zone, Alhaji Yusuf Ahitogo, says the party is not afraid of any merger by opposition parties ahead of the 2015 general elections.

Ahitogo stated this in Lafia on Saturday at the Grand Reception/merit/ Awards for Speakers of State Houses of Assembly, state Party Chairmen and other major stakeholders.

He said: “the merger talk by other political parties will not in any way affect the ruling party; it is not giving any of our members any sleepless night.'”

``The parties have done it before; they failed, so what magic would they use now to fight PDP.?

“Our party remains the largest party in Africa, and we are determined to follow the provisions of the party’s constitution which is aimed at transforming the country and also provide basic needs of our people.”

Ahitogo said the outcome of the merger arrangement by other political parties was like a merger of strange bed fellows, adding that all the members affected by the merger talk have their own personal interest.

He, however, appealed to members of the PDP in the zone to assist in ensuring that the party recaptures Nasarawa, come 2015 elections.

 “The past two years have been difficult for us at the zonal level with the loss of Nasarawa to the opposition in 2011, this has adversely affected our political activities in the entire North-Central.”

Ahitogo, who also doubles as North Central chairman, appealed to leaders of the party to come together and close rank with each other in the interest of the party, ``as we move closer to 2015 general election for maximum result''.

In his remarks, the party’s North Central Youth Leader, Mr Kwaghgba Amande , explained that the youths remained the life wire and effective instrument of the party.

He said the youths would launch “operation re-capture Nasarawa.

“Very soon all the state youth leaders and other concerned political activists in the North Central will map out strategies aimed at recapturing Nasarawa, as we prepare towards 2015 general elections.”

Amande said the loss of the state to opposition party had reduced the zone to a large extend, ``our collective bargaining in the political configuration of Nigeria.''

 

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APC In South East, Calls For Internal Democracy

The All Progressives Congress (APC), South East Zone, has called for the entrenchment of internal democracy in the manifesto and constitution of the party.

The call is contained in a communiqué issued by the leaders of the party in the zone, at the end of a two-day meeting held in Owerri, Imo capital.

The communiqué, signed by Sen. Chris Ngige, representing Anambra Central in the senate, said that the call was to ensure that the choice of members prevailed at all times.

It said that APC in the zone had also resolved to raise funds for immediate sensitisation and enlightenment of the people of the zone at the grassroots.

The communiqué said that the party had resolved to set up offices in the five states in the zone, as well as local government areas and wards without delay.

“APC government shall invest public resources in the development of critical infrastructure, and also create the enabling environment for job creation”, it stated.

The meeting was attended by members of the All Progressives Grand Alliance {APGA}, Action Congress of Nigeria {ACN}, All Nigeria Peoples Party {ANPP}, Congress for Progressive Change {CPC} and Democratic Peoples Party [DPP}.

In attendance were Gov. Rochas Okorocha of Imo, the National Chairman of the ANPP, Dr Ogbonnaya Onu, and former governor of Imo and ACN chieftain, Chief Achike Udenwa and other party stalwarts.

 

 

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