Business
NGX emerges as second best-performing market in Africa
The Nigerian Exchange Limited (NGX) has emerged as one of the best-performing exchanges in Africa during a 3-month duration.
Investors’ confidence in Nigeria’s stock market has remained strong despite concerns about soaring inflation, interest rate hikes, and weak macroeconomic indices.
In a statement made available by the NGX, according to African markets, a website tracking the performance of exchanges in Africa, the Ghana Stock Exchange (+22.84%) emerged first while NGX (+19.33%) emerged second on the list, followed by Malawi stock exchange (+15.79%).
15-year high
This development has pushed the market to its 15-year high on the back of strong positive sentiments, as the market capitalization listed value of equities, which opened the trading month of August at N35.011 trillion, closed the month at N36.422 trillion, hence gaining N1.41 trillion.
On the other hand, the All-Share Index (ASI), which is the broad index that measures the performance of Nigerian stocks, opened the trading month at 64,337.52 index points at the beginning of trading on August 3, 2023, and closed at 66,548.99 points at the end the month on August 31, gaining 2,211.47 basis points or 3.44%.
The bullish trend can be attributed to investors’ jostling for low, medium, and high-capitalized stocks across some major sectors amid favourable policies introduced by President Bola Tinubu’s new administration such as the removal of fuel subsidies, unification of exchange rate, investors’ strategic positioning themselves and taking advantage of the recent record earnings posted by quoted firms and the recent formation of the country’s economic cabinet and executives.
Interestingly, the market traded in mixed sentiments during the month under review.
Analysts at the United Capital in their H1 2023 review and H2 2023 outlook report said that keeping in view that two key factors which have kept the development of the real sector suppressed (elevated interest rate and foreign exchange losses), they expect the new policies of the new administration particularly the “Unification of the exchange rate”, and “Advocacy for a Lower Interest rate Environment” to stand as a significant upside for the earnings performance of listed Nigerian corporates, which will bolster investors’ confidence toward listed corporates, particularly in earning seasons (H1-2023, and Q3-2023 earnings season).
“Overall, we anticipate a broadly favourable market for the Equities Market in H2-2023, supported by the above expectations.
For the fixed-income market, we believe the new administration’s objective to dampen the interest rates environment will continue to provide enough incentive for the CBN to leave the financial system mostly liquid, in a bid to stimulate activities in the real sector.
The MPR and improved foreign participation are two strong factors to determine the trend of yields from the mid-long end of the curve.
That said, we forecast that the equities market will be the most favourable market segment for both foreign and local investors.
A strong incentive will be the cheaper Naira, removal of multiple taxations, and easy repatriation of FX by foreign investors,” they said.
Reacting to the performance of the market, market analysts maintained that most investors, particularly domestic investors are optimistic that the economy will take shape soon, hence the reason the stock market is defying current macroeconomic uncertainties.
Cordros Research in their Market review and outlook for financial markets titled; Veering from the watershed point, stated that the equities market resilience reflects heightened investor optimism for domestic growth with the new administration’s promulgation of long-needed policies.
According to the report, the implementation of policy reforms, accommodative monetary policy, and resilient corporate earnings have so far supported buying activities in August.
The report further said that:
“Even though foreign investors are expected to stay on the sidelines as long as FX illiquidity issues persist, its baseline expectation is that the market will deliver a positive return of 25.8% in the full year of 2023”.
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
Business
Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today
The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.
The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.
A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.
These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.
The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.
“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday, 23rd November, 2024.
“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones, AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement.
“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.
The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.
Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.
In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.
The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.
The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.
Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.
Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.
These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.
-
Politics1 week ago
Okpebholo fires permanent secretaries, dissolves boards
-
Business6 days ago
Lagos state government to commence upgrade of major junctions in Ikeja axis, seeks residents’ cooperation
-
Politics1 week ago
DSS operatives arrest man with bags of cash during Ondo guber
-
Celebrities1 week ago
Daddy Freeze, Akah Nnani clash over Emmanuel Iren
-
News1 week ago
Nnamdi Emeh: Suspect Facing Charges In Court, Process Independent Of Police Influence
-
News1 week ago
Alice Loksha, abducted UNICEF nurse, escapes captivity after 6 years
-
Health1 week ago
Five ways to rid your home of ants
-
Special Features23 hours ago
Iyabo Ojo, Brainjotter, Dayo Oketola, Penzaarville, Tomiwa and others to speak at the Bodex Social Media Hangout 5.0