Top News Update 30/05/2017
1. Stocks: Buying sentiment’ll prevail this week, analysts say
2. High dividend payouts fail to attract more investors to capital market
3. Nigeria Lost over $235bn to Non-passage of PIB
4. OPEC Will Resist Sabotage by Shale Oil Producers, Says Kachikwu
5. NLNG, NCDMB Sign Service Level Agreement on Compliance
6. Stock Exchange expels 67 stockbrokers
7. Benue begins sale of fertiliser at subsidised rate
8. Kano grants N221m waiver to MTN
9. Eagles dismiss match-fixing allegation in Senegal, Corsica friendlies
Stocks: Buying Sentiment’ll Prevail This Week -Analysts
Analysts in the Nigerian capital market have said more investors will be considering the buying option this week given the positive market sentiments in recent times. They are also anticipating a positive close at this week’s open on Tuesday given the positive fundamentals clouding a good number of stocks. The Nigerian bourse rose 210 basis points on Friday to close the week 338 basis points up. The gain on Friday also saw the ASI cross the 29,000 points. The gains were driven by a four-session bull run on the Exchange after profit-taking activities at week open.
High Dividend Payouts Fail To Attract More Investors To Capital Market
Attempts by quoted companies to woo investors with high dividend payouts have not yielded the desired result, as capital market investors blame investment apathy and illiquidity for the poor performance and low share prices and market capitalisation at the Nigerian Stock Exchange (NSE). The President, Association of Stockbroking Houses of Nigeria (ASHON), recently revealed that about 27.01 per cent of companies listed on the NSE equities market are still trading at par value of 50 kobo, just as about 47 out of a total 174 quoted companies remained flat at 50 kobo per share as at last Friday.
Nigeria Lost Over $235bn To Non-passage Of PIB
Oil workers under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that Nigeria has lost over $235 billion as a result of its inability to pass the Petroleum Industry Bill (PIB) into law since the reform in the Nigeria’s oil and gas industry was kick-started 17 years ago. The union has therefore charged the National Assembly to pass the other aspects of the PIB – the Petroleum Fiscal Framework Bill; the Petroleum Industry Downstream Administration Bill; the Petroleum Industry Revenue Management Framework Bill and the Petroleum Host Community Bill, into law.
OPEC Will Resist Sabotage By Shale Oil Producers, Says Kachikwu
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the Organisation of Petroleum Exporting Countries (OPEC) will resist any deliberate action by shale producers to sabotage the oil market. In their continuing efforts to stabilise the oil market, 14 OPEC member countries and 10 participating non-OPEC producing countries, led by Russia, extended their production adjustments, which originally started January 1, 2017, for a further period of nine months, beginning July 1, 2017.
NLNG, NCDMB Sign Service Level Agreement On Compliance
The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Liquefied Natural Gas (NLNG) Limited have signed a Service Level Agreement (SLA), committing to compliance with the provisions of the Nigerian Content Act and timely approvals of documents. The Executive Secretary of NCDMB, Mr. Simbi Wabote and the Managing Director of NLNG, Mr. Tony Attah signed on behalf of their organisations in Abuja.
Stock Exchange Expels 67 Stockbrokers
The Nigerian Stock Exchange (NSE) has expelled 67 stockbrokers from the stock market. This regulatory action is aimed at weeding out unscrupulous and poorly capitalised stockbrokers. A regulatory report obtained at the weekend indicated that the expulsion was the final phase of delisting of the stockbroking firms, after their dealing licenses were revoked by the Exchange. A source at the Exchange said the expulsion followed recommendation of the Disciplinary Committee of the Council of the Exchange and the final approval of the National Council of the Exchange.
Benue Begins Sale Of Fertiliser At Subsidised Rate
Governor Samuel Ortom of Benue State yesterday kicked off the sale of fertilisers to farmers to commemorate the 2017 planting season, as part of activities marking Democracy Day. Addressing the people of the state at Ibrahim Badamasi Babangida Square in Makurdi, Ortom warned that anyone sabotaging the efforts of the government to make the product available to farmers would be prosecuted.
Kano Grants N221m Waiver To MTN
The intervention of the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Danbatta, has secured a permit fee waiver of N221 million for MTN Nigeria in Kano State. A similar intervention by the NCC boss in Ogun State last year, resulted in unsealing of 47 base stations under lock and key, while the state governor, Mr Ibikunle Amosun, also reduced ground rent fee owed by IHS Towers from N370 million to N120 million.
Eagles Dismiss Match-Fixing Allegation In Senegal, Corsica Friendlies
The Nigeria Football Federation (NFF) has dismissed insinuations that the results of the Super Eagles international friendly games against Senegal and Corsica were pre-determined before the teams stepped onto the pitch. Nigeria has been playing a series of friendly games to prepare the Super Eagles for a Cameroun 2019 African Nations Cup qualifier against South Africa this month and back-to-back Russia 2018 World Cup qualifiers against Cameroun in August.