The value of transactions on the Nigerian Exchange Ltd. (NGX) on Wednesday further declined by 4.80 per cent due to sustained selloffs in the shares of Tier- one banks.
Specifically, investors traded a total of 396.23 million shares valued at N5.83 billion in 10,549 deals, compared to 280.46 million shares valued at N6.12 billion exchanged in 9,141 deals posted on Tuesday.
Selloffs in the equities of FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO), and Zenith Bank dragged the market down.
Consequently, investors lost N720 billion or 1.31 per cent, as the market capitalisation, which opened at N55.037 trillion, closed at N54.317 trillion.
The All-Share Index also shed 1.31 per cent or 1,317 points to close at 99,266.02, as against 100,582.89 recorded in the previous session.
As a result, the Year-To-Date return on the index fell to 32.76 per cent.
Meanwhile, market breadth closed negative with 50 losers and four gainers on the trading floor.
Transcorp led the activity chart in volume with 52.57 million shares traded at the value of N675.58 million, United Bank of Africa(UBA) sold 39.47 million shares worth N823.93 million.
Access Corporation traded 35.29 million shares worth N621 million, while Zenith Bank led in value with sales 30.93 million shares worth N1 billion and Universal Insurance traded 23.22 million shares worth N8.11 million.
On the losers table, Wema Bank, Oando Plc, Nigerian Breweries, The Initiative Plc and Red Star Express Plc led in percentage terms of 10 each to close at N7.02, N9.90, N30.60,N1.80 and N3.42 per share, respectively.
Conversely, PZ Cusson led the gainers table in percentage terms of 10 to close at N29.15, Juli Plc rose by 9.93 per cent to close at N3.10, while AXA Mansard gained 1.53 per cent to close at N5.30 per share. Nigerian Aviation Handling Company Plc also garnered 0.69 per
cent to close at N29, and Nigerian Police Force Microfinance Bank gained 0.55 per cent to close at N1.84 per share.
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss
Senate rejects move to include Anambra State in NDDC
…As Senators Nwoye, Echocho biker over Kogi State status
IGNATIUS OKOROCHA, Abuja
There was rowdy session on floor of the Senate on Wednesday following the rejection of the move to include Anambra State in the membership of Niger Delta Development Commission (NDDC) .
This was as the move and rejection led to bickering between Senators Tony Nwoye (LP Anambra North) and Jibrin Isah popularly known as Echocho (APC Kogi East) .
Senator Nwoye had in his lead debate on the bill seeking for amendment of the NDDC Act for inclusion of Anambra State, being an oil producing State , argued that Anambra deserved membership of NDDC since it has been collecting 13% derivation since 2021 on account of appreciable volume of oil production on yearly basis .
But most of the Senators who made contributions on the bill, Nwoye spiritedly sought second reading for; kicked against his argument on the grounds that States like Kogi and Lagos States are not covered by NDDC operations despite being oil producing states.
Specifically , Senator Jibrin Isah (Echocho), said NDDC by its name, is more of regional or geographical intervention body and not just for oil producing states .
He said his state (Kogi), has also been collecting 13 per cent derivation as an oil producing state , a claim , Senator Nwoye vociferously countered, by repeatedly declaring with relevant documents in his hand , that Anambra and not Kogi , has been collecting 13 per cent derivation .
“Mr. President and distinguished colleagues, Anambra as an oil producing state has been collecting 13 per cent derivation from oil exploited from her wells by the Federal Government since 2021, and eminently deserves to be included in the operational radius of NDDC.
“Kogi State was also declared as an oil producing state, but has not been collecting any 13 per cent derivation “, he said.
Irked by the submission, Senator Echocho furiously took to the floor by admonishing Senator Nwoye to limit his argument to Anambra State and allow the senate to decide the fate of his bill.
“Senator Nwoye with all due respect, please, stop dragging Kogi State into your argument for membership of Anambra State in NDDC. Kogi State is an oil producing State and has also been collecting 13 per cent derivation since October 2022”, he said.
In a tension dousing move , the President of the State, Godswill Akpabio, said if the argument of Senator Nwoye on proposed membership of Anambra State in NDDC, is to be accepted by the Senate , then Lagos State , which has two oil wells in Badagry, will also clamour for membership of the commission .
On submissions made by Senator Nwoye that even if NDDC is considered to be a geographical or regional interventionist body , Anambra State qualifies to be a member on account of its proximity to Niger Delta area, Akpabio said the National boundary commission , would have decide that.
He accordingly put passage of the bill for second reading to voice votes with nays from Senators against it , overwhelming those in favour of it .
Comments are closed.