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Author: Alpha Maidawa

NSE: Market capitalisation rises N77bn, amid renewed interest in blue chips
The Nigerian equities market maintined upward trend on Wednesday with the market capitalisation growing further by N77 billion following renewed interest in high capitalised stocks.
The market capitalisation which opened at N10.905 trillion rose by N77 billion or 0.71 per cent to close at N10.982 trillion.
Similarly, the All-Share Index increased by 148.07 points, representing a growth of 0.71 per cent to close at 21,073.26, against 20,925.19 on Tuesday.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Lafarge Africa, Dangote Sugar Refinery, Stanbic IBTC Holdings, Flour Mills and Ecobank Transnational Incorporated (ETI).
Analysts at Afrinvest Limited said, “We do not expect to see a sustained bullish run, although investors have continued to seek bargain hunting opportunities.”
Market breadth closed positive with 25 gainers in contrast with eight losers.
ETI and Ikeja Hotel led the gainers’ chart in percentage terms with 10 per cent each, to close at N4.40 and 99k per share, respectively.
Wema Bank followed with a gain of 9.80 per cent to close at 56k per share.
Lafarge Africa rose by 9.77 per cent to close at N11.80, while Dangote Sugar Refinery appreciated by 9.55 per cent to close at N9.75 per share.
On the other hand, Union Diagnostics and Skyway Aviation Handling Company led the losers’ chart in percentage terms by 10 per cent each, to close at 27k and N2.16 per share, respectively.
Ardova followed with a decline of 9.64 per cent to close at N11.25 per share.
GlaxoSmithKline lost 9.38 per cent to close at N4.35, while Courteville Business Solutions shed 9.09 per cent to close at 20k per share.
In spite of the rise in market indices, the total volume of shares traded declined by 76.02 per cent, with an exchange of 346.41 million shares worth N5.22 billion traded in 4,660 deals.
This was in contrast with 1.44 billion shares valued at N5.57 billion exchanged in 4,647 deals on Tuesday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 102.24 million shares valued at N1.4 billion.
FBN Holdings followed with 64.707 million shares worth N289.32 million, while Zenith Bank traded 30.294 million shares valued at N395.41 million.
Lafarge Africa sold 27.92 million shares worth N329.43 million, while Fidelity Bank transacted 24.93 million shares valued at N51.07 million. (NAN)
April 9, 2020
COVID-19: Nasarawa residents decry hike in prices of food items
Some residents of Nasarawa State have decried the spike in the prices of food items in the market over partial lockdown in the state in order to curtail the spread of Coronavirus (COVID-19) in the country.
Some of the residents told the News Agency of Nigeria (NAN) in separate interviews on Thursday in Keffi that the increase in the prices of goods have created more hardship to them.
They called on traders not to take advantage of the partial lockdown in the state to increase the prices of commodities in order to cushion the effect of the lockdown.
Mrs Litini Luka, a resident of Keffi, said: “It is unfortunate that in Nigeria, people take advantage of some situations to cause hardship on the people.
“Just because of partial lockdown and directive by the government that people should stay at home over Coronavirus, traders took the advantage by increasing the prices of goods in the market.
“Before COVID-19 directive by govrnment, a measure of local rice which is previously sold at between N300 and N350 is now sold about N450 and a measure of maize which previously sold at N120 to N130 is now sold between N160 and N170, while a bag of maize is now sold at N16,000 to N17,000 instead of N12,000 per bag.
“A measure of Garri which was previously sold at N120 is now sold at N200 per measure.
“You can see, we are facing the hardship created by Coronavirus and traders again are creating more hardship to us by increasing the prices of goods in the market; it is unfortunate,” she said.
She called on the government to regulate the prices of food items in the market in order to improve on the living standard of the people and for the overall development of the country.
Another resident, Mallam Abubakar Isah, called on the traders to have the fear of God in their trade.
“Just imagine the prices of maize, rice, garri and beans, among others, had gone up. A measure of beans previously sold at N170 is now sold between N200 and N250 per measure; where are we going?
“I want to use this medium to plead with traders to consider what Nigerians are going through at the moment, ” he said
Mr Thomas Bulus lamented over unnecessary hike in the prices of goods in the market and called on government to regulate their prices.
“The present situation in the country is uncalled for as the prices of almost all commodities have increased in the market. There is need for the Federal Government to checkmate as well as regulate the prices of goods in the market,” he said.
Mrs Hauwa Isah also expressed dismay over the soaring prices of goods in the market.
“We are facing COVID-19 problem and traders are taking advantage of lockdown directive which is not good at all. It is adding more hardship to people,” she said.
However, most of the traders interviewed attributed the increase in the prices of commodities to transportation and scarcity of the products because of the restriction in movement order. (NAN)
April 9, 2020
NDIC donates N1bn to COVID-19 crisis relief fund
The Board of the Nigeria Deposit Insurance Corporation (NDIC) has approved the immediate release of N1 billion Naira to the COVID-19 Relief Fund being put together to fight the Corona Virus pandemic in Nigeria.
Mr Sunday Oluyemi, Director of Communication and Public Affairs, posted on NDIC official twitter handle on Thursday.
Oluyemi said the board acknowledged that the corporation was not only consistent with its Corporate Social Responsibility, (CSR) but that the proceeds would be utilised in the provision of equipment and medical facilities in the country.
He recalled that the Bankers Committee led by the Central Bank of Nigeria (CBN) at its emergency tele-conference call meeting held on March 30 announced that the committee and the private sector had set up an account at the CBN under the auspices of the Private Sector Coalition Against COVID-19.
“The fund receives contributions from individuals as well as corporate organisations to complement the efforts of the Federal Government as it strives to contain the spread of the pandemic in Nigeria,”he said. (NAN)
April 9, 2020
PSG launch crowdfunding platform to fight coronavirus
Paris St-Germain (PSG) on Wednesday said the club was launching a crowdfundng platform to help the local hospitals amid the coronavirus outbreak.
The French champions called on the PSG family to contribute.
“By opening a crowdfunding platform… Paris St-Germain (PSG) is keeping the solidarity momentum toward the caregivers of the Paris and Ile de France (region) hospitals, the volunteers and beneficiaries of the Secours Populaire… and Action against Hunger.
“The club is calling on the whole PSG family to contribute,” the Ligue 1 club said.
PSG, who have already raised 200,000 euros (217,240 dollars) by selling a `Tous Unis’ (All United) jersey, said the club would announce new solidarity measures in the coming days.
On Tuesday, sports daily L’Equipe reported that a French League working group had been discussing wage cuts for Ligue 1 and Ligue 2 players.
But the newspaper said that no final decision had been made yet.
No fewer than 100,000 have been infected, and more than 10,000 have died from the coronavirus in France, where citizens have been confined at home since March 17. (Reuters/NAN)
April 9, 2020
Italy begins drawing up medical guidelines for Serie A restart
Italy’s football federation (FIGC) has begun to draw up medical guidelines for a possible restart of Serie A, which has been suspended since March 9 because of the coronavirus outbreak.
The FIGC said its medical committee held a video conference on Wednesday to “analyse and define a guarantee protocol for football in the event that sports activities are allowed to resume.”
Serie A was roughly two thirds of the way through the season when it was interrupted and the FIGC wants to complete the campaign to reduce financial damage.
It has said it is prepared to continue until September or October if necessary.
Italy has been one of the world’s worst hit countries by the coronavirus outbreak and its death toll rose to 15,362 on Wednesday with a total of 124,632 cases.
A number of Serie A footballers are among those who have been infected.
“If and when we should get the green light for a gradual re-start, the world of football must be ready,” said FIGC president Gabriele Gravina.
“Given the role that football plays in Italian society, I am convinced that we can make an important contribution to the whole country.”
It said the protocol would include which tests should be conducted on players who have had the virus with “particular attention to the respiratory and cardiovascular system.”(Reuters/NAN)
April 9, 2020
Real Madrid players agree to 10 to 20 percent wage cut
Real Madrid’s playing and coaching staff have voluntarily agreed to a wage cut of between 10 and 20 percent this year, the La Liga side said in a statement on Wednesday.
The wage cut is to help the club deal with the stoppage caused by the coronavirus outbreak.
The club said the exact amount would “depend on the circumstances that may affect the closing of the current 2019/20 sports season.”
Club directors have also agreed to a wage cut as have members of its basketball team, it said.
The club said the move followed negotiations between the team captains —- Sergio Ramos for the senior soccer side —- and club directors.
It said the decision would save having to cut the wages of other employees.
Spain has been badly hit by the coronavirus outbreak with a death toll of 14,555.
La Liga, as with most football competitions around the world, is currently suspended and it is not known when, or even if, the season will re-start.
“This decision, taken by players, coaches and employees, avoids traumatic measures that affect the rest of the workers,” said the statement.
It said it would also help deal with “the reduction in income that the club is suffering these months as a result of the suspension of competitions and the paralysis of a large part of its commercial activities.”
The players at FC Barcelona and Atletico Madrid have also taken pay cuts and La Liga has asked other clubs to follow suit.
The Spanish sports daily Marca said that a 10 percent cut would save the club around 50 million euros.(Reuters/NAN)
April 9, 2020
U.S., Russian spacefarers to blast off for Int’l Space Station
A trio of U.S. and Russian spacefarers are set to blast off for the International Space Station from the Russian-operated Baikonur Cosmodrome in Kazakhstan on Thursday at 1:05 pm (0805 GMT).
U.S. astronaut Christopher Cassidy and Russian cosmonauts Anatoly Ivanishin and Ivan Vagner will travel aboard a Russian Soyuz spacecraft and are scheduled to dock with the ISS’s Poisk module after about six hours of spaceflight.
The three men spent a month in quarantine ahead of the launch amid concerns over the highly infectious coronavirus, which has caused a global pandemic in recent months.
“We feel fantastic,” Cassidy told a televised press conference a day before the launch.
Journalists were not allowed to enter Baikonur as a precaution.
The spacefarers, who are scheduled to spend 196 days aboard the space station, were as an additional precaution not allowed to say goodbye to their families in person.
The space station orbits about 400 kilometres above Earth and has a mostly U.S. and Russian crew.
The laboratory is tasked with conducting scientific experiments that would be impossible on Earth’s surface.
The new additions to the ISS crew are to join U.S. astronauts Andrew Morgan and Jessica Meir and Russian cosmonaut Oleg Skripochka.
Next week, on April 17, Morgan, Meir and Skripochka are scheduled to return to Earth. (dpa/NAN)
April 9, 2020
COVID-19: Conducting mass tests not feasible now – FG
The Federal Government has said that conducting mass testing for Coronavirus in Nigeria would not be feasible now given the nation’s over 200 million population.
Minister of Health, Osagie Ehanire, disclosed this while fielding questions from newsmen after the arrival of the Chinese experts and some equipment in Abuja on Wednesday.
He said that government was rather continuing with its targeted testing for those who had been abroad or those who may have come in contact with any positive case.
“We have 200 million citizens and mass testing is not something that I think is very feasible now, we are doing targeted testing.
“We are targeting those who are likely to have been affected, so we are looking at areas and persons who meet certain criteria that we set.
“Criteria of having been abroad, having been in contact with persons who have been abroad or having been in a cluster of places where we have a lot of positives.
“Even though it is going into secondary we are doing what is called smart testing in order to identify the cases that are giving us concern,” he said.
He said researches were ongoing in many countries and that government would rely on science and advice from WHO to overcome the pandemic. (NAN)
April 9, 2020
COVID-19: We are set for a lockdown in Edo -CP
The Edo Commissioner of Police, CP Lawan Jimeta on Thursday, said that the command would be firm, but fair in enforcing a total lockdown should the Government order such directives.
Jimeta gave the assurance on Thursday in an interview with News Agency of Nigeria (NAN) in Benin.
He explained that because the Edo Government had not ordered or directed a total lockdown in the state, the police command and other security agencies could only sensitise the public on the dangers of the spread of the coronavirus in the state.
He appealed to their conscience to do the right thing and adhere strictly to measures already put in place by the state government in containing the spread of the pandemic in the state.
He said that the command would also work according to the Inspector General of Police directive as well as the human rights guidelines.
“If government decides on a total lockdown in the state, it will not be as punishment on the citizens, because they were not just part of the society, but also part of the government.
“So, government should come up with measures to ease the hardship that a total lockdown would foster on the people.”
The commissioner therefore called on residents to respect the partial restriction of movement put in place by the state government to reduce the spread of the Covid-19 pandemic.
He noted that the restriction would give the state government the opportunity to monitor contacts of reported cases and prevent further spread of the virus.
He noted that the security agencies do not have the full authority to restrict any movements in and outside the state, hence the deployment of advisory techniques in educating the people on the need to respect the partial restriction.
He, however, sued for civility from security agencies in the discharge of their duties not just during the partial restriction of movement in the state, but always.
He also appealed to relevant stakeholders as well as the leadership of various unions in the state to join security agencies in sensitising members of the public as well as their members on the need to listen and obey directives.
According to him, there is minimum enlightenment by stakeholders, but stressed the need for government to embark on massive public enlightenment.
He also commented on the reported activities of a Chinese Company in Idogbo, Ikpoba-Okha Local Government Area of the state, where it was alleged that the Chinese Company locked in their staff.
Jimeta explained that after thorough investigation, they discovered that the staff are residents in the Staff Quarters of the company and were advised not to leave their quarters to avoid contracting the virus.
He appealed to all stakeholders to join the government in the advocacy on the need for social distancing and practicing of proper hygiene. (NAN)
April 9, 2020
EU ministers make another attempt at contested fiscal coronavirus package
European Union (EU) finance ministers will make another attempt on Thursday at approving a set of fiscal measures to combat the economic fallout of the coronavirus pandemic, after failing to overcome their differences in protracted talks earlier this week.
At stake is a trio of proposed measures with a joint firepower of around half a trillion euros (540 billion dollars).
These consist of a precautionary credit line from the eurozone’s bailout fund, the European Stability Mechanism (ESM); a guarantee fund from the European Investment Bank for business liquidity; and EU support for the salaries of workers who would otherwise be laid off.
Mario Centeno, the head of the Eurogroup of eurozone finance ministers, indicated earlier this week that there was broad consensus for these measures, but after 16 hours of overnight talks starting on Tuesday, the devil remained in the details.
A key sticking point was the question of conditionality attached to any ESM disbursement, diplomatic sources said.
Most ministers were happy to stipulate merely that the money must help fight the pandemic and that recipients must embark on a responsible fiscal course.
But the Netherlands went further, with Finance Minister Wopke Hoekstra demanding “certain economic conditions,” tailored to individual member states, sources said – a demand rejected by countries such as Italy in particular.
Nonetheless, German Foreign Minister Olaf Scholz expressed optimism on Wednesday of brokering a deal this week.
Another controversial element – championed by Italy, Spain and France – is the demand for common debt issuance, frequently referred to as coronabonds, as a tool to overcome the major economic contraction anticipated across the bloc this year.
Germany, the Netherlands and Austria are all staunchly opposed.
The solution could lie in invoking the possibility of an “innovative financial instrument” consistent with EU law, but the issue has not yet been discussed at length, according to diplomatic sources.
EU leaders had given the finance ministers two weeks to agree on a set of proposed measures, at a summit on March 26 at which they were unable to reach a compromise on the thorny issue. Any package of measures would require their ultimate approval.
EU member states and the European Commission have already taken a series of measures worth billions of euros to help cushion the economic impact of the coronavirus pandemic. (dpa/NAN)
April 9, 2020