Business
Stock market opens bearish, investors lose N123bn
The Nigerian stock market opened with its bearish momentum on Monday to record N123 billion loss.
Selloffs in Tier-one banking stocks namely, Guaranty Trust Holding Company(GTCO), Zenith Bank and FBN Holdings, underpinned the market’s weak performance.
The market capitalisation, which opened at N59.292 trillion, shed N123 billion or 0.21 per cent to close at N59.169 trillion.
The All-Share Index also lost 0.21 per cent or 203 points, to close at 97,626.27, against 97,829.02 recorded on Friday.
Consequently, the Year-To-Date (YTD) return decreased to 30.56 per cent.
Market breadth also closed negative with 30 losers and 29 gainers.
Secure Electronic Technology Plc led the losers’ log by 9.84 per cent to close at 55k, Daar Communications trailed by 9.68 per cent to close at 56k per share.
Austin Laz & Company dropped 9.40 per cent to close at N2.41,Guinea Insurance declined by 9.09 per cent to close at 50k, while LASACO Assurance lost 8.63 per cent to close at N2.33 per cent.
On the gainers’ log, Haldane McCall led by 10 per cent to close at N5.61, Sunu Assurances followed by 9.81 per cent to close at N3.47 per share.
NCR Nigeria added 9.72 per cent to close at N4.74, Sovereign Trust Insurance advanced by 9.52 per cent to close at 69k and Tantalizers went up by 9.32 per cent to close at N1.29 per share.
However, market activities ended with trade turnover up 75.37 per cent.
A total of 671.26 million shares valued at N10.64 billion were exchanged in 10,464 deals, compared with 366.62 million shares valued at N6.07 billion traded in 9,677 deals, posted previously.
FBN Holdings led the activity log in volume and value with 245.25 million shares worth N6.23 billion.
In a prediction of the market performance for the week, analysts at Cowry Asset Management Ltd. posited that the market is likely to trade in mixed directions.
Analysts explained that this would be as a result of investors’ reaction to the anticipated decisions from the MPC, which would shape interest rate expectations and broader investment strategies.
They also noted that as November trading dropped, while the market could see positioning for December’s traditional window-dressing activities by fund managers.
They said: “This presents opportunities for discerning investors to take strategic positions in fundamentally sound and resilient stocks.
“Meanwhile, we continue to recommend that investors focus on equities with strong fundamentals and robust growth prospects to navigate the prevailing macroeconomic uncertainties.(NAN)
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.