Equity market sustains bearish run, sheds N44bn 

Trading on the floor of Nigerian Exchange NGX on Friday sustained a negative performance, shedding N44 billion as investors sustained profit taking activities.

The market capitalisation of listed equities declined by 0.07 per cent to N67.614 trillion from N67.658 trillion reported the previous day.

The NGX All Share Index also depreciated by 70.10 basis points to 108497.40 points from 108569.50 points it closed on Thursday.

The market which dominated with bearish runs was driven primarily by loss in the shares of Access Holding Company, Eterna, FCMB group, FBNHoldings, Fidelity Bank, Transcorps, Oando , Zenith and 24 other firms.

As a result year to date return pushed down to 5.41 per cent as 25 companies closed in positive direction against 32 decliners.

A further breakdown of the investment showed that Champion Breweries led gainers

table with 9.87 per cent to close at N4.12 per unit, Dangote Sugar followed with a gain of 8.95 per cent to close at N41.40 per unit, Omatek added 8.00 per cent to close at N0.81 per unit, Daar Communications gained 7.94 per cent to close at N0.68 per unit, Deap Capital added 7.61 per cent to close at N0.99 per share.

On the contrary Ikeja Hotel topped losers chart, declining by 7.56 per cent to close at N11.00 per unit, Academy press trailed with a drop of 7.33 per cent to close at N2.78 per unit, TIP dipped by 6.98 per cent to close at N4.00, Royal Express declined by 5.62 per cent to close at N0.84 per unit, Neimeth international Pharmaceutical fell by 5.39 per cent to close at N3.16 per share.

The volume of trades went down by 105.534 million, representing 25.052 per cent as investors traded 315.722 million shares valued at N8.361 billion in 13345 deals against 421.256 million shares worth N8.424 billion in 13269 deals.

Transactions in the shares of EllahLakes led market activities with 40.769 million shares valued at N130.505 million, Fidelity Bank followed with account of 21.019 million shares cost N381.526 million, Zenith Bank traded 20.035 million shares valued at N990.320 million, United Bank for Africa sold a total of 19.893 million shares worth N241.562 million while Access traded 16.773 million shares worth N443.117 million

Food security: FG pledges single-digit loans to farmers (3rd)

The federal government on Friday pledged to provide single digit-loans to farmers as part of its intervention programmes to protect local producers and reduce production costs.

Vice-President Kashim Shettima made the pledge at a steering committee meeting of the Presidential Food Systems Coordinating Unit (PFSCU), held at the Presidential Villa, Abuja.

Shettima re-affirmed the government’s commitment to supporting local farmers through targeted interventions.

He said the President Bola Ahmed Tinubu’s administration was determined to revitalise stalled high-impact agricultural projects to encourage farmers.

To realise that, Shettima said the PFSCU had metamorphosed into an incubator beyond being an advisory body, adding that the country would take a cue from the Asian Tigers in transforming its key sectors including agriculture.

“I have read the work of Joe Studwell on How Asia works, and I am reading it again. I read how South Korea, a former poor nation, was able to become the world’s number one steel producer.

“They gave hefty discounts and single-digit loans to the Daewoos, LGs, and Samsungs, who are now global leaders even in the semi-conductor business. They were able to develop their economy,” he said.

The vice-president directed Governors Umar Namadi of Jigawa state and Francis Nwifuru of Ebonyi state to engage with a Brazilian delegation on how their states could transform the food production sector.

“As two of the major food producing states in the federation, I urge the governors to interface with them and see what we can do,” he said.

Earlier, Namadi acknowledged the PFSCU’s critical role in transforming the country’s agriculture and food production.

On his part, Nwifuru called for clearly defined priorities for farmers and adequate preparations ahead of every farming season.

Also, the Technical Assistant to the President on Agriculture (Office of the Vice President), Marion Moon, reaffirmed the unit’s commitment to ensuring affordable food for all citizens.

Moon, who is also the coordinator of PFSCU, noted that incentivising the sector would increase production and maintain food stability. (NAN)