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Nigerian Stock Exchange: Market reopens bearish as indices plunge by N206b

Market capitalisation decreased by N206 billion representing a dip of 1.76 per cent, to close at N11.466 trillion.

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SEC approves MTN Nigeria’s NSE listing

Following price losses incurred by most blue-chip stocks, transactions on the trading floor of the Nigerian Stock Exchange (NSE) reopened on a downturn yesterday, causing market capitalisation to plunge further by N206 billion.

Specifically, at the close of transactions yesterday, the All-share index (ASI) shed 513.92 absolute points, representing a decline of

1.66 per cent, to close at 30,531.69 points.

However, market capitalisation decreased by N206 billion representing a dip of 1.76 per cent, to close at N11.466 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, Nigerian Breweries, Cement Company of Northern Nigeria (CCNN) and Dangote Flour Mills.

Analysts at APT Securities and Funds Limited said the downward trend persists amidst good fundamentals, saying that this is unconnected to low foreign participation as foreign investors take a watch posit in anticipation of new economic reforms.

They however, assured that there is no cause for alarm while urging investors to focus on liquid stocks that have been affected by downward trend, likewise dividend paying stocks bearing in mind that strong fundamental(s) is a good reason to position for mid to long term amidst dwindled stock price.

Market breadth closed negative, with 12 gainers versus 18 losers. 

McNichols recorded the highest price gain of 10 per cent, to close at77 kobo, per share.

Berger Paints followed with a gain of 9.70 per cent to close at N9.05, while Ikeja Hotel appreciated by 9.57 per cent to close at N2.06, per share.

Caverton Offshore Support Group appreciated by 8.84 per cent to close at N2.71, while Unity Bank gained 8.75 per cent to close at 87 kobo, per share. On the other hand, Union Diagnostic & Clinical Services led the losers’ chart by 10 per cent, to close at 27 kobo per share.

Beta Glass followed with a decline of 9.94 per cent to close at N64.80, per share.

Dangote Flour and CCNN declined by 9.80 per cent, each to close at N9.20 and N17.95, respectively, while Oando shed 9.73 per cent to close at N5.10, per share.

The total volume traded rose significantly by 546.06 per cent to 1.7 billion shares, worth N3.68 billion, and traded in 3,251 deals.

Transactions in the shares of Wema Bank topped the activity chart with 1.46 billion shares valued at N1.05 billion.

United Bank for Africa (UBA) followed with 62.95 million shares worth N485.03 million, while Chams traded 47.71 million shares valued at N9.67 million. Fidelity Bank traded 17.5 million shares valued at N33.25 million, while Ecobank Transnational Inc (ETI) transacted 17.45 million shares worth N226.75 million.

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Uganda and Rwanda revisit trade talks

The meeting was aimed at boosting diplomatic relations between the two East African neighbours

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Uganda and Rwanda revisit trade talks

Officials from Uganda and Rwanda on Monday met in Kigali following a Memorandum of Understanding signed by the two countries in Angola in August.

The meeting was aimed at boosting diplomatic relations between the two East African neighbours.

The two sides were seen to be at loggerheads for some time earlier this year, culminating in the closure of their borders.

The August MoU included agreements on regional co-operation and security, setting the pace for the improvement of political and trade relations between Uganda and Rwanda.

The two leaders also agreed to “resume as soon as possible the cross-border activities between both countries, including the movement of persons and goods, for the development and improvement of the lives of their population”.

The Ugandan delegation is led by Foreign Affairs minister, Sam Kutesa while his counterpart in Rwanda spearheads the opposite delegation.

Angola and DR Congo played a key role in bringing the Ugandan and Rwandan sides to the negotiating table.

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Egypt resumes Nile Dam talks with Ethiopia, Sudan

Egyptian Foreign Minister, Sameh Shoukry has expressed unease in recent days over delays in negotiations

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Egypt resumes Nile Dam talks with Ethiopia, Sudan

Egypt says Ethiopia has “summarily rejected” its plan for key aspects of operating a giant dam. The country is building on the Nile, while dismissing Ethiopia’s own proposal as “unfair and inequitable”.

The comments, made in a note circulated to diplomats last week, show the gap between the two countries on a project seen as an existential threat by Egypt, which gets around 90% of its freshwater from the Nile. 

The note distributed by the Egyptian foreign ministry, a copy of which was seen by reporters, points to key differences over the annual flow of water that should be guaranteed to Egypt and how to manage flows during droughts. 

It comes as Egypt, Ethiopia and Sudan met on Sunday and Monday for their first talks over the hydroelectric dam in more than a year. A spokesperson at Ethiopia’s foreign ministry, Nebiat Getachew, said on Monday the meeting had so far produced no agreements or disagreements, and gave no immediate response to the Egyptian claims. 

Egyptian officials were not immediately available for comment, but after the talks, an Egyptian water ministry statement carried by local media said the meeting had been limited to procedural, rather than substantive issues. 

Egyptian Foreign Minister, Sameh Shoukry has expressed unease in recent days over delays in negotiations. 

The $4 billion Grand Ethiopian Renaissance Dam (GERD) was announced in 2011 and is designed to be the centrepiece of Ethiopia’s bid to become Africa’s biggest power exporter, generating more than 6,000 megawatts. 

In January, Ethiopia’s water and energy minister said that following construction delays, the dam would start production by the end of 2020 and be fully operational by 2022.

The dam promises economic benefits for Ethiopia and Sudan, but Egypt fears it will restrict already stretched supplies from the Nile, which it uses for drinking water, agriculture and industry.

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Tanzanian mining firms to pay royalty fees on mineral production

The Tanzania Mining Commission set a deadline of September 15 to enforce the directive

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Tanzanian mining firms to pay royalty fees on mineral production

Mining companies in Tanzania risk being denied transport permits to ferry their products if they have not adhered to section 18 of the country’s Mining Act of 2010 (and revised in 2017), which requires all producers pay royalty fees on the gross value of minerals produced.

The Tanzania Mining Commission set a deadline of September 15 to enforce the directive.

The issue came up when Tancoal Energy Ltd. claimed that the law was punitive and would make its products expensive. However, the permanent secretary in the Ministry of Minerals, Simon Msanjila, says that the royalty fees have been in effect since 2010 and other companies producing coal and other minerals were already applying it.

“Tancoal have been avoiding paying the fees all these years, despite expanding their coal exports portfolio to include clients outside the country,” said Prof Msanjila. He further added that “it’s about time they start paying as well.”

The law requires every authorised miner in Tanzania to pay royalty fees based on the gross value of their produce. The gross value is the market value of the minerals at the point of refining or sale.

Violation of the directive results in up to two years imprisonment, maximum Tsh10 million fine in the case of an individual, or Tsh50 million fine for a corporate.

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