The equity market recorded strong appreciation today as the bulls maintain their strong hold on the market. The Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 1.11% to close at 25,755.18 points.
The appreciation recorded in the share prices of Lafarge Africa, Dangote Cement, GT Bank, PZ Cussons and Transcorp were mainly responsible for the gain recorded in the Index. Year-to-date, the Index depreciated by 4.17%.
Similarly, the Market Capitalization appreciated by 1.11% to close at N8.91trn, compared with the appreciation of 0.81% recorded yesterday to close at N8.81trn.
The total value of stocks traded on the floors of The NSE was N1.49bn, up by 32.17% from N1.13bn recorded yesterday.
The total volume of stocks traded was 241.62mn in 3,339 deals. The three most actively traded stocks were: FBN Holdings (63.67mn), Fidelity Bank (43.60mn) and United Capital (23.89mn).
The most actively traded sectors were: Financial Services (182.39mn), Services (25.08mn) and Consumer Goods (12.48mn).
4) NNPC’S unbundling nears as Senate recieves report on PIGB
The proposed unbundling of the Nigerian National Petroleum Corporation (NNPC) and create a window for further development in the petroleum industry, received a major boost on Thursday, as the Senate received the report on the Petroleum Industry Governance Bill (PIGB).
The report was presented by the Joint Committees on Petroleum Upstream, Petroleum Downstream and Gas, but came three months behind the January deadline given by Senate President Bukola Saraki.
It was presented at Thursday plenary by Tayo Alasoadura, chairman of the joint committees.
Sources said last night that the report will be debated on April 24, two days after resumption from Easter break.
The Petroleum Industry Governance Bill (PIGB) previously known as Petroleum Industry Bill (PIB) is one of the 11 economic reform bills before the National Assembly, meant to get Nigeria out of economic recession as well as improve the country’s ranking in the World Bank Ease of Doing Business report.
Nigeria occupies 169th position out of 190 countries in the World Bank Ease of Doing Business index for 2017.
The bill is the longest in the National Assembly, having been first introduced to the Sixth Assembly in 2009 by the administration of late President Umaru Yar’Adua.
Although the Bill passed Third Reading in the 7th House of Representatives, the Senate then did not concur as the Bill could not get to the Third Reading stage.
Sponsored by Tayo Alaosuadura (APC, Ondo Central), the PIGB provides for the Governance and Institutional Framework for the Petroleum Industry.
Objectives of the bill are to: create efficient and effective governing institutions with clear and separate roles for the petroleum industry; establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and internationalization of the petroleum industry; promote transparency and accountability in the administration of the petroleum resources of Nigeria and
foster a conducive business environment for petroleum industry operations.
PIGB focuses mainly on privatisation of the petroleum industry as it splits the NNPC into three different entities, viz: The Nigeria Petroleum Regulatory Commission (NPRC), National Petroleum Assets Management Company (NPAMC) and Nigeria Petroleum Company (NPC).
While the NPRC will serve as a regulatory entity for the entire petroleum industry (upstream, midstream and downstream), the NPAMC will serve as the counter-part and administrator of production sharing agreements and such other risk-based agreements as the government may decide to conclude.
The bill also envisages NPC to serve as an integrated oil and gas company operating as a fully commercial entity across the value chain.
NPC’s activities will include joint venture operations, operation of the Nigeria Petroleum Development Company (NPDC), frontier exploration and other upstream/service activities, refineries and petrochemicals, downstream activities and sale and disposal of crude oil and products.
The appreciation recorded in the share prices of Lafarge Africa, Dangote Cement, GT Bank, PZ Cussons and Transcorp were mainly responsible for the gain recorded in the Index. Year-to-date, the Index depreciated by 4.17%.
Similarly, the Market Capitalization appreciated by 1.11% to close at N8.91trn, compared with the appreciation of 0.81% recorded yesterday to close at N8.81trn.
The total value of stocks traded on the floors of The NSE was N1.49bn, up by 32.17% from N1.13bn recorded yesterday.
The total volume of stocks traded was 241.62mn in 3,339 deals. The three most actively traded stocks were: FBN Holdings (63.67mn), Fidelity Bank (43.60mn) and United Capital (23.89mn).
The most actively traded sectors were: Financial Services (182.39mn), Services (25.08mn) and Consumer Goods (12.48mn).
4) NNPC’S unbundling nears as Senate recieves report on PIGB
The proposed unbundling of the Nigerian National Petroleum Corporation (NNPC) and create a window for further development in the petroleum industry, received a major boost on Thursday, as the Senate received the report on the Petroleum Industry Governance Bill (PIGB).
The report was presented by the Joint Committees on Petroleum Upstream, Petroleum Downstream and Gas, but came three months behind the January deadline given by Senate President Bukola Saraki.
It was presented at Thursday plenary by Tayo Alasoadura, chairman of the joint committees.
Sources said last night that the report will be debated on April 24, two days after resumption from Easter break.
The Petroleum Industry Governance Bill (PIGB) previously known as Petroleum Industry Bill (PIB) is one of the 11 economic reform bills before the National Assembly, meant to get Nigeria out of economic recession as well as improve the country’s ranking in the World Bank Ease of Doing Business report.
Nigeria occupies 169th position out of 190 countries in the World Bank Ease of Doing Business index for 2017.
The bill is the longest in the National Assembly, having been first introduced to the Sixth Assembly in 2009 by the administration of late President Umaru Yar’Adua.
Although the Bill passed Third Reading in the 7th House of Representatives, the Senate then did not concur as the Bill could not get to the Third Reading stage.
Sponsored by Tayo Alaosuadura (APC, Ondo Central), the PIGB provides for the Governance and Institutional Framework for the Petroleum Industry.
Objectives of the bill are to: create efficient and effective governing institutions with clear and separate roles for the petroleum industry; establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensures value addition and internationalization of the petroleum industry; promote transparency and accountability in the administration of the petroleum resources of Nigeria and
foster a conducive business environment for petroleum industry operations.
PIGB focuses mainly on privatisation of the petroleum industry as it splits the NNPC into three different entities, viz: The Nigeria Petroleum Regulatory Commission (NPRC), National Petroleum Assets Management Company (NPAMC) and Nigeria Petroleum Company (NPC).
While the NPRC will serve as a regulatory entity for the entire petroleum industry (upstream, midstream and downstream), the NPAMC will serve as the counter-part and administrator of production sharing agreements and such other risk-based agreements as the government may decide to conclude.
The bill also envisages NPC to serve as an integrated oil and gas company operating as a fully commercial entity across the value chain.
NPC’s activities will include joint venture operations, operation of the Nigeria Petroleum Development Company (NPDC), frontier exploration and other upstream/service activities, refineries and petrochemicals, downstream activities and sale and disposal of crude oil and products.
