MTN, NAHCO and other stocks are causing their first market loss this week
Nigeria’s stock market on Tuesday recorded its first negative close this week, falling 0.19 percent as investors reported a loss of $ 53 billion.
Despite falling on Tuesday, week-to-date (WtD) market returns are still positive at 1.70 per cent, while the market has risen 4.36 per cent and 21.28 per cent since the beginning of this month and this years respectively.
MTN Nigeria topped the losing league after its share price fell from N249 to N240, losing N9 or 3.61 percent, followed by NAHCO, which fell from a previous day’s high of N6.79 to N6.51, losing 28 kobas or 4 , 12 percent of your day – open price; while Wema Bank also came out on top lagging after falling 14 cobs or 3.73 percent, from N3.75 to N3.61.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalization fell from previous day’s highs of 51,903.44 points and N27.981 trillion to 51,805.41 points and N27.928 trillion, respectively. In the list of winning stocks, Okomu Oil Palm topped other stocks after the price rose from N170 to N187, adding N17 or 10%.
GTCO, Transcorp, FBN Holdings, Oando and Regency Assurance are among the top five trading leagues. In 6,689 transactions, investors exchanged 331,521,863 units worth 5.035 billion N5.
Elon Musk has said he will lift the ban on Twitter for Donald Trump
The world’s richest man Elon Musk has said he will lift the permanent ban on former US President Donald Trump as soon as his ownership of the microblogging campaign is completed.
– Benny Johnson (@bennyjohnson) May 10, 2022
He even condemned the policy of permanent ban on the company’s platform for violating the rules. He believes that instead, a temporary ban should be adopted to encourage all shades of opinion, but with a punitive penalty that controls freedom of speech.
In an exclusive interview with Benny Johnson of the Financial Times, which was posted on his Twitter account (@bennyjohnson), he said the ban on Donald Trump was “morally wrong and just plain stupid.”
He said he spoke to Twitter co-founder Jack Dorsey, who agreed, “that the permanent ban should be lifted and reserved only for accounts that are blocked or spam, or there is no legitimacy for the account at all.”
Musk promised to lift the permanent ban on Trump: “I will lift the permanent ban on Trump. Obviously, I don’t own Twitter yet, so it’s not something that will happen. “
He agreed that the decision to properly ban Trump pushed most of the subscribers in the country and made the campaign feel that it is connected only with the far left.
“This is not the end of Trump’s voice. This will strengthen it among the right. Therefore, it is morally wrong and downright stupid, ”he said.
“They just come to it from the very left. But he is failing to build trust in the rest of the United States and possibly other parts of the world. ” He added.
One of the changes he promised to make after his takeover bid is completed is that he will post an algorithm on GitHub that will allow anyone to make suggestions and highlight human intervention.
BUA Foods Plc increases sugar export operations with the acquisition of vessels
BUA Foods Plc has announced that it has purchased the first of two vessels to be used to help the company export sugar.
This information was made available through a press release sent to the Nigerian Exchange Group and signed by Marketing and Corporate Communications Director Adewunmi Desal.
The company, which is a leading food business with a strong presence in the fast-moving consumer goods industry, said it owns one of two vessels to help it export sugar to the West African market, which began earlier this year.
Following this gigantic move, the country said that “its refined sugar exports will benefit the economy by providing an alternative source of income while significantly diversifying the company’s markets”.
Desalu, who writes on behalf of the company, said that “ships will depart and stand in the port and terminal of BUA, increasing export capacity while reducing operating costs. The Mitsubishi ship in Japan was named MV Bundu – in honor of the area where the refinery is located. The ship’s cargo capacity is suitable for increasing the rapid and sustainable supply of more refined sugar amid growing demand for exports from across the African region. ”
“High-quality refined sugar is processed at the state-of-the-art BUA Foods sugar factory located in Port Harcourt. This modern refinery with a capacity of 750,000 tons is also equipped to process all types of sugar.
Abdul Samad Rabiou, speaking of this important achievement, stressed the economic benefits of this acquisition for all stakeholders. He said: “As we move our business for growth with a focus on sustainable profitability and benefiting all our stakeholders and the Nigerian economy, owning a ship is an important step in BUA Foods’ strategy.”
“We see increased and steady demand for refined sugar across the region with a corresponding increase in logistical support to help timely delivery, so it’s important for us to strengthen our current capabilities with our own controlled assets as we move forward in our business strategy. These new vessels will create operational efficiencies in our business and open up opportunities for new services. ”He concluded.
It is agreed that this acquisition will help rearrange the company to reap the benefits of the AfCFTA agreement. Speaking of which, Ingr. Aedel Aboye, managing director of BUA Foods, said: “Owning a sugar export vessel is a critical factor in flexibility and agility in our overall supply chain as it allows our customers to address time-critical performance issues due to the timely availability of their goods.”
“By expanding our customer base in the region, we firmly believe in working closely with them to meet and exceed their needs in a timely and complete manner.” He concluded.
Desalu concluded in a press release that the second shipping vessel is expected to arrive by the end of the second quarter of 2022 to facilitate cross-border trade for businesses in the West African region and other African countries.
Uganda acquires land for East Africa’s first nuclear power plant
Uganda has announced it has acquired land to build East Africa’s first nuclear power plant in an attempt to increase electricity generation capacity in the region.
According to Bloomberg, this was announced by Energy Minister Akasai Sidronius Apollot, without giving details of where the station will be located. Earlier, the country planned to build a nuclear power plant with a capacity of 2,000 megawatts by 2032.
Uganda, which currently has an installed capacity of 850 megawatts, receives about 645 megawatts from its hydropower plants, and the remaining 101.5 megawatts – thermal. This was reported by the Uganda Electricity Regulatory Authority.
According to Bloomberg, the director of the International Atomic Energy Agency (IAEA) Alin de Cloiso said the country was ready to build a nuclear power plant.
It is hoped that this development will give Nigeria’s plan to build a nuclear power plant a much-needed impetus.
African Development Fund helps women and children in Burkina Faso overcome food security
The African Development Bank (AFDB), through its sector-funded project, has helped women and children tackle food insecurity in Burkina Faso.
The information posted on the bank’s website showed that the motivation for this step was the problems that hinder the country’s self-sufficiency in food production. some of them are “poor water use, environmental degradation, vulnerability to climate change and lack of access to finance and nutrition information.”
The country, which is among the poorest in the world, believes that “almost 82 percent of its population is employed in the agricultural sector, and with low productivity in this sector, this effect negatively affects their livelihoods.”
According to the AfDB, the African Development Fund (ADFi) initiative, a multinational program to increase resilience to food and food security in the Sahel, has succeeded in tackling food shortages on the continent and “increasing the overall resilience of vulnerable farmers, fishermen and farmers. in the country ”.
Through the African Development Fund initiative, the AfDB has provided $ 32 million, half of which in the form of grants, to the Burkina Faso government.
The goal of the program is to empower women and improve the “well-being of infants.” To this is added the development of rural infrastructure to support sustainable hydro-population, forestry, livestock, fisheries and beekeeping.
According to the bank, AFDi has had a significant impact on the economy of third world countries. “The program contributes to the economy of the post-harvest sectors and access to markets.” It equally focuses on improving the nutritional quality of food and making it more widely available to vulnerable populations. ”
92 communities located in different regions of the country have benefited greatly from the fund, which was established in 2015 to address food security issues in countries such as Burkina Faso. “Since the program’s inception in 2015, it has provided much-needed support to the most vulnerable in 92 communes in the administrative regions of Burkina Faso Center, Center-South, Center-West, Central Plateau, Boucle du Muhun and Sahel.”
The bank took the opportunity to present some of the benefits of the fund: some breeders increased revenues by almost 30 percent. It is believed that more beneficiaries will experience the same level of growth. “Access to public infrastructure has improved, leading to stronger value chains and healthier lifestyles.”
“In the village of Saria, livestock breeder Barkis Ruamba describes the impact of the program on her life.”
Other benefits include, but are not limited to, the construction of more than 200 public sanitation facilities and 60 village wells. The president of the women’s group Ijandureega Cecil Cantion told about the program.