Nigerian equities market capitalization increases by N1.66tn
via Punch Nigeria1 min read
The Nigerian equities market maintained its bullish trend as investor interest in fundamentally strong stocks led to an increase in key performance indicators. The market capitalization rose from N134.772tn to N136.435tn, and the All-Share Index climbed from 209,317.41 points to 211,901.02 points. Market breadth was positive, with 45 gainers and 21 losers. Guinea Insurance and Trans-Nationwide Express both appreciated by 10.00 percent, while Aradel gained 9.99 percent, Ecobank Transnational Incorporated rose by 9.97 percent, and Daar Communications increased by 9.93 percent. Ikeja Hotel led the decliners with a 9.73 percent drop, followed by Wapic Insurance, CAP Plc, International Energy Insurance, and McNichols. Several blue-chip stocks, including Dangote Cement and Lafarge Africa, closed flat. Investor sentiment remained bullish, driven by accumulation in mid-cap and financial stocks ahead of earnings releases and dividend expectations. Analysts anticipate the positive momentum to continue, supported by bargain hunting and portfolio rebalancing, though intermittent profit-taking may occur.
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Anambra State Governor, Professor Chukwuma Soludo, stated that President Bola Tinubu is intentionally working towards the reconstruction of the South-East through significant infrastructure projects. Soludo described the President's recent approval for two major federal roads as a historic achievement for the region. On his X handle, Soludo expressed excitement over the Federal Government's approval for the design and procurement of the Otuocha鈥揂nam鈥揂baji Road, which links Anambra to Kogi State, and the Oba鈥揘newi鈥揢ga鈥揑hube Road, connecting Anambra and Imo to the Enugu鈥揚ort Harcourt Expressway. The governor noted that these projects highlight Tinubu's dedication to rebuilding the South-East and addressing long-standing infrastructural deficits. Soludo mentioned that he met with President Tinubu on July 1, after which the Minister of Works, David Umahi, requested details of the discussed road projects. Soludo submitted the details on July 3 and received confirmation on Tuesday, July 15, that the President had approved both projects for design and procurement. He described the roads as transformative, expecting them to significantly improve connectivity across the South-East, South-South, and North-Central regions. Soludo concluded by thanking the President, stating that history would be kind to him.
Must ReadNigeria's Minister of Interior, Dr. Olubunmi Tunji-Ojo, stated that 30 to 50 percent of offenses committed by inmates in African correctional centers do not warrant incarceration. Speaking at a regional conference in Abuja, he urged correctional authorities to assess overcrowding, noting that 93 percent of Nigerian inmates are state offenders, many held for minor infractions. Tunji-Ojo revealed that a review of inmates held for minor fines led to the decongestion of correctional centers by five percent. He also highlighted a significant decline in recidivism in Nigeria, from 13,000 cases in 2023 to 1,000 last year, attributing this to expanded education and vocational training for inmates. The Controller General of the Nigerian Correctional Service, Sylvester Ndidi Nwakuche, emphasized Nigeria's modernization efforts through the Nigerian Correctional Service Act, 2019, and the importance of prisoner classification for rehabilitation and resource deployment. He described the conference as an opportunity for collective learning and sharing solutions among African correctional systems.
The Police Service Commission has released the names of 50,000 successful applicants for recruitment into the Nigeria Police Force. The commission stated that the exercise was comprehensive, inclusive, equitable, and transparent, conducted in collaboration with stakeholders such as the Nigeria Police Force, Federal Character Commission, and the Ministry of Police Affairs. Candidates who took the recent written examination can check their recruitment status on the official portal, which opened on Thursday. Successful candidates will also receive notifications via email and SMS. Those confirmed successful are required to report to designated police training institutions for medical examination and documentation on dates and times to be communicated. Failure to report within the stipulated time will be considered a decline of the offer. Additionally, candidates who fail the medical examination conducted by the police medical team upon resuming training will be declared unfit and asked to leave. Recruits must bring their training call-up slip, NIN slip, BVN slip, original and photocopies of certificates, and other required documents. This recruitment is part of the Federal Government's ongoing efforts to increase police manpower and enhance internal security nationwide.