CAPlfAL MARKET NSE records low deals as index sheds 2.2% Udl't m e Ekwere
A total valurn... of 162 l imillion SlllUes wOllh N761m were Vt:changed by Jnvntors on Monday. in 3.220 deals TIlls ,.ep"~lcnted a decline by 53 per cent and 70 per cent 1M temu of value Md volume COlllpared to actrvities Ilt5t Fnday. This was ma inly as a result of the IOSHs recorded by highly capUalNKt .slacks. which depr~d major market rndlcators tlttne close o f equity trilldll'lg IIctrvilie$ Thu~ the market caprtalisation 01 the listed equilies dropped by N IS3bn from N7 030tn ~t Friday. 10 N6877tn Similarly. lhe NSE"I AU· SNire Index which .sIood at 21.976.87 po.nll on Friday. lell further by 2 2 IXt cenl Of 479,26 points to 21.497 61. while the NSE·30 Index was down by 2.2 per cent or 2 1 basis palnlS 10 % 5.39 down from 97639 the preceding week, Dangate Celllent PIc. record~ the h.ghes r fall shedding five pEr celli or NS.55 10 dow a N ICS.56 pershall Dangele fk.ur Mills followed on Ihe chart, 1i,lhng by 4 9 per eIlnt or 53 kobo to close a t NlO.1I pt.'f share Etern.., Oil a",1 Gas Pic and St..-yt' Bank Fie lost 4 9 pel cenl each to dose al
Ecobank S ie riing Okomuoi!
NASCDN l'reKo Cap Ho lel
NesUe
DllngCem Dang Aour Eterna Oil S~-e Bank
Acce.. Vilaroam Transcorp
CCNN AIlCD Pain tcom
N3.47 N3.89 NJ.93 N2.86 NI.40 N17.01 N4.SO N7.48 N7.60 N401.10
" "1.11 NIO.64 N4 .47 NS.70 NS.85 N6.oo NO.89 N7.70
NO.68 NI.17
Opening Closing
N4 25 and NS.42 per share ll'!!peCtive!~'. while Access &nk PIc and Vitafoam Pk dropped by4. 7 peTcent eClCh to close at 1'15.57 and N5.72 peT sh<'lle in thc1 t order Roads Niyerla Pic. on Ihe otner hand. recorded the highest ~in for the day, riSing by 4 .9 per cent or 17kobo to clo5e al 1'13.64 per share. UnlVersity Press Pk rose by 4.8 per cenl or 19 kobo 10 close at N4 per.OS share, y,.-h ile NCR Pic and Ecobank Bank Pic rose by 4 .8 per cenl and 4 .5 peT cent 10 cI~ al N4 12 ;!IIld N2.99 peT' share re!petllvely Trading in the banking sub-$eClor d rove total volume, lIS it O!ICCOUnled fot 4<1 per cenl of turnover I~«l.
In the SOb-~Of, 70.914 million equilles, valued al N409m w'Pre exchanged in L 939 transactions Tu~ in the subseclor WO!IS dl"iven by trading in Ihe shares of Ptdelity Bank Pic. which recorded snarf::§, 11.707 million worth N23.97m In 77 deO!lls, r"presenting 17 per cent 01 the sub·sectors volume. Other banking stocks thai drove volume In the sub!eCtor Included Guaranty Trust Bank. Diamond Bank PIc. Access Bank Pic and Zemlh Bank PIc. In inv~ol"!' staked N760m in 161.67 mimon eqUities in 3.220 Iran5aetion5.
an,
NO.19
N17 .50
N4.GO N7.SO N7.62 N402.oo
NIOS.56 NIO. II N4.25 NS.42 fIlS.57
N5,72 NO.85
N7.36 NO.65 NI.12
NO. 13 NO.OS NO.49 NO.IO NO.02 NO.02 NO.99
0.27 0.26 0.25
NS.SS NO.53 NO.22 NO 28 N028 NO.28
5.00 4.98 4.92 4.91 4.79 4.67
NO.04
4.49
NO.34
4 .42
2.88 2.22
NO.OJ 4.41 NO.OS 4.27
$3.75 $3,75
• Global Deposito rv Receip! is n vehicle !ltat enables Inlles-llnen! in an offshore company.
.20 11
-MONEY 123
Group to invest N900bn in agric sector Udeme Ekwe. e
D
ANGOTE Group has announced its interest to invest N900bn In the N~ian economy With in lhe next one year. A stale mel'l l by the company on Monday said that the fund would be used 10 develop and Improve the agricultural sector of the economy, According to the statement. signed by the Group He&d, Corporale Communications, Dangole Group, MI Tony Chlejlna, this group's new focus 15 as a resu lt of the p leVlOU5 seeming negled of the deve lopment of the agricultural sedor over Ihe
"'~ The stalemenl cited Ihe President, Dangole Group, AlhajJ Allko Dangolll!, as disclosing Ihll p lanned inlle!lmenl at a mee tin g be lween the Fedelal Government and Ih e O rganised Private Sector last week. To this end, the statement added, the group Wlls named
the hlghesl pnvate sector inveslor in Nigeria by Ihe Federal Government. with an irwe:s1ment portfolio running Into billions of dolllln The Mlnlsler of Trade and Investment, Mr. Olusegun Aganga, recently said Ihe Federal Government would. a! a ma tter of necenily. put in place a p latform to lecogTIl!e the conllibutlons of enlrepreneurs like Dangete in Ihe counlry. He lidded thai there ......as the need 10 encourllge such IIntrepreneurs to do IllOfe so lhal oIher businessmen would be motivated 10 in~ in lhe development of the nalion'! -~~
-I must.say that much has been achieved by Dangele Cement In an allemp t 10 meet local demands, and the government would like 10 replicate these e:ocpIoits in Ihe prodUClion of rice. sugar and wheat: Aganga had stated. SI)eaklng on a recenl survey conducted by the ministry o n some local companies. Aganga said thllt the result of the sun'eY shauled
thai Ihe local companies would invest N 1.5210 in the Nigerian uonomy within the next 12 months. The In\l'£Slmtmts. he said. would come from the non· oil sector 01 the economy .IoM
environmen t 10 enable the privak!.WdOf 10 play a ~ ,ole in the Ir.m5formalion of Ihe oountry's economy.
According 10 the survey. ffii!lnufacturlng, real estate.
lhe next four years.
NITED Slates' stocks rallied on Monday as a merger b etween two big banks In Greece suggnled Europe was worldng IhuNgh its financial problems, while a rebound In consumer spendrng calrnetJ lears 01 a nail rttession, Reufers reported on ~1 0nday that Insuranu company shares v..oere higher after pioperty damage from Hurricane Irene was less Ihan feared. according 10 early eslimates. TraveIIeB Cas Incorporared row by 4 7percenl loSSO.59. while Allstate Corporation Jumped by seven per cent to $2593 WaliStreel wlISal:so relMrved Ihat hurricane dAmage in New York City. especra ll~' in lower Manhallafl. was 1'101 a s bad as expected . The New York Slock EII.change and the Nasdaq opened on schedule But trading volume was light ... t about 1 9 billion share! by Iale morning as many Wall Stree1 Worke lS \\.-ere stuck at home with commuler rlIiI iIInd bus lines not opeTillllng The Nev.' ,A. k Olysubo.\-ay system slo"'ly returned to service early Monda~ alter a syslem wide sh uldoom Financial stoeb \Io'eTl? the rop gainers alter Greece's Alpha and EFG Eurobank banks 5ealed a megamerget that Is expected 10 trigger mol'l! deals to !hOII! up the 5f:CIOr battered by a _ re debt crisis and m:ession The s&P nnllncial Inde:< .GSPFwilSupby2.7 percent and Ihe KBW lliInk5 index ddded nea rl y 2 .8 per cent . &nk of America Corporalion rose by4 6 per cent to 18, )2
and JPMorgan Chase & Company gained 2 .3 per cent 10 137.03. T he Chie f Investment officer at Afth Third Asset M.anagemenL Mr. Keith Wirtz. iaid. ''We'lie actually started purting cash 10 work. A few Ihing5 are helping Ihe slock matke L There's r~lief coming from the storm and Europe. particularly wilh Greece.~ TM Dow Jones industrial average market! jumped by J 74.94 points. or I 55 peT cenl. ill 11,459,48. The Standard & Poor' 5 500 Index put on 21.37 poinl5, or 1.82 per cent, al 1.1 98.17 The Nasdaq Composite Index advanced 5 1,48 points. 01 2.08 per cent, at 2.53 1.33. US listed shates of National Bank of Greece soared by 33 per cent to I I , Illhile European !hares ended up at 1.3 per cent Consume r spe nding ~COIded its Ia~ intn!'oMe in rr.oe months in July, supporting views the ttonomy was 1'101 falling bOlck inlo recession A1so. July pendIng home sales leU by 1.3 pel cent. matching 10recas3. but remained higher than ).'eal-agQ iel-'els.
Nigeria needs to invesl
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Initial Price Current Price
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the Federal Government should account for I'llOtn, s!ate governments. N9tn, and private sector, both local and internOlllonat. 1'115.1'1 The 5tatement said .hilt the owrall mClCroeconomic larget lor the medium lelm was for Nigeria 10 achieve a target Gross Domestic Product of NSOtn 1S3J3tm) by20 13.a:sweUasgrtM1h in GOP per capila frorn S 1.0iS In 2009 to 52.008.75 by 2013.
agro.allled and automotIve sectol~\VouldmllkeNl 06ln: N198 .5bn, N67 .8bn and N45bn Investmen t s. re.spechvely, while touri!m, Bade and commerce . transport and otherswiU make up Ihe TeSI. /\ganga, \/,:no commended Nigerian invesloB for their confidence In lhe economy. added thai the Federal GOvernment was commil1m
US stocks rise on merger talks
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