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NSE index drops by 0.88%

By Chinenye Anuforo

After the brief recovery witnessed Monday, the Nigerian equities market recorded a decline of 0.88 per cent in its index at the close of trading yesterday following dropping  from 26,580.22 points to close the day at 26,346.24 points.
Market capitalisation also dropped N80.5 billion to close at N9.065 trillion, in contrast to N113.1 billion gained previously to close at N9.146 trillion.
Notwithstanding, the volume of transactions increased by 78.38 per cent while market turnover declined by 4.71 per cent.
At the end of trading activities, there were 18 gainers as against 27 decliners.
UAC-PROP which appreciated by 5 per cent topped the gainers’ chart for the day, while Continental Insurance, NAHCO, Air Service  and WAPIC also featured among the top gainers.
On the other hand, Cutix, Caverton, 7UP, Fidson  and May&Baker ended as the day’s top losers.
Market performance, reflected mixed feelings as all other sectors beside the Agricultural, which traded flat, recorded declines.
However, the day’s transactions showed that investors in 3,423 deals traded 219 million units of shares valued at N1.4 billion.
Financial Services stocks retained its position at the top of activity chart, as Omoluabi Savings and Loans emerged the topmost traded stock with 93.5 million shares worth N83.9 million. Fidelity Bank followed with 39.4 million shares worth N36.0 million while FCMB was next with 37.1 million shares amounting to N49.4 million.
Analysts at Meristem Securities attributed the loss to the price declines recorded by large-cap stocks in the banking and consumer goods space. “We expect the mixed sentiments witnessed in the market Tuesday to persist for the rest of the week”, they said.


Buhari commends Sterling Bank’s health support initiative

President Muhammadu Buhari yesterday commended Sterling Bank Plc for its commitment to supporting the present administration’s initiative to provide qualitative and affordable health services to Nigerians through strategic partnership with the Ministry of Health.
Such partnership, according to the President, would serve as an enabler for the Health Ministry to achieve its goal of revamping the health sector and ensuring efficient management of health facilities across the country.
He gave the commendation in Abuja while inaugurating the Model Primary Health Care Centre for Universal Coverage in Nigeria, located at Kuchigoro, Abuja Municipal Council.
Buhari specifically commended the bank for its foresight, innovation and financing support for the project, which is focused on ensuring sustainable health for vulnerable women, children and the elderly at little or no cost to beneficiaries.
The President also commended other partners who have demonstrated strong commitment to supporting government’s efforts to making health services more affordable and accessible with the possibility of delivery to the doorsteps of Nigerians.
Speaking further on the partnership, the Managing Director and Chief Executive of the bank, Mr. Yemi Adeola, at the event disclosed that it has already accepted the request of the Minister of Health to serve as a primary partner to the Ministry on all health-related developments, adding that the bank was already working with some committees tasked with the responsibility of improving the sector.
In line with the bank’s value proposition to optimise healthcare centres through the deployment of technology, he said the bank remains committed to supporting the Primary Healthcare Centre in Kuchigoro, adding that it was supporting the 2016 edition of the Nigerian Service Delivery Innovation Challenge organised by the Federal Ministry of Health.

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