Equity trading on the floor of the Nigerian Stock Exchange

Equity trading on the floor of the Nigerian Stock Exchange on Monday closed on the positive note, with a gain of N46bn as the bulls regained grip on trading activities.

The market performance indices, NSE ASI, appreciated by 0.21 per cent with market breathe, however, closing negative with 19 gainers against 30 losers.

Consequently, the All-Share Index grew by 86.97 basis points or 0.21 percent from 41,001.99 index points last Friday to 41,088.96, while the market capitalisation of equities appreciated by N46bn to close at N21.49trillion from N21.45trillion.

The nation’s refineries lost a total of N152.08billion in 15 consecutive months of being idle, the latest data from the Nigerian National Petroleum Corporation, NNPC, have shown.

Analysis of data collated from NNPC monthly reports revealed that all the refineries did not refine crude oil from July 2019 to September 2020.

The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day, but have continued to operate far below the installed capacity.

The country relies largely on importation of refined petroleum products as its refineries have remained in a state of disrepair for many years, despite several reported repairs. The Coalition Against COVID-19, CACOVID, has delivered 1,300 cylinders of oxygen to the Presidential Task Force on COVID-19 to assist patients in the treatment process.

The cylinders were manufactured by African Foundries Limited, AFL, a steel manufacturer and member of the African Industries Group with its complex near Lagos. The country had experienced a severe oxygen supply problem with the 2nd wave of the pandemic. Speaking at the AFL complex, the Managing Director and Chief Executive Officer of the Aliko Dangote Foundation, Zouera Youssoufou, noted that CACOVID has been in discussions with the Lagos State Commissioner for Health and the supply of oxygen commenced last week, with 122 cylinders already refilled for use and sent to the Yaba Medical Centre.

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