FBN Holdings remained the most active, accounting for 30.73 million shares worth N107.99 million. Transcorp followed with an exchange of 20.07 million shares valued at N20.66 million, while Zenith Bank sold 14.22 million shares worth N185.69 million. Guaranty Trust Bank traded 11.19 million shares valued at N194.04 million and Access Bank traded 9.69 million shares worth N40.61 million. In all, investors traded a total of 181.11 million shares valued at N1.17 billion as against 178.87 million shares worth N1.48 billion exchanged on Thursday.
The bureau is of the view that Investors may be concerned about whether or not they will be able to repatriate the earnings from their investments, given the current controls on the exchange rate. In addition, as growth has slowed in recent quarters, adding that there may be concerns about the profitability of such investments. According to NBS, the first quarter of 2016 also saw a large change in the composition of capital imported.
Investigations revealed that members of the National Assembly committee were hard put to remove most of the vexatious items as demanded by the President and restore the votes originally earmarked for other projects and services. According to impeccable sources the major problem with the budget was how to remove most of the ‘padding’ from the budget and get the money allocated to them into other uses. It was learned that some members were protective of their projects and were not too keen to get them, and the amount attached to them, off.
Federal Government Wednesday outlined 34 projects and programmes which would be accorded utmost priority to ensure optimal performance of the 2016 budget. The development was in the anticipation of the presidential assent to the budget which may happen anytime soon.
The government said the action-plan was necessary to assist the present administration realize the objectives of the All Progressives Congress, APC embedded in the change agenda. The plan was announced by the Minister of State for Budget and National Planning, Zainab Ahmed after the Wednesday meeting of the Federal Executive Council, FEC presided over by the Vice President, Professor Yemi Osinbajo at the Presidential Villa, Abuja.
Addressing State House Correspondents alongside her colleagues which included the Minister of Information, Lai Mohammed, Minister of state Industry, Trade and Investment, Aisha Abubakar, Minister of State for Foreign Affairs, Hajia Khadijat Buka Abba, Ahmed revealed that 34 priority areas earmarked by the federal government for urgent attention. The areas, she said, spanned through the economy, trade and investments, security, health, power, Oil/Gas and agriculture.
She hinted that the budget might also be signed into law by President Mohammadu Buhari any time soon. She said: “We discussed the strategic implementation plan for the 2016 budget. “Our ministry’s presentation was introducing to council for discussion priority economic activities that we need to undertake to ensure that the purpose for which the 2016 budget was made which is to stimulate the economy, to create jobs for our teeming youths and to extend support to the poor and very vulnerable is realized.
“We presented 34 strategic priority programmes that need to be realized within 2016. Each of these projects programmes has very clear deliverables and targets and indicators which will be measured to ensure that the respective Ministries, Departments and Agencies (MDAs) deliver on what we committed to implement. “These 34 specific areas are grouped into four major objectives. The first is policy, governance and security, second diversification of the economy, the third is creating support for the poor and the vulnerable and the forth is reflecting our economy through investment. “The paper was well received by council. We got some very positive comments and the 34 priority projects were approved for implementation.
The currency of the largest economy in Africa had been exchanging for N321 to the dollar for about four days running. The Naira also traded at N467 and N365 to the Pound Sterling and Euro respectively. Meanwhile, the nation’s currency had maintained N197 to the dollar at the official Central Bank of Nigeria (CBN) rate. Traders at the market in separate interviews with the News Agency of Nigeria (NAN) expressed optimism that the passage of the 2016 budget may affect the market positively. They, however, urged the CBN to urgently halt the activities of currency speculators, adding that their actions were affecting the market negatively.
NAN reports that the PMI statistics is used as a health check for the nation’s manufacturing sector for a particular month. According to a composite PMI reading, above 50 per cent indicates that the manufacturing/non-manufacturing economy is generally expanding as 50 per cent indicates no change. A PMI of below 50 per cent indicates that it is generally declining. A data obtained from the CBN, showed that manufacturing PMI dropped to 43.7 per cent in April, compared to 45.9 per cent in the preceding month.