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Is Your Health Insurance Plan Right for You

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Somewhere, something incredible is waiting to be known

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Dare to dream big

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I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.

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Running towards the sunrise.Photo by Nadine A. Gardner

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Perfect opportunity

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To find a peace of mind listen to your heart.

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Finance

Stocks end three-day gains, shed N103bn

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The Nigerian-equities market three-day gains were reversed at the close of trade on Tuesday as the Nigerian Stock exchange market capitalisation dropped by N103bn in one session.

The NSE All-Share Index fell 82 basis points to close at 36,669.61 basis points – implying a moderation in the year-to-date return to 36.4 per cent.

A total of 211.873 million shares valued at N4.742bn exchanged hands in 3,890 deals.

Accordingly, investors lost over N103bn as market capitalisation settled at N12.6tn primarily due to losses in Dangote Cement Plc, Nestle Nigeria Plc and Guaranty Trust Bank Plc, which plummeted by 1.8 per cent, 3.3 per cent and one per cent, respectively.

Despite the 1.4 per cent drop in volume to 211.9 million units, total value of trades increased dramatically, rising by 73.6 per cent from N2.7bn to N4.7bn.

Sector performance was negative across board as all indices declined. On the back of drops in Dangote Cement and Nestle, the industrial and consumer goods indices were the major losers, both down 0.9 per cent from previous close.

Similarly, the oil/gas index fell by 0.5 per cent owing to a loss in 11 Plc, which declined by five per cent. The insurance index declined by 0.4 per cent following a depreciation in AxaMansard Insurance Plc by 4.6 per cent; whereas the banking index reversed on Monday’s top position to marginally fall 0.1 per cent as against one per cent increase on Monday owing to the drop in GTBANK shares by one per cent.

Despite the decline in performance, market breadth remained positive as 21 stocks advanced against 21 decliners. The best performers were International Breweries Plc, NEN Insurance Nigeria Plc and First Aluminum Plc, which respectively advanced by 5.8 per cent, 4.5 per cent and four per cent.

On the other hand, Red Star Express Plc, Neimeth International Pharmaceutical Plc and champion Breweries Plc lost 9.2 per cent, 8.8 per cent and 5.2 per cent to emerge as the worst performing stocks of the day.

Commenting on the market stance, analysts at Afrinvest Securities, in a post, said, “We attribute the day’s negative close to profit taking on recent gains in the equities market, however we expect an upturn in following sessions due to Q3 2017 earnings releases.”

Meanwhile, at the close of trades, the open buy-back and overnight rates recorded respective declines of 47.50 per cent and 50.50 per cent. The average money market rate, on the other hand, settled at 27.67 per cent.

Sell pressures permeated the Treasury bonds space, as the average bond yield advanced by 0.05 per cent, to settle at 15.13 per cent.  Yield advancements were witnessed on 10 instruments, while the Oct-2019 instrument recorded a marginal decline of 0.01 per cent and five instruments traded flat.

© 2017, Sunday Emmanuel. All rights reserved.

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Business

Falling oil price’ll definitely affect 2017 budget – Kachikwu

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Two nabbed with adulterated cooking oil in Borno

BY Okechukwu Nnodim, Abuja

The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget, the Minister of Petroleum Resources, Ibe Kachikwu, has said.

He also stated that Nigeria would support all measures put in place by OPEC to ensure crude price stability globally, not minding if the cartel asks the country to cut down its oil production volume.

Kachikwu stated this at a press conference held at the headquarters of the Federal Ministry of Petroleum Resources in Abuja on Wednesday.

When asked if the crash in crude oil price and the likely call by OPEC for a reduction in Nigeria’s oil production would impact the implementation of the country’s 2017 budget, the minister replied, “In terms of the budget impact, definitely.

“But like you know, the Ministry of Finance is looking for ways to cover some of this shortfall and part of that is efficiency, like how to cut down our expenditures. So the budget will be impacted.

“But we are working hard at the Federal Executive Council to see how we can forecast or predict that sort of impact in order to see how we can cover them.”

The minister stated that Nigeria was currently producing 1.7 million barrels of crude oil per day, outside the volume of condensates produced by the country.

On the likely production cut by Nigeria, he said, “Serious members of OPEC will support the cuts when we are sure that we can have a stable and predictable production. Yes we’ve got 1.7 million barrels production daily, but it is still below the 1.8 million barrels used as benchmark for us at OPEC.

“But the reality is that this is a very difficult terrain and we’ve got to watch it for a couple of months to be sure that what you see is quite sustained. We will ultimately find stability in this market. Nigeria will do whatever it takes to help that stability.”

Kachikwu expressed hope that oil prices might stabilise later this month or in August, adding that conversations with other OPEC members would determine to what extent Nigeria would have to support in stabilising crude prices globally.

“I’m sure that by the time I have conversations with my other colleagues, we will determine at what timeframe we will see Nigeria coming in with a lot more predictive analysis of what our market is looking like and what we need to do to further help. Hopefully by then, we would have been out of the price uncertainties that we are seeing today,” he added.

On Tuesday, The PUNCH reported that Nigeria and Libya might be asked to cap their crude oil output soon in an effort to help re-balance the market, as the two countries had boosted oil production since they were exempted from the global cuts led by the OPEC and other producers.

Culled from PunchNG

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Business

Change of name won’t affect operations – Etisalat Nigeria

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Emerging Markets Telecommunication Services Ltd. trading as Etisalat Nigeria on Tuesday informed its customers that the change of brand name will not affect its operations.

The Vice President, Regulatory and Corporate Affairs, EMTS, Mr Ibrahim Dikko, in a statement said that EMTS was aware of recent news reports regarding Etisalat Group’s withdrawal of the right to the continued use of the Etisalat brand in Nigeria by EMTS.

He said that EMTS had a valid and subsisting agreement with the Etisalat Group.

According to him, the agreement entitles EMTS to use the Etisalat brand notwithstanding the recent changes within the company.

“Indeed, discussions are ongoing between EMTS and Etisalat Group pertaining to the continued use of the brand.

“EMTS will issue a formal statement once discussions are concluded.

“The final outcome on the use of the brand in no way affects the operations of the business as our full range of services remain available to our customers,’’ he said.

Dikko said that EMTS launched in Nigeria in 2008 with “0809ja’’ to affirm the “Nigerianness’’ of its origin and sphere of influence.

He said that in nine years of operation, the company remained a prime driver and avid supporter of the Nigerian spirit of excellence.

According to him, the telecommunications company will continue to stay true to its “Naijacentric identity’’.

“This notion is strongly reflected in our core messages and depicted in major projects and initiatives, which we have been known to support.

“All these initiatives have their foundation embedded in supporting key aspects of the Nigerian fabric: building Nigerian businesses and empowering Nigerians with a focus on the youth.

“Nigeria remains the soul of EMTS’ business and we have made the brand alluring to our teeming subscribers, who see a piece of the spirit and character of Nigeria in everything we do.

“EMTS is here to stay and we wish to assure our esteemed customers that our core values of youthfulness, customer-centricity, and innovation will remain the pillars on which we operate.

“We thank our esteemed customers for their abiding faith in us,’’ Dikko said.

Since the month of March, Etisalat Group has been having the issues with the consortium of 13 banks over the payment $1.2bn loan.

The group had on Monday given Etisalat Nigeria three weeks ultimatum to stop the usage of its brand name.

(NAN)

© 2017, . All rights reserved.

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