Recession: Investors Lose N281bn In Less Than 9 Months
Investors in the nation’s stock market have lost about N281 billion of their investment value in the past eight months as the ongoing economic recession continues to hit the financial market. This is just as stockbrokers continued to lament over difficult operating environment which has placed their businesses in difficulties.
Vanguard's findings showed that the Nigerian Stock Exchange, NSE market capitalisation, which represents the value of total investment in the stock market by investors, dropped by N281 billion or 2.9 per cent from N9.850 trillion it opened in the first trading day of January this year to close at N9.569 trillion last week Friday.
Another stock market gauge, the NSE All share index dropped by 2.7 per cent or 783.77 points from 28, 642.25 points it opened in January to close last week at 27,599.03 points.
Meanwhile, stockbrokers have said that the on-going economic recession continues to affect the financial market with dire consequences on the income streams of the capital market operators and has given them concern for their continued existence.
Scholes Slams Pogba As Manchester United Lose To Feyenoord
Paul Scholes says Manchester United’s world record signing Paul Pogba is not performing like the player the club bought for £100million.
‘It’s been a little bit of a struggle for him so far,’ said BT Sport pundit Scholes. ‘Tonight, again, wasn’t his best performance. I think it will come. It’s still very early days.
‘I don’t really know what position he’s playing at the minute. Has he got a position? Has he been told to play where he wants?
‘He seems to be a little all over the place at times. I think he’s trying to do too much on the ball.
‘He’s trying to beat three or four players. He’s running with the ball. He should keep it simple for now.
‘That’s not the player Manchester United bought. They didn’t buy a Lionel Messi to go and beat five players and stick it in the top corner all the time. They bought a powerful, strong midfield player who can take the ball. He’s got skill, he can pass it forward, he can run.’
Pogba also came under fire from Sky Sports pundit and Sportsmail columnist Jamie Carragher for an ‘ill-disciplined’ performance in the Manchester derby last Saturday – a match United lost 2-1.
But Scholes has no doubts concerning the 23-year-old’s ability.
‘If he just plays one-two touch, sticks the ball into Zlatan (Ibrahimovic) and runs, nobody can live with that,’ he said. ‘He’s got so much pace, so much power.’
‘I know he’s (Mourinho) happy with the four players he’s bought but they still need that type of player. A Luka Modric or a Toni Kroos (the Real Madrid midfield pair).
‘I think these players are available. I think Paul Pogba would be a much better player playing with these types of players.’
Oprah Loses $117million As Share Prices Plummet By 66 Per Cent
Oprah Winfrey weight isn't the only thing that has dropped after losing $117 million when her Weight Watchers shares plummeted by almost 70 per cent.
The weight-loss company has seen a 66 per cent drop in share prices since the firm's November 2015 high after the former TV host announced she would become the face of the firm.
Oprah, who owns ten per cent of Weight Watchers, saw $117 million knocked off her own personal fortune by the falling share price. Meanwhile, the value of the company has dropped by $1.2 billion since its peak.
Shares were down another 68 cents, or 6.6%, to $9.68 Tuesday after the company said it is replacing its CEO of three years James Chambers at the end of the month.
But the price is still above the $6.79 share it traded for before Oprah came on board as its third biggest investor.
Sumai foods loses N1bn to fire
A raging fire has destroyed property worth more than N1bn at a company located in Oluyole Estate area of Ibadan, on Monday.
The fire, which began on Sunday night, was still burning despite the presence of fire fighters on Monday evening.
The company, which produces paper cartons used in packaging finished products, is said to be a subsidiary of SUMAL Foods and Confectionaries, also located in Oluyole Industrial Estate in Ibadan.
The affected company is located inside the vast premises of Sanusi Steel Industry, which, until it folded up, was producing steel and wire.
Offices, machines, warehouses, buildings, computers and raw materials had been destroyed already by the fire, with walls of most of the buildings showing cracks. The city of Ibadan has also been covered in ashes emanating from the fire.
As of Monday evening, smoke had rented the air as far as the University of Ibadan and Ojoo area on Oyo road.
A security guard, Edward Bassey, who works in one of the companies in the area, said the fire began around 10pm on Sunday.
The Director of Oyo State Fire Services, Kareem Oyekunle, however, said effort was still on to stop the spread of the inferno. He said 40 of his men were already working at the scene.
