Tuesday 16th January 2018

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Stock Market Sustains Rally as Index Hits 43,119.08, Market Cap Now N15.4tn Goddy Egene Nigerian stocks rose further yesterday as the Nigerian Stock Exchange (NSE) AllShare Index (ASI) climbed to a new high of 43,119.08 while market capitalisation hit N15.447 trillion. This follows sustained rally in the market since the beginning of 2018, which has seen the Nigerian

exchange gaining the most among the 96 major exchanges tracked by Bloomberg. As at the close of trading yesterday, the market’s main equity index, which is the NSE ASI, had advanced by 12.7 per cent. This meant that the Nigerian market, which

recovered from a three-year fall to gain 42.3 per cent last year, had appreciated further by 12.7 per cent in 10 trading days of 2018. Market capitalisation of equities had grown by N1.837 trillion since the beginning of the year. The rally has mainly been

driven by the banking, consumer, insurance, and industrial goods sectors of the market. Specifically, the NSE Banking Index that led the market last year with a growth of 73.3 per cent, has appreciated by 20 per cent this year, outperforming the

NSE ASI by 7.3 per cent. The NSE Industrial Goods Index followed with a growth of 16.9 per cent, while the NSE Insurance Index has appreciated by 11.4 per cent, NSE Oil/Gas Index has appreciated by 8.4 per cent, just as the NSE Consumer

Kidnapped Taraba Lawmaker, Ibi, Found Dead… Page 6

Goods Index has advanced by 7.2 per cent. Market operators have attributed the Bull Run to investors’ reaction to rising oil prices, positive macroeconomic outlook and high expectations for impressive 2017 full year results. Besides, Nigerian equities Continued on page 6

Tuesday 16 January, 2018 Vol 22. No 8307. Price: N250

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US Envoy Meets Onyema, Says Reports of Trump’s Shit-Hole Remark Contradictory… Page 8

Accommodate Your Fellow Country Men, Buhari Appeals to Ortom No land for cattle colony, Benue leaders insist CAN berates FG, police over silence on killings by herdsmen in Taraba Omololu Ogunmade in Abuja and Wole Ayodele in Jalingo President Muhammadu Buhari yesterday in Abuja appealed to the Governor of Benue State, Dr. Samuel Ortom, to accommodate his fellow countrymen, promising that all perpetrators of violence

in the state would be made to face the wrath of the law. “I ask you in the name of God to accommodate your countrymen. You can also be assured that I am just as worried, and concerned with the situation,’’ the president Continued on page 6

Crude Oil Price Hits $70 P/B Despite Surging US Output Ejiofor Alike with agency reports Crude oil price hits $70 per barrel yesterday despite surging production by the United States, which is offset by the production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and Russia.

The international benchmark Brent crude futures rose above $70 per barrel earlier in the session before trading at $69.69 per barrel. The United States West Texas Intermediate (WTI) crude futures were at $64.22 per barrel but Reuters reported Continued on page 6

Ekiti Bars Fayemi, Ex-Commissioner from Public Office over Alleged Corruption... Page 8

REMEMBERING FALLEN HEROES... R–L: Senate President, Senator Bukola Saraki; Speaker House of Representatives, Hon. Yakubu Dogara; and Chief Justice of Nigeria, Justice Walter Onnoghen; during the wreath laying ceremony to mark the 2018 Armed Forces Remembrance Day at the National Arcade, Abuja… Monday photo: speaker’s media office


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