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NGX Weekly Loss Hits N165bn as Sell Pressure Drags Stocks

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NGX weekly loss

NGX weekly loss wipes N165bn as sell pressure hits penny and medium stocks. Market capitalisation dips 0.19% to N88.77 trillion

The NGX weekly loss deepened on Friday as persistent sell pressure in medium and penny stocks erased N165 billion from investors’ wealth.

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Also read: Nigerian Stock Market Rises with N285bn Gain

At the close of trading, market capitalisation slipped to N88.769 trillion, down 0.19 per cent from N88.934 trillion the previous day. Similarly, the All-Share Index dropped 261.74 points to 140,295.50 compared with 140,557.24 on Thursday.

Market breadth ended negative, with 31 losers against 19 gainers. Heavy selloffs in John Holt, Lasaco Assurance, Guinea Insurance, Universal Insurance, and Secure Electronic Technology drove the bearish outing.

John Holt led the losers’ table after falling 10 per cent to N6.30 per share, followed by Lasaco Assurance, which declined 9.64 per cent to N3.00.

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Guinea Insurance shed 7.79 per cent to N1.42, Universal Insurance dropped 6.25 per cent to N1.20, while Secure Electronic Technology dipped 5.56 per cent to 85k per share.

On the gainers’ side, Learn Africa topped with a 9.86 per cent rise to N7.80. Union Dicon Salt advanced 8.04 per cent to N12.10, Prestige Assurance gained 6.75 per cent to N1.74, Academy Press rose 6.11 per cent to N9.55, and Omatek Ventures climbed 6.06 per cent to N1.40 per share.

Trading activity weakened sharply compared to the previous session, with 435.14 million shares worth N10.4 billion exchanged in 25,609 deals. This was down from 885.02 million shares valued at N28.3 billion traded across 26,163 deals on Thursday.

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VFD Group topped activity with 49.3 million shares worth N542.2 million, followed by Secure Electronic Technology, which recorded 33.2 million shares at N28.8 million.

Access Corporation traded 26.9 million shares worth N716.9 million, while Guaranty Trust Holding Company posted 21.33 million shares valued at N1.9 billion. FirstHoldCo rounded out the top five with 19.93 million shares worth N646.7 million.

Also read: Nigerian Stock Investment Guide Reveals Strong Picks

The NGX weekly loss highlights the renewed volatility in Nigeria’s equities market, as investors remain cautious ahead of further macroeconomic adjustments.

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Lagos Moves to Introduce Compulsory Certification for Artisans

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The Lagos State Government is advancing plans to introduce a formal registration and certification system for artisans and craftsmen through a proposed regulatory board aimed at improving professional standards and protecting consumers.

The development follows the adoption of a report on the Lagos State Artisans and Craftsmen Regulatory Board Bill by the Lagos State House of Assembly on Monday.

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The bill seeks to establish a regulatory framework for the registration, training, certification and professional conduct of artisans operating across the state.

Following the adoption of the committee’s report, the Speaker of the House, Mudashiru Obasa, directed the Clerk, Adenike Oshinowo, to forward a clean copy of the proposed legislation to Governor Babajide Sanwo-Olu for assent.

The proposed board is expected to oversee the certification of practitioners, maintain a register of qualified artisans and establish standards to ensure that individuals offering specialised services possess the necessary skills and competence.

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Presenting the committee’s report, the Chairman of the House Committee on Commerce, Industry and Cooperatives, Abiodun Tobun, said the growing size and diversity of the artisan sector made it necessary to establish an effective regulatory structure.

He explained that the legislation was designed to promote professionalism, safety and accountability while protecting residents from unqualified practitioners and substandard workmanship.

Under the proposed arrangement, the board would also collaborate with the Lagos State Vocational and Technical Education Board, vocational institutions and other government agencies to provide continuing education, refresher courses and skills-upgrading programmes.

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The framework is expected to cover different categories of artisans and craftsmen, including professionals involved in construction, repairs, technical services and other skilled trades.

Beyond certification, the proposed legislation also seeks to improve the economic prospects of registered practitioners by facilitating their access to government funding, financial assistance and other support programmes.

According to Tobun, the initiative would enable artisans to acquire modern tools and equipment, expand their businesses and improve their professional skills.

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The committee also recommended that the board’s General Manager be appointed by the governor on the recommendation of the relevant commissioner, subject to confirmation by the House of Assembly.

It further proposed that foreign nationals with relevant training, qualifications or practical experience acquired outside Nigeria should be eligible to apply for registration.

The proposed legislation followed earlier deliberations and a public hearing at which stakeholders called for a regulatory framework that would protect both artisans and their customers.

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The Managing Director of Ibile Metropolitan Project, Deji Okunubi, had urged lawmakers to ensure that the framework accommodated different trades, including mechanics, welders and hairdressers.

He also stressed the need for a system that would provide protection for artisans against unfair treatment while giving consumers a means of seeking redress over poor services.

The bill is part of broader efforts to formalise Lagos State’s informal economy and improve accountability among service providers.

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However, the proposed certification system is yet to take effect, as the legislation must first receive the governor’s assent before the regulatory board can be established under the law.

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