headlines news for the day.

Eurobond, IMF give CBN firepower to defend naira

There is hope for a stable naira going forward as the expected foreign exchange inflows worth about $6.3 billion will likely give Nigeria’s central bank the firepower to defend the local currency.

Conoil posts highest half-year profit in 8years

Nigeria’s notable petroleum marketing company, Conoil Plc, has reported its highest profit in eight years in the first half of 2021 as revenue returns to pre-COVID-19 levels.

The petroleum exploration and production company grew profit by 213.7 percent to N1.06billion in the first half of 2021 compared to the N338.69billion reported in the same period last year.

Conoil grew its revenue to N67.63billion in the review period, 17.7 percent higher than the N57.45billion recorded in the corresponding period of 2020.

Profit before taxation (PBT) was up by 213.7percent to N1.56billion from N498.08billion in the first half of last year.

Breakdown of the financial result for the half-year ended June 30 2021 revealed that the company grew its shareholders’ funds by 3.9percen, From N19.80billion in H1’20, it increased it to N20.58billion. Earnings per share (kobo) also increased by 213.7percent to 153kobo from 49kobo.

Analysis of the oil company’s financial results for the last ten years showed the profit reported in the review period is the second highest after the N1.59 billion that was posted in the half-year of 2013.

The company’s financials also revealed how efficient the oil company was in the first six months of 2021 compared to the same period of the previous year. Conoil’s gross profit was up by 8.7 percent in the review period, from N4.78 billion in H1 2020 to N5.2 billion in H1 2021.

FX liquidity drops in July as naira loses N2

Nigeria’s foreign exchange market recorded 6.64 percent drop in liquidity as the monthly market turnover declined to $2.81 billion at the end of July 2021 compared with $3.01 billion in the preceding month of June 2021.

Jaiz Bank grows profit by most in six years on higher income

Nigeria’s premier non-interest bank, Jaiz Bank Plc has grown its half year profit by most in six years as income from financing contracts surged.

The Bank saw its profit surge 70.6 percent to N1.99 billion in the first half of the year compared to N1.17 billion in the same period last year.

Jaiz’s total income for the period under review grew by 42.1 percent from N6.23 billion as at the end of June 2020 to N8.86 billion at the end of June 2021.

Hassan Usman, Managing Director, Jaiz Bank Plc, said that the bank’s consistent growth in earnings is a reassurance to all stakeholders and the investing public, while it reinforces the status of the bank as the pioneer and leading non-interest bank in Nigeria.

He assured that the bank is determined to maintain the remarkable earnings growth for the rest of the year by leveraging on technology and the expansion of its retail banking portfolio.

Income from financing contracts jumped 57.5 percent to N7.17 billion plunged to N4.55 billion in the same period last year.

Income from investing contracts also grew N31.8 billion to N4.47 billion compared to N3.45 in the periods under review.

Further analysis of the report shows that Jaiz’s other operating income surged 29.6 percent to N226 million compared to N179.5 million.

The Bank’s profit before tax rose 70.8 percent to N2.29 billion compared to 1.34 billion as at June 2020.

Meanwhile, the Bank’s earnings per share for the period under review jumped by 70.3 percent from 3.89 kobo in the first quarter of 2020 to 6.78 kobo at the end first quarter of 2021.

Senate Asks BPE to Refund N8.7bn, Queries N387.7m Tax Evasion

 The Senate has asked the Bureau of Public Enterprises to refund N8.7bn to the Consolidated Revenue Fund based on an audit query issued by the Office of Auditor General of the Federation. 

NLC Demands Electricity Tariff Reduction Agreement Implementation by December

The Nigeria Labour Congress has said the Federal Government must implement by December the agreement to reduce electricity tariffs by N15 per kilowatt-hour. The congress cautioned that it would not accept the serial violations of agreements, noting that it was serving the government a notice.

FG Reduces Gas-to-Power Price from $2.50 to $2.18

The Federal Government has on Thursday reduced gas to power prices from $2.50 to $2.18 with immediate effect. President Muhammadu Buhari disclosed this while declaring open the 2021 Gas Sector Stakeholders (Ajaokuta-Kaduna-Kano, AKK Gas Pipeline Project) Forum held in Kano. 

Investors Gain N137.38bn WoW as NSEASI Inches Up by 0.68% to Close the Week Positive

Equities market closed today on a positive note, as NSEASI appreciated by +0.02% to close at 38,810.75 basis points as against -0.32% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.63%.        

Market breadth closed negative as TRANSCOHOT led 10 Gainers as against 11 Losers topped by JULI at the end of today’s session – an unimproved performance when compared with previous outlook. 

Market turnover closes positive as volume moved up by +20.03% as against -32.24% downtick recorded in the previous session. FBNH, GUARANTY and TRANSCORP were the most active to boost market turnover.  GUARANTY and DANGCEM topped market value list.        


TRANSCOHOT leads the list of active stocks that recorded impressive volume spike at the end of today’s session

About the Author

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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