Headlines news for the day.

Nigeria’s telcos record biggest investment decline in 8 years

The Nigeria’s telecoms industry in the second quarter of 2021 attracted foreign investments worth about $340,000, the lowest since data agency, the National Bureau of Statistics (NBS), started collating figures in 2013.

More pain for Nigeria as petrol subsidy consumes N608bn

Nigeria’s insistence to keep petrol prices artificially low is threatening to exacerbate its already precarious economic situation, as the expensive practice consumed N608.8 billion in the first six months of 2021

Fight for a free press in Nigeria, it’s the bulwark against bad government

Recently, in an unprecedented protest, Nigerian newspapers jointly published the same front page, with a bold headline: “Information Blackout”. They were campaigning against two legislative bills that, if passed into law, would significantly undermine media freedom in Nigera.

Manufacturers commend CBN’s FX restriction to BDCs, advocate unification

The Manufacturers Association of Nigeria (MAN) has commended the decision of the Central Bank of Nigeria (CBN) to discontinue the sale of Foreign Exchange (FX) to Bureau De Change (BDC) operators, following reports of improper activities over time

Green Africa starts flight Thursday, gets air operating certificate

Green Africa, Nigeria’s Lagos-based value airline has announced that it will start its first official flight Thursday, 12th August 2021. This is as the airline received its Air Operator Certificate from the Nigerian Civil Aviation Authority (NCAA) on Monday, 9th August 2021

Nigeria watches as countries unveil projects for hydrogen economy

The hydrogen economy may be in its very early stages, but most progressive governments are already working to develop projects and bring costs down while Nigeria remains passive despite having a variety of resources to produce hydrogen

Nigeria’s broadband penetration recovers first time in 7 months

The broadband penetration in Nigeria grew by less than 1 percent in the month of June, according to data from Nigerian Communications Commission (NCC). It is the first time in seven months the country is recording growth in broadband penetration

Nigeria’s equities market see negative start to new week

In line with expectation that the overall market sentiment will be largely bearish this week, due to profit taking on stocks that gained last week, Nigeria’s equities market opened this week on a negative note, down by 0.63percent.

Investors in Nigeria’s listed stock book N126billion loss at the close of Monday’s trading session on the Bourse.

The stock market’s negative return year-to-date (YtD) increased to -4.23percent following this dismal outing on Custom Street on Monday.

“In the absence of any major positive trigger, we expect to see the market trade quietly this week with sentiment tilting more towards the bears”, said Vetiva research analysts in their August 9 note to investors.

University Press Plc led the league of losers after its share price decreased from day open high of N1.43 to N1.29, down by 14kobo or 9.79percent while Conoil Plc led the gainers after its share price increased from N20.35 to N22.35, up by N2 or 9.83percent.

The NGX All-Share Index (ASI) and Market Capitalisation which opened the new week at 38,810.75 points and N20.220trillion respectively decreased to 38,567.26 points and N20.094trillion.

Except NGX Oil & Gas Index (+1.01percent) and NGX Consumer Goods Index (0.03percent), all other key sectoral indices closed the trading day in red.

Wema Bank Plc, Ellah Lakes Plc, Fidelity Bank Plc, CHI Plc and FCMB Group Plc were most traded stocks on the Bourse. In 3,830 deals, equities dealer on the NGX Limited exchanged 194.949million shares valued at N1.014billion.

“We do not rule out bargain hunting activities this week as corporate disclosures especially from banking tickers might spur strong buying interest”, said Meristem research analysts.

HollyFrontier Buys Sinclair’s Oil Refinery Assets for $2.6bn 

 HollyFrontier Corp (HFC.N) will pay $2.6 billion for almost all of Sinclair Oil’s assets, adding new refining, pipeline and storage facilities in the U.S. Rocky Mountain region, the company’s chief executive said on Tuesday.

Caution Overtakes Oil Markets as COVID Cases Climb

Despite the Friday trading session recovering somewhat from this week’s aggregate declines, the overarching sentiment on the oil markets is still that of caution, seeing China and the United States confronting COVID-19 case surges.

Wabba Decries High Cost of Gas to GENCOs, Mulls $1.50 per MMBtu

 Miffed by what it described as deliberate ploy to strangulate local businesses, the Nigeria Labour Congress has impressed on the federal government the need to make gas readily available and affordable to electricity generation companies by reducing its cost.

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