headlines news for the day

Investors Gain N24.92bn as NSEASI Inches Up Further by 0.12%, YTD Return Hits -3.23%

Equities market closed today on a positive note, as NSEASI appreciated by +0.12% to close at 38,968.34 basis points as against +0.01% gain recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.23%.     

Market breadth closed negative as UAC-PROP led 14 Gainers as against 19 Losers topped by TRANSCOHOT at the end of today’s session – an unimproved performance when compared with previous outlook.         

Market turnover closes negative as volume moved down by -38.11% as against +31.61% uptick recorded in the previous session. UNIVINSURE, ZENITHBANK and UBCAP were the most active to boost market turnover.  MTNN and NESTLE topped market value list.        

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

Nigeria’s power sector reforms yielding more cash than electricity

The Federal Government reforms in the power sector seem to be improving the financial fortune of the sector as shown in the 78.16 percent year-on-year growth in its contribution to GDP, but supply has not materially improved for many Nigerians.

Dala Inland Port to grow African trade, decongest seaports – Jime

Dala Inland Dry Port (IDP) in Kano will boost trade within African countries and help actualise the goals of the African Continental Free Trade Agreement (AfCFTA), Emmanuel Jime, the executive secretary/CEO of the Nigerian Shipper’s Council (NSC), has said

 

 

 

MTN Nigeria awaits CBN’s licence, says it’s eager to commence PSB operations

Nigeria’s largest telecommunications company, MTN Nigeria said it is currently awaiting the Central Bank of Nigeria’s license for it to operate a Payment Service Bank (PSB).

Nigeria railway makes N71m moving cargo in second-quarter – NBS

The Nigerian rail system has generated a total of N71, 555,762 from evacuating cargoes in the second quarter of 2021, according to the National Bureau of Statistics’ Rail Transportation Data (Q2 2021).

Insurers mull capacity to explore growth opportunities in AfCFTA

Building insurance industry capacity is critical in identifying growth opportunities in the African Continental Free Trade Area (AfCFTA) and making the sector play active role in liberating the continent and helping its governments enhance welfare of citizens.

Nigerian banks grow profit by most in 7yrs despite limited cash

Nigerian banks, like many other businesses who despite the tough operating environment find ways to remain resilient, have reported the highest half-year profit in seven years.

Nigeria’s two unfinished gas projects cost N64.96bn loss in 2020

Two major gas projects, Olokola Liquefied Natural Gas (OK LNG) project and West African Gas Pipeline (WAGP), capable of making gas a critical catalyst in Nigeria’s economy are currently rotting away with a loss of about N64.96 billion in 2020 despite processing zero gas.

FG gives N10,000 to 1.6m household every two months

President Muhammadu Buhari on Tuesday said 1.6 million poor and vulnerable households, comprising more than 8 million individuals, are currently benefiting from the Conditional Cash Transfer program.

Dangote Refinery in talks with traders for loan

Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, according to a Reuters report.

Nigeria’s inflation eases for 5th straight month in August

Nigeria’s inflation rate eased in August for a fifth straight month to 17percent after the country’s accelerating food prices slowed, data from the National Bureau of Statistics (NBS) shows.

NNPC 2020 Annual Report: Impairment Backed Profitability: A Lot More Needed

 The Nigerian National Petroleum Corporation (NNPC) released its audited financial statement for the year ended 2020. For the first time since its establishment in 1977, the corporation disclosed a profit for the year.

CBN Categorically Denies and Strongly Condemns Peddlers of Rumor on Domiciliary Account Holdings

 The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”.

Shell’s Sale of Nigerian Assets Faces Dollar-Crunch Challenge

 Nigeria’s lenders likely don’t have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc, the country’s biggest lender said. 

Ogun to Join Rivers, Lagos on VAT Collection as Bill Scales Second Reading

 A bill seeking to establish a law to impose and charge value-added tax (VAT) on certain goods and services in Ogun state has scaled the second reading at the state house of assembly.  

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