Headlines news for the day.

Investors Lose N65.82bn as NSEASI Dips by -0.32%, Halts Positive Sentiment

Equities market closed today on a negative note, as NSEASI depreciated by -0.32% to close at 38,801.51 basis points as against +0.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.65%.         

Market breadth closed positive as CONOIL led 18 Gainers as against 16 Losers topped by ARDOVA at the end of today’s session – an improved performance when compared with previous outlook.                                 

Market turnover closes negative as volume moved down by -32.24% as against -10.87% downtick recorded in the previous session. UBA, GUARANTY and ZENITHBANK were the most active to boost market turnover.  GUARANTY and ZENITHBANK topped market value list.
TRANSCOHOT leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

FGN Appoints Transaction Advisers for a Eurobond Issuance

The Federal Executive Council (FEC) has approved eight institutions that will be Transaction Advisers for the issuance of Eurobonds by Nigeria in the International Capital Market (ICM).

FEC Approves $11.17bn Rail Project to Link Coastal Cities

The Federal Executive Council has approved the sum of $11.17bn to link all of Nigeria’s coastal cities by rail in six years. Minister of Information and Culture, Lai Mohammed, briefed State House correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja. 

Local firms eye assets as Shell, others exit onshore operations

The decision of oil majors led by Shell to divest stakes from troubled Nigerian onshore operations is attracting interest from several indigenous firms led by Seplat Energy and Chappal Petroleum Development Company

Nigeria’s telcos’ investment declines 55.7% in one year

Nigeria’s telecom industry in 2019 attracted investment worth over $942.86 million. However, in 2020, it recorded a decline of 55.7 percent as the industry only attracted investment worth about $417.48 million for the period under review.

Investors ignore cement makers’ H1 bumper earnings

Nigeria’s largest cement makers, Dangote Cement Plc, BUA Cement Plc and Lafarge Africa, reported a combined profit before tax increase of 61.90 percent in the first half of this year

Nigeria’s largest FMCGs see profits surge to five-year high

Nigeria’s largest Fast-Moving Consumer Good (FMCGs) have seen their profits exceed pre-pandemic levels in the first half of 2021, a sign that an economic recovery is on for Africa’s biggest economy.

What repairs of Nigerian refineries mean for West African market

Africa’s biggest oil-producing country is planning to take advantage of a golden opportunity to play regional dominance in the West African refining market following the move by the Federal Executive Council to approve contracts for the rehabilitation of Warri and Kaduna refineries at a cost of $1.4 billion

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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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