Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Lose N117.04bn WoW as NSEASI Dips by -0.57% to Close the Week Negative
Equities market closed today on a positive note, as NSEASI appreciated by +0.02% to close at 39,261.01 basis points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.51%.
Market breadth closed negative as NEIMETH led 12 Gainers as against 16 Losers topped by MBENEFIT at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -31.22% as against +54.84% uptick recorded in the previous session. TRANSCORP, ACCESS and UNITYBNK were the most active to boost market turnover. MTNN and FLOURMILL topped market value list.
BETAGLAS leads the list of active stocks that recorded impressive volume spike at the end of today’s session

VAT ‘war’ leaves businesses confused
Taxpayers and business owners are scratching their heads over the authority to remit Value Added Tax (VAT), as the Federal Inland Service (FIRS) and state governments lay claim to the right to collect taxes.
Real estate fund beats peers to post highest asset growth year-to-date
Nigeria’s real estate fund, one of the six mutual fund collective investment vehicles regulated by the Securities and Exchange Commission (SEC), has beat its industry peers to post the highest jump in asset growth year-to-date.

Stop MDA’s unbridled violation of statutory financial regulations
The Fiscal Responsibility Act and the Nigerian Constitution make it mandatory for government agencies to remit into the Consolidated Revenue Fund (CRF), their operating surplus after every fiscal year
Naira hits record N530 per dollar on parallel market
Naira, Nigeria’s legal tender on Thursday fell to N530 per dollar on the parallel market also known as the black market. The depreciation of the Naira was a result of increased demand for dollars by importers who could not access the greenback from the banks due to documentation issues, traders said
The volume of fuel consumed in Nigeria is unknown – NNPC
Mele Kyari, group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC) has said that it is difficult for Nigerians to know their actual fuel consumption
Nigerian Economy in a Post-Pandemic Era: A Big Leap or Masked Recovery?
The Nigerian economy printed a surprise rebound in the second quarter of 2021, posting the fastest GDP quarterly growth rate since 2014. According to the report published by the National Bureau of Statistics, the country’s GDP grew at 5.01% (YoY) in the second quarter of 2021 (Q2’21), up from 0.51% in the previous quarter and -6.10% in Q2’20.
NDDC Got N6trn in Eight Years, maintains 362 Bank Accounts Without Proper Reconciliation – FG
The Federal Government on Thursday said it was concerned that over 13,777 projects being handled by the Niger Delta Development Commission have their execution “substantially compromised”.
Nigeria’s Eurobonds Debts Rise by $9.37bn in Five Years
Commercial loans obtained by Nigeria through Eurobonds rose from $1.50bn as of December 31, 2015 to $10.87bn as of December 31, 2020, indicating a $9.37bn or 625 per cent increase in five years.
Sylva to Launch $50m Oil Industry Research, Development Fund Protocol
The Minister of State for Petroleum Resources, Chief Timipre Sylva, will next week launch the oil and gas Research and Development (R&D) Fund Utilisation Protocol put in place by the Nigerian Content Development and Monitoring Fund (NCDMB).

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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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