headlines news for the day

Investors Lose N29.71bn as NSEASI Dips by -0.15%, Erases Previous Day Gain

Equities market closed today on a negative note, as NSEASI depreciated by -0.15% to close at 38,911.31 basis points as against +0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.38%.  

Market breadth closed negative as UNITYBNK led 9 Gainers as against 16 Losers topped by ETERNA at the end of today’s session – an unimproved performance when compared with previous outlook.   

Market turnover closes negative as volume moved down by -7.92% as against -38.11% downtick recorded in the previous session. ACCESS, UNIVINSURE and ZENITHBANK were the most active to boost market turnover.  ACCESS and ZENITHBANK topped market value list.        

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

Rising GDP growth, slowing inflation unlikely to pave way for rate cut

Nigeria’s higher growth rate in the second quarter of 2021 as well as slowing inflation are not likely to pave the way for Nigeria to reduce interest rates as the Monetary Policy Committee (MPC) enters its two-day meeting today

Multiple Customs checks, agencies’ interference stifle businesses at ports

The different units of the Nigeria Customs Service (NCS) still query the same cargo clearing document repeatedly to delay importers from taking delivery of their cargoes, despite the Federal Government Executive Order on ease of doing business at ports

 

 

 

Akinyanmi, ex-Lekoil CEO sues company, claims hostile takeover

Lekan Akinyanmi, the erstwhile CEO of Aim-listed Lekoil Plc, removed over accusation of governance breach has sued his former company saying it is planning to take over the Nigerian unit of the company he still heads

FG says Twitter ban to end ‘very soon’

The federal government has said that it is very close to lifting its Twitter ban, raising hopes among users eager to return to the social media platform over 100 days after its suspension.

Nollywood produces most movies in 5yrs but challenges persist

The Nigerian film industry, Nollywood, has produced its highest movies in five years in Q2 2021 but a myriad of challenges hinders its potential to drive the country’s economic growth.

Examining The Contentious Issues Arising from The Federal High Court (FIRS) Practice Directions

 On May 31, 2021, the Federal High Court (the “Court”) issued a Practice Direction titled the: Federal High Court of Nigeria (Federal Inland Revenue Service) Practice Directions, 2021 (the “Practice Directions”) with June 1, 2021, as the effective date. 

Salami: With Debt Service-to-Revenue at 98%, Nigeria’s Borrowing Unsustainable 

 Nigeria’s current public debt stock is unsustainable even though the country’s debt-to-Gross Domestic Product (GDP) ratio at 35 per cent seems comfortable, Chairman of President Muhammadu Buhari’s Economic Advisory Council (EAC), Dr. Doyin Salami, has said. Salami also lamented that with debt service-to-revenue ratio at 97.7 per cent (January to May 2021), the country’s public debt profile was unmaintainable. 

Malami Writes Governors, Says no Recoveries Made on Stamp Duty Since 2016

 Abubakar Malami, attorney-general of the federation (AGF) says the federal government is yet to recover stamp duty funds made from January 15, 2016, to June 30, 2020. 

FEC Approves N38.4bn for Roads in Benue, Four Other States

 The Federal Executive Council presided over by the President, Major General Muhammadu Buhari (retd.) has approved N38.4 billion for the completion of road projects in five states. The road projects which were inherited from past administrations are located in Anambra, Bayelsa, Benue, Imo, and Nasarawa. 

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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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