Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Lose N16.97bn as NSEASI Dips Further by -0.08% Amid Positive Market Breadth
Equities market closed today on a negative note, as NSEASI depreciated by -0.08% to close at 38,873.85 basis points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.47%.
Market breadth closed positive as MRS led 16 Gainers as against 13 Losers topped by NEIMETH at the end of today’s session – an improved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -3.41% as against +23.12% uptick 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.

Global oil exploration to attract $1.7 trillion, despite energy transition- Report
Despite efforts by oil majors to hasten energy transition, a new report by international energy research firm, Rystad Energy has forecasted a total of $1.7 trillion will be spent on well services in the 2021 to 2030 period, thanks to increasing global demand for drilling and well services.

Transport fares increase in August as petrol price decreases, diesel increases again
Despite a decrease in average petrol prices across Nigeria, transport fares across different forms of transportation have increased in August, a trend not recorded in July, when some fares were seen to decrease despite higher fuel prices.
Public Officials, CEOs announce Huge Push on Clean, Efficient Energy
Some nations, the private sector, cities and international organizations have announced major new initiatives on greening urban energy as part of activities to mark Energy Action Day.
FG to end electricity subsidy by January 2022
The Federal Government will end all subsidies and financial intervention in the electricity market by January 2020 paving the way for customers to pay what the government calls full commercial price for power.
Nigeria unemployment could hit 40% by year-end
Nigeria’s unemployment rate is projected to increase to 40 percent by the end of 2021, according to Doyin Salami, chairman of the Presidential Economic Advisory Council (PEAC).
Buhari wants PIA amended to remove ministers from boards of regulatory agencies
President Muhammadu Buhari has written to the National Assembly, seeking an amendment to the recently signed Petroleum Industry Act (PIA) to remove the Ministers of Petroleum Resources and Finance from the boards of the Nigerian.

$24m fund for African agriculture launched by KfW, Sahel Capital
A Social Enterprise Fund for Agriculture in Africa (SEFAA), which will commit $24 million towards boosting productivity, and combating poverty, is being launched by Sahel Capital with support from the KfW Development Bank.

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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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