Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Gain N9.59bn WoW as NSEASI Inches Up by 0.05% to Close the Week Positive
Equities market closed today on a positive note, as NSEASI appreciated by +0.23% to close at 38,962.23 basis points as against +0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.25%.
Market breadth closed positive as PHARMDEKO led 23 Gainers as against 11 Losers topped by SCOA at the end of today’s session – an improved performance when compared with previous outlook.
Market turnover closes positive as volume moved up by +403.61% as against -19.24% downtick recorded in the previous session. FBNH, ETI and ZENITHBANK were the most active to boost market turnover. FBNH and MTNN topped market value list.
FBNH leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Why benefits of rising oil prices keep eluding Nigeria
Nigeria is struggling to swing the current rally in oil prices in its favour due to the inability to attract investments for active exploration and perennial operational issues that have curbed production.
Multichoice pays N8bn deposit amid tax dispute with FIRS
MultiChoice Nigeria Limited said Thursday that it has paid N8 billion in two tranches to the Federal Inland Revenue Service (FIRS) account as required by the law guiding disputes over tax evasion.
Why Evergrande bankruptcy is causing anxiety in crypto market
The past few days have seen the price of major cryptocurrencies suffer declines on the news of an impending bankruptcy by Evergrande, China’s second-largest property developer by sales
Nigeria’s idle drug capacity hangs on $4b contract manufacturing potential
Nigeria’s idle pharmaceutical industry capacity is a $4 billion growth potential that key stakeholders say can be unlocked through contract manufacturing opportunities that will ramp up local production

Nigerian banks increasingly tap CBN for cash as liquidity shrinks
Banks’ borrowings from the Central Bank of Nigeria (CBN) have jumped by more than three folds in the last six years as the lenders’ ability to meet liquidity obligations shrinks.
Oil’s price surge goes on as Goldman forecasts $90 a barrel on cold winter
Oil is poised for a fifth weekly gain in a market tightened by a global energy crunch that’s set to increase demand for crude. Futures in New York held above $73 a barrel, while global benchmark Brent traded above $77 or near its highest settlement since 2018
No foreigners no problem, as Nigeria holds another successful local bond auction
The Debt Management Office (DMO) held another successful auction of Federal government bonds on Wednesday, when it offered N150 billion but attracted more than two times the offering with a total bid of N334 billion and is now a short crawl from raising its full-year target of N2.34 trillion, after raising N2.19 trillion in the first nine months of the year
Coronavirus: WHO recommends 1st preventive therapy
The World Health Organisation (WHO) has for the first time recommended a combination of drugs to prevent severe COVID-19 disease in infected high-risk patients. The WHO published its new recommendations in the British Medical Journal on Friday.
Insecurity: TCN Loses N1.7bn in 9 Months Over Power Asset Vandalism in North-East
The Transmission Company of Nigeria (TCN) says it has lost N1.7 billion in nine months owing to vandalism of electricity infrastructure in Maiduguri and environs. Speaking on Thursday at a town hall meeting in Maiduguri, Borno state capital, Abubakar Aliyu, minister of power, said the TCN made the revenue loss from January to September.
FG Mulls Taking Rivers, Lagos to Supreme Court Over VAT Collection
The federal government says it is considering filing a suit at the Supreme Court to resolve the ongoing dispute about value-added tax (VAT) collection.
Federal Govt Spends N3.4trn on 2021 Budget Financing in Q1
The federal government’s total expenditure on financing of the national budget stood at N3.38 trillion representing N502.29 billion (17.43 per cent) in the first quarter of 2021.

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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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