newsflash for the day

Digital payment boosts 81% of women-owned businesses in Nigeria – Visa

Eight out of ten women-owned businesses in Nigeria that have moved to digital payment have also seen a positive impact in accelerating growth, according to findings from new research by Visa

Insurers outline strategies to harness growth opportunities in AfCFTA

Insurance operators have identified innovation in service delivery, product development and digitalisation as critical strategies in taking advantage of opportunities offered by the African Continental Free Trade Area (AfCFTA).

Okitipupa Oil Palm set for re-capitalisation after reforms

Okitipupa Oil Palm (OOP) Plc is set to commence its re-capitalisation process following approval by shareholders at the firm’s 31st Annual General Meeting held recently in Lagos.

NIMASA opens N30bn wreck removal, recycling market in Nigeria

The Nigerian Maritime Administration and Safety Agency (NIMASA) has opened up what could be a N30 billion wreck removal and recycling market in Nigeria by commencing the first phase of the nationwide wreck removal exercise.

Explainer: Why importers find it difficult to get space aboard vessels

Importers all over the world are presently finding it extremely difficult to get space aboard vessels due to container scarcity, according to BusinessDay’s findings.

Yellow Card raises $15m Series A funding for African expansion

Yellow Card, a Nigerian-based cryptocurrency exchange has raised a $15 million Series A funding to enable its expansion into other African countries and recruitment of new talents.

Brent Temporarily Breaks the $80 Mark

  • Brent surged to its highest level in almost 3 years on Monday morning on the back of an industry-wide supply crunch.
  • One of the most noteworthy developments of the past several months has been inventory draws across all continents, the largest on record, spearheaded by China’s five consecutive months of stock declines.
  • It remains to be seen how OPEC+ will react when it conducts its next meeting on the fourth of October, but internal documents have already highlighted that global oil demand might be boosted by 370kbpd if natural gas prices remain elevated.
  • The surge in crude prices came on the back of trading firms and investment banks, most notably Trafigura and Goldman Sachs, painting a rather bullish picture for oil prices, stating that the supply deficit is much larger than the market currently anticipates. 

Nigeria’s stock market rout persists

Though on a slighter note, Nigeria’s stock market tanked further on Tuesday (-0.01percent) as investors continued to ignore visible buy opportunities in many value counters seen trading at new lows amid fear of their investible funds hemorrhaging on Custom Street.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalization decreased further at the close of trading from preceding day’s highs of 38,864.33 points and N20.248trillion to 38,858.99 points and N20.245trillion.

AXA Mansard Insurance led the laggards after its share price decreased from N2.99 to N2.70, down by 29kobo or 9.70percent, followed by Africa Prudential Plc which decreased from N6.40 to N5.85, losing 55kobo or 8.59percent of its day-open value.

AXA Mansard Insurance Plc on Tuesday notified investors that following the communication on September 7 to the Nigerian Exchange Limited (NGX) and its shareholders on the planned suspension of trading on the shares of AXA Mansard Insurance Plc on September 9 in order to effect the share reconstruction/redenomination of AXA Mansard shares, the share reconstruction has now been effected, and the reconstructed shares have been credited to each shareholder’s account. The insurer said in a September 28 notice signed by Omowunmi Mabel Adewusi, its Company Secretary that the earlier suspension of trading on its shares has also been lifted and the shares can now be traded.

This week, the equities market has decreased by 0.27 percent, while month-to-date (MtD) it has depreciated by 0.92percent.

This year’s negative return increased to -3.51percent following record loss of about N3billion. In 3,535 deals, investors exchanged 526,300,850 units valued at N3.044billion. Honeywell Flour Mills Plc, UBA Plc, Transnational Corporation Plc, Fidelity Bank Plc and Wema Bank Plc were actively traded stocks on Tuesday at the Nigerian Exchange Limited.

About the Author

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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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