Headline news for the day

Investors Gain N80.36bn as NSEASI Inches up Further by 0.38%, Maintains Positive Posture

Equities market closed today on a positive note, as NGXASI appreciated by +0.38% to close at 41,051.19 basis points as against +0.45% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.94%.

Market breadth closed positive as TRANSCOHOT led 29 Gainers as against 14 Losers topped by FTNCOCOA at the end of today’s session – an improved performance when compared with previous outlook.         

Market turnover closes negative as volume moved down by -20.87% as against +194.75% uptick recorded in the previous session. FBNH, UNIVINSURE  and ETI were the most active to boost market turnover.  FBNH and GUARANTY topped market value list.  

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

NGX Group receives approval to list shares on Friday Oct. 15

The Nigerian Exchange Group Plc (NGX Group) said it has received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX on Friday, October 15, 2021. In light of the foregoing, the register of members of the Company shall remain closed until Thursday October 14, 2021 to complete the update

Customers without BVN to pay N2m penalty says CBN

Any customer or entity operating an account or wallet without a Bank Verification Number (BVN) will pay a penalty of N2 million, the Central Bank of Nigeria (CBN) says in its guidelines. In a circular to all Deposit Money Banks (DMBs), Mobile Money Operators (MMOs

Why Nigerian big companies scramble for commercial paper

In search of cheap funding, eight Nigerian big companies tapped the country’s low-interest-rate environment to raise a combined N93.02 billion worth of commercial papers (CP) in the third quarter of 2021. Compared to three years ago when the interest rate was up to 18 percent, Nigeria’s current single-digit interest rate means lower.

Meet five investors behind 2021 biggest funding in Nigerian startups

Five global investors are putting their money where their mouth is by championing bold ideas in Nigerian startups, a development that is expected to boost more innovations in Nigeria’s technology sector.

Nigeria’s poor feel pain of soaring price of cooking gas

After cleaning her teary eyes, Jenifer Abbas arranged more firewood to intensify the flame under her pot. She looked tired and sick, but could not quit her business. She has run the food business for over 25 years, alternating between firewood and cooking gas.

Nigeria to spend 63% of next year’s oil revenues on fuel subsidies

Nigeria is on course to spend over 60 percent of its 2022 expected oil revenue paying petrol subsidies as the implementation of the Petroleum Industry Act (PIA) which ends the practice will wait 12 months before implementation

It’s illegal to build, reclaim lands from national waterfront – Amaechi

The National Inland Waterways Authority (NIWA) must stop those building at the waterfront especially those whose buildings are situated on lands reclaimed from national waters, Rotimi Amaechi, minister of transportation, has said.

WEO October 2021: Recovery During a Pandemic – Health Concerns, Supply Disruptions

The global economic recovery is continuing, even as the pandemic resurges. The fault lines opened up by COVID-19 are looking more persistent-near-term divergences are expected to leave lasting imprints on medium-term performance.

Senate Bows to Pressure, Empowers INEC to Determine Transmission of Election Results

 The Nigerian senate has reconsidered the electoral act amendment bill and has empowered the Independent National Electoral Commission (INEC) to determine the best mode to transmit election results. 

Inflation Projected to Increase in September 2021 to 17.2%

 Headline inflation in Nigeria is likely to reverse its downward trend and increase to 17.2% for the month of September. This will be the first increase after six consecutive months of marginal declines in headline inflation in 2021. 

OECD: 163 Countries Strike a Ground-breaking Tax Deal for the Digital Age, Nigeria Yet to Join

Major reform of the international tax system finalised at the OECD will ensure that Multinational Enterprises (MNEs) will be subject to a minimum 15% tax rate from 2023.  

Is $80 The New Normal for Oil? – OIR 121021

 Crude prices seem to have settled quite comfortably above the $80 per barrel mark, despite growing calls from US officials on OPEC+ to increase production so as to ease the ongoing appreciation of transportation fuels.  

Customs Restores VAT, Multiple Charges on Imported Aircraft, Spare Parts

 About three months after the implementation of zero Value Added Tax (VAT) on commercial aircraft and spare parts, the Nigerian Customs Service (NCS) has allegedly restored the collection of 7.5 per cent VAT and sundry charges from operators.  

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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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