Headlines news for the day

Investors Gain N328.98bn WoW as NSEASI Inches up by 1.39%, to Close the Week Positive

Equities market closed today on a positive note, as NGXASI appreciated by +0.75% to close at 41,438.15 basis points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.90%.

Market breadth closed positive as SCOA led 30 Gainers as against 7 Losers topped by CHAMS at the end of today’s session – an improved performance when compared with previous outlook.   

Market turnover closes negative as volume moved down by -19.72% as against +103.52% uptick recorded in the previous session. FBNH, UNIVINSURE and GUARANTY were the most active to boost market turnover.  FBNH and GUARANTY topped market value list.

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

Pirate attacks, armed robbery on Nigerian waters lowest in decades – IMB

Pirate attacks and armed robbery at sea is at the lowest number for the first nine months of the year since 1994, the ICC International Maritime Bureau (IMB) says.
According to IMB, the rate of incidents in the Gulf of Guinea region and Nigeria also

Evidence-based policy needed to rebuild Nigerian labour market post-Covid-19, says World Bank

Tara Vishwanath, World Bank lead-economist, has called on the Nigerian government and policymakers to embrace evidence-based policy in rebuilding the labour market post-Covid-19 pandemic. Vishmanath while speaking during

Nigeria’s inflation slows for 6th straight month in September

Africa’s biggest economy’s headline inflation rate fell for the sixth straight month in September owing to declining food prices, the National Bureau of Statistics has said.
Nigeria’s headline inflation fell to 16.63 percent in September from 17.01 percent in

Why Nigerian big companies scramble for commercial paper

The continuous payment of subsidy on petroleum products could reduce the amount government allocate to states and local government as well as increase public debt, according to the Nigeria Economic Summit Group (NESG

More Airlines implement IATA travel pass as global aviation rebounds

The International Air Transport Association (IATA) has announced that Etihad Airways, Jazeera Airways, Jetstar, Qantas, Qatar Airways and Royal Jordanian, will implement IATA Travel Pass in a phased rollout across the airlines’ networks

Evercare sees patient influx on rising demand for quality health care

Seven months after it commenced operations, one of Nigeria’s most equipped private healthcare providers, Evercare, is riding on the back of investment in quality service delivery to gain popularity among its increasing number of patients

Higher oil prices fail to plug trade deficit as in 2019

Unlike in 2019, higher crude oil prices in 2021 have failed to lift Nigeria’s one and half years’ trade deficit out of the negative due to what analysts blame on stagnating oil production and the country’s increasing dependence on imported goods.

Unity Bank boosts capacity building, empowers 3,000 girls

No fewer than three thousand girls drawn from Senior Secondary Schools across Nigeria have benefitted from a 3-day capacity building initiative on maritime commerce and National Virtual Maritime Quiz powered by Unity Bank Plc.

How big is Lagos, and the VAT row?

While Nigeria is off the radar screen for many portfolio investors due to FX complications, the economy remains the biggest in Africa. That said, the range of per capita GDP across Nigeria is remarkable

OPEC Monthly Market Report: Nigeria Reports Marginal Production Uptick in September 2021

 In the recently released Organization of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR), there were series of changes in outlook for the global Oil market.  

Energy Transition: Sahara Group to inject $1 billion into LPG Vessels, Infrastructure in Africa

 Leading energy and infrastructure conglomerate, Sahara Group, will invest over 1billion USD to enhance access to Liquefied Petroleum Gas (LPG) in Africa and emerging economies in a bid to boost energy transition on the continent.  

Nigeria not Generating Enough Revenue from Stamp Duty – FIRS

 The Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami, has decried the inefficiencies in the current stamp duty and capital gain tax collection system.  

Reps Fault Budget Deficit, Loans, $57 Oil Benchmark, Threaten MDAs

 The House of Representatives on Wednesday began the second reading of the 2022 Appropriation Bill during which members debated the general principles of the national budget.  

National Development Plan Implementation to Gulp N350tn – Govt

The Federal Government has said that the 2021 National Development Plan will require a total of N350tn for infrastructural projects over the next five years.

Secure Electronic Technology Plc Reports N17.8m Loss in Q3 2021 Result,(SP:N0.20k)

Secure Electronic Technology Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.

 Key Highlights

  • Gross Sales declined by -1.2% to N3bn from N3.1bn in the previous quarter.
  • Loss before tax stood at N17.8m.
  • Loss after tax stood at N17.8m.
  • Net Assets declined by -0.7% from N2.75bn to N2.73bn.
  • Share Price Currently Stands at N0:20k

Q3 REPORT FOR PERIOD ENDED 30 SEPT

 2021 N’m2020 N’m% Change
 SEPTSEPT 
Gross Sales3.0733,110-1.2%
P(L)BT(17.822)(16.814)6.0%
Income Tax Expense      –0.00NIL
P(L)AT(17.822)(16.814)6.0%

            BALANCE SHEET INFORMATION

Net Asset2,7292,747-0.7%

Meyer Plc Reports N9m Profit in Q3 2021 Results,(SP:N0.20k)

Meyer Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021.

 Key Highlights

  • Revenue grew by 34% to N759m from N567m in the previous quarter.
  • Profit before tax stood at N13.5m.
  • Profit after tax stood at N9.5m.
  • Net Assets declined by -14.5% from N1.8bn to N1.5bn.
  • Share Price Currently Stands at N0:20k

Q3 REPORT FOR PERIOD ENDED 30 SEPT

 2021 N’m2020 N’m% Change
 SEPTSEPT 
Revenue759.157566.51134.01%
P(L)BT13.534(98.404)-113.75%
 Tax Expense(4.060)(2.124)91.15%
P(L)AT9.474(100528)-109.42%
Basic EPS2.00(20.00)-110.00%

            BALANCE SHEET INFORMATION

Net Assets1,5111,768-14.54%

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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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