Investors Lose N153.15bn as NSEASI Dips by 0.71%, to Open the Week Negative
Equities market closed today on a negative note, as NGXASI depreciated by -0.71% to close at 41,144.67 basis points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.17%.
Market breadth closed positive as NGXGROUP led 19 Gainers as against 15 Losers topped by MAYBAKER at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -53.53% as against -19.72% downtick recorded in the previous session. FBNH, ACCESS and TRANSCORP were the most active to boost market turnover. FBNH and GUARANTY topped market value list.
NESTLE leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Nigeria’s green bond is driving a quiet boom
The rows of newly constructed hostel buildings donning both sides of the road in Ifite, laden with vehicles competing for right of way with angry Okada riders and a number of young people briskly walking towards the imposing red gates, complete the welcome parade to a university named for one of Nigeria’s founding fathers
IHS bucks trend, opts for sole listing in New York
The listing of IHS Holding Limited shares on only the New York Stock Exchange (NYSE) under the ticker symbol “IHS” may be auguring well with the company’s reputation globally, but the decision by the largest operator of mobile phone masts in
Nigeria sinking as petrol subsidy mounts
Nigeria’s controversial fuel subsidy, projected to hit N3 trillion by the end of 2021, is sinking the country and fuelling confusion among economists and business leaders who are at a loss on why the Federal Government is reluctant to kick the habit as provided for by.
Nigeria must fix PIA contradictions for full deregulation – industry players
Nigeria has enacted a new oil sector law that prescribes full deregulation of the downstream oil sector, but for this to happen, the government must allow marketers easier access to foreign exchange and fix a provision in the law giving only refiners the right to
How anti-competitive practices affect businesses, consumers, and the economy
In recent times, harsh economy and inflation have taken a negative toll on consumer spending and the disposal income of many people. The COVID-19 pandemic has also created not only a public health crisis but economic concerns in many countries across
Oil Markets Unfazed By Falling Imports From China – OIR 15102
Oil prices are continuing to climb despite fears of demand destruction and falling imports from China. According to the IEA, oil demand could increase to the tune of 500,000 bpd due to the energy crisis driving gas-to-oil switching.
Headline Inflation Increases by 16.63% YoY in September 2021, 0.38% Lower Than August 2021 Rate
The Consumer Price Index, (CPI) which measures inflation increased by 16.63 percent (year-on-year) in September 2021. This is 0.38 percent points lower than the rate recorded in August 2021 (17.01) percent.
This is the 6th consecutive monthly decline and the lowest inflation rate in the last 8 months.
Nigeria’s Debt-to-GDP Ratio to Hit 42% by 2026 – IMF
The International Monetary Fund has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42 per cent by 2026 from 35.7 percent in 2021.
FG’ll Pay Foreign Debts Before Other Obligations – Emefiele
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said the Federal Government will ensure the payment of foreign debts before settling other obligations.
Access Bank Introduces Travel Debit Card to Ease Concerns over Foreign Currency Use
With cross border payments and settlements becoming increasingly important given the African Continental Free Trade Area Agreement (AfCFTA) commencing in January 2021, Access Bank recently introduced a travel debit card that its customers could use in accessing foreign exchange outside Nigeria.
Besides the AfCFTA, the card was created in response to the Central Bank of Nigeria’s (CBN’s) instruction that all deposit money banks (DMBs) fulfil legitimate FX requests for personal travel allowance (PTA) and business travel allowance (BTA). According to managers of the bank, all legitimate and approved PTAs or BTAs would be credited to the Travel Debit Card for use outside Nigeria effective from October 18, 2021.
The retail bank in a recent press release stated the following benefits of the new Debit Card:
- Instant issuance for PTA/BTA requests
- Easy access to international transactions via POS, ATM, and WEB
- The card is valid for 3 years and can be used for current and subsequent PTA/BTA requests within its validity
- All unutilized funds remain in the card and can be used for international transactions or subsequent trips
According to the bank it has always demonstrated preparedness to contend for the top spot in Nigeria’s banking sector. Following two successful Eurobond issues and the completion of a major continental acquisition (the purchase of BancABC in Mozambique), and the recent launch of its latest product- the Access Travel debit card, the bank may have seized the thunder from its local tier 1 rivals.
Grains Dip Further Amid Early Harvest- AFEX Commodities Weekly Report 181021
The Exchange witnessed low activities last week. In the open market, Soybean was down by 11% w-o-w followed by Paddy rice and Ginger with a respective share of 4.52 and 4.58 following early harvest for commodities.
In the international market, there was a recorded decline in the prices of Maize and Soybean by 2.80 and 2.96 w-o-w respectively. Farmers are optimistic compared to last year and are positioned to take advantage of the high price of commodities, given the high demand for Nigeria Cocoa, prices will be pressured upward.
The AEI and ACI remain flat to reset upon 2021/2022 trading season.