headlines news for the day

Investors Gain N237.13bn as NSEASI Inches Up by 1.1%, Maintains Positive Posture

Equities market closed today on a positive note, as NGXASI appreciated by +1.1% to close at 41,704.11 basis points as against +0.26% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.56%.

Market breadth closed positive as CUTIX led 23 Gainers as against 16 Losers topped by TIP at the end of today’s session – an improved performance when compared with previous outlook.

Market turnover closes negative as volume moved down by -56.72% as against +47.47% uptick recorded in the previous session. FBNH, ETI  and TRANSCORP were the most active to boost market turnover.  AIRTELAFRI and FBNH topped market value list.

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

Apapa Port: How Lome, Tema, Abidjan are eating Nigeria’s lunch

Nigeria’s Apapa Port has lost its pride of place to ports in other neighbouring West African countries of Cote d’Ivoire, Ghana, Togo, and the Benin Republic, BusinessDay findings have shown.

States’ IGR to increase on compulsory insurance

States seeking to increase internally generated revenue (IGR) amid falling monthly allocations from the federation account can achieve it by domesticating the implementation of different compulsory insurances

NRC restarts container haulage from Lagos to Kano, Kaduna Port

The Nigerian Railway Corporation (NRC) has resumed container haulage from Lagos to Kano and Kaduna Inland Dry Port, Ismail Yusuf, managing director of Inland Containers Nigeria Limited (ICNL), has said

NRC suspends Abuja- Kaduna train services after bandits attack

The Nigeria Railway Corporation (NRC) has suspended train services along the Abuja –Kaduna route after Shehu Sani, former senator representing Kaduna central, has said the Abuja-Kaduna train he boarded yesterday, was attacked with explosives.

Northern Nigeria Flour Mills Reports N173m PAT in Q2 2022 Unaudited Results,(SP:N8.00k)

Northern Nigeria Flour Mills Plc released its Q2 2022 Unaudited results for the period ended September 30th, 2021.

Key Highlights

  • Revenue grew by 84% to N8bn from N4.3bn in the previous quarter.
  • Profit before tax grew by 19% to N174m.
  • Profit after tax grew by 19% to N174m.
  • Net Assets grew by 3.8% from N2.9bn to N3bn.
  • Share Price Currently Stands at N8:00k

Q2 REPORT FOR THE PERIOD ENDED 30 SEPT

 2021 N’m2020 N’m% Change
 SEPTSEPT 
Revenue8,0114,34584.4%
PBT173.742146.34218.7%
Taxation
PAT173.742146.34218.7%
Basic EPS978218.3%
                             Balance Sheet Information
Net Asset2,9982,8893.8%

PZ Cussons Nigeria Plc Reports N1.7bn PAT in 2021 Audited Results, Proposes N0.25K Final Div

PZ Cussons Nigeria Plc released its 2021 Audited results for the period ended May 31st, 2021.

Key Highlights

  • Revenue grew by 23% to N82.6bn from N67bn in the previous quarter.
  • Profit before tax stood at N3.4bn.
  • Profit after tax stood at N1.7bn.
  • Net Assets grew by 3.9% from N33.3bn to N34.6bn.
  • Share Price Currently Stands at N5:40k

AUDITED REPORT FOR THE PERIOD ENDED 31 MAY

 2021 N’m2020 N’m% Change
 MAYMAY 
Revenue82,57866,99323.26%
PBT3,439(7,939)143.32%
Taxation-1,744730-338.76%
PAT1,695(7,208)123.52%
Basic EPS0(2)121,26%
                             Balance Sheet Information
Net Asset34,55633,2573.9%
Corporate Declaration
Proposed final  DividendN0.25K  

Radisson Hotel Group Set to Double its West and Central Africa Portfolio by 2025

Radisson Hotel Group, one of the world’s leading hotel companies, has identified West & Central Africa as key markets in its African development strategy, growing its portfolio from one hotel in 2008 to the current portfolio of 25 hotels in operation and under development. With its robust expansion strategy, the Group is on track to cement its leadership and double its portfolio to 50 hotels by 2025.

Japan Asks OPEC for More Oil

Japan has approached OPEC producers and their partners in OPEC+ with a request for more output, Kyodo News reported this week, citing industry minister Koichi Hagiuda. The minister said the calls will continue until the next OPEC+ meeting, scheduled for November 4.

External Debt Service Still Manageable; Amounted to US$299m in Q2 2021

 The DMO’s latest quarterly data release shows that the FGN’s external debt service payments amounted to USD299m in Q2 ’21, consisting of USD157m and USD142m to market and non-market creditors respectively.  

Moody’s Announces Completion of a Periodic Review of Ratings of Nigeria

 Moody’s Investors Service (“Moody’s”) reviews all of its ratings periodically in accordance with regulations either annually or, in the case of governments and certain EU-based supranational organisations, semi-annually.

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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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