news flash for the day

Investors Gain N169.66bn WoW as NSEASI Inches Up by 0.78%, to Close the Week Positive

Equities market closed today on a positive note, as NGXASI appreciated by +0.14% to close at 41,763.26 basis points as against +1.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.71%. 

Market breadth closed positive as CUTIX led 22 Gainers as against 18 Losers topped by NEM at the end of today’s session – an unimproved performance when compared with previous outlook.  

Market turnover closes positive as volume moved up by +135.98% as against -56.72% downtick recorded in the previous session. FBNH, ETI  and TRANSCORP were the most active to boost market turnover.  FBNH and NGXGROUP topped market value list.

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

Guyana strategy: What Nigeria can do with private capital

Guyana, a tiny South American country, is attracting fresh private capital on oil and gas assets to develop critical infrastructure across its local economy, whereas Africa’s biggest oil producer is struggling to attract private capital to build its energy sector.

Nigeria needs change of trade approach to create wealth

The Nigerian economy will create more wealth for its 200 million people by changing its approach to trade and focusing more on exports, according to Ogho Okiti, a doctoral degree holder in Economics from the University of Manchester, U.K and Managing Director of BusinessDay Media

 

 

Cash-strapped states’ IGR can 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.

Nigeria’s heavy import dependence opens it up to China’s energy crisis

China’s power shortages hit growth in the world’s second-biggest economy, threatening more pain for global supply chains and Nigerians would feel the heat this festive season. Last week, Nigeria’s headline inflation rate slowed once again as it recorded a decline…

New NNPC, ownership structure and board appointments

The Nigerian National Petroleum Company (NNPC) Limited has come into being as provided for in the Petroleum Industry Act (PIA) 2021. President Muhammadu Buhari has, consequently, caused the incorporation of the new company.

CBN says banks remain stable, resilient despite pandemic

The Central Bank of Nigeria (CBN) says banks in the country have remained stable, robust, and resilient in spite of the COVID-19 pandemic. Haruna Mustafa, the director, Banking Supervision of CBN, said this at the 2021 Financial Correspondents Association of Nigeria (FICAN) workshop in Ibadan on Friday.

 

 

 

Payment of liquidation dividends to depositors of failed banks ongoing

The Nigeria Deposit Insurance Corporation (NDIC) is currently settling the liquidation dividends of depositors of banks whose licenses were revoked by the Central Bank of Nigeria (CBN).

Soaring energy prices pose economic risks for Nigeria – World Bank

Nigeria has been listed among countries to be negatively impacted by soaring global energy prices.Energy prices soared in the third quarter of 2021 and are expected to remain elevated in 2022, adding to global inflationary pressures and potentially curbing growth in energy-importing countries including Nigeria, according to the World Bank.

Over 50% of cooking gas users switch to firewood, charcoal – Retailers

The Liquefied Petroleum Gas Retailers (LPGAR), branch of the National Union of Petroleum and Natural Gas Workers (NUPENG), say over 50 percent of cooking gas users in rural areas have switched back to firewood and charcoal.

Nigeria and oil: Looking beyond price collapse towards post-recovery savings (1)

“Oil prices hit a three-year high as gas crunch starts to affect crude market” was the screaming headline in the Financial Times of September 27, 2021, with a rider ‘Goldman Sachs lifts year-end Brent forecast to $90 a barrel on widening ‘supply-demand deficit’.

 

 

Stanbic IBTC Holdings Plc Reports N39.9bn PAT in Q3 2021 Unaudited Results,(SP:N39.50k)

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


Key Highlights

  • Gross Earnings declined by -20% to N146.6bn from N183.3bn in the previous quarter.
  • Profit before tax declined by 41% to N45.3bn.
  • Profit after tax declined by 40% to N39.9bn.
  • Net Assets declined by -4.8% from N379bn to N360bn.
  • Share Price Currently Stands at N39:50k

Q3 REPORT FOR THE PERIOD ENDED 30 SEPT

 2021 N’m2020 N’m% Change
 SEPTSEPT 
Gross Earnings146.612183,286-20.0%
PBT45,31276,865-41.0%
Taxation(5,363)(10,702)-49.9%
PAT39,94966,163-39.6%
Basic EPS293580-49.5%
                             Balance Sheet Information
Net Asset360,337378,601-4.8%

 

 

 

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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