News flash for the day.

Investors Lose N16.50bn as NGXASI Dips Further by -0.08%, Maintains Negative Posture

Equities market closed on a negative note, as NGXASI depreciated by -0.08% to close at 41,943.83 basis points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.15%.  

Market breadth closed negative as SCOA led 13 Gainers as against 24 Losers topped by PHARMDEKO at the end of today’s session – an unimproved performance when compared with previous outlook.         

Market turnover closes negative as volume moved down by -45.08% as against -8.16% downtick recorded in the previous session. FBNH, LASACO and TRANSCORP were the most active to boost market turnover.  FBNH and NGXGROUP topped market value list.

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

MTN could rake in $244m from sale of Nigeria shares

MTN Group plans to sell shares in the carrier’s Nigeria unit worth about 101 billion naira ($244 million), continuing a plan to sell assets and pay down debt. Africa’s largest mobile-phone operator will offer 575 million shares in MTN Nigeria Communications Plc, which listed in Lagos in 2019, according t

Ikoyi building collapse: Brittle pillars hamper rescue – NEMA

Ibrahim Farinloye, the acting coordinator of the National Emergency Management Agency (NEMA) has said that the major problem with the rescue and search mission is their inability to lift pillars or columns in the rubble

 

Cooking gas price to rise further ahead of Christmas

Cooking gas price in Nigeria will rise further in the approach to Christmas following a widening gap between supply and demand, the depreciation in the value of the local currency as well as new charges imposed by the federa

Nigeria’s external reserves hit $41.83bn but sustainability concerns remain

Nigeria’s external reserves have risen to $41. 83 billion as of October 29, 2021, compared with $33.40 billion recorded on July 30, 2021, data from the Central Bank of Nigeria (CBN) has indicated. The accretion in external reserves followed the issuance of $4 billion Eurobond by the Federal Government and the…

Ahead today’s OPEC meeting, Bank of America predicts $120-a-barrel oil price

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia are under growing political pressure to loosen the taps and pump more crude to cool red-hot prices as Bank of America (BofA) is now predicting that Brent crude oil will race to $120 a barrel by June 2022

Nigeria faces pressure to raise interest rates

Dangote Cement, MTN Nigeria and Airtel Africa, three of Nigeria’s largest companies by market value, are on course to surpass their internal earnings forecast in 2021, thanks to a stronger-than-expected performance in the first nine months of the year

AfCFTA: Five commodities Nigeria can leverage to boost export

Nigeria’s optimisation of its agricultural resources is expected to drive competitive participation under the African Continental Free Trade Area (AfCFTA), as trade experts say in other to compete favourably countries need to optimise products with comparative advantage

Aviation, shipping in focus as FIRS, Pedabo, tackle accounting, taxation challenges

Aviation and shipping were top focus as industry players, led by Federal Inland Revenue (FIRS) and Pedabo Professional Services expressed concerns over the impacts of multiplicity of charges, levies, and taxes in the sectors, stressing that there was need

Expect ego, emotion, not ideology to drive Anambra poll

The Anambra State off-season gubernatorial election scheduled for Saturday, November 6, 2021, will be won and lost on ego, sentiment, and not on the basis of robust ideology of the political parties and their candidates

African Governments Must Act to Protect Their Countries’ Oil and Gas Industries after COP26

 Our countries rely on oil production for revenue and jobs, and natural gas is still an important means of reducing energy poverty. As we approach the end of 2021 and COP26, the African oil and gas industry is in a precarious position.

Subsidy Payment Costs N864.07bn in Nine Months – NNPC Report

 The Nigerian National Petroleum Corporation spent a total of N864.07bn between January and September subsidising Premium Motor Spirit, popularly known as petrol. 

External Reserves Gained $5bn in October, Says CBN

 Nigeria’s external reserves rose by $5.05bn in October, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves increased from $36.78bn on September 30 to $41.83bn as of October 29. 

Zungeru, Kashimbila Power Projects Ready December – FG

 The federal government has said that the 700 megawatts (MW) Zungeru and 40MW Kashimbila hydropower plant projects will be inaugurated by December this year.  

Eterna Plc Notifies of Conclusion of Divestment as Preline Limited Acquires 60.98% Stake

 Preline Limited has completed the acquisition of 794,969,774 ordinary shares of the Company representing 60.98% in the Company, thus making it the largest and majority shareholder in the Company. 

Higher Grain Yields Expected in 2021, But Still Not Enough to Meet Local Demand

 Nigeria faces a food security crisis compounded by insecurity, naira devaluation, COVID-19 global pandemic, climate change and population growth, amongst other factors, notes a recent report released by Nigeria’s premier Commodity Exchange, Afex Commodity Exchange (AFEX). 

TAT Rules in Favour of Taxpayer’s Statutory Charge Deposit with FIRS

The Tax Appeal Tribunal (“TAT” or “the Tribunal”) sitting in Lagos, on 20 October 2021 ruled, in the case between Multichoice Nigeria Limited (MNL or “the Appellant”) and Federal Inland Revenue Service (“FIRS” or “the Respondent”), that the amount deposited by the Appellant with the FIRS satisfies the provisions of Paragraph 15(7) of the Fifth Schedule to FIRS (Establishment) Act, 2007, Cap F36, LFN (“FIRSEA”) and is sufficient for the Tribunal to commence hearing of the substantive suit. 

The FIRS had previously argued that the deposit was statutorily required as a condition precedent before the substantive case can be heard by the Tribunal. This position was contested by the Appellant though the Tribunal ruled in favour of the FIRS.

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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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