Breaking news for the day – First Ideas Limited

Breaking news for the day

Investors Lose N12.14bn; NGXASI Dips by 0.05% as Market Sentiment Turns Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.05% to close at 43,707.30 basis points as against +1.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.53%.  

Market breadth closed negative as NEIMETH led 16 Gainers as against 18 Losers topped by REDSTAREX at the end of today’s session – an unimproved performance when compared with previous outlook.   

Market turnover closes positive as volume moved down by -3.57% as against -36.72%  downtick recorded in the previous session. FLOURMILL, TRANSCORP and FBNH were the most active to boost market turnover.  MTNN and FLOURMILL topped market value list.

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

MTN Nigeria, Airtel PSBs to create 1m direct jobs

Following the granting of approval in principle (AIP) by the Central Bank of Nigeria (CBN), MTN Nigeria and Airtel now have about six months to become licenced Payment Service Banks (PSBs). Apart from helping to include 40 million adult Nigerians outside the

How South-West, North-West raised half year’s IGR to N849bn

Significant growth in the internally generated revenue (IGR) of states in the North West and South-West geopolitical zones lifted the cumulative IGR of the 36 states and the Federal Capital Territory (FCT) by 38.5 percent in half-year.

DataPro assigns Guaranty Trust Bank Limited “AA+” rating

Guaranty Trust Bank Limited has been rated “AA+” with a Positive outlook for the year 2021/2022 by a technology-driven Credit Rating Agency (CRA), DataPro. The “AA+” indicates Lower Risk

48yrs since Nigeria’s first air crash, inadequate equipment haunts safety

Nigeria’s first air crash occurred 48 years ago in Kano, which may have been caused by an act of God (bad weather), but one out of every six air crashes since then has been attributed to poor safety equipment at Nigerian airports.

Nigeria yet to scratch surface of $2trn global Islamic fund

Nigeria has remained an insignificant player in the over $2 trillion Islamic global finance market which it now needs for financial sector reforms and bolsters much-needed growth. This is according to Zainab Ahmed, minister of Finance, Budget and National Planning, who spoke during the fifth edition of the African…

Daystar Power connects Seven-Up factories to solar energy

Daystar Power is partnering with Seven-Up Bottling Company (SBC) to roll out solar power systems as a primary day-time energy source for all of its Nigerian factories over the next year, Daystar announced in Lagos, Tuesday. Daystar Power, a leading off-grid power service provider, offering hybrid power solution

Bitcoin price surges to record high of $68,000

Bitcoin, which is the largest cryptocurrency by market capitalization, has hit a new record high of $68,000. The price of the cryptocurrency traded 4.1 percent higher on Tuesday, the 9th of October 2021, reaching $68,013 by noon

Interim Orders of Mareva Injunctions Granted in the Court Action by Zenith Bank Plc Against Shebah

Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited, and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.

FG Releases 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper

The Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP) is a major feature of the annual budget preparation cycle. It provides the basic structure for the estimates and assumptions that underlie the annual budgets.  

FG Sets Aside N250bn for Autogas Vehicle Conversion in the Country, Says Sylva

As part of efforts to ensure that the autogas conversion of vehicles yielded the desired results, the Federal Government says it has set aside N250 billion for willing investors in autogas assembly plants in the country.

Revenue Formula: FG Proposes 3.13% Increase to LGAs

As the debate for the review of revenue allocation amongst the three tiers of government gain traction, the federal government has proposed 3.13 percent revenue increase to the local government.  

Dangote Cement Q3 2021 Results Review: Outperform Rating Maintained

DangCem Q3 ’21 earnings of NGN99.8bn grew 30% y/y, in line with our estimate. Bottom line growth was helped by double-digit sales growth (+17% y/y to NGN331.6bn) and a +207bp y/y gross margin expansion to 61.6%.

FMDQ Group Launches Africa’s Premier Green Exchange

 FMDQ Group, through its wholly-owned subsidiary, FMDQ Securities Exchange Limited, yesterday, November 8, 2021, launched the pioneer Green Exchange in Africa – FMDQ Green Exchange, introducing a platform specifically for green and sustainable securities.  

Operational Issues, Sabotage Drag Nigeria’s October Quota by 261,000bpd

 Despite higher crude prices and allocation, as the Organisation of Petroleum Exporting Countries (OPEC) and its allies adjust monthly quota, Nigeria’s oil production remains below its monthly quota, according to the latest S&P Global Platts survey.  

Edo Rallies Investors, Targets $6 billion Diaspora Inflow at Summit

Edo State will, on Friday, November 12, 2021, during the Alaghodaro Summit bring together investors from across the globe to chart a path towards establishing a structure to tap into the $6bn inflow from Diaspora remittances. 

BoA Expresses Dissatisfaction with Farmers’ Loan Repayment

 The Bank of Agriculture (BoA) has expressed dissatisfaction over farmers’ attitude toward repayment of loans obtained through the Anchor Borrower Scheme. 

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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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