Investors Lose N11.83bn as NGXASI Dips by -0.05% to Open The Week Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.05% to close at 43,230.34 basis points as against -0.68% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.35%. 

Market breadth closed positive as CUTIX led 19 Gainers as against 14 Losers topped by UNITYKAP at the end of today’s session – an improved performance when compared with previous outlook.

Market turnover closes negative as volume moved down by -6.80% as against +95.19%  uptick recorded in the previous session. FBNH, ACCESS and FCMB were the most active to boost market turnover.  FBNH and MTNN topped market value list.

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

Lagos rekindles hope in rail system 38 years after conception

It has been 38 years since the idea for a rapid rail system was first conceived for Nigeria’s commercial capital, Lagos, and after a series of setbacks, the project looks closer than ever to completion.

Taiwan eyes investment in Nigeria’s manufacturing, agriculture sectors to drive export

Taiwan is eyeing multi-million-dollar investments in Nigeria’s manufacturing, agricultural and power sectors to deepen mutually beneficial trade relations for both countries and scale up import and export of commodities.

Afreximbank appointed Joint Lead Manager for Fidelity Bank’s $400m 5yr Eurobond

African Export-Import Bank (Afreximbank) through its Advisory & Capital Markets (ACMA) investment banking arm acted as a Joint Lead Manager (JLM) and Bookrunner to place and close Fidelity Bank Plc’s $400 million

ASUU threatens fresh strike over FG’s failure to implement agreement

The Academic Staff Union of Universities (ASUU) has threatened to embark on another round of industrial action over what it described as the government’s failure to implement the Memorandum of Action (MoU) it signed with the union before the last strike action was called-of

Airport concession: Singaporean, Bi-Courtney, others bid for Nigeria’s international airports

A Singaporean firm, and 12 other airport consortia made up of local and foreign companies, have shown interest in the planned concession of four Nigerian international airports. Manji Yarling, the spokesperson for Independent Concession and Regulatory Commission (ICRC

Headline Inflation Increases by 15.99% YoY in October 2021 as Food Inflation Rises by 18.34%

The consumer price index, (CPI) which measures inflation increased by 15.99 percent (year-on-year) in October 2021. This is 1.76 percent points higher than the rate recorded in October 2020 (14.23) percent. 

Increases were recorded in all COICOP divisions that yielded the Headline index. 

On month-on-month basis, the Headline index increased by 0.98 percent in October 2021, this is 0.17 percent rate lower than the rate recorded in September 2021 (1.15) percent. 

The percentage change in the average composite CPI for the twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 percent, showing 0.13 percent point from 16.83 percent recorded in September 2021.

The urban inflation rate increased by 16.52 percent (year-on-year) in October 2021 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 15.48 percent in October 2021 from 13.68 percent in October 2020.

Nigeria’s Rising Debt Profile: Issues and Implications for Sustainable Economic Development

 Over the past five years (2015 – 2020), debt accumulation has increased significantly in Nigeria. Public debt expanded by an average of 21.02 percent while economic growth figure averaged 0.15 percent. 

Oil Prices Under Pressure as Bearish Factors Mount – OIR 121121

Whilst crude prices have been relatively range-bound recently, hovering within the $80-85 per barrel range, they are poised to suffer their third weekly decline in a row. Beyond the backwardation in the futures markets, several trends point towards a further weakening in crude.  

RMAFC: New Revenue Sharing Formula Will Bring Development to LGAs

 The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) says a new revenue formula that will address unfolding realities in the country will be put in place.

We’ve Closed Four Million MT Maize Supply Gap – FG

 The four million metric tonnes maize supply gap in Nigeria has been closed through the local production of the commodity by indigenous farmers, the Federal Government has said.  

Abdul Samad Rabiu Seeks Public, Private, Finance Institution Partnership

  Abdul Samad Rabiu, Founder/Executive Chairman of BUA Group has called for a three-way partnership between the African private sector, government and finance institutions to fast-track growth and development in Nigeria, and in Africa.

Zedcap Partners Bags Best Brokerage Service Award for the Third Year in a Row

 Leading and largest inter-dealer brokerage (IDB) firm in Nigeria, Zedcap Partners Limited (ZPL), has been adjudged “Best Brokerage Service Firm of The Year” at the FMDQ Gold Awards 2021, held on Friday, November 5.  

Consumers Kick as FG Raises Prices of Prepaid Meters

 Electricity consumers willing to pay for meters will have to incur higher costs beginning from November 15, 2021 as the Federal Government has increased the prices of both single-phase and three-phase meters.  

Factoring: NEPC Seeks to Unlock $1bn for MSMEs

 The Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, yesterday said it planned to establish factoring and forfaiting as instrument of financing trade and export in the country.  

AfCFTA to Aid Growth of Airlines in Africa, Boost Tourism

 The Africa Continental Free Trade Agreement (AfCTA) is positioned to aid the growth of airlines in the continent, boost trade and tourism, stakeholders have said.

AfCFTA Implementation Must Preserve Jobs, Investments – Wamkele

 The secretary general, African Continental Free Trade Area (AfCFTA), Wamkele Mene, said, the intra-regional markets must preserve jobs and not create job losses, adding that, it must bring job creation in African states.