News flash

Investors Gain N111.61bn as NGXASI Inches up by 0.49%, Erases Previous Day Loss

Equities market closed on a positive note, as NGXASI appreciated by +0.49% to close at 43,444.2 basis points as against -0.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.88%.   

Market breadth closed flat as CUTIX led 17 Gainers as against 17 Losers topped by TOTAL at the end of today’s session – an unimproved performance when compared with previous outlook.    

Market turnover closes positive as volume moved up by +44.44% as against -6.80% downtick recorded in the previous session. FBNH, STERLNBANK and TRANSCORP were the most active to boost market turnover.  NESTLE 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.

NCC alerts users as hackers target telcos

The Nigerian Communications Commission (NCC) has urged companies and individuals to update their safety measures as the telecommunication services industry is the primary focus of a group of hackers originating from Iran.

Report exposes five rich countries whose fossil fuel production threatens climate goals

Despite loud and long speeches at the just concluded UN Climate Change Conference, a new report has cut through the rhetoric of five wealthy nations, including the COP Hosts highlighting their plans to expand the production of the primary cause of climate change – fossil fuels.

Time to overhaul Nigeria’s electricity sub sector

Nigerians groaned a few days ago when the news broke that the Nigerian Electricity Regulatory Commission (NERC) had increased the costs of prepaid meters. Based on the memo, a single-phase meter hitherto sold for N44, 896.17 will now cost N58, 661.69.

Nigeria will struggle to add more oil to the market, says Kyari

Nigeria and most other members of the oil cartel, OPEC+ would faces challenges to quickly pump more oil if a decision was taken to do so, according to the Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.

Breaking News: Gas explosion rocks Papa Ajao in Lagos

Many are feared dead in a gas explosion that occurred in Papa Ajao area in Lagos state. The gas explosion occurred at about 8 am on Tuesday morning at Ojekunle Street, Papa Ajao, Lagos state. Rescue efforts by residents were ongoing as many bodies have been taken away from the scene with more bodies trapped

Buhari tasks African governments on support to entrepreneurs

President Muhammadu Buhari on Monday tasked African governments and the private sector present at the ongoing Intra-African Trade fair (IATF) on support for local entrepreneurs by providing them with incentives. This according to him was to build scale and improve productivity. 

Fuel Scarcity Looms as NUPENG Issues 14-day Nationwide Strike Notice

 Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, Monday issued a 14-day nationwide strike notice, accusing Chevron Nigeria Limited, CNL, Nigeria Agip Oil Company, NAOC, National Petroleum Development Company, NPDC, among others, of unfair Labour practices including the indiscriminate sack of members without payment of their benefits. 

NAFEX Rate Closes Flat WoW

In the FX Spot and Derivatives markets, the total turnover for the week-ended November 12, 2021, was $750.79 million, representing a decrease of 11.91% ($101.50 million) from $852.29 million reported for the week-ended November 5, 2021.

Secondary Market Maintains Bullish Run as Average Yield Declines 14bps WoW to 5.19%

Last week, the Nigerian Treasury Bills (“NT-Bills”) market maintained its bullish run, with yields contracting -14bp W-o-W from 5.33% to 5.19%, as investors’ unmet bids trickled in from the primary market auction, with all tenors experiencing buying interest.  

AfDB to Address Climate Change, Promote Green Growth

 The African Development Bank Group has launched its climate change and green growth framework, to strengthen the bank’s ambition and vision to address climate change and promote green growth. 

Manufacturers Lose 50% Half-Year Profit to Operating, Forex Costs

 The harsh operating environment aggravated by COVID-19 disruptions and foreign exchange liquidity crisis has caused the fortunes of local manufacturing firms to plunge by 50 percent in the first half (H1) of 2021.  

Morocco To Build New Infrastructure for Nigeria’s Gas Delivery Project

 The government of Morocco is considering setting up a downstream division of state-owned ONHYM to manage domestic natural gas infrastructure, including a project to deliver gas by pipeline from Nigeria to Morocco through 13 countries. 

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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