Headlines for the day – First Ideas Limited

Headlines for the day

Investors Lose N112.28bn as NGXASI Dips by -0.51%, Sentiment Remains Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.51% to close at 42,247.98 basis points as against  -1.81% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.91%. 

Market breadth closed negative as NEM led 16 Gainers as against 31 Losers topped by BOCGAS at the end of today’s session – an improved performance when compared with previous outlook.      

Market turnover closes negative as volume moved down  by -3.42% as against +49.16% uptick recorded in the previous session. FBNH, GUARANTY, and ACCESS were the most active to boost market turnover.  FBNH and SEPLAT topped market value list.

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

How NCC moved 5G deadline after only MTN submitted bid

The Nigerian Communications Commission (NCC) was forced to move the November 24 deadline for the submission of bid and payment of the ten percent fee of $20 million after it emerged that only MTN Nigeria had complied with the requirement

Subsidy removal: Govt, citizens must agree – World Bank

The Nigerian government and the citizens must agree on the removal of petrol subsidy that will cost Nigeria over N3 trillion by the end of 2021, World Bank Country Director for Nigeria, Shubham Chaudhuri has said.

 

 

The ill-advised 5000-naira monthly payment to poor Nigerians

The Federal Government recently announced its plan to give poor and vulnerable Nigerians, N5000 monthly stipend upon the removal of the subsidy on petroleum products

EndSARS white paper: Lagos complied with the law – Attorney-general

Lagos State attorney-general and commissioner for justice, Moyosore Onigbanjo on Wednesday justified the state government’s White Paper on the Judicial Panel of Inquiry (JPI) on the report of Lekki Tollgate incident, saying the state complied with the laws

Dolidol acquires Nigeria’s Mouka foam for $60m

Moroccan mattress maker Dolidol, backed by African private equity firm Development Partners International (DPI), has signed a deal to acquire Mouka, Nigerian manufacturer of mattress and pillows for $60 million. This acquisition by Dolidol is for it to establish its presence in Africa’s largest economy

Emirates to resume daily flight to Nigeria Dec. 5

Emirates will resume its passenger operations between Dubai and Nigeria from 5 December 2021, offering customers enhanced connectivity to and through Dubai. The airline will operate to and from its Nigerian gateways with daily flights, providing travelers from Nigeria access to Duba

 

 

 

Bitcoin is better inflation hedge than gold, says expert

The Bitcoin rally stalled on heightening global worries about inflation, but remains ‘a better shield than gold’ says Nigel Green the CEO of deVere, one of the world’s leading financial advisory, asset management and fintech firms, The largest cryptocurrency by market capitalization ended three consecutive days

Rising Cooking Gas Price: Any Hope in Sight?

 According to the National Bureau of Statistics’ (NBS) Liquefied Petroleum Gas Price Watch report, the cost of refilling the 5kg cooking gas cylinder rose by 9.6% m/m to N2,627.9 in Oct-2021 from N2,397.6 and by 34.5% y/y from N1,953.7 in Oct-2020. 

Charting the Net Zero Journey

 In 2015, the United Nations Climate agreement set out a global framework to avoid dangerous climate change by limiting global warming to well below 2oC and pursuing efforts to limit it to 1.5oC. This would be akin to going back to the pre-industrial years. S

External Reserves Lost $610m in Nov, CBN Battles to Save Naira

 The nation’s external reserves fell by $610m last month, figures obtained from the Central Bank of Nigeria on Thursday revealed. The reserves dropped to N$41.22bn as of November 29 from $41.83bn on October 29.  

Share of Domestic Borrowings in Sovereign Debts Hit 50%, Says IMF

 The International Monetary Fund (IMF), yesterday, expressed concern over rising sovereign domestic debt, which is said to have hit 50 per cent of total public debt stock at the end of last year.  

FG Expects New Oil Projects Amid $42bn Deals

 The Federal Government has said it is bullish that many oil and gas projects will commence in the country, following the signing of over $42bn worth of investment agreement recently by various Nigerian entities.  

IOCs Bank on PIA for Increased Investment Inflows, Opportunities in Nigeria’s Oil, Gas Sector

For the umpteenth time, the international oil companies (IOCs) operating in Nigeria have restated their confidence that the advent of the Petroleum Industry Act (PIA) will trigger an increase in investment inflows and opportunities in the country’s petroleum industry.

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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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