Investors Lose N83.13bn as NGXASI Dips by -0.38% to Open The Week Negative
Equities market closed on a negative note, as NGXASI depreciated by -0.38% to close at 42,008.60 basis points as against -0.19% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.32%.
Market breadth closed negative as ROYALEX led 8 Gainers as against 22 Losers topped by WAPCO at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes positive as volume moved up by +133.31% as against -44.15% downtick recorded in the previous session. FBNH, STERLING, and GUARANTY were the most active to boost market turnover. FBNH and GUARANTY topped market value list.
TRANSCOHOT leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Nigerians’ bid to migrate abroad don’t match visas granted
The number of Nigerians applying to migrate to the UK, US and Canada is on the rise but not as many are granted visas, immigration data analysed by BusinessDay has shown. The common impression, especially on social media, suggests a mass exodus of sorts
Nigerian nurses joining UK workforce hit all-time high
The number of Nigerian nurses that joined the UK workforce in the six-month period from April to September 2021, is more than any time in history and this is despite a ban on ‘active recruitment’ of health and social care personnel from Nigeria.
Rising debt, weak spending, low tax put Nigeria in trilemma
Nigeria’s rising debt combined with its weak spending and the difficulty in raising extra tax revenues means it faces a fiscal policy trilemma. Africa’s biggest economy’s debt to GDP ratio at 33 percent is lower when compared to emerging peers like Egypt
Nigeria’s entrepreneurship ecosystem has attracted $1.37 billion investment deals in 2021 amid the Covid-19 pandemic, according to a data compilation by tebigdeal.gumroad.com – an African startups deals database
TradeDepot secures $110m to scale Buy-Now-Pay-Later model in Africa
TradeDepot, a business-to-business ecommerce, and embedded finance company has secured $110 million in an equity and debt funding round to expand the delivery of Buy-Now-Pay-Later services to 5 million SME retailers in Africa
UK ban: Airlines to lose N965m daily on flight cancellations
Airlines operating between Nigeria and London may lose N965 million daily as a result of daily flight cancellations following the UK travel ban on Nigeria. Prior to the ban, London was one of the top destinations visited by Nigerians, but many Nigerians are already asking for refunds and airlines cancelling flight
Nigeria like UN calls travel ban on African countries ‘Apartheid’
The Nigerian government has been reported to agree with António Guterres, the United Nation’s secretary-general, who has called the various Omicron coronavirus variant travel ban on African countries ‘travel apartheid.’ This is a targeted ban on countries, in this case, Southern African countries
Despite Nigeria’s rising fiscal deficit, the decision of the federal government to include at least ten frivolous projects in its 2022 budget has again signalled another cycle of government’s ill-conceived and questionable decisions, BusinessDay analysis has shown
OPECplus Succeeds in Calming Oil Markets After a Crazy Week – OIR 031221
The most anticipated event of the week – a decision from OPEC+ on whether or not it would halt its monthly 400,000 b/d oil production increase – ended up being a bit of a non-event as the countries agreed to stick with the original plan but maintained the option to reverse that decision if necessary.
OPECplus Sticks to Output Plan, in the Face of Omicron
OPEC and its allies kept to their current output expansion plan, despite demand concerns following the emergence of the new Covid-19 variant (Omicron). The current plan involves ramping up output by 400,000bpd each month from August through 2022…
Direct Remittances Drops by 62.4% to $1.96bn in 10 Months
Latest data by Central Bank of Nigeria (CBN) has revealed that total direct remittances from Nigerians in Diaspora dropped by 62,4 per cent to $1.96 billion in 10 months of 2021 from $5.21billion it recorded in prior year’s 10 months.
FG: Lagos-Badagry expressway to get N15bn from NNPC tax credit fund
The federal government says the Agbara-Seme border section of the Lagos-Badagry expressway project will receive N15 billion of the NNPC tax credit fund.