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Investors Gain N275.59bn as NGXASI Inches Up by 1.26% to Open The Week Positive

Equities market closed on a positive note, as NGXASI appreciated by +1.26% to close at 42,411.12 basis points as against  +0.47% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.32%.         

Market breadth closed positive as MEYER led 23 Gainers as against 16 Losers topped by NASCON at the end of today’s session – an unimproved performance when compared with previous outlook.    

Market turnover closes negative as volume moved down  by -48.39% as against -6.03% downtick recorded in the previous session. UNITYBNK, UNIVINSURE and FBNH were the most active to boost market turnover.  NESTLE and DANGCEM topped market value list.

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

Flour Mills to escrow N900m in acquisition of Honeywell

Flour Mills Nigeria plc (FMN) will press ahead with its N80 billion acquisition of the flour mills unit of Honeywell Group Limited (HGL) and may escrow N900 million of the proceeds, BusinessDay has learnt.

The many legal battles of Ecobank and Honeywell

The lawyers for both Ecobank and Honeywell Group are pushing several cases against each other in connection with the dispute over the settlement of claims of N5 billion by the bank against Honeywell as well as an unrelated matter of the sale of shares held 

What MTN’s public offer holds for retail investors

With MTN’s move to sell 90 percent of its public offer of 575 million shares in Nigeria to retail investors, the telco giant is allowing individual investors to have a stake in one of the country’s most profitable businesses at an attractive entry price.

How finance bill 2022 will affect you

The presidency on Sunday debunked claims that Taxpayers Identification Number (TIN) has been made mandatory for bank account holders in Nigeria under the 2022 Finance Bill, before the National Assembly. A top Presidency source on Sunday revealed that no such provisions are in the Finance Bill 2022

UBA Takes Over Abuja Disco

 Based on news reports, the United Bank for Africa Plc has taken over the majority stake in the Abuja Electricity Distribution Company (AEDC). The Minister of Power, Abubakar Aliyu, announced that the Federal Government supports the decision.

President Submits Finance Bill, 2021 to the National Assembly for Consideration and Passage

 His Excellency, President Muhammadu Buhari, GCFR, on Tuesday, 7 December 2021 submitted Finance Bill, 2021 (“the Bill”) to the National Assembly for passage.  The Bill proposes changes and updates to some of the provisions of the following pieces of legislation…  

BUA Group Consolidates Food Businesses, Unveils BUA Foods

 BUA Group has formally unveiled BUA Foods, under which its food businesses are now consolidated. The unveiling was held on Wednesday, December 8, 2021, at a brief media event at the Group’s head office in Lagos.  

Oil Prices Rise as Omicron Fears Fade – OIR 101221

The oil markets at large heaved a sigh of relief upon hearing that the Omicron variant of COVID-19 might not be that much of a potent demand disruption factor as previously feared. 

UAE Writes Nigeria’s Aviation Minister Over Emirates Airline Ministerial Approval Withdrawal

The Nigeria Civil Aviation Authority (NCAA) notified the Country Manager, Emirates Airline (EK) in Nigeria regarding the withdrawal of the ministerial approval granted to that airline with respect to their Winter Schedule.  

Increase Taxes on Alcohol, Cigarette, World Bank tells FG

The World Bank has called on the Federal Government to impose special taxes on alcohol, cigarettes and sugar-sweetened beverages to improve primary healthcare.

Otedola Acquires Additional Stake in First Bank Holdings to Become Undisputed Largest Shareholder

Nigeria’s billionaire magnate and chair of Geregu Power Plc Femi Otedola has acquired a further interest in FBN Holdings Plc, the parent company of Nigeria’s oldest lender First Bank, an affirmation that the heated battle for the soul of the financial services group among its principal shareholders is not yet over.  

5G Spectrum: NCC to Auction Two Slots Monday

 The Nigerian Communications Commission (NCC) says it has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the fifth generation (5G) network in the country.  

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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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