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Investors Gain N21.61bn as NGXASI Inches Up by 0.10% to Open The Week Positive

Equities market closed on a positive note, as NGXASI appreciated by +0.10% to close at 42,394.71 basis points as against +0.20% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.27%.

Market breadth closed positive as NEIMETH led 20 Gainers as against 11 Losers topped by CILEASING at the end of today’s session – an unimproved performance when compared with previous outlook. 

Market turnover closed negative as volume moved down by -58.39% as against +36.99% uptick recorded in the previous session. FBNH, GUARANTY and SOVRENINS were the most active to boost market turnover.  DANGCEM and MTNN topped market value list.

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

ASUU postpones strike, insists on lecturers’ welfare

The Academic Staff Union of Universities (ASUU) has postponed its decision to embark on strike while consultations are ongoing, a statement from the union states. Meanwhile, ASUU is accusing the federal government of blackmail.

Nigeria’s food imports rise to 6yr-high as insecurity takes toll on farming

Nigeria has seen its food imports for the first nine months in 2021 surge to a six-year high as escalating issues of terrorism, banditry, kidnapping and herdsmen attack continue to take a heavy toll on farming activities

CBN confirms appointment of Abdullahi as new FBN Holdings chairman

Nigeria’s Central Bank has confirmed the appointment of Ahmad Abdullahi, as the new Chairman of FBN Holdings Plc. The appointment of Abdullahi followed the resignation of Remi Babalola, the former chairman

2021 IN REVIEW: Political will drags Nigeria’s energy gains in 2021

The year 2021 was predicted to herald a return to normalcy marked by oil price recovery, accelerated push towards energy transition and bold reforms that will transform Nigeria’s floundering oil sector, but the absence of political will rained on planned reforms.

Headline Inflation at a 1-Year Low of 15.40%

 As widely expected, Nigeria’s headline inflation rate fell for the 8th consecutive month in November to 15.4% from 15.99% in October. This is 0.2% higher than our forecast of 15.2%. Cumulatively, Nigeria’s inflation rate has averaged 17.11% in 11M’21, significantly higher than 12.98% in the corresponding period in 2020.  

Are Oil Markets Already Oversupplied? – OIR 171221

 Oversupply has been one of the main talking points in oil markets in recent months, and now it seems that it will soon be upon us. The softening of Asian oil demand, triggered by China’s zero-COVID measures and Beijing’s continued clampdown on independent refiners in Shandong.

Loans From China Now $3.59bn, Says DMO 

 The Debt Management Office has clarified that loans from China to Nigeria, which presently stood at $3.59bn, constitutes only 9.4 per cent of the country’s total foreign debt stock of $37.9bn. The Director-General of DMO, Ms Patience Oniha, made this known in an interview with the News Agency of Nigeria on Saturday in Abuja. 

FAAC Shares N675.946bn Nov Revenue To FG, 36 States, 774 LGAs 

 The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946billion November 2021 Federation Account Revenue to the Federal Government, 36 States and 774 Local Government Areas in the country.  

Shareholders Approve Access Bank Proposed Transition to Holdco in 2022

 In an overwhelming vote of confidence shareholders of Access Bank Group,  approved the scheme of arrangement that will transform it from a deposit money bank (DMB) to a Holding Company (Holdco) in 2022.  

Amaechi: Abuja-Kaduna Rail Service Generates N300m Monthly 

 Speaking on Saturday as a guest on Channels Television’s ‘Hard Copy’, Amaechi said his ministry is beginning to contribute to the nation’s economic growth. According to the minister, the federal government is also making plans to add 16 more trains to the Lagos-Ibadan rail line, adding that this will increase revenue generation from that axis.  

53 Local Oil Firms Get N124bn NCDMB Loans For Dev’t

 At least 53 local oil service firms have accessed the $300 million Nigerian Content Development Fund (NCDF) between 2018 and this year, the Nigerian Content Development Management Board (NCDMB), has said. The general manager of the agency, Obinna Ofili, stated this on Thursday at a capacity building workshop for the media in Abuja.

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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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