Investors Gain N50.35bn as NGXASI Inches Up by 0.20% to Open the Week Positive
Equities market closed on a positive note, as NGXASI appreciated by +0.20% to close at 47,233.91 basis points as against +0.08% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.58%.
Market breadth closed positive as RTBRISCOE led 31 Gainers as against 14 Losers topped by MULTIVERSE at the end of today’s session an improved performance when compared with previous outlook.
Market turnover closed negative as volume moved down by -0.76% as against +18.71% uptick recorded in the previous session. TRANSCORP, ZENITHBANK and UBCAP were the most active to boost market turnover. ZENITHBANK and MTNN topped market value list.
REDSTAREX leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Bullish Run Sustained as Average Yield Declines 24bps WoW to 4.18%
Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market maintained its bullish run as investor sentiments remained positive. The week started on a positive note as buying interests was seen along the long-dated instruments, boosted by demand from unmet PMA bids and buoyant system liquidity (N39.29bn long as at Tuesday). Consequently, average yield contracted 24bps W-o-W to settle at 4.18% from 4.43% the previous week.
In more detail, most demand was witnessed on medium and long-term instruments as their average yields (3.97% and 4.92%) dipped 23bps and 43bps W-o-W respectively. Specifically, the 12-May-2022 (-89bps W-o-W) and 08-Sep-2022 (-127bps W-o-W) bills enjoyed the most buying interests.
On Wednesday (23-Feb-22), the Apex bank is scheduled to roll over maturing bills worth N115.28bn at the NT-Bills Primary Market Auction (“PMA”) across the 91-, 182-, and 364-Day tenors.
Projects in Nigeria gulp trillions with little results
In November 2018, Nigeria awarded a $500 million contract to the Sierra Nevada Corporation to manufacture 12 A-29 Super Tucano attack aircraft planes for the Nigerian Air Force
Nigeria’s decrepit refineries turn money guzzlers
In the face of poor performance and huge overheads, fixing Nigeria’s unprofitable refineries to functional capacity has remained the promise of every administration since 1999.
Nigeria, the world’s most inefficient spender, now lives to pay creditors
The Financial Times Africa Editor, David Pilling, wrote an article last month where he asked “What is Nigeria’s government for?” One of the possible answers to that is the government now exists to pay creditors.
Vehicle clearance at port stalled as Customs agents close shop
Clearing of imported vehicles from the roll-on roll-off terminals at the Tin-Can Island Port has been put on hold as all registered freight forwarding associations operating at the PTML Terminal in Lagos withdrew their services from the port today over the issues associated with the newly introduced Vehicle Identification provisions.
Nigerian Breweries grows 2021 profit by 71.8% on increased beer sales
Nigeria Breweries Plc has recorded an upbeat in its 2021 financial performance as the firm saw a 71.8 percent increase in net profit to N12.93 billion, a recovery from the pandemic year 2020, when they recorded an all-time low-profit 0f N7.53 billion, findings by BusinessDay reveals.
MTN targets Nigeria microinsurance market with aYo platform
MTN’s insurance technology unit aYo, which recently crossed the 15-million customer mark, is expanding to Nigeria and home South Africa as the group continues on its mission to bolster earnings from its financial services business. MTN has been on a strong push in recent years to diversify its business
Iran Rises Above Russia on the Oil Market Radar – OIR 180222
Oil has been in the doldrums this week as increasingly worrying news from the Russia-Ukraine border was offset by tangible progress in the Iran nuclear talks. Reportedly, the sequence of steps regarding the gradual easing of sanctions has already been ironed out.
FG Admits Inspection Failure Caused Dirty Fuel Imports, Prices Soar in States
The scarcity of Premium Motor Spirit, popularly called petrol, which has lingered for about two weeks, is not due to the absence of products but inspection failure, the Federal Government stated on Sunday.
Fuel Scarcity: Private Depots Hike Rates, More Filling Stations May Sell Above N180/litre
The cost of Premium Motor Spirit, popularly called petrol, may hit or exceed N180/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners.
TUC Threatens to Direct Members to Sit at Home if Petrol Scarcity Persists
The Trade Union Congress (TUC) has threatened to stop its members from going to work if the lingering petrol scarcity is not addressed. The discovery of petrol with methanol above Nigeria’s specification had caused scarcity and resulted in long queues in filling stations across the country. \
UK To Unveil Fresh Investment Plans for Nigeria
The Parliamentary Under-Secretary of State for Africa, Latin America and the Caribbean of the United Kingdom (UK), Vicky Ford, is expected to pay a visit to Nigeria this week.
Nigeria Earns N36.67tr on Local Content Retention
Nigeria has retained about N36.67 trillion from the oil industry spend over the past 11 years through the implementation of the local content policy. The policy has also led to the creation of some 50,000 jobs for Nigerians.
NAMA: Lagos, Abuja Airports to Automate Aircraft Sequencing to Avoid Delays
Nigerian Airspace Management Agency (NAMA) says it will complete automation of aircraft sequencing this year at the Lagos and Abuja airports. Matthew Pwajok, the acting managing director of NAMA, disclosed this in Abuja in an interview with NAN.
Air Peace, Arik Air Increase Base Fare for Economy Flights to N50,000
Nigerian airlines have increased the cost of economy flight tickets for domestic routes from about N35,000 to a base fare of N50,000. The airlines include Azman Air, Max Air, Ibom Air, Arik Air, Air Peace and Dana Air.
U.S. Futures Rise on Proposed Biden-Putin Summit: Markets Wrap
U.S. equity futures rose and Asian stocks pared losses Monday as traders evaluated the possibility of a summit on Ukraine between President Joe Biden and Russian counterpart Vladimir Putin.