Investors Lose N6.06bn as NGXASI Dips Marginally by -0.02% Amid Improved Market Turnover
Equities market closed on a negative note, as NGXASI depreciated by -0.02% to close at 47,353.22 basis points as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.85%.
Market breadth closed negative as UACN led 16 Gainers as against 17 Losers topped by NIGERINS at the end of today’s session an unimproved performance when compared with previous outlook.
Market turnover closed positive as volume moved up by +64.39% as against -20.42% downtick recorded in the previous session. UNITYKAP, UBA and FBNH were the most active to boost market turnover. MTNN and GUARANTY topped market value list.
UNITYKAP leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
Petrol imports double to N3.96trn in one year
Nigeria, Africa’s biggest oil producer, saw its petrol import bill hit an all-time high of almost N4 trillion last year, nearly double that of 2020, official data collated by BusinessDay show. The country relies wholly on imports to meet its fuel needs as its refineries have been inactive for years.
Nigerians’ misery rises as living standards fall
The economic misery of Nigerian households and businesses have been compounded in recent weeks by the rising cost of food and petrol, dwindling power supply and grounded flights. The rising cost of living in Africa’s most populous nation is delivering a fatal blow to the economic recovery witnessed by the country in 2021.
Commodity exchanges seen as better deal for farmers
Following the ban by the Federal Government on direct purchase of farm produce by foreigners from farmers, experts have said commodity exchanges rather than licensed agents will be the best option for farmers.
Interest rate: MPC review unlikely on inflation, oil price
Ahead of the next meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), analysts have said chances are slim that the benchmark interest rate will be adjusted. The meeting, scheduled to be held next Monday and Tuesday
Big Cabal raises $2.3m Seed round to grow tech media audience in Africa
Big Cabal Media [BCM], a pan-African media company headquartered in Nigeria, has closed a Seed Series fundraising round at $2.3million, led by MaC Venture Capital, with participation from Luminate, Unicorn Group, Future Africa and a range of angel investors.
NERC assures Nigerians, as it sets to supply 4000 MW
Sanusi Garba, Chairman of the Nigeria Electricity Regulatory Commission (NERC), has assured Nigerians that concerted efforts to resolve challenges in the electric power supply chain will soon restore supply to the 4000MW threshold.
Why we increased electricity tariff despite power shortage – NERC
The Nigerian Electricity Regulatory Commission(NERC) has confirmed the increase made to electricity tariff payable by consumers, stating that it was in line with its mandate to adjust rates to take care of the foreign exchange component of cost and inflation.