Headlines – First Ideas Limited

Headlines

Investors Lose N16.56bn as NGXASI Dips by -0.07% to Open the Week Negative

Equities market closed on a negative note, as NGXASI depreciated by -0.07% to close at 47,251.93 basis points as against -0.15%  depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.62%.         

Market breadth closed negative as GUINNESS led 15 Gainers as against 21 Losers topped by RTBRISCOE at the end of today’s session an unimproved performance when compared with previous outlook.     

Market turnover closed negative as volume moved down by -64.38% as against +150.07% uptick recorded in the previous session. ACCESS, ZENITHBANK and UBA were the most active to boost market turnover.  ZENITHBANK and GUARANTY topped market value list.

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

Inflation Rate Rises to 15.7%, as Fuel Scarcity and Rising Int’l Crude Oil Prices Bite Harder

 Following the supply of bad quality fuel to the local retail market, the Nigerian National Petroleum Corporation’s (NNPC’s) efforts to recall sizable volumes of the contaminated motor spirit has left long queues at filling stations across the country.

Oil Price Volatility Is Here to Stay – OIR 180322

Oil prices are back above $100 after negotiations between Russia and Ukraine deteriorated. Energy markets are rife with uncertainty, with the IEA suggesting that consumers will have to figure out how to reduce demand as supply shortages loom. 

Gencos Counters NBET Over Purchase Agreements, List N1.64tn Debts

 Power generation companies on Sunday said the Nigerian market was under threat based on the recent claims by the Nigerian Bulk Electricity Trading Company Plc that only five Gencos had active Power Purchase Agreements in Nigeria. 

FG Incurs N950bn New Domestic Borrowing in Q1 2022 – DMO

 The Federal Government has incurred N950bn new domestic borrowing between January 2022 and March 11, 2022, the Debt Management Office has revealed. 

Reps Write Kyari, summon 17 NNPC Subsidiaries Over Audit Queries

The House of Representatives’ Committee on Public Accounts has written to the Group Managing Director of the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, Mr Mele Kyari, over audit queries issued against the NNPC and its subsidiaries. 

Aramco Boosts Net Profit to $110 billion

Saudi Arabia’s state oil company Aramco pledged this year to ramp up capital expenditure to $40 billion to $50 billion on the back of a 2021 net profit of $110 billion, double the previous year. 

Minister: Measures in Place to Avoid Recurrence of National Grid Collapse

Abubakar Aliyu, minister of power, says mitigation measures to avoid recurrence of national grid collapse are being implemented. The national power grid had collapsed twice this week. 

CBN Slashes Interest on Intervention Loans to 5%

 The regulatory forbearance would allow banks to restructure loans given to sectors severely affected by the Covid-19 pandemic and strengthen the Loan to Deposit Ratio (LDR) policy, which has resulted in a significant rise in loans provided by financial institutions. 

Industries Falter as Diesel Prices Expose Gas Infrastructure Deficiency

 There is apparently no respite for the industries soon, as cost of diesel soared by 70 per cent in one year, even as the gas alternatives are lacking necessary infrastructure and enabling policies to sustain the crucial sector.  

Oil Climbs as Traders Gauge War in Ukraine, Middle East Tensions

Oil jumped as the war in Ukraine neared the end of its first month, and investors tracked geopolitical tensions in the Middle East.

Google Lands First Subsea Cable in Africa to Spur Digital Access

Google landed a submarine cable in Togo, the first nation in West Africa to introduce commercial fifth-generation mobile services. 

Russia tells Google to Stop Spreading Threats Against Russians on YouTube

 Russia on Friday demanded that Alphabet Inc’s (GOOGL.O) Google stop spreading what it called threats against Russian citizens on its YouTube video-sharing platform, a move that could presage an outright block of the service on Russian territory.

 

Australia to Make Big Tech Hand Over Misinformation Data

Australia’s media regulator will be able to force internet companies to provide internal data about how they have handled misinformation and disinformation, the latest measure by the country’s government to crack down on Big Tech. 

How corruption denies Nigeria of mining sector dollars

The Nigerian government is losing billions of dollars to illegal mining activities in the country’s solid minerals sector as corruption continues to hold sway. The Federal Government has often expressed keenness to develop the sector in order to diversify the economy…

 Mining sector remains stunted despite huge potential

Nigeria’s mining sector has remained stunted despite the abundance of natural resources.According to data by the Nigeria Extractive Industries Transparency Initiative (NEITI), the mining sector contribution to GDP declined from 5.6 percent in 1980 to about 0.33 percent in 2020.

Scarcity pushes average petrol price to N170/litre

The average retail price paid by consumers for Premium Motor Spirit (petrol) increased to N170.42 in February, according to new data released by the National Bureau of Statistics (NBS). The country saw the re-emergence of fuel queues at filling stations in February following the importation of adulterated petrol into the country.

Nigeria’s biggest downstream firms see profit rise by 371% in 2021

The 2021 financial performance of Nigeria’s downstream firms despite the absence of deregulation can be likened to cat pulling a chestnuts out of the fire. The billions of naira Africa’s largest oil-producing country squanders due to the absence of full deregulation in Nigeria’s downstream sector is no longer news

Plane crash in China: 132 passengers feared dead in Guangxi mountains

A China Eastern Airlines plane carrying 132 passengers has crashed and caused a fire in the mountains of Guangxi in Southern China as reported by sky news. The number of casualties is yet to be known and rescue teams are on the way, CCTV reported

Nigeria borrows $1.25bn in Eurobond to buy petrol, says EIU

The Economist Intelligence Unit, EIU says Nigeria tapped the international debt market last week for a Eurobond sale of over one billion dollars with yields at 8.5% to pay for urgent petrol supplies after a debilitating shortage following the importation of bad fuel into the country in January.

Nira cuts price of .ng domain by over 40% to grow adoption

Nigeria Internet Registration Association (NiRA) has reduced the price of .NG domain by over 40 percent. Domains that are registered on this domain string, therefore, have several benefits which include geo-targeting and the reduction of capital flight as well as contribution to the local economy.

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