Innoson Group Announces Gas Discovery in Sierra Leone

 A recent independent third-party evaluation by the Ryder Scott Company revealed an SPE-PRMS P50 estimated unrisked gross prospective recoverable resources of 8.2 trillion cubic feet and 234 MMbbl of gas and condensate, respectively.  Source Innoson Group Read More

Oil Giant Saudi Aramco’s First-Quarter Profits Surge 80%

 Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. Source MarketWatch Read More

Containers Clearing Cost Jumps by 67%, Vehicle Parts’ Prices Soar

 Freight charges in the nation’s seaports have jumped by 67 per cent, resulting in increases in prices of vehicle spare parts, The PUNCH learnt. Source Punch Read More

ABCON Seeks Stable Exchange Rate in Roadmap To Save Naira

The Association of Bureaux De Change Operators of Nigeria (ABCON) has developed a roadmap campign to save the naira from further depreciation and achieve exchange rate stability. Source The Nation Read More

ALERT: Hackers can now Unlock, Steal Vehicles, NCC Warns Nigerians

 The Nigerian Communications Commission (NCC) has warned the public of an ongoing cyber-vulnerability that allows a nearby hacker to unlock vehicles, start engines wirelessly and make away with cars. Source TheCable Read More

IMF Calls for New Payment System to Accommodate Central Bank Digital Currencies

 Kristalina Georgieva, managing director, International Monetary Fund (IMF) has called for the development of a new public infrastructure to connect various payment systems, including digital currencies. Source TheCable Read More

Nigeria’s palm oil imports decline on backward integration policy

Nigeria has seen its importation of crude palm oil decline steadily in the last three years thanks to rising local production. In an attempt to regain its lost position in the league of global palm oil producers, Nigeria had introduced the backward integration policy in 2011 but it wasn’t until 2018 that it began to gain traction.This has spurred massive investments from PZ Wilmar, Dufil Prima Foods, Agric Palm Limited, Presco, and Okomu Oil Palm Company, among others, in developing backward integration projects.Currently, there are no reliable figures for Nigeria’s palm oil production and imports.

.Okomu, Presco shine amid global palm oil crisis

Okomu Oil Palm Company Plc and Presco Plc, Nigeria’s biggest palm oil producers, are rallying amid the tight global palm oil supply, which has spurred increased sales for the pair. The share prices of both companies combined are up 82 percent, taking their market capitalisation to N405 billion as at May 13, compared to N223 billion at the beginning of the year. While Presco’s share price has gained 128 percent, Okomu is up 51.4 percent.

Why the poor will suffer more from fuel subsidy removal

A subsidy is a fiscal tool that is often used to make certain commodities affordable to the populace. The major rationale behind fuel subsidy is to make petroleum products affordable for poor people by ensuring that part of the financial burden of the commodity is borne by the government.

From legal and illegal refineries, Nigeria’s economy takes a beating

Nigeria is burning cash to rehabilitate its four refineries that currently do not produce enough petrol to run their facilities as it battles to rein thieves breaking pipelines to siphon fuel for their illegally refineries, leaving the economy bleeding from both ends

April’s inflation rate hits 16.8%, highest in 8 months

Nigeria’s Consumer Price Index (CPI) also known as inflation rate has climbed to 16.82 percent in April 2022, the highest in eight months (August 2021), a BusinessDay analysis shows. The April inflation rate is also the third consecutive rise since January this year. Data from the new CPI inflation report for April.

 

 

Investors Lose N83.22bn as NGXASI Dips by -0.29%; Debt Market Size Grows by 0.33%; IEFX Rate Depreciates to N421.50

Equities 

NGX

Nigerian Equities Market retracted to close in red at the end of today’s trading session amid positive market breadth as against previous positive session. 

The NGX All-Share index dipped by -0.29% to close at 52,944.09 basis points as against the +0.34% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N83.22bn loss

YTD, the NGXASI Stands at +23.94%

The total volume traded advanced by +23.30% to close at 374.18mln, valued at N4.96bn and traded in 6,854 deals. TRANSCORP was the most traded stock by volume with 88.59 million units traded, while SEPLAT was the most traded stock by value which is put at N1.41 billion.

Sectoral performance was broadly positive as three (3) NGX sector indices closed northward, thirteen (13) closed southward while two (2) closed flat. The NGX Insurance Index topped with +2.41% gain as against NGX Growth Index which dipped by -3.03%

Gote index closed green with +0.01% gain recorded to close at 156.19 basis points while Toni index also closed green with +0.64% gain recorded to close at 117.45 basis points.

At the close of trading, market recorded 25 gainers to 20 losers and 64 unchanged. NNFM topped the list of gainers as CHAMPION topped the list of losers.

Volume and Value Contribution

TRANSCORP led the volume chart with 12.50% contribution and closely followed by JAIZBANK and WAPCO.  

WAPCO led the value chart with 13.29% contribution and closely followed by GTCO and SEPLAT. 

NGX Earnings Summary

No Financial Statement was released on the NGX Exchange today. 

NGX Corporate News

Dangote Cement Plc has notified that it will hold its AGM on June 14, 2022 at Eko Hotels and Suites, VI, Lagos at 11am

UAC of Nigeria Plc has proposed for the shareholders’ approval at the AGM, a scrip dividend that would give interested Shareholders the option to elect to receive new ordinary shares in the Company instead of the dividend in cash. The AGM is to hold at 12th Floor, UAC House, 1-5 Odunlami Street, Marina, Lagos on Wednesday, June 22, 2022 at 10.00am.

BUA Cement Plc has notified that it will hold its AGM on July 21, 2022 at Transcorp Hilton Hotel, Maitama, Abuja at 11am 

NASD OTC Exchange

The NASD market index dipped by -0.02% to close at 807.56 basis points as against the +0.87% gain recorded previously. 

The total volume traded declined by -99.19% to close at 61,131 units valued at N4.62mln and traded in 11 deals. 

At the close of trading, NASD OTC market recorded 0 gainer (s) to 1 loser(s)

Volume and Value Contribution

SDFCWAMCO led the volume chart with 46.84% contribution  

SDFCWAMCO led the value chart with 75.18% contribution  

NASD Earnings Summary

No Financial statement was released on the NASD OTC Exchange today. 

NASD Corporate News

No Corporate News was released on the NASD OTC Exchange today. 

Global Indices

On the global scene, the Russian MICEX Index leads the top five gainers with 2.86% gain while the Indian NIFTY Index tops the top five losers with -2.38% loss as of 4pm Nigerian Time 

African Indices

Similarly on the African scene, the South Africa All Share Index tops the top five gainers with 0.82% gain while the BRVM-10 Index tops the top five losers with -2.67% loss as of 4pm Nigerian Time 

Bonds and Fixed Income Markets 

Debt Market Size

The FMDQ Debt Market Size advanced by 0.33% to close at N27.31trn from N27.22trn.

Overnight and Open Repo (OPR)

The overnight lending rate declined by 0.92% to 8.25% while the Open Repo (OPR) rate also moved down by 0.83% to close at 7.83% 

Commodities Market

AFEX Index

Trading on the AFEX Commodities Exchange closed positive at the end of today’s session. The ACI moved up by +0.93% to close at 470.35 basis points as against previous figure of 466.03 while the AEI closed also moved up by +2.83% to close at 204.07 basis points as against previous figure of 198.46 basis points. 

Trading data on the AFEX Commodities Exchange indices was not available as of the time of concluding this report. 

AFEX Commodity Prices

Maize moved up by 5.10% to close at N234.00 while Sorghum dropped by 8.17% to close at N225.03 

Global Commodity Prices

Gold recorded 1.12% gain while Silver also advanced by 1.63% as of 12:04 NY time 

The two energy commodities, Brent and WTI both advanced by 1.12% and 1.63% respectively as of 11:07AM Central Daylight Time (CDT)

Currency/ FX Market

The naira depreciated at the I&E FX Window by 0.60% to close atN421.50/USD while the NAFEX rate appreciated by 0.21% to close at N416.25.

ABCTRANS Declares N51.87m Loss in Q1’22 Results,(SP:N0.33k)

ABC Transport PLC released its Q1 2022 Unaudited results for the period ended March 31st, 2022.

Key Highlights

• Revenue grew by 37.93% from N1.36bn to N1.87bn
• Loss before tax stood at -N6.11m
• Loss after tax stood at -N51.87m
• Share Price Currently Stands at N0.33k

Coronation Insurance Plc Declares N810m PAT in Q1’22 Results,(SP:N0.42k)

Coronation Insurance Plc released its Q1 2022 Unaudited results for the period ended March 31st, 2022.

Key Highlights

• Gross Premium Written grew by 45.56% from N5.23bn to N7.61bn
• Profit before tax stood at N945m
• Profit after tax stood at N810m
• Share Price Currently Stands at N0.42k

Consolidated Hallmark Insurance Plc Declares N441.91m PAT in Q1’22 Result;(SP:N0.57K)

Consolidated Hallmark Insurance Plc released its Q1 2022 Unaudited results for the period ended March 31st, 2022.

Key Highlights

• Gross Premium Written grew by 14.1% from N3.52bn to N4.02bn
• Profit before tax stood at N575.92m
• Profit after tax stood at N441.91m
• Share Price Currently Stands at N0.57k