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Investors Gain N96.08bn as NGXASI Inches up by +0.34%; Overnight Rate Expands by 0.08% to 7.08%; IEFX Rate Depreciates to N420.25
1. EQUITIES MARKET

1.1 NGX – Listed Equities
Nigerian Equities Market maintained positive posture as market sentiment remained green at the close of trading today.

The NGX All-Share index inched up by +0.34% to close at 53,086.46 basis points as against +0.18% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N96.08bn gain
YTD, the NGXASI Stands at +24.28%
The total volume traded advanced by +167.03% to close at 755.62m, valued at N8.90bn and traded in 4,297 deals. FBNH was the most traded stock by volume with 610.41m units traded, while FBNH was also the most traded stock by value which is put at N6.78m.
Sectoral performance was broadly positive as ten (10) NGX sector indices closed northward, six (6) closed southward while two (2) closed flat. The NGX Premium Index inched up by +0.83% while the NGX Insurance Index dipped by -0.44% to top all sector indices otherwise.
Dangote index closed flat at 144.30 basis points while Elumelu index closed green with +0.28% gain recorded to close 116.71 basis points.
At the close of trading, market recorded 19 gainers to 12 losers and 75 unchanged. CONOIL topped the list of gainers ABCTRANS topped the list of losers. Thus, market breadth closed positive.
Volume and Value Contribution
FBNH led the volume chart with 80.78% contribution and closely followed by FLOURMILL and WAPIC.

Source: NGX,

FBNH led the value chart with 76.11% contribution and closely followed by FLOURMILL and ZENITHBANK.

Source: NGX

NGX Earnings Summary
No Financial statement was released on the NGX today.

NGX Corporate News
Airtel Africa Plc has announced the purchase of 58 MHz of additional spectrum spread across 900, 1800, 2100 and 2600 MHz bands, for a gross consideration of $42m. This additional spectrum will support its 4G expansion in the market for both mobile data and fixed wireless home broadband capability, providing significant capacity to accommodate its continued strong data growth in the country.

1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index inched up by +1.15% to close at 761.24 basis points as against -1.28% loss recorded previously.
The total volume traded advanced by +8.63% to close at 153,075, units valued at N11.64m and traded in 9 deals.
At the close of trading, NASD OTC market recorded 1 gainer(s) to 1 loser(s)

Volume and Value Contribution
SDFCWAMCO led the volume chart with 46.55% contribution

SDFCWAMCO led the value chart with 58.15% 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.

1.3 Global Indices
On the global scene, the Hong Kong Index leads the top five gainers with 2.71% gain while the Jakarta Index tops the top five losers with -1.20% loss as of 4pm Nigerian Time

1.4 African Indices
Similarly on the African scene, the Zimbabwe Index tops the top five gainers with 1.23% gain while the Egypt EGX-30Index tops the top five losers with -0.43% loss as of 4pm Nigerian Time

2. BONDS AND FIXED INCOME MARKETS
2.1 Debt Market Size
The FMDQ Debt Market Size advanced by 0.18% to close at N27.77trn from previous figure of N27.72trn

2.2 Overnight and Open Repo (OPR)
The overnight lending rate advanced by 0.08% to close at 7.08% while the Open Repo (OPR) rate also declined by 0.33% to close at 6.33%

3. COMMODITIES MARKET
3.1 AFEX Indices
The ACI grew by +0.21% to close at 476.78 basis points as against previous figure of 475.78 while the AEI declined by 0.77% to close at 196.43 basis points as against previous figure of 197.95 basis points.

3.2 AFEX Commodity Prices
Maize, Paddy Rice and Sorghum all advanced by 22.63%, 10.08% and 5.76% respectively while other commodities closed flat.

3.3 Global Commodity Prices
Gold recorded 0.38% loss while Silver advanced by 0.68% as of 11:36 NY time

In the energy market, Brent declined by 0.70% while WTI also declined by 0.87% as of 10:37AM Central Daylight Time (CDT)

Source: Oilprice.com, Goldprice.org

4. CURRENCY/ FX MARKET
The naira depreciated at the I&E FX Window by 0.12% to close atN420.25/USD while the NAFEX rate also depreciated by 0.22% to close at N419.35.

Source: FMDQ, BDC

Nigeria’s next president to contend with revenue disaster
As the main contenders for Nigeria’s top job emerge ahead of elections next February, whoever does get the nod to be president has the puzzle of a strained public purse to solve if he must avert a brutal financial crisis in the country of 200 million people.
FG income threatened as petrodollars hit 4-month low
For Nigeria, it is a new year with old problems. Nigeria earned less cash than planned in the month of January as oil income fell to its lowest level in four months, an early sign that government revenues are set for a seventh straight year of underperformance.
Foreign capital inflow in Q1 dips most in 5 years
The foreign capital flow into Nigeria fell year-on-year by 17.5 percent to $1.6 billion in the first quarter of (Q1) 2022, the lowest first-quarter inflow since Q1 2017, according to new official data. The data obtained from the National Bureau of Statistics showed that capital importation declined quarter-on-quarter by 28.1 percent from $2.2 billion in Q4 of last year.
A lack of reforms, which has culminated in weak economic growth, foreign exchange volatility and a harsh business environment, are some of the reasons Africa’s biggest economy has struggled to attract sufficient foreign investments since 2015.
Momo, SmartCash to disrupt N8trn annual mobile money transactions
The kick-off of MoMo, MTN Nigeria’s payment unit, and Airtel Nigeria’s SmartCash have many operators in the financial services sitting on the edge. Mobile money transactions in the country rose to N8.06 trillion last year from N3.05 trillion in 2020, according to data from Nigeria Inter-Bank Settlement System Plc.
Both telecommunications companies are not making any secret the size of their ambitions for the payment market. For MoMo, which already has an advantage through its agent network business and has seen it amass over 10 million consumers, transactions are being made at zero fees.
Afreximbank backs Titan Trust Bank’s acquisition with $300m intra-African investment finance facility
African Export Import Bank (Afreximbank) has announced the disbursement of a $300 million Intra-African Investment Financing Facility to Titan Trust Bank (TTB) to support its acquisition of a majority stake in Union Bank Plc, Nigeria (UBN). The deal will enhance the competitive dynamics of the Nigerian banking , while maintaining confidence in the country’s financial services and broader financial stability.
The recently disbursed financing will complement the funds required for the proposed acquisition. Afreximbank’s financial support enables TTB to secure the acquisition of a well-capitalised bank with an extensive network, enabling the entity to better serve vital economic activities of the public sector, companies, and small and medium-sized enterprises.
Number of metered customer decline to 3.51 million in 2020 – NBS
Number of metered customers in Africa’s biggest economy has declined from 3.80 million recorded in 2019 to 3.51 million in 2020, data from the National Bureau of Statistics (NBS) electricity report shows. The NBS, in its Electricity report released on Monday, said that the number of metered customers increased consecutively on a year-on-year basis from 3.15 million in 2015 to 3.80 million in 2019 but declined to 3.51 million in 2020.
It said: “In 2015, Benin Electricity Distribution Company (BEDC) recorded the highest number, while IBEDC stood top between 2016 and 2019. Abuja Electricity Distribution Company (AEDC) recorded the highest in 2020.”
Recall that the Nigerian Electricity Regulatory Commission (NERC) has reported in its quarter two 2022 report that only 40.95 per cent of electricity customers have been metered, a situation that poses a key challenge in the industry.
Nigerian Banks gain strides in African operations
Analysts consider Nigeria to be ‘a mega market’, however, Nigeria’s biggest banks’ appetite for the continent is not waning. The logic may not be new but the current situation reinforces it. Findings by BusinessDay showed even if the pace and pattern of continental expansion by different Nigerian banks vary, moving into other African markets allows for diversification of assets and balances profitability against results in Nigeria.
Ghana and Sierra Leone are traditionally mentioned as the preferred locations for Nigerian banks in West Africa; however, in East Africa, Kenya, Rwanda and Tanzania should also be mentioned.
NASS shut down as staff down tools over 24 months minimum wage arrears
Activities in the National Assembly were on Monday grounded as workers under the umbrella of the Parliamentary Staff Association of Nigeria (PASAN) embarked on strike. The industrial action by the parliamentary workers is to press home their demand for full payment of their outstanding 24 months of of national minimum wage and other conditions of service.
PASAN officials blocked the entrance of the National Assembly which also led to the Office of the Secretary to the Government of the Federation and Supreme Court.
They prevented staff of banks, Senators and members of the House of Representatives and other offices access to the complex.
Travel boom in today’s unpredictable Nigeria
It takes a lot of gut to live in Nigeria. As conditions in the country continue to worsen, the desire to leave heightens among the middle class and the poor alike. Almost every Nigerian now focuses on travelling permanently out of the country to secure the integrity of a decent livelihood in saner climes. A 2021 report A 2021 report published by the African Polling Institute shows that more than 7 in 10 Nigerians are willing to relocate abroad with their family if they have the chance. This fraction represents about 73 per cent of Nigerians who would rather pack their bags than remain in the country where little or no hope remains
Airtel Africa Plc Acquires DRC Spectrum for a Gross Consideration of $42m
Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces the purchase of 58 MHz of additional spectrum spread across 900, 1800, 2100 and 2600 MHz bands, for a gross consideration of $42m.

The licence for paired spectrum in the 2100 band comes up for renewal in September 2032. All the other licences continue until July 2036.

This additional spectrum will support our 4G expansion in the market for both mobile data and fixed wireless home broadband capability, providing significant capacity to accommodate our continued strong data growth in the country.

DRC is the largest country by area in our portfolio and our second largest market by population. This investment reflects our continued confidence in the tremendous opportunity inherent in the DRC, supporting the local communities and economies through furthering digital inclusion and connectivity.

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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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