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Investors Gain N6.55bn as NGXASI Inches up Marginally by 0.02%; Overnight Rate Closes Flat at 14%; IEFX Rate Appreciates to N425
1. EQUITIES MARKET

1.1 NGX – Listed Equities
Nigerian Equities Market maintained its previous position in the positive territory at the end of today trading activities.

The NGX All-Share Index inched up marginally by +0.02% to close at 51,829.67 basis points as against +0.03% marginal gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N6.55bn gain.
YTD, the NGXASI Stands at +21.33%
The total volume traded declined by -43.06% to close at 127.03m, valued at N1.71bn and traded in 3,718 deals. GTCO was the most traded stock by volume with 23.47m units traded while GTCO was also the most traded stock by value which is put at N480.29m.
Sectoral performance was broadly positive as nine (9) NGX sector index closed northward, ix (6) closed southward while three (3) closed flat. The NGX Banking Index inched up by +0.36% while the NGX MERIVAL dipped by -0.59% to top all sector indices otherwise.
DanGote index dipped by -0.07 to close at 143.22 basis points while Elumeluindex also closed red with -0.22% loss recorded to close at 112.39 basis points.
At the close of trading, market recorded 19 gainers to 14 losers and 60 unchanged. CUTIX topped the list of gainers while COURTVILLE topped the list of losers. Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.08x.

Volume and Value Contribution
GTCO led the volume’s chart with 18.47% contribution and closely followed by UBA and STERLNBANK.

Source: NGX

GTCO led the value’s chart with 28.13% contribution and closely followed by SEPLAT and AIRTELAFRI

Source: NGX

NGX Corporate News
Zenith Bank Plc has announced the retirement of two non-executive directors from its board with effect from July 01, 2022. The affected directors are Mr Jeffrey Christopher Efeyini and Professor Chukuka Sam Enwemeka.

1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index inched up by 1.41% to close at 774.03 basis points as against flat position recorded previously.
The total volume traded advanced by +2091.94% to close at 127,001 units valued at N15.37m and traded in 10 deals.
At the close of trading, NASD OTC market recorded 3 gainer(s) to 0 loser(s)
Volume and Value Contribution
SDNDEP led the volume chart with 49.61% contribution
SDNDEP led the value chart with 85.86% contribution

NASD Corporate News
NASD Plc CEO, Mr Bola Ajomale has bowed out of office as Mr E Longe takes over the leadership of the NASD effective July 01, 2022.

1.3 Global Indices
On the global scene, the Argentina MerVal Index leads the top five gainers with 1.40% gain while the Taiwan Index tops the top five losers with -3.26% loss as of 4pm Nigerian Time

1.4 African Indices
Similarly on the African scene, the Uganda All Share Index tops the top five gainers with 1.72% gain while the Namibia Index tops the top five losers with -4.01% loss as of 4pm Nigerian Time

2. BONDS AND FIXED INCOME MARKETS
2.1 Debt Market Size
The FMDQ Debt Market Size was not available as at the of finalising this report.

2.2 Overnight and Open Repo (OPR)
The overnight lending rate closed flat at 14.00% while the Open Repo (OPR) rate expanded by 0.17% to close at 14.00%

3. COMMODITIES MARKET

3.1 AFEX Indices
The ACI dipped by 1.94% to close at 458.82 basis points as against previous figure of 467.89 while the AEI closed flat at 189.67 basis points as against previous figure of 189.86 basis points.
AFEX Indices
Index 1-Jul-22 30-Jun-22 % Chg
ACI 458.82 467.89 -1.94%
AEI 189.67 189.67 0.00%
Source: AFEX

3.2 AFEX Commodity Prices
Maize declined by 8.33% to top the losers’ chart.

3.3 Global Commodity Prices
Gold recorded 0.21% loss while Silver declined by 2.27% as of 12:27 NY time

In the energy market, Brent advanced by 2.27% while WTI also advanced by 2.69% as of 11:30AM Central Daylight Time (CDT)

Source:Oilprice.com, Goldprice.org

4. CURRENCY/ FX MARKET
The naira appreciated by 0.01% at the I&E FX Window to close at N425.00/USD while the NAFEX rate depreciated by 0.67% to close at N421.29.

Source: FMDQ, BDC
Geregu Power Plc Series I Bond Issuance of up to N40 billion Now Open
We are pleased to inform you of the launch of Geregu Power PLC (“Geregu Power” or the “Issuer”) Series 1 offer of up to ₦40 billion in Fixed Rate Senior Unsecured Bonds (the “Offer”), under its ₦100 billion Multi-Instrument Debt Programme. The offer is scheduled to close on Friday, 8th July 2022.
Geregu Power PLC is a power generation company incorporated in 2006 and commissioned in 2007. The Company is principally engaged in the generation and sale of electric power. Geregu’s power plant is wholly owned and operated by Amperion Power Distribution Company Limited (“APDCL”). The issuer is also in the process of concluding its listing by introduction on the Nigerian Exchange Limited.
Geregu Power is currently rated (“A”) by GCR Ratings and (“Bbb+”) by Agusto & Co. and plans to utilize the net proceeds from the Series 1 bond issuance to part-finance the acquisition of an additional plant to expand its generating capacity.
The price guidance for the Series 1 bond is 12.75% – 13.25%.
Summary of the indicative terms of the Offer is stated below:

NGX Suspends Nine (9) Listed Companies for Default Filing Effective July 01, 2022
NGX Regulation Limited (NGX RegCo) hereby informs the public that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (“Default Filing Rules”), which provides that:

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1 , The Exchange will:
a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
b) Suspend trading in the Issuer’s securities; and
c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”

The shares of the below listed companies have been suspended from trading via the facilities of Nigerian Exchange Limited (NGX), effective today, Friday, 1 July 2022 having failed to file their Audited Financial Statements for the year ended 31 December 2021.

1. C&I Leasing Plc
2. Ekocorp Plc
3. Premier Paints Plc
4. Ardova Plc
5. African Alliance Insurance
6. Royal Exchange Plc
7. Mutual Benefits Assurance Plc
8. Niger Insurance Plc
9. Coronation Insurance Plc

The investing public is hereby advised that, in accordance with the provisions of the Default Filing Rules set forth above, the suspension of trading in the shares of the above listed companies will only be lifted upon the submission of the relevant accounts and provided NGX RegCo is satisfied that the accounts comply with all applicable rules of NGX
Airtel Africa Launches Smartcash Payment Service Bank in Nigeria
Airtel Africa, a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa, has today launched SmartCash Payment Service Bank, its wholly-owned subsidiary, to provide secure and reliable financial services across Nigeria.
Headquartered in Lagos, it is accepting deposits from individuals and small businesses, carrying out payment and remittance services within Nigeria, and issuing debit and prepaid cards among other banking services. SmartCash also enables person-to-person payment and transfers from across the world. The service is currently available at selected retail touchpoints.
Plans are underway to expand the innovative, technology-driven services to all parts of the country, including the furthest and most remote, in an effort to accelerate financial inclusion for all Nigerians.The launch follows the granting of a license by the Central Bank of Nigeria. Already, SmartCash targets reaching the 36.8 per cent unbanked adult population in Nigeria, as estimated by the Access to Financial Services in Nigeria report.
Airtel Africa’s Group Chief Executive Officer, Segun Ogunsanya said:
“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Afrca, to continue growing our footprint in the continent and delivering innovative solutions. In the bank, we have the best of both worlds – a hybrid of commercial bank and mobile financially services – offering last mile connection to the financially excluded. Through it, we want to contribute towards driving financial inclusion in Nigeria, to empower Nigerians while transforming the payment landscape in Nigeria and the rest of Africa.’’
The Chief Executive Officer & Managing Director of SmartCash Payment Service Bank, Muyiwa Ebitanmi, said: “Through SmartCash Payment Services Bank, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secured and reliable banking services that is powered by technology and is relevant to their needs”.
FAAC Allocation Declines by 30%, States’ Finances May Worsen
Revenue allocation to federal, state and local governments has declined from a peak of N970.57bn in July 2021 to N680.783bn in May 2022, representing a 30 per cent reduction over the period. Source Punch Read More
FG Concessions Onitsha River Port for N4bn, Targets N23bn Revenue In 30yrs
The federal government has concessioned the Onitsha River Port in Anambra State for N4 billion under a public private partnership (PPP) arrangement. The deal will also see the FG earn N23 billion in the 30 years period of the concession. Source Daily Trust Read More
FG Pays N74bn Bridging Claims to Oil Marketers
The Federal Government on Wednesday said it paid N74bn as bridging claims to oil marketers for the transportation of petroleum products across the country in seven months. Source Punch Read More
Average FGN Bond Yields Retraced an Uptrend in Q2’22
For the most part of Q1’22, average bond yields declined steadily and bottomed out at c.10% in March. Yields have however retraced an uptrend in Q2’22. Although ytd, average bond yields have declined by -67bps, it has maintained a tighter band relative to the corresponding period last year. Source FBNQuest Read More
Asante Gold to Commence Trading on The Ghana Stock Exchange
Exactly a year ago, Asante Gold Corporation had a market cap of $12 million dollars. Today it has a market cap in excess of $400 million dollars. Source Nana Kwame Godfred Read More
Shell suspends multibillion-dollar assets sale in Nigeria
Shell Group says it has suspended the divestment of its interest in its Nigeria subsidiary-Shell Petroleum Development Company. The IOC in a statement signed by its Managing Director of SPDC and Chairman, Osagie Okunbor, on Thursday, said the sale of the assets had been put on hold pending the outcome of its appeal at the Supreme Court. Source Punch Read More
FintechNGR holds 5th AGM, Reports Achievement of Pivotal Milestones
The Fintech Association of Nigeria, FintechNGR, held its 5th AGM on the 14th of June 2022 with members of the Board of Trustees (BoT), Governing Council (GovCo), members of the Association, and invited stakeholders of the Nigerian Fintech ecosystem in attendance. Source FintechNGR Read More
Mara Set to Launch Cryptocurrency Wallet to Manage Finances
Mara, a pan-African company that offers suite of crypto products, has announced the pre-launch of the Mara Wallet, a portal to the crypto economy. The product is focused on helping people begin their journey towards conveniently managing their crypto-finance needs, take a major step towards financial freedom, and learn more about cryptocurrency and blockchain in Africa. Source THISDAYLIVE Read More
FG Approves Microsoft Enterprise Agreement to Reduce Cost of IT Products
The Federal Executive Council (FEC) has approved an Enterprise Licensing Agreement for Microsoft Products to minimise Information Technology (IT) costs in public institutions. FEC also endorsed the clearing up of C-band Spectrum, in order to accelerate the deployment of 5G services in the country. Source The SUN News Read More
We’re Working to Fully Automate Tax Administration Processes, Says FIRS
The Federal Inland Revenue Service (FIRS) effort to tax digital businesses has opened up a whole new revenue opportunity for the federal government. The Executive Chairman FIRS, Muhammad Nami, in this exclusive interview with JOSEPH CHIBUEZE speaks on the progress recorded by the Service so far. Source The Guardian Nigeria Read More
CBN, Bankers Committee Sensitises Lagos Markets on e-Naira
In a bid to enhance the adaptation of eNaira the Central Bank of Nigeria (CBN) in collaboration with the Bankers Committee over the weekend conducted an eNaira roadshow at Balogun and Tejuosho markets in Lagos State. Source THISDAYLIVE Read More
Stock market kicks off July with slight gain
Nigeria’s stock market started the new month of July on a slightly positive note (+0.02 percent), thanks to stocks like Cutix which rose by 9.78percent or 22kobo, Caverton Offshore Support Group which increased by 9kobo or 8.82 percent and The Initiates which was up by 4kobo or 10percent. As companies announce.
Akpongbon Bridge: More pains as ‘agberos’ collect tolls from motorists
Increasingly, it is becoming pain in the neck for motorists who have to access their homes and offices on Lagos Island through Akpongbon Bridge which suffered fire incident three months ago. Besides the traffic congestion that keeps them on that route for hours, the motorists also have to contend with an ugly experience on..
Shiroro attackers won’t go unpunished – Buhari
President Muhammadu Buhari has described Thursday’s attack in Shiroro Local Government Area of Niger State as a direct assault on Nigeria which will not be allowed to go unpunished. President Buhari stated this while paying tributes to the gallant men of the security forces who lost their lives in the process of defen.
Fitch lashes at CBN’s methods, says causing damage to Nigeria’s economy
Fitch, the global ratings company has lashed out at Nigeria’s Central Bank and its complex policies some of which it blames for compounding the country’s economic woes. In a report, Fitch says, “the CBN is using these discretionary measures to inject or withdraw liquidity from the financial system, as well as.
Nigerian airlines’ insurance costs spike above African peers
Nigerian airlines have seen their insurance costs surge above what their peers in Ghana, South Africa and other African countries pay to insure their aircraft. Operators told BusinessDay that the perception of Nigeria as a high-risk environment and the high insurance
Nigerians eyeing overseas studies battle FX scarcity
“Since May 14, I have been waiting for the £4,000 I requested from the bank to pay for the deposit I must make at the British university where I intend to pursue my master’s degree,” a young Nigeria who identified herself simply as Veronica told BusinessDay.
From restaurants to schools: How rising diesel price hurts Nigerians
At a filling station near the Orile Police Division, Lagos, Aliu Ibrahim, a truck driver, who has watched diesel pump prices rise from N600 to N800 in the last couple of weeks, said he could not believe the jump in price.
Low investment in technical workforce slows Nollywood’s growth
‘Max Escapes the Mind Lair’, a scene in the Netflix series ‘Stranger Things’, became the most talked-about in the series not only because of Kate Bush’s ‘Running Up That Hill’, which became a global hit after the episode aired.
Shell halts plan to sell Nigerian onshore oil assets
In line with a recent Supreme Court ruling, Royal Dutch Shell has announced plans to halt the sale of its troubled Nigerian onshore operations. On June 16, Nigeria’s supreme court had asked Shell to comply with a high court ruling which barred the oil major from any..
TEXEM, UK unveils opportunity for data-driven decision-making in Nigerian organisations
UK firm TEXEM has urged Nigerian organisations to use available opportunities to embrace data-driven decision-making. The company asserted that such a strategy would give room for better performance and sustainable success.

About the Author

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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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