States owe CBN N1.24trn as FAAC disappoints
Amid the decline in the revenues disbursed to them by the Federal Accounts Allocation Committee (FAAC) in recent months, the total debt owed by states to the Central Bank of Nigeria (CBN) has increased to N1.24 trillion.
TotalEnergies’ Ikike oilfield goes live, targets 50,000bpd
TotalEnergies, which operates Oil Mining Licence (OML) 99 in partnership with the Nigerian National Petroleum Company Limited (NNPC), announced on Monday that it had started production from the Ikike field in Nigeria.
Taxes cushion oil revenue slump as FIRS grows collections
For the first time in nearly half a century, non-oil revenue usurped petrodollars to become the main source of the Nigerian federal government’s revenue in 2021 and that dominance has grown since then
Cash-strapped Lagosians call out Sanwo-Olu on monthly rent policy
As the economy bites harder and household income continues to shrink, Lagos residents who live in rented accommodation have called the attention of Governor Babajide Sanwo-Olu to the state’s proposed monthly rent policy, wondering what is delaying its implementation.
CAPPA, NUEE, others join NLC’s solidarity protest in Lagos
The Corporate Accountability and Public Participation Africa (CAPPA), and the National Union of Electricity Employees (NUEE) joined the Nigerian Labour Congress (NLC) in solidarity with the Academic Staff Union of Universities (ASUU) on July 26 in Lagos. Protesters from CAPPA, NUEE, students and other…
FG licences 13 export warehouse operators to tackle supply chain constraints
The federal government has issued licences to thirteen Domestic Export Warehouse (DEW) operators across all geopolitical zones in the country. The government’s move is aimed at addressing supply chain constraints in export of non-oil products and enhancing competitiveness. The DEW is a recent initiative…
Market sees highest daily loss of N517bn since rate hike
Nigeria’s equities market on Tuesday recorded its highest daily loss since recent rate hike by the central bank’s monetary policy committee. The market decreased by 1.86percent or N517billion on Tuesday, caused by leading laggards like MTN Nigeria which lost N20.50 or 9.62percent, from N213 to N192.50 and PZ Cuss…
Reps ask FG to adopt African Union’s ‘silencing the gun’ report
The House of Representatives has urged the federal ministry of foreign affairs to fully embrace and adopt the report of ‘silencing the guns’ project which aimed at silencing all illegal weapons in Africa, and ensure relevant ministries, departments and agencies (MDAs) key into the roadmap. The House also urged..
Revenue Challenges: Nigeria Needs to Consider Asset Based Debt Strategies
As Nigeria grapples with its revenue challenges, there is need for the fiscal policy authorities to reconsider the National Debt strategy, with a view to making it more “Asset-Based”. Source Proshare Read More
China’s Slowdown Spills Over to Major Economies Through Imports
China’s economic slowdown is spilling over to major exporting nations in Europe and East Asia through falling demand for manufactured goods, causing Germany and South Korea to post rare deficits with the world’s second-largest economy. Source Bloomberg Read More
Zainab Ahmed, Three Ministers to Attend as Governors Meet on Tuesday
The 36 state governors will host a meeting on Tuesday to discuss economic issues. The meeting, which will be held virtually, will begin at 2 pm. Asishana Bayo Okauru, director-general of the Nigeria Governors Forum (NGF), said three ministers would address the governors at the meeting. Source TheCable Read More
NAFEX Rate Appreciated by 0.14% WoW to N423.26
In the FX Spot and Derivatives markets, the total turnover for the week-ended July 22, 2022, was $941.28 million, representing an increase of 317.91% ($716.05 million) from $225.24 million reported for the week-ended July 15, 2022. Source FMDQ Read More
Price Gains Across Most Commodities– AFEX Commodities Weekly Report 220722
Sorghum, maize, and soybean were the top traded commodities on the Exchange during the week. The price of maize reversed its upward trend from the previous week, declining by 3.97% on the Exchange and 1.56% in the open market. Source AFEX Read More
CBN Disburses N68bn Under 100-for-100 Policy
The Central Bank of Nigeria has disbursed N68.13bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention. Source Punch Read More
Nigerians to Pay More as Bakers Hike Bread Price by 20%
Nigerian bakers have decided to hike the price of bread by 20 percent amid surging production costs. Last week, bakers, under the aegis of the Premium Breadmakers Association of Nigeria (PBAN), embarked on a four-day warning strike to demand government intervention regarding the prices of materials used in bread production. Source TheCable Read More
MAN To FG: Remove 7.5% VAT On Diesel
The Manufacturers Association of Nigeria (MAN) has called on the federal government to remove the 7.5 per cent Value Added Tax on Automobile Gas Oil pending the supply from international is normalised. Source Daily Trust Read More
CBN Blames Banks for Frustrating Use of eNaira
Almost a year after the Central Bank Digital Currency (CBDC) known as the eNaira, which was launched by the President Muhammadu Buhari, it is yet to fully permeate the financial industry, a situation the Central Bank of Nigeria (CBN) blamed on the uncooperativeness of banks in the country. Source LeadershipNG Read More
Coinbase Faces SEC Investigation Over Cryptocurrency Listings
Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. Source Bloomberg Read More
Orange Group Eyes Nigeria’s Technology Market, Meets NCC
Orange Group, a telecom investor and operator said it is interested in making an entry into Africa’s biggest technology market as it explores ways to deepen broadband penetration. Orange Group has a portfolio of a combined network of over 140 million subscribers across 18 countries of its operations. Source TechEconomy Read More
Investors Lose N516.69bn as NGXASI Dips by 1.86%; Toni Index Dips by -3,13%; Open Repo Rate Expands by 0.17% to Close at 15%; IEFX Rate Depreciates to N431.00
1. EQUITIES MARKET
1.1 NGX – Listed Equities
Nigerian Equities Market closed on a negative note as the bears continue to dominate trading activities amid intense sell pressure.
The NGX All-Share Index dipped by 1.86% to close at 50,442.37 basis points as against 1.11% loss recorded to close at 51,400.53 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N516.69bn loss.
YTD, the NGXASI Stands at +18.09%
The total volume traded advanced by +57.98% to close at 98.85m, valued at N2.51bn and traded in 4,314 deals. FLOURMILL was the most traded stock by volume with 19.32m units traded while FLOURMILL was also the most traded stock by value which is put at N618.05m.
Sectoral performance was negative as zero (0) NGX sector index closed northward, fourteen (14) closed southward while four (4) closed flat. The NGX Premium Index dipped by -3.76% to top all sector indices otherwise.
Dangote index closed flat at 138.19 basis points while Elumelu index declined by -3.13% to close at 104.22 basis points.
At the close of trading, market recorded 3 gainers to 35 losers and 59 unchanged. LIVESTOCK topped the list of gainers while TRANSEXPR topped the list of losers. Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.54x.
Volume and Value Contribution
FLOURMILL led the volume’s chart with 12.37% contribution and closely followed by TRANSCORP and GTCO
FLOURMILL tops the value’s chart with 21.05% contribution and closely followed by MTNN and AIRTELAFRI
NGX Corporate News
BUA Cement Plc has notified the Nigerian Exchange Limited (NGX), its esteemed Shareholders and the investing public that the Company has gone into discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project)
1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index inched up by +1.16% to close at 775.80 basis points as against flat position recorded previously to close at 766.92 basis points
The total volume traded declined by -48.17% to close at 159,705 units valued at N15.81m and traded in 13 deals.
At the close of trading, NASD OTC market recorded two (2) gainer(s) to zero (0) loser(s)
Volume and Value Contribution
SDNASDPLC led the volume chart with 53.81% contribution
SDNDEP led the value chart with 81.87% 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 Argentina MerVal Index leads the top five gainers with 3.62% gain while the Nigeria All Share Index tops the top five losers with -1.86% loss as of 4pm Nigerian Time
1.4 African Indices
Similarly, on the African scene, the Egypt EGX 30 tops the top five gainers with 1.22% gain while the Nigeria All Share Index tops the top five losers with -1.86% 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 of the time of finalising this report.
2.2 Overnight and Open Repo (OPR)
The overnight lending rate closed flat at 15.0% while the Open Repo (OPR) rate expanded by 0.17% to close at 15.00%
3. COMMODITIES MARKET
3.1 AFEX Indices
The AFEX ACI declined by 0.61% to close at 469.15 points while the AEI also closed flat at 194.84 points
3.2 AFEX Commodity Prices
Sorghum declined by 14.41% to top the losers’ chart while other commodities closed flat.
3.3 Global Commodity Prices
Gold recorded 0.08% loss while Silver also advanced by 1.03% as of 11:48 NY time
In the energy market, Brent advanced by 4.80% while WTI declined by 0.85% as of 10:53PM Central Daylight Time (CDT)
Source: Oilprice.com, Goldprice.org
4. CURRENCY/ FX MARKET
The naira depreciated by 0.90% at the I&E FX Window to close at N431.00/USD while the NAFEX rate also depreciated by 0.16% to close at N423.67
Source: FMDQ, BDC