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Headlines news

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Why gains of falling wheat prices elude Nigeria
Wheat prices have fallen for over a month globally and are expected to see a further decline, but prices of bread and other derivatives are still surging in Nigeria as millers grapple with supply chain crisis. On Monday, the United States Hard Red Winter wheat species fell 29.4…
Dangote’s new plant to compete in $580bn global petrochemicals market
Dangote Petrochemical Plant is expected to boost Nigeria’s non-oil export earnings, with the announcement last week that it will start producing polypropylene, a petrochemical by-product that is highly sought after by players in the global manufacturing, automotive.
Nigeria’s debt service ratio now world’s worst, says EIU
As the amount spent by the federal government on servicing debts exceeded what it earned in the first four months of this year, the Economist Intelligence Unit (EIU) has said Nigeria’s debt service-to-revenue ratio has become the highest in the world.
What to know as Lagos Commodities and Futures Exchange goes live
The Lagos Commodities and Futures Exchange (LCFE) will Thursday (today) commence real time trading. The Securities and Exchange Commission, which licenced the LCFE, has already approved 13 products for trading on the new commodities exchange.
Nigerians’ health perception exceeds longer-living Japanese’ – Report
Gradually but steadily, Nigeria is dropping from its position as the second largest cocoa producer just as the commodity is ceasing to be the highest
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source of foreign exchange for the country. Available records show that cocoa was one of the main sources of income in…
Tee Mac fires damning shot at Tinubu, says he is unqualified to be Nigeria’s president
The legendary flutist Tee Mac who claims to know well the presidential candidate of the ruling APC, Bola Ahmed Tinubu, says Nigerians should not jump into supporting the former governor of Lagos without asking some deep questions. In a Facebook post, Tee Mac also known as Omatshola Iseli, cautioned voters…
Copyright challenges – a ticking time bomb in social media age
Copyright law seeks to strike a balance between the rights of the creator and the copyright owner, so that they may manage and protect their business and works. Presently, copyright has become very important, particularly in terms of information
23 states, FCT get N24b from conditional grant schemes – SDGs
The Millennium Development Goals/Sustainable Development Goals (MDGs / SDGs) office on Thursday revealed that 23 states and the Federal Capital Territory (FCT) have received N24.45 billion from the conditional grant schemes. Adejoke Orelope-Adefulire, senior special assistant to the President on SDGs..
Nestle, Stanbic, Cadbury top laggards as stock market hits new low
Stock market of Africa’s largest economy continued its losing streak on Thursday, July 28 shedding about N279billion at the close of trading session. Nestle Nigeria Plc led the league of laggards after its share price decreased from N1,400 to N1,262.30, losing N137.70 or 9.84 percent; followed by Stanbic IBTC Holdings

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INEC cries out as majority of Rivers people shun PVC collection
New persons may be swarming the registration centres in Rivers State forcing the state’s officials to extend the time and deadline, but most of those that had previously registered have shunned collection of the Permanent Voters Card (PVC). This outcome has led the leadership of Independent National Electoral..
Nigeria’s Federal Revenue to GDP Ratio Remains Abysmally Low Compared to Peers
Nigeria’s gross Federal Revenue to #GDP ratio has declined consistently from 17.9% in 2011 to 6.1% in 2016, 7.6% in 2019, and 4.67% in 2020 and remains the lowest amongst its peers and from all indications, the lowest in Africa. Source CSL Research Read More
Nigeria’s Debt Service Ratio Now World’s Worst, Says EIU
Nigeria has attained another dubious global ranking with its rising debt service ratio now judged to be the highest in world according to the Economist Intelligence Unit, EIU. “The staggeringly high 118.9% debt service/revenue ratio in January-April is the world’s worst and underlines unsustainable fiscal policy,” analysts at the EIU said in a global note to investors Wednesday. Source BusinessDay Read More
FEC Approves 2023-2025 MTEF, Sets New Parameters
The federal executive council (FEC) has approved the 2023-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP). Source TheCable Read More
Global Inflation: the U.S., U.K. Head towards Double-Digits as Turkey Seeks Redemption
The United States of America and the United Kingdom, leading economies in the world, are heading towards a double-digit inflation environment, except drastic steps are taken. According to the June 2022 headline inflation figures, U.S inflation rose to 9.1%, while the U.K. hit 9.4%. Source Proshare Read More

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Crypto Trades Drive Naira to New Low in Unauthorized Market
Nigerians accumulating cryptocurrencies to shield assets against a weakening naira have contributed to a slump in the fiat currency to a record low in the unauthorized market. Source Bloomberg
Driving Cost Optimisation for MSMEs
Small and Medium-scale enterprises (MSMEs) are the backbone of a developing economy. However, many enterprises cannot maximise their potential due to challenges that affect their sustainability, as shown in 2021 research by the FATE Foundation, which states that only 20.2% of MSMEs had existed for more than five years. Source Proshare Read More
Nigeria Air: FEC Approves Lease of Three Aircraft to Commence Operations
The federal executive council has approved the leasing of three aircraft by the country’s national carrier, known as ‘Nigeria Air’ to enable it to commence operations. Source TheCable Read More
CBN Reclassifies Loans, Tests Banks’ Soundness
The Central Bank of Nigeria (CBN) has said it will carry out loan reclassification and periodic stress tests on banks to determine the soundness of the financial sector. Source The Nation Read More
Oil Extends Gains as Risk Appetite Improves, U.S. Inventories Fall
Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. Source Reuters Read More
The Strong Dollar Is Wreaking Havoc Globally — And It’s Just Getting Started
George Boubouras was at his home in east Melbourne, taking in a cricket match, when his phone suddenly blew up. It was late on July 13, about 10:45 p.m., and there was an urgency to the texts and calls that came flooding in. Source Bloomberg Read More

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“It is a day of shame for the Legal Profession……We are hypocrites” – NBA President, Akpata makes Shocking Revelations about Body of Benchers meeting
The 30th President of the largest Bar in Africa, The Nigerian Bar Association, NBA, Mr. Olumide Akpata, yesterday expressed disappointment over what he described as hypocrisy and double standard prevalent in the legal Profession. Source BarristerNG Read More
More Than Half of Users in Nigeria Faced Phishing Scams When Using Digital Payments
staggering 82% experienced scams (via texts or calls) using social engineering. When asked about awareness of threats against digital payment methods, the majority of respondents from Nigeria report that they are aware of both the financial phishing attacks (95%) and online scams (97%). Source Kaspersky Read More
NIMC Must Include NIN to National ID – Reps
The House of Representatives has called on the National Identity Management Commission to redesign the national identity card such that the National Identity Number of the bearer is written on it. Source Punch Read More

Investors Lose N281.18bn as NGXASI Dips by 1.04%; Open Repo Rate Expands by 0.25% to Close at 15.00%; BDC Rate Appreciates to N705.00

1. EQUITIES MARKET
1.1 NGX – Listed Equities
Nigerian Equities Market maintained negative posture as sell pressure continues while the key market indicator closes below 50,000 psychological lines.

The NGX All-Share Index dipped further by 1.04% to close at 49,667.14 basis points as against 0.50% loss recorded to close at 50,188.55 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N281.18bn loss.

YTD, the NGXASI Stands at +16.27%
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The total volume traded declined by -75.14% to close at 206.22m, valued at N3.92bn and traded in 5,053 deals. TRANSCORP was the most traded stock by volume with 38.53m units traded while MTNN was the most traded stock by value which is put at N2.03bn.
Sectoral performance was negative as one (1) NGX sector index closed northward, fourteen (14) closed southward while three (3) closed flat. The NGX Oil and Gas Index inched up by 0.59% to top the gainers while the NGX AFRBVI Index dipped by -4.76% to top all sector indices otherwise.
Dangote index closed flat at 138.20 basis points while Elumelu index declined by -1.46% to close at 100.62 basis points.
At the close of trading, market recorded 10 gainers to 26 losers and 56 unchanged. RTBRISCOE topped the list of gainers while LASACO topped the list of losers. Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.29x.
Volume and Value Contribution
TRANSCORP led the volume’s chart with 18.68% contribution and closely followed by ZENITHBANK and CHAMS

Source: NGX

MTNN tops the value’s chart with 51.80% contribution and closely followed by ZENITHBANK and GTCO
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Source: NGX

NGX Corporate News
Dangote Sugar Refinery Plc has notified that the Board of Directors of the Company at its meeting held on July 27, 2022 duly considered and approved the Unaudited Financial Statements of the Company for the Half Year ended June 30, 2022 (H1,2022 Results). Consequently, the H1, 2022 Results will be filed on or before July 30 th, 2022 in line with the rules of NGX. The Closed Period for trading on the shares of the Company remains in force until 24 hours after the filing of the Financial Statements.

1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index inched up by 0.86% to close at 782.44 basis points as against flat position recorded previously to close at 775.80 basis points
The total volume traded advanced by +2552.33% to close at 140,892 units valued at N6.81m and traded in 16 deals.
At the close of trading, NASD OTC market recorded one (1) gainer(s) to one (1) loser(s)

Volume and Value Contribution
SDCSCSPLC led the volume chart with 63.88% contribution

SDFCWAMO led the value chart with 50.95% contribution

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

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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 3.15% gain while the Austria ATX tops the top five losers with -1.21% loss as of 4pm Nigerian Time

1.4 African Indices
Similarly, on the African scene, the Namibia NSX tops the top five gainers with 1.77% gain while the Nigeria All share Index tops the top five losers with -1.04% 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 15.00% while the Open Repo (OPR) rate expanded by 0.25% to close at 15.00%

3. COMMODITIES MARKET

3.1 AFEX Indices
The AFEX ACI inched up by 0.30% to close at 470.57 points while the AEI also closed flat at 194.84 points
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3.2 AFEX Commodity Prices
Paddy Rice advanced by 3.29% to top the gainers’ chart while other commodities closed flat.

3.3 Global Commodity Prices
Gold recorded 0.80% gain while Silver also advanced by 3.39% as of 12:11 NY time

In the energy market, Brent advanced by 5.83% while WTI also advanced by 0.75% as of 11:12AM Central Daylight Time (CDT)
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Source: Oilprice.com, Goldprice.org

4. CURRENCY/ FX MARKET
The naira appreciated by 0.88% at the I&E FX Window to close at N426.20/USD while the NAFEX rate depreciated by 0.19% to close at N454.18

Source: FMDQ, BDC

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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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