Headlines news for the day – First Ideas Limited

Headlines news for the day

FG confirms gift of N1.4b vehicles to Niger Republic

The federal government on Wednesday confirmed President Muhammadu Buhari’s approval of a N1.4 billion vehicle gift to the Niger Republic. Zainab Ahmed, minister of finance, budget and national planning, confirmed the purchase, while fielding questions from BusinessDay, shortly after the week’s..

Obasanjo cries out over increasing cost of diesel

Former President Olusegun Obasanjo has said that the increasing price of diesel is making him sweat particularly on his fish farm. Obasanjo made this statement at the Southwest Fish Farmer’s Congress held at the Olusegun Obasanjo Presidential Library (OOPL) Auditorium, Abeokuta, Ogun State, on Tuesday…

Market fails to sustain gains

Nigeria’s equities market on Wednesday failed to sustain preceding day’s gains after shedding N17billion as sell side activities outweighed the buy side. Driven by industrial, banking and insurance stocks, the market decreased by 0.06percent at the close of Wednesday’s trading session. Learn Africa Plc topped the league…

FG adopts voluntary conciliation to ending ASUU strike

Chris Ngige, the minister of labour and employment has disclosed that the federal government is adopting a new approach to resolving the ongoing Academic Staff Union of Universities (ASUU) strike. The former governor of Anambra State said that voluntary conciliation was adopted instead of arbitration so as not to delay…

Weak naira adds N548bn to Nigeria’s external debt

The external debt obligations of the federal and state governments in naira terms increased by an additional N548.07 billion between March 31 and August 1, 2022, due to the decline in the value of the country’s currency against the US dollar, BusinessDay findings have shown.

Nigeria states with highest external debt

As of December 2021, the states with the highest external debts were Lagos, Kaduna, Cross River, Edo, and Rivers. Lagos State, Nigeria’s commercial hub, had the most external debt as of December last year. The state owed $1.33 billion in December 20…

Banks raise savings rate as deposits drop

Nigerian banks are now increasing their deposit rates to an average of 1.3 percent as demand deposits drop by 1 percent, a month after the Central Bank of Nigeria (CBN) raised its benchmark interest rate. The CBN had in May 2022 raised its Monetary Policy Rate (MPR) by…

External debt: How Nigeria is different from Egypt in 2022

Nigeria’s external debt stood at $39.69 billion as of March 2022. During the same period, Egypt’s external debt was $157.8 billion. In the first quarter of 2022, while Nigeria borrowed $6.35 billion, Egypt incurred $12.8 billion additional foreign debt.

Oil Prices Could Crash If OPEC+ Doesn’t Deliver – 020822

 – One oil major after another is announcing phenomenal quarterly earnings and revved-up share buyback programs, with the likes of BP, Marathon, and Devon Energy joining the list this week. Meanwhile, Brent prices have been bogged down at around the $100 per barrel mark so far this week. Source Proshare  Read More

Govs Write FG over Alleged $418m Paris Funds Debt, Say Renewed Deduction Plan Unlawful

 The 36 state governors in the country under the Nigeria Governors’ Forum (NGF) have again resisted fresh moves to commence the deduction of $418 million Paris Club refund allegedly owed four contractors from the federation account. Source THISDAYLIVE Read More

Oil Theft Crippling Nigeria’s economy – Shell

 The Shell Petroleum Development Company (SPDC) has expressed worries about the adverse effect of illegal oil bunkering on Nigeria’s economy. Shell has also declared that oil theft in the Niger Delta is an organized crime that involves high and experienced individuals in the society. Source The SUN Read More

Honeywell Flour Mills Plc Receives Notification That Flour Mills of Nigeria Plc Will Launch a Mandatory Takeover Offer to Honeywell Shareholders

 Honeywell Flour Mills Plc announces to Nigerian Exchange Limited that Flour Mills of Nigeria Plc has notified the Company of a Mandatory Takeover Offer that will be made to shareholders of Honeywell by Ecowise Horizon Investment Limited and Greywise Investment Solution Limited. Source NGX Read More

Fund Managers Not Insured by Us, NDIC Warns

 The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to desist from investing in unregistered and illegal fund managers, regardless of how attractive their offer is, as such firms are not covered under the Corporation’s policy. Source Daily Trust Read More

Oil Eases Over Demand Worries Ahead of OPEC+ Meeting

 Oil prices fell about 1% in early trade on Wednesday before paring some losses, ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Source Reuters Read More

Manufacturers Slash Investment by 56% Amid Shutdowns

 Nigerian manufacturers have slashed their investments by 56 per cent in seven years, reflecting a sector buffeted on all sides by a cacophony of poor policies and economic headwinds. Source Punch Read More

70 CSOs Reject Proposed 5% Telecommunications Services Excise Duty

 A Coalition of over 70 Civil Society Organisations (CSOs), the Nigeria Civil Society Situation Room, yesterday urged the Federal Government to desist from increasing and introducing new taxes on Nigerians, particularly the proposed five per cent inclusive excise duty on telecommunications services, raising the tax to 12.5 percent. Source The Guardian Nigeria Read More

Pantami Tasks NCC on Implementation of National Policy on Telecom Indigenous Content

 – Professor Isa Pantami, Minister of Communications and Digital Economy has charged the Nigerian Communications Commission (NCC) and industry stakeholders to ensure the enforcement of the National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications Sector. Source TechEconomy Read More

GCR Publishes Updated Criteria for Rating Insurance Companies

 – Firstly, we have separated the three (‘3’) major insurance types in the sector risk score (Life, Non-Life and Medical) for key markets and streamlined the business profile assessment by consolidating premium diversification into competitive position. Source GCR Ratings Read More

Pension Contributions Decreased to N880bn in 2021, Says PenCom

 – The National Pension Commission (PenCom) says the total pension contributions remitted into the retirement savings account (RSAs) of employees dropped to N880.66 billion at the end of 2021. Source TheCable Read More

 FG: We’ve Disbursed N66bn as Survival Fund to Small Businesses

 The federal government says it disbursed N66 billion to 1.2 million Nigerians under its micro small and medium enterprises (MSMEs) survival fund and guarantee off-take scheme. Source TheCable Read More

Investors Lose N16.76bn as NGXASI Dips by 0.06%; Overnight Rates Closes Flat at 15%; IEFX Rate Appreciates to N429.20

  1. EQUITIES MARKET 

1.1 NGX – Listed Equities

Nigerian Equities Market dipped marginally to close in the negative territory amid positive market breadth

 

The NGX All-Share Index dipped by 0.06% to close at 50,594.97 basis points as against 1.35% gain recorded to close at 50,626.04 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N16.76bn loss.

 

YTD, the NGXASI Stands at +18.44%

The total volume traded declined by -6.20% to close at 121.16m, valued at N4.17bn and traded in 4,369 deals. MTNN was the most traded stock by volume with 10.41m units traded while MTNN was also the most traded stock by value which is put at N2.24trn.

Sectoral performance was broadly positive as nine (9) NGX sector index closed northward, eight (8) closed southward while one (1) closed flat. The NGX Growth Index inched up by 1.09% to top the gainers while NGX Industrial Index dipped by -0.45% to the losers’ chart.

Dangote index inched up by 0.25% to close at 138.55 basis points while Elumelu index declined by -0.41% to close at 107.23 basis points.

At the close of trading, market recorded 19 gainers to 15 losers and 62 unchanged. LASACO topped the list of gainers while LEARNAFRCA topped the list of losers. Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.06x.

Volume and Value Contribution

MTNN led the volume’s chart with 8.59% contribution and closely followed by FBNH and ZENITHBANK

Source: NGX,

 

MTNN tops the value’s chart with 53.64% contribution and closely followed by AIRTELAFRI and ZENITHBANK

Source: NGX

 

 

NGX Corporate News

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market index inched up by 1.06% to close at 776.30 basis points as against 1.89% loss recorded previously to close at 768.14 basis points

The total volume traded advanced by +249.26% to close at 35,562 units valued at N6.04m and traded in 12 deals.

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

 

Volume and Value Contribution

SDFCWAMCO led the volume chart with 48.65% contribution

SDVFDGROUP led the value chart with 41.19% 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 Belgium BEL-20 Index leads the top five gainers with 1.62% gain while the Russia MICEX Index tops the top five losers with -0.88% loss as of 4pm Nigerian Time

 

 

1.4 African Indices

Similarly, on the African scene, the South Africa ASI tops the top five gainers with 1.18% gain while the Ghana Composite Index tops the top five losers with -3.49% loss as of 4pm Nigerian Time

 

 

  1. BONDS AND FIXED INCOME MARKET

2.1 Debt Market Size

The FMDQ Debt Market Size was not available as of the time of finalizing this report.

 

2.2 Overnight and Open Repo (OPR)

The overnight lending rate closed flat at 15.00% while the Open Repo (OPR) rate also expanded by 0.17% to close at 14.50%

 

  1. COMMODITIES MARKET 

3.1 AFEX Indices

The AFEX ACI inched up by 0.06% to close at 458.13 points while the AEI closed flat at 188.96 points

 

3.2 AFEX Commodity Prices

Soybeans advanced by 0.81% to top the gainers’ chart while other commodities closed flat.

 

 

3.3 Global Commodity Prices

Gold recorded 0.05% gain while Silver also advanced by 0.30% as of 11:23 NY time

 

In the energy market, Brent declined by 2.34% while WTI also declined by 2.47% as of 10:23AM Central Daylight Time (CDT)

Source: Oilprice.com, Goldprice.org

 

 

  1. CURRENCY/ FX MARKET

The naira closed appreciated by 0.34% at the I&E FX Window to close at N429.20/USD while the NAFEX rate depreciated by 0.23% to close at N427.17

Source: FMDQ, Aboki Forex

 

 

 

Unity Bank Plc Reports N1.7bn PAT in Q2’22 Result, (Share Price: N0.47k)

Unity Bank Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.

Key Highlights

  •   Revenue grew by 16.9% from N23.61bn to N27.61bn.
  •   Profit before tax stood at N1.85bn
  •   Profit after tax stood at N1.7bn
  •   Share Price Currently Stands at N0.47k

 

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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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