News cast for the day – First Ideas Limited

News cast for the day

Nigeria’s ginger exports grow seven-fold on rising interest

Nigeria has seen an increase in revenue from the exportation of ginger, with the crop’s export value increasing by 752.4 percent in the first quarter of 2022 compared to the same period of 2018. From N942 million worth of ginger exports in the first three months of..

Nigeria at war under an absent commander-in-chief (1)

Nigeria’s National Security Strategy, curated by the Office of the National Security Adviser (ONSA) in 2019, said the country faces a diverse range of threats that are multifaceted, including “terrorism and violent extremism, armed banditry, kidnapping, militancy and..

More Nigerians route flights via Ghana on airlines’ trapped funds

As airfares from Nigeria to other countries continue to increase, some passengers are beginning to fly from Accra, Ghana to London, Canada and other frequently visited destinations in a bid to cut costs. “Nigerians are already flying from Ghana to other countries..

2023: INEC vows to apply laws without fear or favour

The Independent National Electoral Commission (INEC) has said it will scrupulously apply the laws, particularly the Electoral Act 2022, without fear or favour to ensure free, fair, credible, inclusive and transparent election in 2023.

 

 

Nigeria’s economy falls off the cliff, but it didn’t have to be so

 

LAST week, Nigeria’s finance minister Zainab Ahmed provided an honest and succinct assessment of the country’s financial position in which she said Africa’s most populous nation has been spending more on debt servicing than it was earning. Days later, the Economist…

Naira strengthens further as demand moderates

Nigeria’s currency, naira, on Wednesday strengthened further across foreign exchange market following a moderation in demand for dollars and slight improvement in supply. After trading on Wednesday, naira closed at N640 per dollar, gaining 3.12 percent over N660 closed on the previous day at the parallel..

ASUU: Reactions as Buhari’s ultimatum to education minister elapses

In efforts to resolve the government-Academic Staff Union of Universities (ASUU) impasse, President Muhammadu Buhari on July 19 issued an ultimatum to Adamu Adamu, minister of education to take over negotiations and end the strike in two weeks. A day after the ultimatum was issued, Buhari ordered Chris…

OPEC+ to add 100,000 barrels daily in September, inadequate to cool prices

Oil cartel OPEC and its allies have agreed to add 100,000 barrels a day of crude in September giving a tight market extra supplies but not enough to cool prices analysis show. This is despite pressure from the United States for OPEC to ramp up production to rein prices above $100 per barrel fueling inflation across the…

Market heads further south by 0.03% as BUA Cement tops laggards

Nigeria’s equities market moved further south on Thursday by 0.03percent as investors continued to sell down despite half year earnings season. Investors lost about N7billion at the close of trading session on the Bourse. The record loss was driven majorly by counters like BUA Cement which decreased from preceding…

Nigeria Macroeconomic Update 2022 Q2 – Navigating through Bumpy Political Season and Tough Economic Headwinds

 Following the impact of the war in Ukraine, global output growth is expected to decelerate in 2022. Higher energy prices and rising inflation across advanced and developing countries have weakened the purchasing power of households in many countries. Source FSDH Research Read More

Oil Price Falls, OPEC Raises Nigeria’s Production Quota

 The Organization of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Source Punch Read More

Abuja May Experience Fresh Fuel Scarcity Soon – Marketers

 Residents of the Federal Capital Territory may soon experience a fresh round of fuel scarcity, as The PUNCH reliably gathered that tanker drivers have declined to take products to the FCT due to bad road network and high diesel prices. Source Punch Read More

NLNG Suffers $7bn Year-to-Date Revenue Loss Due to Gas Supply Shortages

 – The security challenge facing oil and gas companies in the country is having a heavy toll on the production and revenues of the Nigeria Liquefied Natural Gas (NLNG) Limited as it has resulted to the company losing almost $7 billion revenue so far in 2022 due to gas supply constraints. Source THISDAYLIVE Read More

Building a Robust Digital Strategy for Business Growth

 Digital transformation of a business requires proper planning, extreme care from management, buy-in from all relevant stakeholders, including employees, and an understanding of the digital tools available. Source Proshare  Read More

Oil Prices Rebound on Supply Concerns After Drop to Near 6-Month Low

 – Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signaled weak fuel demand. Source Reuters Read More

High Fertiliser Price Fuelling Global Food Insecurity

– Despite that Nigeria and other parts of Africa are battling the challenges of achieving economic recovery after the COVID-19 pandemic, there is one lingering issue: rising fertilizer price.This has implication for food insecurity. Source The Nation Read More

China to Deepen Africa Ties Over Next Decade with Focus on Trade

 – China will deepen its ties with Africa over the next decade by focusing on trade and is unlikely to be dislodged by US and European Union attempts to re-engage with the continent, the Economist Intelligence Unit said. Source Bloomberg Read More

Operational Challenges Hamper 5G Deployment This Month

 Few days to the deployment of the Fifth Generation (5G) network in Nigeria, investigations have shown that the licensees, MTN Nigeria and Mafab Communications, may not be ready to deploy the service from August 24, as a result of lingering infrastructural and licensing challenges. Source The Guardian Nigeria Read More

Pantami Reaffirms FG’s Commitment to Indigenous Telecoms Content, as Danbatta Lauds Efforts

– Minister of the Communications and Digital Economy, Prof Ali Ibrahim Pantami, has reaffirmed Federal Government’s determination to reverse the trend of importation of all types of telecommunications products, especially as production in Nigeria is possible. Source The SUN Read More

 

 

 

 

Investors Lose N6.83bn as NGXASI Dips Marginally by 0.03%; Open Repo Rate Expands by 0.17% to Close at 14.67%%; IEFX Rate Appreciates to N428.131. EQUITIES

MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market dipped further marginally to close in the negative territory as the bears continue to dominate trading activities while market breadth remained positive.

 

The NGX All-Share Index dipped by 0.03% to close at 50,582.30 basis points as against 0.06% gain recorded to close at 50,594.97 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N6.83bn loss.

 

YTD, the NGXASI Stands at +18.41%

The total volume traded advanced by +7.66% to close at 130.45m, valued at N1.62bn and traded in 3,993 deals. AIICO was the most traded stock by volume with 16.32m units traded while MTNN was the most traded stock by value which is put at N403.58m.

Sectoral performance was broadly positive as ten (10) NGX sector index closed northward, five (5) closed southward while three (3) closed flat. The NGX Banking Index inched up by 2.07% to top the gainers while NGX Industrial Index dipped by -1.57% to the losers’ chart.

Dangote index dipped by 0.13% to close at 138.37 basis points while Elumelu index advanced by +1.85% to close at 109.23 basis points.

At the close of trading, market recorded 23 gainers to 16 losers and 57 unchanged. PZ topped the list of gainers while MULTIVERSE topped the list of losers. Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.12x.

Volume and Value Contribution

AIICO led the volume’s chart with 12.51% contribution and closely followed by TRANSCORP and ACCESSCORP

 

MTNN tops the value’s chart with 24.87% contribution and closely followed by SEPLAT and ZENITHBANK

 

NGX Corporate News

IEI Plc has announced the takeover of the Company by Norrenberger. Norrenberger has obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the Company. Norrenberger has obtained the final approval of NGX for the block acquisition of 50.6% equity in the first instance while it has commenced the process for the approval of the Nigerian Securities and Exchange Commission for the Mandatory Take Over Bid to be able to acquire the remaining holdings of the Company. Various engagements have been held with the representatives of the Retail Shareholders as well as other Stakeholders towards repositioning the Company.

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market index dipped by 1.85% to close at 761.92 basis points as against 1.06% gain recorded previously to close at 776.30 basis points

The total volume traded advanced by +3256.95% to close at 1.19m units valued at N289.45m and traded in 7 deals.

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

Volume and Value Contribution

SDNDEP led the volume chart with 83.83% contribution while SDNDEP led the value chart with 97.66% 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 Brazil Bovespa Index leads the top five gainers with 2.18% gain while the Chile IPSA Index tops the top five losers with -0.77% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Egypt EGX 30 ASI tops the top five gainers with 5.28% gain while the Zimbabwe All Share Index tops the top five losers with -1.11% loss as of 4pm Nigerian Time

 

 

  1. 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 also expanded by 0.17% to close at 14.67%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI closed flat at 458.13 points while the AEI also closed flat at 188.96 points

 

3.2 AFEX Commodity Prices

Paddy Rice declined by -0.48% to top the losers’ chart while other commodities closed flat.

 

3.3 Global Commodity Prices

Gold recorded 1.48% gain while Silver also advanced by 0.85% as of 12:39 NY time

 

In the energy market, Brent declined by 3.08% while WTI also declined by 2.87% as of 11:42AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira closed appreciated by 0.25% at the I&E FX Window to close at N428.13/USD while the NAFEX rate depreciated by 0.19% to close at N428.00

 

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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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