Headlines news – First Ideas Limited

Headlines news

Oil theft spooks operators, deepens underinvestment

The number of idle big-ticket oil and gas projects in Nigeria looks set to rise as massive crude theft that is defying the government’s efforts to curb it has left more operators spooked. Nigeria sits atop 36 billion barrels of crude oil reserves and 206 trillion cubic feet of proven..

Nigeria’s 1.83mbpd OPEC quota faces lingering hurdles

The Organization of Petroleum Exporting Countries (OPEC) and its allies agreed last Wednesday to increase crude production by 100,000 barrels per day (bpd) in September, raising Nigeria’s quota by 0.22 percent.

From oil to gas, crude theft decimates Nigeria’s energy earnings

Nigeria’s 2022 earnings is set to take a beating over its inability to secure pipelines and protect its energy infrastructure, leading to widespread crude theft that is now the biggest disincentive for investments

Nigeria moving towards high debt distress risk – Rewane

Nigeria is moving towards high debt distress risk, Bismarck Rewane, chief executive officer of Financial Derivatives Company Limited has said, as the federal government’s debt service costs surpassed its revenue, pushing the fiscal deficit to N3.09 trillion in the first four months of 2022.

Buhari approves Seplat Energy’s acquisition of Exxon Mobil shares

President Muhammadu Buhari has consented to the acquisition of the shares of Exxon Mobil Nigerian unit by Seplat Energy Limited. The Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement, said the President gave his approval in his capacity as Minister of Petroleum Resources…

NESG urges reforms as Buhari’s legacy at stake

The Nigerian Economic Summit Group (NESG), a private sector think-tank, has urged President Muhammadu Buhari to use his remaining time in office to save an economy on the brink of collapse and lay a lasting legacy for himself. Deepening poverty, rising insecurity and economic mismanagement threaten to..

2023 presidency: Hubris and complacency are Atiku’s Achilles heel

Atiku Abubakar, presidential candidate of People’s Democratic Party (PDP), has been trying to become Nigeria’s president for nearly 30 years. Next year’s presidential election would be his sixth attempt since 1993. At 75 years in November, Atiku, former vice-president, will almost certainly not run for.

IMG, Skyway top laggards as market starts week on negative note

Nigeria’s equities market opened the new week in red (-0.46percent) as counters like Industrial & Medical Gases Nigeria Plc (IMG), Skyway Aviation Handling Company Plc and Ellah Lakes Plc topped the league of laggards at the close of trading on Monday August 8. Investors booked about N126billion loss at the…

 

 

Govt Should Prioritise Forex Allocation to Manufacturers – NECA

– The Nigeria Employers Consultative Association has said allocation of available forex to manufacturing and other productive sectors of the economy should be given priority as forex scarcity persists. Source Punch Read More

FG to Implement Telecoms, Beverage Taxes in 2023

 The Federal Government through the Budget Office of the Federation has revealed that it will begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023. Source Punch Read More

Court Orders Sonny Odogwu’s Estate to pay Access Bank N26bn Judgement Debt

 Justice Daniel Osiagor of the Federal High Court, Lagos on Friday, upheld the N26bn debt claim by Access Bank Plc against the estate Chief Sonny Odogwu, the late Ide Ahaba and erstwhile chairman of SIO Group. Source The News Matrics Read More

Fraud, Ponzi Schemes and Terror Financing: A Story About Banking in Nigeria

 – In May 2022, shortly after my story about Chinese loan sharks in West Africa went up, a number of new tips and leads started trickling in. It looked at first, as though a follow-up story would emerge, focusing on how some Nigerian banks still offer banking services to illegal loan sharks despite CBN regulations expressly forbidding this. Source West Africa Weekly Read More

 

‘Desist or Risk Arrest’– EFCC Vows to Clamp Down on FX hoarders in Lagos, Kano

– Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), says the agency will go after persons and organisations hoarding foreign currencies, especially dollars, across the country. Source TheCable Read More

NCC Takes Telecom Infrastructure Protection Advocacy to the Grassroot

– The advocacy for telecom infrastructure protection across the country by the Nigerian Communications Commission, (NCC) has received royal blessings and support of the Olubadan of Ibadan, Oba Lekan Balogun, who has urged every citizen in Nigerian to take responsibility for the protection of telecom facilities for mutual benefit of all. Source TechEconomy Read More

Institutionalization of Zakat, Waqf Could Encourage Nigerian Economic Growth

– The Institutionalization of Islamic Social finance instruments like Zakat and Waqf will play a vital role in promoting inclusive economic growth in Nigeria. Source Bukola Akinyele-Yisau Read More

Insurers Express Concerns About Rising Operating Costs

 – Chief executive officers of insurance companies have expressed concern about the rising cost of operations, including the surging price of diesel, saying it negates operational efficiency. Source The Guardian Nigeria Read More

 

 

 

Investors Lose N125.45bn as NGXASI Dips by 0.46%; Debt Market Size Grows by 0.10% to Close at N29.16trn; IEFX Rate Depreciates to N431.0

 

  1. EQUITIES MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market erased previous day gain to close in the negative territory and opened the week on a negative note.

 

The NGX All-Share Index dipped by 0.46% to close at 50,489.73 basis points as against 0.28% gain recorded to close at 50,722.33 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N125.45bn loss.

 

YTD, the NGXASI Stands at +18.20%

The total volume traded advanced by +39.24% to close at 148.81m, valued at N1.93bn and traded in 4,091 deals. FBNH was the most traded stock by volume with 74.63m units traded while FBNH was also the most traded stock by value which is put at N820.15m.

Sectoral performance was broadly negative as two (2) NGX sector index closed northward, eleven (11) closed southward while five (5) closed flat. The NGX Insurance Index inched up by 1.36% to top the gainers while NGX Banking Index dipped by -1.10% to the losers’ chart.

Dangote index inched up by 0.01% to close at 138.39 basis points while Elumelu index also inched up by 0.11% to close at 109.33 basis points.

At the close of trading, market recorded 9 gainers to 12 losers and 82 unchanged. HONYFLOUR topped the list of gainers while RTBRISCOE topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.04x.

Volume and Value Contribution

FBNH led the volume’s chart with 36.02% contribution and closely followed by MULTIVERSE and ACCESSCORP

 

FBNH tops the value’s chart with 38.70% contribution and closely followed by ZENITHBANK and MTNN

 

NGX Corporate News

Caverton Offshore Support Group Plc has announces its unaudited results for the period ended 30th June 2022. The results show a profit-after tax of N203m.

 

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola, said that the company faced tremendous financial and operational head winds in the first half of the year which necessitated the need for the management and the board of Caverton to urgently review the company’s management structure and business portfolio as a Group. We recently announced the appointment of a new Managing Director for Caverton Helicopters, restructured Caverton Offshore Support Group’s executive management and diversified our aviation business from oil and gas aviation logistics to third party training and maintenance, via our recently commissioned Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos. These announcements have been well received by the wider aviation and oil and gas industry and we are confident this strategy would yield positive financial fortunes for the Group whilst addressing this infrastructure gap in the aviation sector of Nigeria and sub-Saharan Africa.

 

Our marine subsidiary, Caverton Marine, has also been repositioned for growth with our foray into local manufacturing of GRP boats. We recently launched our prototype 40-seater GRP ferry at the recently concluded NOG 2022 conference in Abuja, Nigeria and reception has been very positive. The ferry protype was locally built to the highest safety and quality standards under guidance of government and safety agencies and has applications in both oil and gas and commercial mass transit ferry transportation

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market index inched up by 0.38% to close at 764.18 basis points as against 0.09% loss recorded previously to close at 761.27 basis points

The total volume traded declined by +17.24% to close at 0.543m units valued at N125.03m and traded in 12 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 99.05% contribution while SDNDEP led the value chart with 99.88% 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 Russia MICEX Index leads the top five gainers with 1.71 gain while the Hong Kong Hang Seng 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 Namibia NSX Index tops the top five gainers with 2.28% gain while the Nigeria All Share Index tops the top five losers with -0.46% loss as of 4pm Nigerian Time

 

 

  1. BONDS AND FIXED INCOME MARKETS

 

2.1 Debt Market Size

The FMDQ Debt Market Size grew by 0.10% to close at N29.16trn as against previous figure of N29.13trn.

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 14.75%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI declined by 0.61% to close at 451.21 points while the AEI advanced by 9.49% to close at 206.90 points

 

3.2 AFEX Commodity Prices

Paddy Rice declined by -6.93% to top the losers’ chart while other commodities closed flat.

 

3.3 Global Commodity Prices

Gold recorded 0.72% gain while Silver also advanced by 3.77% as of 13:14 NY time

 

In the energy market, Brent advanced by 1.06% while WTI also advanced by 1.12% as of 12:20PM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira depreciated by 0.67% at the I&E FX Window to close at N431.00/USD while the NAFEX rate appreciated by 0.39% to close at N424.50

 

NCR (Nigeria) Plc declares N24.84m PAT in Q2 2022 Results, (SP: N3.6k)

NCR (Nigeria) Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.

Key Highlights

  • Revenue declined by 37.8% from N1.41bn to N878m.
  • Profit before tax stood at N24.84m
  • Profit after tax stood at N24.84m
  • Share Price Currently Stands at N3.6k

 

University Press Plc Declares N164.65m Loss in Q1 2023 Results, (SP: N2.12k)

University Press Plc released its Q1 2023 Unaudited results for the period ended June 30th 2022.

 

Key Highlights

  • Revenue grew by 9.48% from N184.91m to N202.43m.
  • Loss before tax stood at N164.65m
  • Loss after tax stood at N164.65m
  • Share Price Currently Stands at N2.12k

 

 

 

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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