Headlines news for the day – First Ideas Limited

Headlines news for the day

Subsidy gulps Nigeria’s oil income as UAE reaps profit

While some of its peers including Abu Dhabi National Oil Company (ADNOC) have reported bumper profits, the Nigerian National Petroleum Company Limited (NNPC) is struggling to generate enough oil revenue to cover petrol subsidy costs, which increased by 50…

Nigeria plays catch-up as global exploration surges

There is a surge in global offshore oil exploration this year, but Nigeria, which recently lost its status as Africa’s top producer to Angola, is missing out despite having more than half of its oil and gas blocks idle.

Airlines’ trapped funds deal doing business in Nigeria another blow

Just as Anthony Joshua and Usman Kamaru were knocked out over the weekend, Nigeria’s business reputation has been dealt another blow as foreign airlines’ trapped funds running into millions of dollars are yet to be repatriated, BusinessDay findings show.

Interest rate hike affects Nigerians

The ripple effect of the quarterly increase in interest rate can be felt on the purchasing power, standard of living, and hike in prices of consumer goods, analysts say. The Central Bank of Nigeria, (CBN), and the Monetary Policy Committee (MPC) raised interest rates…

Trapped funds: Air transport workers raise alarm over looming job losses

Air transport workers under the auspices of National Union of Air Transport Employees, (NUATE) have raised concerns over the looming unemployment that awaits employees who work with foreign airlines in Nigeria, if the issue of trapped funds is not addressed as soon as possible. These concerns are coming…

China to waive some Africa loans, offer $10 Billion in IMF Funds

China, the largest government creditor to emerging economies, said it will forgive twenty three interest-free loans to seventeen African countries and redirect $10 billion of its International Monetary Fund reserves to nations on the continent. Foreign Minister Wang Yi announced the cancelations in a meeting last week of…

Seplat, BUA Foods, others cause market’s new low

Nigeria’s equities market furthered its losing streak on Tuesday by 1.58 percent as more investors chose to sell down their holdings despite bargain hunting opportunities across key sectors on the Bourse. Topmost on the sell side of the Bourse are stocks like Seplat Energy Plc, BUA Foods Plc, Northern Nigeria Flour…

Reps Summon TCN over $33m Payment to GenCo

 The House of Representatives’ Committee on Finance has dismissed representatives of the Transmission Company of Nigeria over their failure to answer critical questions concerning a take-or-pay agreement with a power Generation Company, Azura Power West Africa Limited, forcing the country to pay the firm $33m monthly whether it supplies power or not. Source Punch Read More

Oil Firms Owe Banks N5.93tn Amid Losses, Theft

– The combined bank borrowing to oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry was N5.93tn as of June 2022, according to data from the Central Bank of Nigeria. Source Punch Read More

Food Prices Rose in July 2022 – NBS

 The National Bureau of Statistics says prices of selected food items increased in July. It made the declaration in its Selected Food Prices Watch Report for July 2022 released in Abuja on Monday. The NBS stated that the average price of 1kg of white beans rose by 23.22 per cent from N444.21 in July 2021 to N547.38 in July 2022. Source Punch Read More

NT-Bills Update: Mild Buying Interests as Average Yield Decline 7bps WoW to 7.86%

 Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market witnessed a mixed sentiment as average yield dipped by 7bps W-o-W to settle at 7.86% from 7.93% the previous week. Source Afrinvest Read More

Reps Ask NIPC to Explain N1.19bn Unapproved Spending

 The house of representatives committee on public accounts has commenced an investigation into the N1.19 billion spent by the Nigeria Investment Promotion Commission (NIPC) without approval. Source TheCable Read More

FG Moves to Resolve Foreign Airlines’ $464m Blocked Fund

 – Minister for Information and Culture, Lai Mohammed, has said that the Federal Government is working hard to resolve all issues created by the $464 million blocked funds belonging to foreign airlines from ticket sales. Source The SUN Read More

LCCI to CBN: Look Beyond Hiking Rates

 The Director-General, Lagos Chamber of Commerce & lndustry (LCCI), Dr Chinyere Almona, has said last month, Nigerians paid more for goods and services than they did a year earlier in July by a relatively high rate of 19.64 per cent. Source The Nation Read More

TTSWG Opens Secretariat in Lagos

 Telecommunication and Technology Sustainability Working Group (TTSWG), a Nigerian pro-technology and non-governmental organisation that advocates for sustainability in the ICT sector, announces the launch of its secretariat in Lagos, Nigeria. Source TechEconomy Read More

Experts Provide Insight on Fintech Growth, Operations

 – Industry leaders have provided insight on the financial technology (Fintech) growth and operations in the country. They made the insight during the virtual couch session at the recently concluded Lagos Startup Week. Source LeadershipNG Read More

 

Investors Lose N426.07bn as NGXASI Dips by 1.60%; Overnight Rates Closes Flat at 15%; IEFX Rate Depreciates to N430.67

  1. EQUITIES MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market maintained negative posture as sell pressure persists while key market indicator plunged further by 789.91bps.

 

The NGX All-Share Index dipped by 1.60% to close at 48,554.76 basis points as against 0.05% loss recorded to close at 49,344.67 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N426.07bn loss.

 

YTD, the NGXASI Stands at +13.67%

The total volume traded advanced by +66.34% to close at 204.15m, valued at N3.18bn and traded in 3,533 deals. MBENEFIT was the most traded stock by volume with 44.01m units traded while DANGCEM was the most traded stock by value which is put at N665.74m.

Sectoral performance was broadly negative as one (1) NGX sector index closed northward, fourteen (14) closed southward while three (3) closed flat. The NGX Insurance Index inched up by 1.82% to top the gainers chart while the NGX Oil and Gas Index dipped by 4.94% to top the losers’ chart.

Dangote index dipped by 5.15% to close at 128.25 basis points while Elumelu index also declined by 0.26% to close at 105.81 basis points.

At the close of trading, market recorded 9 gainers to 20 losers and 68 unchanged. FTNCOCOA topped the list of gainers while BUAFOODS topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.16x.

Volume and Value Contribution

MBENEFIT led the volume’s chart with 21.56% contribution and closely followed by ZENITHBANK and FBNH

 

DANGCEM tops the value’s chart with 20.91% contribution and closely followed by ZENITHBANK and MTNN

 

NGX Earnings Summary

The following company released its result on the NGX Exchange today.

 

NGX Corporate News

No Corporate News was released on the NGX Exchange today.

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market index inched up by 0.57% to close at 757.38 basis points as against 0.13% loss recorded to close at 753.06 basis points

The total volume traded declined by -89.02% to close at 0.108m units valued at N6.65m and traded in 12 deals.

At the close of trading, NASD OTC market recorded three (3) gainer(s) to zero (0) loser(s)

Volume and Value Contribution

SDCSCSPLC led the volume chart with 55.80% contribution while SDFCWAMCO led the value chart with 43.70% 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 3.01% gain while the Nigeria All Share Index tops the top five losers with -1.60% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Uganda All Share Index tops the top five gainers with 1.86% gain while the Nigeria All Share Index tops the top five losers with -1.60% loss as of 4pm Nigerian Time

 

 

  1. BONDS AND FIXED INCOME MARKETS

2.1 Debt Market Size

The FMDQ Debt Market Size weas 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 closed flat at 14.50%

 

 

  1. COMMODITIES MARKET

3.1 AFEX Indices

The AFEX ACI and the AFEX AEI were not available as of the time of finalising this report.

 

3.2 AFEX Commodity Prices

Paddy Rice advanced by 0.88% to top the gainers chart while other commodities closed flat.

 

3.3 Global Commodity Prices

Gold recorded 0.67% loss while Silver also declined by 0.21% as of 13:00 NY time

 

In the energy market, Brent advanced by 0.21% while WTI declined by -0.02% as of 12:00 PM Central Daylight Time (CDT)

 

  1. CURRENCY/ FX MARKET

The naira depreciated by 0.29% at the I&E FX Window to close at N430.29/USD while the NAFEX rate appreciated by 0.38% to close at N426.75

 

Zenith Bank Declares N111.41bn PAT in H1 2022 Audited Results; Proposes 30K Interim Dividend, (SP: N22k)

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

Key Highlights

  • Gross Earnings grew by 17.1% from N343.56bn to N404.76bn.
  • Profit before tax stood at N130.01bn
  • Profit after tax stood at N111.41m
  • Share Price Currently Stands at N22k

 

 

C and I Leasing Declares N134.49m PAT in Q2 2022 Results, (SP: N3.20k)

C and I Leasing Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.

Key Highlights

  • Gross Earnings grew by 4.9% from N9.27bn to N9.72bn.
  • Profit before tax stood at N252.6m
  • Profit after tax stood at N134.49m
  • Share Price Currently Stands at N3.2k

 

 

 

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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