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Headlines news

CBN’s 10 productsto cut food imports disappoint

The 10 products selected by the Central Bank of Nigeria (CBN) for special intervention to reduce food importation have fallen short of the target contained in the apex bank’s five-year policy plan (2019-2024).

Short-term investments better than holding cash – Analysts

Analysts have said it is better to invest in short-term financial instruments instead of holding cash amid rising inflation and interest rates in the country. The inflation rate in Nigeria accelerated to 19.64 percent in July, the highest in almost 17 years, according to the…

Pipeline surveillance contract to Tompolo raises concerns

Concerns have been raised over the pipeline surveillance contract awarded to a former leader of the Movement for the Emancipation of Niger Delta, Government Ekpemupolo, popularly known as Tompolo. Industry experts say the oil-rich Niger Delta could face more…

Thirst for Nigeria’s urea surges as Brazil, US, India increase demand

Nigeria has seen a boost in exports of its fertiliser products on account of increased demand from major importers of Nigeria’s urea and increased capacity from Notore Chemicals Industries and Dangote Fertilizer plants.

Does Nigeria import too much?

Exports and imports, as components of trade, measure a country’s trade openness to the rest of the world. The two metrics help countries to focus on their areas of comparative advantage just as they enhance industry competitiveness, innovation and help…

Military recovers N3.7bn worth of petroleum products from oil thieves in two weeks

At least N3.7 billion worth of petroleum products has been recovered from oil thieves by troops operating in the Niger delta region in the last two weeks. Major General Musa Danmadami, director, of defence media operations (DMO) disclosed this on Thursday in Abuja. He said the troops of operation delta safe…

FAAC shares N954.085bn July revenue to FG, states, LGs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion July 2022 federation account revenue with the federal government, states and local government councils. This was contained in a communiqué issued at the end of the Federation Account Allocation Committee…

How Nigeria escaped US blacklist after aircraft bombing attempt in 2009 – Former NCAA DG

Harold Demuren, the former Director-General of the Nigerian Civil Aviation Authority (NCAA) has explained how Nigeria was removed from among the blacklisted countries by the US following the attempted bombing of a United States aircraft by Umar Farouk Abdulmutallab, the Nigerian underwear bomber…

Investors gain N532bn as stocks extend rally

Nigeria’s equities market sentiments improved further on Thursday as banks half-year (H1) results and corporate actions continued to drive buy-interest in selected names. This is in addition to improved buy activities in some large-cap names that helped lift stocks performance. The market grew by 2.03 percent…

Eterna Plc Declares N1.25bn PAT in Q2’22 Unaudited Results, (SP: N6.05K)

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

 

Key Highlights

  • Revenue grew by 50.6% from N37.99bn to N57.22bn.
  • Profit before tax stood at N1.58bn
  • Profit after tax stood at N1.25bn
  • Share Price Currently Stands at N6.05k

 

 

Investors Gain N532.16bn as NGXASI Inches up by 2.03%; Open Repo Rate Contracts by 0.33% to Close at 14.67%; BDC Rate Depreciates to N698

  1. EQUITIES MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market maintains positive posture as key market indicator inched up further by 986.13bps to close above 49,000bps.

 

The NGX All-Share Index inched up by 2.03% to close at 49,661.27 basis points as against 0.25% gain recorded to close at 48,675.24 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N532.16bn gain.

 

YTD, the NGXASI Stands at +16.26%

The total volume traded advanced by +35.15% to close at 226.47m, valued at N2.76bn and traded in 3,515 deals. MBENEFIT was the most traded stock by volume with 74.54m units traded while MTNN was the most traded stock by value which is put at N505.04m.

Sectoral performance was broadly positive as Eight (8) NGX sector index closed northward, seven (7) closed southward while three (3) closed flat. The NGX Main Board Index inched up by 3.48% to top the gainers chart while the NGX MERIVAL Index dipped by 0.32% to top the losers’ chart.

Dangote index closed flat at 128.25 basis points while Elumelu index also advanced by 0.90% to close at 106.35 basis points.

At the close of trading, market recorded 18 gainers to 11 losers and 70 unchanged. CWG topped the list of gainers while MBENEFIT 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

MBENEFIT led the volume’s chart with 32.92% contribution and closely followed by FBNH and ACCESSCORP

 

MTNN tops the value’s chart with 18.27% contribution and closely followed by NESTLE and AIRTELAFRI

 

NGX Earnings Summary

No Financial statement was released 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 1.61% to close at 762.28 basis points as against 0.95% loss recorded to close at 750.18 basis points

The total volume traded declined by -80.88% to close at 0.024m units valued at N3.23m and traded in 6 deals.

At the close of trading, NASD OTC market recorded two (2) gainer(s) to zero (0) loser(s)

Volume and Value Contribution

SDFCWAMCO led the volume chart with 58.70% contribution while SDNDEP led the value chart with 59.46% 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 Hong Kong Hang Seng Index leads the top five gainers with 3.63% gain while the Brazil Bovespa Index tops the top five losers with -0.40% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Nigeria All Share Index tops the top five gainers with 2.03% gain while the Kenya All Share Index tops the top five losers with -1.26% 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 contracted by 0.33% to close at 14.67%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI and AFEX AEI both closed flat

 

3.2 AFEX Commodity Prices

Paddy Rice declined by 7.40% to top the losers’ chart while other commodities closed flat

 

3.3 Global Commodity Prices

Gold recorded 0.30% gain while Silver also advanced by 0.42% as of 12:43 NY time

 

In the energy market, Brent advanced by 0.36% while WTI declined by -0.86% as of 11:46 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira appreciated by 0.08% at the I&E FX Window to close at N430.67/USD while the NAFEX rate depreciated by 0.16% to close at N428.00

Iran and Russia Move to Create a Global Natural Gas Cartel

 The US$40 billion memorandum of understanding (MoU) signed last month between Gazprom and the National Iranian Oil Company (NIOC) is a steppingstone to enabling Russia and Iran to implement their long-held plan to be the core participants in a global cartel for gas. Source Simon Watkins, Oilprice Read More

Oil Prices Rise on Potential OPEC+ Supply Cuts; BP Shuts U.S. Refinery Units

– Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Source Reuters Read More

World Bank, US Commit $3bn to Nigeria’s Energy Transition Plan

 The World Bank and the US Export-Import Bank (EximBank) say they will commit over $3 billion to the implementation of Nigeria’s energy transition plan. Source TheCable Read More

Food Security: Sanwo-Olu Flags Off Logistics Hub in Epe

 – Lagos State Governor, Babajide Sanwo-Olu, yesterday, flagged off the construction of what might come to be known as the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa, in Epe, Lagos. Source THISDAYLIVE Read More

Rising Transport, Logistics Costs Compounding Nigeria’s Food Inflation, Say Stakeholders

 Stakeholders in the agribusiness sector have decried the parlous state of infrastructure and high logistics cost, citing them as responsible for high food prices witnessed in the country. Source The Guardian Nigeria Read More

TotalEnergies Shifts Drilling on Egina, Akpo to December

– TotalEnergies has said it will start a major drilling campaign on Egina and Akpo oil fields in December. With 200,000 barrels per day crude oil expected from the Egina field, The PUNCH learnt that the commencement of drilling activities had been some sort of challenge to the international oil company. Source Punch Read More

Nigeria Needs a Regulatory Framework for the Development of WEB3 SPACE

– Nigeria is playing catch-up in the digital regulatory framework for cyber finance. The slow regulatory motion results from a lack of knowledge of the ecosystem needed for the relevant regulations to guide and check activities in the WEB 3 space. Source Ayomide Oguntoye Read More

Steady Rise in Broadband Penetration; Grows by 10.9% YoY in June 2022

 Nigeria’s broadband subscriptions have increased steadily since October ’21, total broadband connections climbed by 1.5% m/m and 10.9% y/y to approximately 84.6 million in June ‘22. Source FBNQuest Read More

Pantami Lauds ICT’s 17.92% Contributions to GDP

 Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, has applauded consistent growth in Information and Communication Technology (ICT) contributions to the nation’s Gross Domestic Product (GDP), which hit 17.92 per cent in the first quarter of 2021, and continued on an impressive trajectory. Source LeadershipNG Read More

MTN Kicks Off 5G Pilot in Nigeria

 MTN Nigeria has kicked off an open 5G pilot in the lead-up to its highly anticipated commercial launch. The Company, which intends to launch 5G services in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, is testing the next-generation network infrastructure. Source TechEconomy Read More

 

 

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