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Headlines news

FG to borrow N11.3trn as 2023 budget deficit jumps

The Federal Government has shown no signs of putting the brakes on its recourse to the Central Bank of Nigeria (CBN) as its borrowing from the apex bank more than doubled to N695 billion last month. The government borrowed N3.15 trillion from the CBN in seven…

Nigerian airlines to miss out as Emirates cut flights

Domestic airlines in Nigeria are not able to fill the gap created by the reduction of flights into the country by Emirates Airlines, the United Arab Emirates’ biggest flag carrier, BusinessDay findings show. Currently, the only Nigerian carrier that operates into Dubai…

Finance Act clears path for insurance recapitalisation

Insurance industry operators say they are ready to conclude the ongoing recapitalization exercise in the industry with clearer definition now of what constitutes capital requirement for insurance operations. This is following a provision in Finance Act 2021 that…

Aviation agencies near collapse over airlines’ billion naira debt

Musa Nuhu, the director-general, Nigeria Civil Aviation Authority (NCAA) has warned that if over N42 billion and $7.8 million debt owed by airlines to aviation agencies in the country are not paid immediately, the aviation organizations may collapse in the next few weeks. Domestic airlines are currently owing NCAA…

ASUU strike: LASU, others pull out

The Lagos State University (LASU) leads some other universities out of the Academic Staff Union of Universities (ASUU’s) strike while the federal government is saying it has met 80 percent of the union’s demands. The Kwara State University, Kaduna State University and Osun State, among other univer…

Stolen crude oil: FG indicts security operatives, churches, mosques

The Federal government on Tuesday said crude oil theft has become a widespread phenomenon involving all strata of the society including religious groups, community leaders and government officials, including security agencies. The Chief Executive Officer (CEO) of the Nigeria National Petroleum Company…

Market moves further south as Cadbury, others drive N19bn loss

Nigeria’s equities market closed further in the red zone on Tuesday August 30 as investors remained cautious about stocks following rising yield environment. The market decreased by 0.07percent while investors lost about N19billion at the close of trading session. Mutual Benefits, Fidelity Bank, Access Holdings, FBN.

 

 

 

Investors Lose N18.37bn as NGXASI Dips by 0.07%; Overnight Rate Contracts by 0.33% to Close at 9.67%; BDC Rate Depreciates to N698

  1. EQUITIES MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market maintained negative posture as the key market indicator dipped further by 34.06bps while sell pressure persists.

 

The NGX All-Share Index dipped by 0.07% to close at 49,642.69 basis points as against 0.01% loss recorded to close at 49,676.75 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N18.37bn loss.

 

YTD, the NGXASI Stands at +16.21%

The total volume traded declined by -45.93% to close at 125.95m, valued at N3.07bn and traded in 4,145 deals. MBENEFIT was the most traded stock by volume with 25.34m units traded while MTNN   was the most traded stock by value which is put at N1.45bn.

Sectoral performance was broadly negative as four (4) NGX sector index closed northward, nine (9) closed southward while five (5) closed flat. The NGX Oil and Gas Index inched up by 0.10% to top the gainers chart while the NGX MERIVAL Index dipped by 0.29% to top the losers’ chart.

Dangote index closed flat at 128.25 basis points while Elumelu index also closed flat at 107.22 basis points.

At the close of trading, market recorded 13 gainers to 13 losers and 86 unchanged. ETRANZACT topped the list of gainers while COURTVILLE topped the list of losers.

Thus, market breadth closed flat as the Market Breadth Index (MBI) is put at 0.00x.

Volume and Value Contribution

MBENEFIT led the volume’s chart with 20.12% contribution and closely followed by FIDELITYBK and ACCESSCORP

 

MTNN   tops the value’s chart with 47.21% contribution and closely followed by AIRTELAFRI and NESTLE

 

NGX Earnings Summary

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

 

NGX Corporate News

Fidelity Bank Plc notifies that it has entered into a binding agreement for the acquisition of 100.0% equity stake in Union Bank UK Plc (“Union Bank UK”), for which the Central Bank of Nigeria has issued a letter of “No Objection”.

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market index inched up by 0.13% to close at 763.49 basis points as against 0.21% gain recorded to close at 762.49 basis points

The total volume traded declined by -73.20% to close at 0.034m units valued at N5.64m and traded in 6 deals.

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

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 Japan Nikkei 225 Index leads the top five gainers with 1.14% gain while the Israel TA-100 Nasdaq Index tops the top five losers with -1.66% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Tanzania Index tops the top five gainers with 0.47% gain while the South Africa All Share Index tops the top five losers with -2.19% loss as of 4pm Nigerian Time

 

  1. BONDS AND FIXED INCOME MARKETS

2.1 Debt Market Size

The FMDQ Debt Market Size inched up by 0.76% to close at N29.26trn as against previous figure of N29.04trn

 

2.2 Overnight and Open Repo (OPR)

The overnight lending rate contracted by 0.33% to close at 9.67% while the Open Repo (OPR) rate also contracted by 0.50% to close at 9.00%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI advanced by 0.03% while and AFEX AEI closed flat.

 

3.2 AFEX Commodity Prices

Maize advanced by 0.90% to top the gainers’ chart while Sorghum declined by 5.51% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 0.82% loss while Silver also declined by 2.07% as of 11:33 NY time

 

In the energy market, Brent declined by 2.56% while WTI also declined by 4.66% as of 10:34 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira depreciated by 0.16% at the I&E FX Window to close at N431.00/USD while the NAFEX rate appreciated by 0.67% to close at N425.66

 

N19.76tn Budget Proposal: N12tn Deficit Worries FG, Debt May Hit N54tn

 The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year. Source Punch Read More

FG Proposes N19.76tn Budget for 2023

 The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year. Source Punch Read More

Buhari Assents to Aviation, Advertising Council Bills, Others

– The President, Major General Muhammadu Buhari (retd.), has assented to eight bills passed by the National Assembly. The Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Nasiru Baballe Ila, made this known in a statement issued on Monday. Source Punch Read More

The World’s Growth Engines Continue to Slide into Recession

 Global recession looms as rampant price inflation, the war in Europe, and geopolitical uncertainty continue to impact on the three biggest growth drivers of global economic activity. Source Word Economics Read More

Naira 4 Dollar Scheme: We’ve Recorded $2.4bn Diaspora Remittances in 2022, says CBN

 – The Central Bank of Nigeria (CBN) says the country has recorded $2.4 billion in diaspora remittances through its ‘Naira 4 Dollar Scheme’ in 2022. Source TheCable Read More

NLNG Restates Commitment to Local Content, In-Country LPG Supply

 Nigeria LNG Limited (NLNG) has stated that it is committed to ensuring Nigerians benefit maximally from all its operations by going beyond mere compliance with Nigerian Content targets as set out in the Nigerian Oil and Gas Industry Content Development Act (NOGICD) 2010. Source The Guardian Nigeria Read More

Oil Prices Slip as Inflation Woes Outweigh Possible OPEC+ Output Cuts

– Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts. Source Reuters Read More

Intellectual Consideration when Building a Mobile App

 One of the most effective ways apps can be protected is by effectively utilizing intellectual property (IP) rights from initial concept to the launch and eventual commercialization of the app. Source Proshare  Read More

Ecobank Group Launches 2022 Edition of Its Africa Fintech Challenge

 Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank across 33 African countries; Applications open until 16 September. Source Fintech News Africa Read More

3 Top Loan Apps in Compliance with CBN Prudential Guidelines

– Nigerians with financial problems often resort to loan Apps to find solutions. These lending platforms give out loans without asking for collateral but with huge interest within a very short time frame. Source TechEconomy Read More

95% Digital Literacy by 2030 Attainable – Pantami

– The Minister of Communications and Digital Economy, Isa Pantami, has said that Nigeria’s progress toward achieving 95 per cent digital literacy by 2030, as outlined in the National Digital Economy Policy and Strategy (NDEPS), 2020 – 2030, now appears more promising than ever. Source The SUN Read More
Leaders From Microsoft Nigeria, Ecobank, Old Mutual, Axa Mansard, Others Headline Insurance Meets Tech (IMT) Conference 2022

 Leading thought leaders and C-Suite Executives from corporate organizations such as Microsoft Nigeria, Ecobank, Old Mutual, and AXA Mansard have confirmed participation in the upcoming Insurance Meets Tech (IMT) Conference 2022, scheduled to hold on Thursday, September 29th, 2022, in Lagos, Nigeria. Source Modion Communication Read More 

Islamic Finance Market Weekly Review August 22nd – 27th, 2022

 – The Managing Director of TajBank Ltd, Mr. Hamid Joda, informed stakeholders and investors that the bank would launch a digital banking application to attract more customers to its platforms as it seeks to grow its operations nationwide. Source Proshare  Read More

PenCom to Provide Health Insurance for Micro Pension Contributors

 The National Pension Commission (PenCom) says it is planning to provide incentives to contributors under the micro pension plan (MPP). Source TheCable Read More

 

Fidelity Bank Plc Proposes Acquisition of 100% Equity Stake in Union Bank UK Plc

Fidelity Bank Plc (the “Bank”) hereby notifies the General Public that it has entered into a binding agreement for the acquisition of 100.0% equity stake in Union Bank UK Plc (“Union Bank UK”), for which the Central Bank of Nigeria has issued a letter of “No Objection”.

 

Union Bank UK commenced operations from the heart of the City of London in 1983 to provide competitive banking services including Personal Banking, Trade Finance, Treasury Management, and Structured Trade and Commodity Finance which it offers to individual and corporate clients.

 

Commenting on the agreement, Mrs. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank Plc said:

 

“This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients. The diverse service bouquet and business model of Union Bank UK offered a compelling synergy, and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”

 

The transaction is subject to the approval of the Prudential Regulatory Authority (PRA} of the United Kingdom.

 

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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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