Headlines news – First Ideas Limited

Headlines news

To curb oil theft, NNPC adopts Saudi Aramco’s model

With losses from pipeline vandalization and theft overwhelming Nigeria’s oil business in recent weeks, the Nigerian National Petroleum Company Limited has said it is adopting Saudi Aramco’s model of using video surveillance to monitor its pipelines carrying…

FG shifts to cautious mode on 2023 oil projections

The Federal Government is pegging the 2023 budget on an oil price benchmark of $70 per barrel and a daily oil production capacity of 1.69 million barrels, estimates that appear cautious but may be unrealistic, analysts say.

NNPC to outsource refinery management after repairs

Nigeria’s national oil company will outsource the operations and management of the country’s refineries after ongoing rehabilitation, the company’s boss said in a briefing in Abuja Tuesday. Mele Kyari, CEO, NNPC Ltd, said this was part of conditions by lenders who are..

Nigerians want politicians to shun deceit ahead of campaigns

As candidates for various political offices, particularly those running for president, prepare for the commencement of the electioneering campaign, Nigerians have advised them to avoid promising lies and deceiving the citizens.

 

 

PFAs’ shareholder funds hit N211.27bn after recapitalisation

PFAs’ shareholder funds hit N211.27bn after recapitalization pulled together shareholder funds totaling N211.27 billion at the end of their recent recapitalization, according to figures released by the National Pension Commission (PenCom).The data also shows that Stanbic IBTC Pensions Limited led the other 19 PFAs with N75.83 billion shareholder fund.

Domestic airlines are financially distressed, need injection of funds – DG NCAA

Ongoing audit on domestic carriers has revealed that some of the airlines in Nigeria are financially distressed and need some injections of funds, Musa Nuhu, the director general of the Nigeria Civil Aviation Authority (NCAA) has said. Nuhu also hinted that Aero Contractors which suspended scheduled passenger.

ASUU gives fresh conditions to end strike

The Academic Staff Union of Universities (ASUU) has blamed the federal government for misplaced priority and insincerity in handling the impasse even as the union stated conditions for calling off the lingering strike. Emmanuel Osodeke, the president of ASUU made this known during an interview with.

Only 35% of Nigerian hospitals have basic hygiene service

Patients visiting hospitals in Nigeria could be at great risk of contracting fresh infection as only 35 percent of health facilities are furnished with basic hygiene services, a new joint report by the World Health Organization (WHO) and the United Nations International Children’s Emergency Fund (UNICEF) has revealed..

Market sees first gain this week as Guinness, NGX Group, others rally

Nigeria’s equities market on Wednesday booked its first gain since this week, rising by about N105billion or 0.39percent. The market recorded bargain hunting activity across sectors except for insurance. Topmost on the list of advancers that caused the Nigerian Bourse positive close are stocks like Guinness Nigeria Plc…

Households cost of living crisis intensifies as inflation hits 17yr high

Africa’s biggest economy is facing the highest rates of inflation since October 2005, with households suffering the biggest hit to their income. Food inflation is at a 14-month high, hitting 22.02 percent in July, while headline inflation accelerated to 19.64 – a 17-year high. Nigeria’s cost of living crisis is showing no…

Nigeria records 3.54% GDP growth in Q2 2022, Electricity Buckles Despite CBN Interventions

– The Nigerian economy recorded a +3.5% real GDP growth in Q2 2022, surpassing analysts’ forecasts. The economy had grown by +3.11% in the first quarter making a +3.32% growth in H1 2022. Last year, the GDP growth averaged +2.27% over the first two quarters (H1 2022). Source Proshare  Read More

The impact of logistics and supply chain framework on national security

– The impact of logistics and supply chain framework on national security. I have written about this in bits and pieces but there is a need to highlight areas where supply chain and logistics affect national security and vice versa. Source BusinessDay Read More

Gas Infrastructure Deficit Requires $2bn Annually, Says FG

– The Federal Government on Tuesday put the estimated amount required to bridge Nigeria’s gas infrastructure deficit at $2bn annually. The Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this at the inauguration of the Governing Council of the Midstream and Downstream Gas Infrastructure Fund. Source Punch Read More

Oil Earnings Drop by 29% to N790bn – CBN

– The CBN, in its latest economic and statistical report for the first quarter of 2022, stated that earnings from crude oil dropped to N790bn from N1.1trn recorded in the previous quarter, which was from October to December 2021. Source Punch Read More

FBN Holdco H1 2022 Result Analysis: e-Banking Income Drops 11.4%, as Net Interest Income Climbs 40.48%

 FBNH has shrugged off a few challenges that resulted in a Central Bank of Nigeria (CBN) intervention in 2021, which required the regulator to change its governing Board of Directors (BoD) and stamp hard on insider-related loans. Source TheAnalyst Proshare Research Read More

Kenya: M-Pesa Beats Most Traditional Banks on Customer Sentiment, Survey Finds

 Safaricom’s mobile money platform M-Pesa is perceived more positively than traditional banks in Kenya, according to the Kenya Banking Sentiment Index published in August by DataEQ in collaboration with Deloitte. Source The Africa Report Read More

Local Airlines’ Debt Burden Hits N45.29 billion

 – The apex regulatory body, which accused the operators of a deliberate ploy to stifle regulators and service providers out of operations, said airlines accumulating debts would no longer be accepted. Source The Guardian Nigeria Read More

NCC Fixes $0.10 for International Calls Termination

– The Nigerian Communications Commission has set $0.10 as the new fixed International Termination Rate for voice services paid by overseas telecom carriers for ending international calls on local networks in Nigeria. Source Punch Read More

Google phases out Google Duo, integrates features into Google Meet

– This month, Google announced that it had begun a gradual phase-out of its consumer-facing video calling app, Google Duo. According to the tech firm, the feature-packed Google Duo will no longer be part of the pre-installed apps on android mobile phones. Source Tech Cabal Read More

Eyowo Launches Digital First Mastercard amid Growing Demand for Digitally Driven Money Management Solutions

– Today’s generation do everything from ordering meals to scheduling doctor’s appointments on their mobile phones or online. To better meet their needs, Eyowo today unveiled its Digital First payment offering – the Better Card – which is certified by Mastercard. Source THISDAYLIVE Read More

 

Investors Gain N104.54bn as NGXASI Inches up by 0.39%; Overnight Rate Contracts by 1.00% to Close at 8.67%; IEFX Rate Appreciates to N429.44

  1. EQUITIES MARKET 

1.1 NGX – Listed Equities

Nigerian Equities Market erased previous day loss to close in the green zone as the key market indicator inches up by 193.82bps amid positive market breadth

 

The NGX All-Share Index inched up by 0.39% to close at 49,836.51 basis points as against 0.07% loss recorded to close at 49,642.69 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N104.54bn loss.

 

YTD, the NGXASI Stands at +16.67%

The total volume traded advanced by +191.66% to close at 367.34m, valued at N3.24bn and traded in 3,725 deals. STERLNBANK was the most traded stock by volume with 162.45m units traded while MTNN   was the most traded stock by value which is put at N873.29m.

Sectoral performance was broadly negative as fourteen (14) NGX sector index closed northward, one (1) closed southward while three (3) closed flat. The NGX Consumer Goods Index inched up by 1.80% to top the gainers chart while the NGX Insurance Index dipped by 0.10% to top the losers’ chart.

Dangote index inched up by 0.11% to close at 128.39 basis points while Elumelu index also inched up by 0.95% to close at 108.24 basis points.

At the close of trading, market recorded 20 gainers to 11 losers and 67 unchanged. GUINNESS topped the list of gainers while CHIPLC topped the list of losers.

Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.13x.

Volume and Value Contribution

STERLNBANK led the volume’s chart with 44.22% contribution and closely followed by ACCESSCORP and UBA

 

MTNN   tops the value’s chart with 26.98% contribution and closely followed by AIRTELAFRI and FBNH

 

NGX Corporate News

Ardova Plc notifies that it will hold its 43rd AGM at Southern Sun Hotel, 47 Alfred Rewane Road, Ikoyi, Lagos on Tuesday 27 September 2022 at 10am

 

 

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 0.13% gain recorded to close at 762.49 basis points

The total volume traded advanced by +27267.00% to close at 9.34m units valued at N122.86m and traded in 7 deals.

At the close of trading, NASD OTC market recorded three (3) 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 Russia MICEX Index leads the top five gainers with 3.92% gain while the Philippines PSEi Index tops the top five losers with -1.59% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Ghana GSE Index tops the top five gainers with 1.16% gain while the Egypt EGX 30 Index tops the top five losers with -1.32% loss as of 4pm Nigerian Time

 

 

 

  1. BONDS AND FIXED INCOME MARKETS

2.1 Debt Market Size

The FMDQ Debt Market Size dipped by 0.10% to close at N29.23trn as against previous figure of N29.26trn

 

2.2 Overnight and Open Repo (OPR)

The overnight lending rate contracted by 1.00% to close at 8.67% while the Open Repo (OPR) rate also contracted by 1.00% to close at 8.00%

 

  1. COMMODITIES MARKET

3.1 AFEX Indices

The AFEX ACI declined by 0.32% while AFEX AEI closed flat.

 

3.2 AFEX Commodity Prices

Maize advanced by 1.73% to top the gainers’ chart while Paddy Rice declined by 0.38% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 0.21% loss while Silver also declined by 1.41% as of 11:47 NY time

 

In the energy market, Brent declined by 1.10% while WTI also declined by 0.73% as of 10:51 AM Central Daylight Time (CDT)

 

  1. CURRENCY/ FX MARKET

The naira appreciated by 0.36% at the I&E FX Window to close at N429.44/USD while the NAFEX rate depreciated by 0.67% to close at N428.53

Fidelity Bank Plc Reports N23.31bn PAT in Q2 2022 Audited Results, Proposes 10 kobo Dividend (SP: N3.04k

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

Key Highlights

  • Gross Earnings grew by 37.9% from N112.30bn to N154.84bn.
  • Profit before tax stood at N25.08bn
  • Profit after tax stood at N23.31bn
  • Share Price Currently Stands at N3.04k

 

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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