Headlines news for the day – First Ideas Limited

Headlines news for the day

Domestic airlines suffer low patronage as fares soar

Domestic airlines have seen passenger traffic drop across routes in Nigeria on the back of skyrocketing prices of air tickets. BusinessDay’s investigations show that the rise in ticket prices has discouraged many travellers from travelling in recent times

Nigeria’s oil projects seen at risk over PIA timelines

More than one year after enactment, timelines in the Petroleum Industry Act (PIA) are seen to be hurting the oil and gas industry and creating uncertainties among players, legal energy experts have said. After 20 years of dilly-dallying due to the politics of interest, the..

How Lekki Port and Second Niger Bridge were financed

The Second Niger Bridge and the Lekki Deep Seaport are two massive infrastructural projects in Nigeria that have gathered momentum in recent times as both are expected to be completed before the end of the year.

Why diaspora voting may not be possible in 2023 – INEC

The Independent National Electoral Commission (INEC) has said it does not as yet have the enabling laws to carry out diaspora voting in 2023. The explanation came amid calls by many Nigerians that it was high time Nigeria toed the path of other countries in Africa that…

Zambia’s currency surges after $1.3 billion IMF deal

The International Monetary Fund approved 38-month arrangement with Zambia under the Extended Credit Facility (ECF) around $1.3 billion, or 100 percent of quota to the country has led to the surge of kwacha, the country’s currency. Zambia was given the approval based on the country’s homegrown economic…

Stocks gain N197bn in week ended September 2

Nigeria’s stock market increased by 0.73percent in the trading week ended Friday September 2 as buy-side activities strengthened across key sectors on the Bourse. Though, the record positive was driven among others by impressive rally in consumer goods, industrial and banking stocks. In the review trading week…

FX challenges push Dangote Cement’s finance cost to six-year high

Thanks to a 722 percent loss in foreign exchange (FX), Dangote Cement has recorded a 148 percent increase in finance costs in the first half of 2022, the highest in the last six years. This is according to findings by BusinessDay. In Africa’s biggest economy, companies are squeezed by rising costs brought on by..

World GDP Fell While Inflation Rose Even Further in 2Q22

– The world economy saw an unusual combination of falling GDP set against high and rising inflation in 2Q22 as supply-shocks and ongoing pandemic related disruptions blighted the recovery, says Fitch Ratings. Source Fitch Ratings Read More

NECA Seeks Reappraisal Of Economic Policies

 The Nigeria Employers’ Consultative Association has urged the Federal Government to reappraise its monetary and fiscal policies to address the multifaceted challenges confronting the nation. Source Punch Read More

Inflation: LCCI Seeks Urgent Govt’s Response

 The Lagos chamber of commerce and industry has said that without concrete and quick steps to stem the rising inflation, in Nigeria, it may continue into the end of the year. Source Punch Read More

N6trn Subsidy Claim A Fraud, Says Customs Boss

– Comptroller-general of Nigerian Customs Service (NCS), Hameed Alli, yesterday faulted the claim that over N6 trillion is paid as fuel subsidy on Premium Motor Spirit (PMS) in 2022 fiscal year by Nigerian National Petroleum Corporation (NNPC) Limited. Source Leadership Read More

Debt Burden Genuine Concern, Affecting Nigeria’s Dev’t – DMO 

– The Debt Management Office (DMO) has disclosed that Nigeria must take strong measures to increase revenue and reduce expenditure in order to address its borrowing and debt burden. Source Daily Trust Read More

Emirates to Reinstate Flights to Lagos from 11 September 2022

 Emirates welcomes the Central Bank of Nigeria’s move to release a portion of our blocked funds, and we continue to engage with the Nigerian authorities to ensure the repatriation of our outstanding and future funds may continue without hindrance. Source Emirates Read More

CBN Grants Flutterwave Payment Processing Licence

– Flutterwave, one of Africa’s leading payment technology companies has been granted a Switching and Processing Licence by the Central Bank of Nigeria (CBN). Source ThisDay Read More

Video Content Consumption Rises As 5G Connections Hit 690m

 – The number of 5G connections worldwide hit 690 million by the end of June 2022, accounting for 8.3 per cent of all cellular subscriptions, according to the latest market report from Ericsson, which believes the 5G market is on course to hit one billion lines by the end of this year. Source Guardian Read More

Investors Gain N84.65bn as NGXASI Inches up by 0.31%; Overnight Rate Expands by 5% to Close at 12.50%; BDC Rate Appreciates to N701

  1. EQUITIES MARKET 

 1.1 NGX – Listed Equities

Nigerian Equities Market maintained positive posture as the key market indicator inched up further by 156.03bps to close above 50,000 psychological line.

 

The NGX All-Share Index inched up by 0.31% to close at 50,045.83 basis points as against 0.11% gain recorded to close at 49,889.80 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N84.65bn gain.

 

YTD, the NGXASI Stands at +17.16%

The total volume traded advanced by +4.76% to close at 240.02m, valued at N2.68bn and traded in 3,435 deals. STERLNBANK was the most traded stock by volume with 93.73m units traded while MTNN was the most traded stock by value which is put at N1.21bn.

Sectoral performance was broadly positive as thirteen (13) NGX sector index closed northward, two (2) closed southward while three (3) closed flat. The NGX AFRBVI Index inched up by 1.20% to top the gainers chart while the NGX Growth Index dipped by 0.51% to top the losers’ chart.

Dangote index closed flat at 128.39 basis points while Elumelu index inched up by 0.15% to close at 108.44 basis points.

At the close of trading, market recorded 23 gainers to 8 losers and 62 unchanged. FCMB topped the list of gainers while RTBRISCOE topped the list of losers.

Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.24x.

Volume and Value Contribution

STERLNBANK led the volume’s chart with 39.05% contribution and closely followed by FIDELITYBK and FIDSON

 

MTNN tops the value’s chart with 45.16% contribution and closely followed by ZENITHBANK and GTCO

 

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 closed flat at 762.12 basis points as against 0.42% loss recorded to close at 765.31 basis points

The total volume traded declined by -81.99% to close at 0.022m units valued at N0.754m and traded in 8 deals.

At the close of trading, NASD OTC market recorded zero (0) 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 Germany DAX Index leads the top five gainers with 2.92% gain while the India NIFTY Index tops the top five losers with -1.22% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the South Africa All Share Index tops the top five gainers with 2.05% gain while the BRVM-10 Index tops the top five losers with -0.75% loss as of 4pm Nigerian Time

 

 

  1. BONDS AND FIXED INCOME MARKETS

 

2.1 Debt Market Size

The FMDQ Debt Market Size was not available as of the time of finalising this report.

 

2.2 Overnight and Open Repo (OPR)

The overnight lending rate contracted by 5.00% to close at 12.50% while the Open Repo (OPR) rate also contracted by 5.00% to close at 12.00%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI and AFEX AEI both closed flat.

 

3.2 AFEX Commodity Prices

Sorghum advanced by 38.87% to top the gainers’ chart while Maize declined by 5.74% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 1.16% gain while Silver also advanced by 2.30% as of 11:03 NY time

 

In the energy market, Brent advanced by 2.34% while WTI also advanced by 2.36% as of 10:05 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira depreciated by 0.35% at the I&E FX Window to close at N431.50/USD while the NAFEX rate also appreciated by 0.00% to close at N428.90

 

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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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