Public service under spotlight as Nigeria’s fiscal crisis worsens
The worsening fiscal crisis facing the Nigerian government has put the spotlight on the corruption and inefficiency in the country’s public service. “I can tell you that Nigeria is broke,” Chris Ngige, minister of labour and productivity, said in July. “There is no money to fund…
NNPC fails to remit to FG for seven straight month
The Nigerian National Petroleum Company Limited (NNPC) has failed to make remittances into the federation account for the seventh month in a row on the back of huge subsidy payments. The NNPC has deducted funds meant to be remitted to the Federation..
Nigerian companies face cash crunch despite economic growth
Net cash flows from operations have declined for Nigerian businesses, raising the possibility of a cash crunch despite economic growth. The combined net cash flow from operating activities of top firms across a variety of industries in Africa’s largest economy…
Telcos say proposed excise duty threatens broadband penetration
Nigeria’s broadband penetration, which has grown in recent months, will decline if the proposed excise duty on all telecommunication services is implemented, telecommunication companies have said. Nigeria’s broadband penetration rate rose to 44.3 percent in June from 40.9 percent in February, when it fell slightly from 41.6…
How 14-year-old stowaway accessed the airside despite security at Lagos airport
The 14-year-old Stowaway found in United Nigeria parked aircraft at the Murtala Muhammed Airport Terminal 2 (MMA2), has explained that he gained access into the airside through an opening at ‘Ile- Zik’ area of the Lagos airport perimeter fence along Lagos-Abeokuta expressway.
Lafarge, NGX Group top laggards as market opens week on negative note
Nigeria’s equities market opened this week on a negative note, no thanks to Lafarge Africa Plc, NGX Group Plc and Cutix Plc – that topped the laggards league at the close of trading on Monday September 5. Lafarge Africa Plc recorded the highest dip, from day-open high of N25 to N23.95, down by N1.05…
Capital Importation Declines to $1.53bn Q-o-Q as Naira Continues to Slide
– Capital Importation data released by the National Bureau of Statistics (NBS) showed that Nigeria attracted a total of $1.53bn in capital inflows in Q2 2022. The data suggested a slight decline in quarterly capital imports reflecting the impact of the fall in the Naira at the parallel market. Source AbdulQudus Isiaka and Proshare Read More
Oil Markets Spooked by China’s Lockdowns – OIR 020922
– Crude prices bounced on Friday, recuperating some losses as China’s COVID lockdowns become the main narrative in oil markets again. Source Proshare Read More
Resource Curse Sees Oil Rally Bypassing Nigeria
– The surge in oil prices this year should have been great news for Nigeria. Yet, Africa’s biggest crude producer, which relies on the fuel for more than 80% of its export earnings, saw output slump in the second quarter – just when prices peaked. Source Bloomberg Read More
India Review of Economic, Population and ESG
– India’s GDP data is classed as C grade in the World Economics Data Quality Rating scale. Essentially not to be trusted. Source World Economics Read More
Flour Mills of Nigeria Plc Q1 2023 Results: Growth in Revenue & Rising Debt Stock
– Flour Mill’s share price reached its resistance level on May 13, 2022, climbing from N29.0k to N41.45k before falling to N30.50k on July 28, 2022. Source Proshare Research Read More
Airlines, NCAA Bicker Over N24bn Debt
– The Nigeria Civil Aviation Authority (NCAA) and the Airline Operators of Nigeria (AON) are at loggerheads over a N24billion debt being owed aviation agencies by operators. Source Daily Trust Read More
Nigeria to Pay $496 million to Settle Indian Firm’s Claim Over Ajaokuta Steel
– The Nigerian government says it has agreed to pay $496 million to settle a multibillion dollar claim by Global Steel Holdings Limited over the control of Ajaokuta Steel Company. Source Premium Times Read More
OPEC+ to Weigh Rollover or Small Cut At Monday Meeting, Sources Say
– OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown. Source Reuters Read More
A Continued Nigerian Capital Market Leadership Position is Dependent on its Adoption of DLT – Survey Report
– In a yet to be released survey report titled: The Distributed Ledger Technology (DLT) and the Nigerian Capital Market, researchers at Sophus Consulting Limited assessed the advent of digitalization in Nigeria and produced a report relying on the responses to its surveys. Source Proshare Content Read More
ICPC: Technology Key to Curbing Corruption, Illicit Financial Flows
– The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, (SAN), has identified the deployment of technology as crucial to the fight against corruption and Illicit Financial Flows (IFFs). Source THISDAYLIVE Read More
NCC says over 50,000 Telecom Infrastructure were Vandalized in 5 Years
– The Nigerian Communications Commission (NCC) said over 50,000 cases of major destruction to telecom infrastructure and facilities have been reported across the country in the past five years, raising an alarm over the implication of these incidents to the quality of telecommunications services. Source TechEconomy Read More
Why Non-Interest Financial Institutions Should Invest in Women
– The Non-Interest Financial Institutions can significantly empower women in Nigeria through innovative products and investment opportunities for them. Source Proshare Read More
SEC Nigeria Approves Trust Arthur’s Rebranding as a Non-Interest Asset Management Company
– As part of its regulatory mandate of creating a fair, transparent, and efficient non-interest finance market in Nigeria, the Securities and Exchange Commission has approved the rebranding of the corporate name “Trust Arthur” as an A NON-INTEREST ASSET MANAGEMENT COMPANY. Source Trust Arthur Read More
Guaranty Trust Holdings Plc Declares N77.56bn PAT in H1 2022 Audited Results; Proposes 30K Interim Dividend, (SP: N19.8k)
Guaranty Trust Holdings Plc released its Q2 2022 Audited results for the period ended June 30th, 2022.
- Gross Earnings grew by 15.1% from N207.91bn to N239.29bn.
- Profit before tax stood at N103.25bn
- Profit after tax stood at N77.56bn
- Share Price Currently Stands at N19.8k
- Proposed Dividend is 30 kobo per 50 kobo ordinary share
Investors Lose N29.12bn as NGXASI Dips by 0.11%; Overnight Rate Expands by 0.67% to Close at 13.17%; BDC Rate Appreciates to N700
- EQUITIES MARKET
1.1 NGX – Listed Equities
Nigerian Equities Market opened the week on a negative note as the key market indicator dipped by 54.42bps to close below 50,000 psychological line.
The NGX All-Share Index dipped by 0.11% to close at 49,991.41 basis points as against 0.31% gain recorded to close at 50,045.83 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N29.12bn loss.
YTD, the NGXASI Stands at +17.03%
The total volume traded declined by -16.29% to close at 200.92m, valued at N1.45bn and traded in 3,976 deals. STERLNBANK was the most traded stock by volume with 90.89m units traded while MTNN was the most traded stock by value which is put at N252.47m.
Sectoral performance was broadly negative as three (3) NGX sector index closed northward, twelve (12) closed southward while three (3) closed flat. The NGX Consumer Goods Index inched up by 0.55% to top the gainers chart while the NGX Banking Index dipped by 0.91% to top the losers’ chart.
Dangote index closed flat at 128.39 basis points while Elumelu index dipped by 0.98% to close at 107.38 basis points.
At the close of trading, market recorded 12 gainers to 15 losers and 73 unchanged. CHAMS topped the list of gainers while ABCTRANS topped the list of losers.
Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.04x.
Volume and Value Contribution
STERLNBANK led the volume’s chart with 45.24% contribution and closely followed by FIDELITYBK and UBA
MTNN tops the value’s chart with 17.46% 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 flat position recorded to close at 762.12 basis points
The total volume traded declined by -22.37% to close at 0.017m units valued at N2.05m and traded in 5 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
- 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 expanded by 0.67% to close at 13.17% while the Open Repo (OPR) rate also expanded by 0.67% to close at 12.67%
- COMMODITIES MARKET
3.1 AFEX Indices
The AFEX ACI inched up by 3.46% to close at 454.35bps while AFEX AEI closed flat.
3.2 AFEX Commodity Prices
Maize advanced by 4.16% to top the gainers’ chart while Sorghum declined by 24.67% to top the losers’ chart.
3.3 Global Commodity Prices
Gold recorded 0.07% loss while Silver advanced by 0.67% as of 12:07 NY time
In the energy market, Brent advanced by 2.54% while WTI also advanced by 2.81% as of 11:08 AM Central Daylight Time (CDT)
- CURRENCY/ FX MARKET
The naira depreciated by 0.75% at the I&E FX Window to close at N434.75/USD while the NAFEX rate also depreciated by 0.31% to close at N430.22