Headlines news for the day – First Ideas Limited

Headlines news for the day

FG pays N103bn subsidy to keep Nigerian petrol prices uniform in 9 months

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the government has paid marketers N103 billion to keep petrol prices uniform across Nigeria between December 2021 and August 2022, even as marketers threaten strike action. The regulator held a meeting with the…

ASUU not aware of FG’s 23.5% salary increase – Ashiru

Dele Ashiru, the University of Lagos (UNILAG’s) chapter chairman of the Academic Staff Union of Universities (ASUU) has disclosed that the union was not aware of the alleged federal government’s planned increment of members’ salaries by 23.5 percent. Ashiru in a chat with BusinessDay on Wednesday…

Meet Kemi Badenoch, the Nigerian in UK Prime Minister’s cabinet

British- born Nigerian Kemi Badenoch has been appointed by Britain’s Prime Minister as a member of her cabinet. She holds the post of Secretary of State for International Trade and President of the Board of Trade. The British politician was born on January 2, 1980 to Nigerian parents. She shuffled between Nigeria…

FG to sanction airlines selling tickets in dollars – Sirika

The federal government has vowed to sanction any airline caught selling tickets in a foreign currency. Minister of Aviation , Hadi Sirika, revealed this on Wednesday while briefing State House Journalists after the weekly meeting of the Federal Executive Council ( FEC) presided over by President Muhammadu Buhari…

Market sees another negative close as investors lose N5bn

In the absence of any major positive catalyst, the Nigerian equities market expectedly saw another bearish trading session on Wednesday, September 7. The market’s benchmark performance index dropped by 0.02percent while its year-to-date (YtD) positive return was down to 16.20percent. Investors lost about…

Nigerian firms face fresh cost-of-doing-business crisis

Companies in Africa’s biggest economy are facing a cost-of-doing-business crisis as the soaring costs of diesel and transportation have made it increasingly difficult for them to operate. Fuel prices have soared since Russia invaded Ukraine in February, raising costs for…

Top listed Nigerian companies incur N207bn energy costs in H1

The top listed firms by market capitalisation across industries on the Nigerian Exchange Limited saw their energy costs rise by 33.16 percent in the first half (H1) of 2022 to N207.54 billion from N155.86 billion in the same period last year.

Plateau, Ebonyi, three others see biggest jump in diesel price

Plateau, Ebonyi, Anambra, Ondo and Kebbi states recorded the biggest increase in diesel prices in July year-on-year, according to data from the National Bureau of Statistics (NBS). BusinessDay’s analysis of the latest Automotive Gasoline Oil (AGO) price watch…

Petrol to sell above N400/litre even with Dangote, NNPC refineries

The market price for petrol would rise above N400 per litre even if the Dangote Refinery and those owned by the Nigerian National Petroleum Company Limited (NNPC) were to come on stream, an analysis of oil prices, import duties and refinery contracts show.

LCCI Raises the Alarm on Impending Stagflation, Job Losses, Amid Declining Productivity

– The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern that the Nigerian economy may decline to stagflation, which would negatively affect production cost and dampen growth in the medium term. Source ThisDay Read More

Insecurity, FX Crisis Cut Capital Inflows by 23%

– Insecurity and lingering foreign exchange crisis have forced the capital importation into Nigeria to decline further by 23 percent, findings by The PUNCH have shown. Source Punch Read More

Akabueze: FG May Rework MTEF Over Suspension of 5% Telecoms Tax

 The Director General, Budget Office of the Federation (BoF), Ben Akabueze, yesterday expressed concerns over the suspension of the planned 5 per cent telecoms tax, maintaining that Nigeria may have to rework its recent Medium Term Expenditure Framework (MTEF). Source ThisDay Read More

Sustain Interventions in Agriculture, Manufacturing to Boost Economy, LCCI tells FG

– The Lagos Chamber of Commerce and Industry (LCCI) has asked the federal government to sustain interventions in selected sectors to boost non-oil export and improve foreign exchange earnings. Source The Cable Read More

The Depreciating Naira

 In recent months, we have experienced weakened exchange rates in the parallel market, with the market shedding about 19.1% (previously N568.0 on 4-Jan) since the start of the year. In contrast, the I&E window remained relatively stable 2.8% (previously N422.7 on 4-Jan.) in 2022 due to the CBN’s refusal to allow market forces fully dictate the market. Source United Capital Read More

House C’ttee Grills Accountant General over Failure to Provide Evidence of 25% of N6bn Generated by SEC

– The House of Representatives Committee on Finance, yesterday, questioned the office of Accountant General of the Federation (oAGF) for failing to provide evidence of 25 per cent of N6 billion internally generated revenue by Securities and Exchange Commission (SEC) in 2020. Source ThisDay Read More

AMCON Buckles under N5trn Toxic Assets Recovery, Litigations

 With the performances of companies indebted to the Asset Management Corporation of Nigeria (AMCON) falling below par, even as they struggle to find their feet amid endless litigations, the corporation is on the verge of losing the money spent repurchasing toxic assets from troubled banks and other entities. Source The Guardian Read More

Investors Lose N24.38bn as NGXASI Dips by 0.09%; Overnight Rate Expands by 0.67% to Close at 13.50%; BDC Rate Depreciates to N702

  1. EQUITIES MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market maintained negative posture as the key market indicator dipped further by 45.19bps amid positive market breadth.

 

The NGX All-Share Index dipped by 0.09% to close at 49,599.73 basis points as against 0.69% loss recorded to close at 49,644.92 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N24.38bn loss.

 

YTD, the NGXASI Stands at +16.11%

The total volume traded declined by -7.23% to close at 128.94m, valued at N1.69bn and traded in 3,426 deals. STERLNBANK was the most traded stock by volume with 26.85m units traded while MTNN was the most traded stock by value which is put at N495.49m.

Sectoral performance was broadly negative as four (4) NGX sector index closed northward, ten (10) closed southward while four (4) closed flat. The NGX MERIGRW Index inched up by 0.26% to top the gainers chart while the NGX MERIVAL Index dipped by 0.93% to top the losers’ chart.

Dangote index inched up by 0.02% to close at 128.44 basis points while Elumelu index also inched up by 0.31% to close at 107.61 basis points.

At the close of trading, market recorded 15 gainers to 13 losers and 66 unchanged. PZ topped the list of gainers while CHAMS topped the list of losers.

Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.03x.

Volume and Value Contribution

STERLNBANK led the volume’s chart with 20.82% contribution and closely followed by ZENITHBANK and GTCO

 

MTNN tops the value’s chart with 29.70% contribution and closely followed by ZENITHBANK and GTCO

 

NGX Earnings Summary

No Financial statement was released on the NGX Exchange today.

 

NGX Corporate News

Fidelity Bank Plc hereby notifies that an Extra-Ordinary General Meetings will hold at 10a.m. on Thursday, September 29, 2022 at Jupiter Hall, Four Points by Sheraton, Plot 9/10, Block 2, Oniru, Victoria Island, Lagos

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market inched up by 0.69% to close at 757.67 basis points as against 1.26% loss recorded to close at 752.48 basis points

The total volume traded advanced by +6.86% to close at 0.011m units valued at N1.07m and traded in 2 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 Austria ATX Index leads the top five gainers with 2.18% gain while the Chile IPSA Index tops the top five losers with -3.02% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Kenya All Share Index tops the top five gainers with 4.38% gain while the Zimbabwe All Share Index tops the top five losers with -3.04% 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 expanded by 0.67% to close at 13.50% while the Open Repo (OPR) rate also expanded by 0.67% to close at 13.00%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI and AFEX AEI both closed flat.

 

3.2 AFEX Commodity Prices

Cocoa advanced by 6.75% to top the gainers’ chart while Soybeans declined by 3.44% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 0.52% gain while Silver also advanced by 1.78% as of 11:59 NY time

 

In the energy market, Brent declined by -3.26% while WTI also declined by 3.61% as of 11:02 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira depreciated by 0.11% at the I&E FX Window to close at N436.50/USD while the NAFEX rate also depreciated by 0.28% to close at N435.60

 

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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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