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Queen Elizabeth II’s health raises concerns
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ASUU strike: FG can’t meet 100% of every demand – Adamu
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Market sees first gain this week as Ardova, Union Bank, others rally
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Foreign investments in agric sector drop to 5-year low
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Investors Gain N28.33bn as NGXASI Inches up by 0.11%; Overnight Rate Contracts by 3.33% to Close at 10.17%; BDC Rate Depreciates to N706
- 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 inched up by 52.52bps.
The NGX All-Share Index inched up by 0.11% to close at 49,652.25 basis points as against 0.09% loss recorded previously to close at 49,599.73 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N28.33bn gain.
YTD, the NGXASI Stands at +16.24%
The total volume traded advanced by +25.55% to close at 161.88m, valued at N1.63bn and traded in 3,541 deals. TRANSCORP was the most traded stock by volume with 30.97m units traded while MTNN was the most traded stock by value which is put at N692.20m.
Sectoral performance was broadly positive as thirteen (13) NGX sector index closed northward, two (2) closed southward while three (3) closed flat. The NGX MERIVAL Index inched up by 1.24% to top the gainers chart while the NGX Consumer Goods Index dipped by 0.15% to top the losers’ chart.
Dangote index closed flat at 128.44 basis points while Elumelu index also inched up by 0.91% to close at 108.59 basis points.
At the close of trading, market recorded 20 gainers to 9 losers and 63 unchanged. ETRANZACT topped the list of gainers while VITAFOAM topped the list of losers.
Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.17x.
Volume and Value Contribution
TRANSCORP led the volume’s chart with 24.02% contribution and closely followed by FIDELITYBK and STERLNBANK
MTNN tops the value’s chart with 41.50% contribution and closely followed by ZENITHBANK and FIDELITYBK
NGX Earnings Summary
The following company released its results on the NGX Exchange today.
NGX Corporate News
UBA Plc has proposed an interim dividend of N0.20k per share for Audited Half Year 2022 for period ended June 30, 2022
1.2 NASD OTC Exchange – Unlisted Equities
The NASD market dipped by 0.29% to close at 755.46 basis points as against 0.69% gain recorded to close at 757.67 basis points
The total volume traded advanced by +305.56% to close at 0.045m units valued at N6.70m and traded in 17 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 2.31% gain while the Hong Kong Hang Seng Index tops the top five losers with -1.00% loss as of 4pm Nigerian Time
1.4 African Indices
Similarly, on the African scene, the Uganda All Share Index tops the top five gainers with 1.28% gain while the Namibia NSX Index tops the top five losers with -1.75% 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 contracted by 3.33% to close at 10.17% while the Open Repo (OPR) rate also contracted by 3.33% to close at 9.67%
- COMMODITIES MARKET
3.1 AFEX Indices
The AFEX ACI and AFEX AEI both closed flat.
3.2 AFEX Commodity Prices
Maize advanced by 396.71% to top the gainers’ chart while Giner declined by 75.51% to top the losers’ chart.
3.3 Global Commodity Prices
Gold recorded 0.55% loss while Silver also advanced by 0.05% as of 11:42 NY time
In the energy market, Brent advanced by 1.18% while WTI also advanced by 1.89% as of 10:44 AM Central Daylight Time (CDT)
- CURRENCY/ FX MARKET
The naira appreciated by 0.04% at the I&E FX Window to close at N436.33/USD while the NAFEX rate depreciated by 0.05% to close at N435.83
FG Plans Increased Gas Export to Europe 2022
– Nigeria will be able to send more Liquefied Natural Gas to Europe by next winter, the Federal Government stated on Wednesday. Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this at the Gastech conference in Milan, Reuters reported. Source Punch Read More
Don’t use Private Sector as Scapegoat for Servicing Debt Profile, NACCIMA Tells FG
– The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has faulted the Federal Government for always turning attention to the private sector as scapegoat by increasing the number of taxes borne by the sector in offsetting Nigeria’s huge debt. Source The Sun Read More
Telecoms Tax, Saviour or Villain?
– Nigeria’s telecom sector has shown resilience and fortitude since the deregulation of the sector in the early 2000s. In terms of subscriber base, it is the third largest telecom market in Africa, after South Africa and Egypt. The sector has posted impressive growth since Nigeria exited recession in 2017. In fact, during the pandemic year (2020), the sector grew by 15.90% with GDP contribution of 8.73%. Source FDC Ltd Read More
MTEF and the Suspension of 5% Telecoms Tax
– Based on a ThisDay news report, the Federal Government has suspended the implementation of the proposed 5% telecommunications tax. This was disclosed by the Minister of Communications and Digital Economy, Isa Pantami, during the inaugural meeting of the presidential committee on excise duty for the digital economic sector, in Abuja. Source CSL Research Read More
NGX Commemorates Listing of LFZ N25bn Infrastructure Bond
– Nigerian Exchange Limited (NGX) hosted a Closing Gong Ceremony to commemorate the Lagos Free Zone (LFZ)’s N25 Billion 20-year, 13.25 per cent Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond on NGX. Source NGX Read More
FG, Agents Bicker Over Eastern Ports’ Overtime Cargoes
– Days after the Minister of Transportation, Mu’azu Sambo, expressed concerns over overtime cargoes at eastern ports, the management of the Nigeria Customs Service and some clearing agents have started trading blames. Source Punch Read More
Nigeria Signs Air Travel Agreement with Kuwait
– The federal executive council (FEC) has approved the signing of a bilateral air services agreement (BASA) between Nigeria and Kuwait. The council gave the approval on Wednesday in a meeting presided over by President Muhammadu Buhari in Abuja. Source The Cable Read More
Bonny Deep Seaport to Get Approval May 2023 – NPA
– The managing director, Nigerian Ports Authority (NPA), Mohammed Bello Koko, has expressed optimism that the approval for the development of a deep seaport in Bonny will be achieved before the end of the life of the present administration. Source Leadership Read More
Samsung to Enhance Security Systems after Reports of Stolen Data
– Global leader in consumer electronics, Samsung has confirmed that its security systems were being attacked resulting to the stealing of data. Source Tech Economy Read More
Sukuk Documentation Adapts to AAOIFI Standards; Impact Untested
– Changes in international sukuk documentation linked to the Central Bank of the UAE’s adoption of the Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) sharia standards have become standardized to some extent, Fitch Ratings says. However, it is uncertain if additional changes will be seen in the near term and issuers have exhibited varying degrees of adaptation, while the practical effect of the new documentation has yet to be tested. Source Fitch Ratings Read More
A Modest Rise in PFAs Allocation to Fixed Income; Asset Under Management Increased by 12% YoY to N14.4trn in July 2022
– The latest monthly data from the National Pension Commission (PenCom) shows that assets under management (AUM) of the regulated pension industry increased by 0.6% m/m and 12% y/y to c.NGN14.4trn. On a m/m basis, the increase was primarily driven by FGN bonds whose value increased by c.NGN393bn to NGN8.7trn (+5% m/m) and resulted in a +235bps increase in its share of total AUM to 60.6%. Source FBNQuest Read More
United Bank for Africa Plc Reports N70.33bn PAT in Q2 2022 Audited Results, Proposes 20K Interim Dividend; (SP: N7.2k)
United Bank for Africa Plc released its Q2 2022 Audited results for the period ended June 30th, 2022.
Key Highlights
- Gross Premium Written grew by 20.25% from N15.34bn to N18.45bn.
- Profit before tax stood at N3.94bn
- Profit after tax stood at N3.54bn
- Share Price Currently Stands at N0.29k
