Headlines news for the day – First Ideas Limited

Headlines news for the day

Experts outline ways to unlock Africa’s platform economy

Nigeria and other African countries will unlock the billions of wealth hidden in their platform economy, if they can implement seamless continental and regional trade and seek funding from diverse sources, speakers at the 13th CEO Forum said.

Nigeria’s Q2 imports drop as FX shortage persists

The persistent scarcity of foreign exchange (FX) and inflationary pressures have led to a decline in the value of Nigeria’s imports for the second quarter (Q2) of 2022, analysts say. According to the foreign trade report released on Thursday by the National Bureau…

NNPC, others lose $933m to production shut-ins in June

The Nigerian National Petroleum Company Limited (NNPC) and other oil companies operating in the Niger Delta lost over $933 million in June owing to production shut-ins, a report by the corporation shows. These production shut-ins were caused by the declaration of force…

UBA’s half-year profit rises 12.6% to N85.7bn

United Bank for Africa Plc (UBA) has reported a 12.6 percent increase in its profit before tax to N85.7 billion for the first half of 2022 from N76.2 billion in the same period of 2021. The bank’s financial results released on Thursday showed that it recorded double-digit growth…

Nigeria starts slowly to close huge gap between its FX rates

Nigeria may have begun taking the first tentative steps to close the disruptive gap between the official rate and the parallel rate which many see as better value of the Naira, the beleaguered currency of Africa’s most populous nation. The initial move to weaken the Naira began quietly last week and although the currency…

As government watches, Nigeria overtaken by Angola as Africa’s top oil producer

Nigeria lost its crown as Africa’s largest crude producer as Angola surpassed the country for the first time in more than five years, according to Bloomberg data. Angola’s average daily output in August of 1.17 million barrels was more than Nigeria’s at 1.13 million barrels, according to a survey of monthly OPEC output.

Stock market dips by 0.70% in week ended September 9

Nigeria’s equities market decreased by 0.70percent or N189billion in the trading week that ended Friday, September 9 as more investors sold banking, industrial and oil & gas stocks despite bargains in consumer goods and insurance stocks. In the review trading week, the market recorded three days of negative closes as…

PENGASSAN Threatens 30-Day Shutdown, Nigeria Risks N1.37tn Loss

– Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in the Niger Delta. Source  Punch Read More

Obaseki Advocates Investment in Oil Palm to Boost Nigeria’s Foreign Exchange Earnings

 – The Governor of Edo State, Godwin Obaseki, has advocated massive investment in Agriculture, especially oil palm as a strategic move to boost foreign exchange in Nigeria. Source ThisDay Read More

CBN Issues a Final Demand Notice to Indebted Beneficiaries of Anchor Borrowers’ Programme

 – Based on a BusinessDay news report, the Central Bank of Nigeria on Tuesday issued a final demand notice to indebted beneficiaries of the Anchor Borrowers’ Programme (ABP), who are yet to repay a total of N5.67bn. The notice follows the bank’s directive to NIRSAL Microfinance Bank Limited (NMFB), to recover all non-performing intervention loans granted under the scheme. Source CSL Research Read More

Dim Fiscal Outlook Due to Revenue Underperformance

 The CBN’s monthly economic report for May ‘22 shows that the federal government of Nigeria’s (FGN) fiscal operations resulted in a smaller fiscal deficit of -NGN524bn in May compared with -NGN643bn the previous month. The deficit was also slightly below the -NGN570bn recorded in the year-earlier period. Source FBNQuest Read More

Stop Rates at NT-bills PMA Climb Higher – 364-day Paper up by 150bps into Double-digits

– Yesterday, the Central Bank of Nigeria conducted its first NT-bills auction for September at the primary market. The CBN offered a total of N214.7bn worth of bills at the auction across the 91-day, 182-day and 364-day papers. Source  United Capital Research Read More

NBS: Nigeria Recorded N3.2 Trillion Trade Surplus in Six Months

– The National Bureau of Statistics (NBS) says Nigeria recorded a N3.2 trillion trade surplus between January and June of 2022. The bureau stated this in its recent report titled: ‘Foreign trade in goods statistics (Q2 2022)’. Source The Cable Read More

Nigeria not Ripe for Total Power Privatisation, Says Electricity Workers

– The National Union of Electricity Employees (NUEE) has called for a total reversal of the privatisation of Nigeria’s power sector. Modupeoluwa Akinola, assistant general secretary, NUEE, southwest zone, said this in an interview with NAN on Thursday in Ibadan. Source The Cable Read More

FG Seeks NNPC’s Support to Establish National Shipping Line

 The Minister of Transportation, Mu’azu Sambo, said having 100 per cent support of the Nigerian National Petroleum Corporation Limited (NNPC) would secure the establishment of a strong and sustainable national fleet in two months. Source Guardian Read More

NADDC Director General says Auto Policy Attracted Over $1bn Investment

– The National Automotive Industry Development Plan (NAIDP), also known as Auto Policy has attracted over $1bn investment, the Director-General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu has said. Source Tech Economy Read More

Investors Gain N23.12bn as NGXASI Inches up by 0.09%; Overnight Rate Contracts by 1.17% to Close at 10.17%; NAFEX Rate Appreciates to N435.63

  1. EQUITIES MARKET 

 

1.1 NGX – Listed Equities

Nigerian Equities Market maintained positive posture as the key market indicator inched up further by 42.87bps amid negative market breadth.

 

The NGX All-Share Index inched up by 0.09% to close at 49,695.12 basis points as against 0.11% gain recorded previously to close at 49,652.25 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N23.12bn gain.

 

YTD, the NGXASI Stands at +16.34%

The total volume traded advanced by +97.11% to close at 319.85m, valued at N1.86bn and traded in 3,335 deals. STERLNBANK was the most traded stock by volume with 173.84m units traded while MTNN was the most traded stock by value which is put at N692.20m.

Sectoral performance was broadly positive as twelve (12) NGX sector index closed northward, three (3) closed southward while three (3) closed flat. The NGX MERIVAL Index inched up by 1.75% to top the gainers chart while the NGX SOVBND Index dipped by 0.82% to top the losers’ chart.

Dangote index closed flat at 128.44 basis points while Elumelu index also inched up by 1.73% to close at 110.47 basis points.

At the close of trading, market recorded 10 gainers to 15 losers and 77 unchanged. NEM topped the list of gainers while HONYFLOUR topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.06x.

Volume and Value Contribution

STERLNBANK led the volume’s chart with 54.58% contribution and closely followed by UBA and ZENITHBANK

 

UBA tops the value’s chart with 21.49% contribution and closely followed by MTNN and ZENITHBANK

 

NGX Earnings Summary

No Financial statement was released on the NGX Exchange today.

 

NGX Corporate News

Ellah Lakes Plc has announced the take-over of the management and operations of Adarice Farms & Associated Assets from Enugu State Government.

 

1.2 NASD OTC Exchange – Unlisted Equities

The NASD market inched up by 0.13% to close at 756.43 basis points as against 0.29% loss recorded to close at 755.46 basis points

The total volume traded advanced by +164.64% to close at 0.118m units valued at N23.00m 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 Hong Kong Hang Seng Index leads the top five gainers with 2.69% gain while the Israel TA-100 Index tops the top five losers with -0.67% 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 2.36% gain while the Zimbabwe All Share Index tops the top five losers with -3.82% loss as of 4pm Nigerian Time

  1. BONDS AND FIXED INCOME MARKETS

 

2.1 Debt Market Size

The FMDQ Debt Market Size inched up by 0.03% to close at N29.38trn as against N29.37trn recorded previously.

 

 

2.2 Overnight and Open Repo (OPR)

The overnight lending rate contracted by 1.17% to close at 9.00% while the Open Repo (OPR) rate also contracted by 1.17% to close at 8.50%

 

 

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI and AFEX AEI both closed flat.

 

3.2 AFEX Commodity Prices

Ginger advanced by 308.26% to top the gainers’ chart while Maize declined by 79.35% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 0.21% gain while Silver also advanced by 0.86% as of 11:20 NY time

 

In the energy market, Brent advanced by 2.64% while WTI also advanced by 12.75% as of 10:21 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira closed flat at the I&E FX Window at N436.33/USD while the NAFEX rate appreciated by 0.05% to close at N435.63

 

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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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