Headlines news for the day – First Ideas Limited

Headlines news for the day

:Cashew takes lead as top traded agriculture product in Q2

Cashew nuts in shell surpassed sesame seeds and cocoa beans to become the most traded agricultural product in the second quarter (Q2), growing by 10.67 percent year-on-year (y/y). The product traded for N41.27 billion in the second quarter of 2022, as against N37.29 billion reported in the second quarter of…

‘London Bridge is down’ – The sad departure and troubled legacy of Elizabeth II, the world’s favourite Queen

A beautiful soul driven relentlessly by a sense of duty has just died, thrusting the impossible job of preserving a dwindling realm and a disappearing empire on her son, Charles If, and when, the Queen died, in Buckingham Palace, a well-defined set of actions – Operation London Bridge, decided since more than half a century..

ASUU strike: Osodeke raises hope of resumption if FG complies

Emmanuel Osodeke, the president of the Academic Staff Union of Universities (ASUU) has given indication that the striking lecturers are willing to go back to the classroom provided the federal government complies with agreements. Osodeke made this known on Thursday, at a national town hall meeting on..

Cost of living crisis worsening hypertension cases in Nigeria

Hyacinth Omenihu, 68-year-old father of three said the last couple of months have been very difficult for him and his family as they struggled to meet even the most basic needs amid prevailing economic hardship. Omenihu, who is a retired civil servant, lamented that his pension can no longer take his family for a month…

Equities market sees second consecutive week of negative closes

Nigeria’s equities market closed the week ended Friday September 16 in red, its second consecutive negative close lately. The market decreased in the review trading week by 0.44percent or N118billion following four days of losses as against one day of flat close. Banking and insurance stocks led the sell-side…

Nigerian banks’ return on equity lags Kenya, South African peers

Nigerian banks lagged behind some of their Kenya and South African peers in terms of how much profit they generated with their shareholders’ equity in the first half of this year. Research by BusinessDay on the five best-performing banks in Nigeria, South…

Another CBN rate hike expected as inflation hits 20.52%

The Central Bank of Nigeria (CBN) is expected to raise its key interest rate later this month as the country’s headline inflation quickened to its highest level since September 2005. The National Bureau of Statistics (NBS) announced on Thursday that the inflation..

How Nigeria, others can avoid chronic food insecurity – IMF

Climate events, which destroy crops and disrupt food transportation, are intensifying food insecurity in Nigeria and sub-Saharan Africa, where Russia’s war in Ukraine and the pandemic are also adding to food shortages and high prices.

Urgent need to address rising cost of doing business in Nigeria

The cost of doing business has gone through the roof in Nigeria, causing unprecedented harm to businesses, government and consumers. The businesses are finding the business environment unconducive and their products uncompetitive.

Headline Inflation Increases by 20.52% YoY in August 2022 as Food Inflation Rises by 23.12%

– In August 2022, on a year –on- year basis, the headline inflation rate was 20.52%. This was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%). Source NBS Read More

14th PSRG Richardson HSSE Forum – Declare National Emergency on Crude Oil Theft – Tony Attah

 Nigeria should declare a national emergency on crude oil theft if it hopes to benefit from the Petroleum Industry Act (PIA) said Engineer Tony Attah, former MD/CEO of the Nigeria Liquified Natural Gas, NLNG company as a keynote speaker at the 14th edition of the PSRG-Richardson HSSE Forum in Lagos. Source  Read More

ICPC uncovers N400bn fraud in 2021, 2022 budgets

 – The Independent Corrupt Practices and Other Related Offences Commission, on Thursday, disclosed that the N13.59trillion 2021 budget was padded by the various Ministries, Departments and Agencies, with duplicated projects worth N300bn. Source Punch Read More

Nigeria, Morocco Begin 5,600km Gas Pipeline Project

 The Nigerian National Petroleum Company Limited and the Office National des Hydrocarbures et des Mines of Morocco, on Thursday, signed the Memorandum of Understanding for the commencement of construction of the 5,600km Nigeria-Morocco gas pipeline. Source Punch Read More

mPharma Acquires Majority Stake in HealthPlus

 – mPharma, Africa’s leading patient-centered technology-driven healthcare company, has acquired the majority stake in HealthPlus, the leading pharmacy chain in Nigeria. Source mPharma Read More

Parthian Partners renews commitment to youth empowerment

 Parthian Partners has partnered with Junior Achievement Nigeria to hold the 2022 Venture in Management Program (ViMP) in collaboration with Lagos Business School as part of its corporate social responsibility commitment to help reduce youth unemployment through human capital and talent development. Source Parthian Partners Ltd Read More

Nigeria Signs €23m Agreement with France to Boost Electricity Supply

 The federal government has signed a grant agreement of €25 million with the French Development Agency (AFD) for the Northern Corridor Project to boost the power supply in the country. Source TheCable Read More

NSC Seeks Synergy with Airfreight Stakeholders to Promote Seamless Trade

 The Executive Secretary and Chief Executive Officer of Nigerian Shippers’ Council (NSC), has sought for synergy with air freight operators to promote seamless trade and create an enabling environment for businesses. Source The Guardian Nigeria Read More

Oil Extends Losses on Recession Fears

 – Oil prices dipped in early trade on Friday, extending the week’s losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand. Source Reuters Read More

NIN-SIM Linkage: NIMC Hits 89m Enrolments

 The Director General of the National Identity Management Commission, Aliyu Aziz, says the commission has so far captured 89 million persons in the ongoing nationwide National Identity Number enrolment. Source Punch Read More

McKinsey Projects $40bn Revenue, 152% Growth for Africa’s Electronic Payments Market by 2025

 The firm in a report estimated that while cash is still king in Africa, the e-payments market is likely to grow by more than $40 billion in revenues from domestic payments alone between 2020 and 2025, with about 188 billion in transaction volumes. Source THISDAYLIVE Read More

 Investors Lose N35.09bn as NGXASI Dips by 0.13%; Overnight Rate Expands by 2.92% to Close at 10.17%; BDC Rate Depreciates to N712

  1. EQUITIES MARKET 

1.1 NGX – Listed Equities

Nigerian Equities Market maintained negative posture to close the week in the red zone as the key market indicator dipped further by 35.45bps

 

The NGX All-Share Index dipped by 0.13% to close at 49,475.42 basis points as against 0.07% loss recorded previously to close at 49,540.48 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N35.09bn loss.

 

YTD, the NGXASI Stands at +15.82%

The total volume traded declined by -35.17% to close at 107.49m, valued at N1.15bn and traded in 3,303 deals. COURTVILLE was the most traded stock by volume with 38.81m units traded while ACCESSCORP was also the most traded stock by value which is put at N249.36m.

Sectoral performance was broadly negative as two (2) NGX sector index closed northward, ten (10) closed southward while six (6) closed flat. The NGX Insurance Index inched up by 0.65% to top the gainers chart while the NGX Banking Index dipped by 1.39% to top the losers’ chart.

Dangote index closed flat at 128.26 basis points while Elumelu index declined by 2.84% to close at 106.43 basis points.

At the close of trading, market recorded 8 gainers to 13 losers and 70 unchanged. NEM topped the list of gainers while REGALINS topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.07x.

 

 

 

Volume and Value Contribution

FBNH led the volume’s chart with 11.18% contribution and closely followed by ZENITHBANK and ACCESSCORP

 

ZENITHBANK tops the value’s chart with 20.51% contribution and closely followed by MTNN 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 close flat at 741.09 basis points as against 0.02% loss recorded to close at 741.08 basis points

The total volume traded declined by -94.37% to close at 10.06m units valued at N1.59m and traded in 12 deals.

At the close of trading, NASD OTC market recorded one (1) gainer(s) to one (1) 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 Argentina MerVal Index leads the top five gainers with 0.37% gain while China SSE 180 Index tops the top five losers with -2.46% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the BRVM-C Index tops the top five gainers with 1.87% gain while the Kenya All Share Index tops the top five losers with 4.26% 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 2.92% to close at 10.17% while the Open Repo (OPR) rate also expanded by 2.67% to close at 9.67%

 

 

  1. COMMODITIES MARKET

3.1 AFEX Indices

The AFEX ACI and AFEX AEI were not available as of the time of finalising this report

 

3.2 AFEX Commodity Prices

Cashew advanced by 9.94% to top the gainers’ chart while Soybeans declined by 1.54% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 0.90% gain while Silver also advanced by 2.37% as of 10:58 NY time

 

In the energy market, Brent advanced by 2.41% while WTI also advanced by 0.82% as of 09:58 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira appreciated by 0.02% to close at the I&E FX Window at N436.25/USD while the NAFEX rate also appreciated by 0.04% to close at N435.64

 

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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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