Headlines news for the day – First Ideas Limited

Headlines news for the day

Court orders ASUU to call off 7-month-old strike

The National Industrial Court of Nigeria (NICN) has ordered the Academic Staff Union of Universities (ASUU) to call off its ongoing nationwide strike which started February 14. Chris Ngige, Minister of Labour and Employment on behalf of the Federal Government had filed the matter before the court as a way to…

Oil prices jump 3% as Putin says he’ll mobilize more troops for Ukraine

Oil futures have jumped by 3 percent after President Vladimir Putin ordered “partial mobilization” of Russian citizens, marking the biggest escalation since the start of his war in Ukraine. Putin on Wednesday referenced his potential use of nuclear weapons, saying “those who try to blackmail us with nuclear weapons…

Stock market sheds N13bn as negative sentiment persists

Negative sentiment persisted at the Nigerian stock market on Wednesday as investors continued to favour alternative asset classes. As buy-side activities dropped against that of the sell-side, the market decreased by 0.05percent or N13billion. This was caused mostly by investors who sold stocks like NGX Group..

Nigerian ports risk congestion as 6,000 containers sit idle

Nigeria’s three major seaports, Apapa, Tin-Can Island, and Onne, are at risk of congestion as the number of overtime containers occupying a chunk of the space meant for imported goods has increased to over 6,000, BusinessDay has learnt.

What Nigeria can learn from Beirut Port explosion, Bangladesh

On August 4, 2020, there were multiple explosions at the Port of Beirut in the capital city of Lebanon, after 2,750 tonnes of ammonium nitrate stored improperly in a warehouse at the port caught fire.

Naira sinks 73% in nine years as dollar shortage persists

Naira extended its decline against the dollar to 714 in the parallel market on Tuesday, losing 73.25 percent of its value in nine years as foreign exchange shortage persists in the country. The naira, which stood at 191 per dollar on August 28, 2014, has weakened on the…

Of CBN and retail lending

Recent World Bank report has it that the Central Bank of Nigeria’s (CBN) intervention funds are fuelling inflation in Nigeria. This is a disturbing development because all along, the CBN has been battling with the challenge created by imported inflation, Nigeria being…

Macro Data Dominates Oil Markets – OIR 200922

 We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy. Source Oilprices Read More

Nigeria’s Total Public Debt Stock Stood at N42.84trn as of June 30, 2022

 – The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments and the Federal Capital Territory (FCT), was N42.84 trillion (USD103.31 billion) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60 trillion (USD100.07 billion). Source DMO Read More

The Markets in Review: Nigerian Banks H1 2022 Scorecard – Coronation Research

 The scorecard for the listed banks that have reported their H1 21 results is decent. We expect an improvement in earnings in the second half of 2022, given rising market yields. Source Coronation Research Read More

Prudential Zenith Life Insurance Records 75% Growth in Profit After Tax in Full Year 2021 Results

 – Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020. Source Prudential Zenith Life Insurance Read More

Stakeholders Back Bills to Enhance Capital Markets, Investor Protection, Others

 The Securities and Exchange Commission (SEC), the Chartered Institute of Stockbrokers and other stakeholders in the Nigerian capital market have backed a bill to prohibit Ponzi and pyramid schemes as well as other illegal investment platforms in Nigeria. Source ThisDay Read More

FG Commences Processes for Baro Port Concession

 – The Federal Government has said it has commenced processes for the concessions of Baro Port having fully concessioned Onitsha Port. Source Punch Read More

Operators of FTZs to Pay Duties on Foreign Raw Materials Says Customs

 Investors and enterprises operating in the country’s free trade zones (FTZ) will no longer pay duties, freight, and demurrages on all locally sourced raw materials, the Nigeria Customs Service (NCS) has disclosed. Source Guardian Read More

Oil Prices Extend Losses on Fears Aggressive Fed Rate Hike Will Curb Demand

 Oil prices slid on Wednesday, extending the previous day’s losses, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand. Source Reuters Read More

How BVN, Fintech Enabled the Growth of Digital Financial Services in Nigeria

 The Bank Verification Number, BVN and the rise of the fintech sector have been pivotal to the growth of digital financial services in Nigeria. Mr. Ngozi Dozie, the Co-Founder and Managing Director of Carbon, disclosed this recently in a virtual interactive session that discussed the evolution of Nigeria’s digital financial landscape. Source WebTV Read More

Steady Rise in Active Mobile Subscribers; Increased by 12% MoM to 209m in July 2022

– The latest national accounts for Q2 2022 show that the telecommunication sub-sector, which accounts for over 80% of the ICT sector’s GDP, grew by 7.7% during the second quarter and contributed around 15% of total GDP. Source FNBQuest Read More

383 Nigerian Tech Startups Raised Over $2b in 7 Years, Report says

 The Nigerian startup ecosystem has recorded a significant amount of growth in terms of investments, with Lagos taking the lead. Source Tech Economy Read More

CERF Allocates $10m to support Life-Saving Nutrition Response in North-East Nigeria

 As the people of north-east Nigeria struggle to endure a devastating food and nutrition crisis, the Central Emergency Response Fund (CERF) has released a US$10 million allocation to help save lives and get urgent aid to those who need it most. Approximately 1.74 million children under the age of five are expected to suffer from acute malnutrition across the north-east in 2022. Source Office for Coordination of Humanitarian Affairs Read More

African Youth Entrepreneurship Agreement Signed Between the Tony Elumelu Foundation and UNCDF

 The Tony Elumelu Foundation and the UN Capital Development Fund (UNCDF) today signed an agreement to support youth entrepreneurship in Africa, with a specific focus on historically underinvested areas within African frontier markets. Source Tony Elumelu Foundation Read More

Investors Lose N12.62bn as NGXASI Dips by 0.05%; Overnight Rate Expands by 1.92% to Close at 13.17%; BDC Rate Appreciates to N712

  1. EQUITIES MARKET 

 1.1 NGX – Listed Equities

Nigerian Equities Market erased previous day gain to close in the red zone as the key market indicator dipped by 23.40bps amid negative market breadth.

 

The NGX All-Share Index declined by 0.05% to close at 49,421.91 basis points as against 0.01% gain recorded previously to close at 49,445.31 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N12.62bn loss.

 

YTD, the NGXASI Stands at +15.70%

The total volume traded declined by -64.85% to close at 51.88m, valued at N590.01m and traded in 2,981 deals. ZENITHBANK was the most traded stock by volume with 6.30m units traded while ZENITHBANK was also the most traded stock by value which is put at N125.54m.

Sectoral performance was broadly negative as three (3) NGX sector index closed northward, twelve (12) closed southward while three (3) closed flat. The NGX MERIVAL Index inched up by 1.12% to top the gainers chart while the NGX Insurance Index dipped by 1.21% to top the losers’ chart.

Dangote index closed flat at 128.26 basis points while Elumelu index advanced by -0.70% to close at 107.90 basis points.

At the close of trading, market recorded 10 gainers to 12 losers and 77 unchanged. UNITYBNK topped the list of gainers while ACADEMY topped the list of losers.

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

Volume and Value Contribution

ZENITHBANK led the volume’s chart with 12.15% contribution and closely followed by GTCO and STERLNBANK

 

ZENITHBANK tops the value’s chart with 21.28% contribution and closely followed by GTCO and GUINNESS

 

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 dipped by 0.54% to close at 735.48 basis points as against 0.30% loss recorded to close at 739.51 basis points

The total volume traded advanced by 568.93% to close at 0.161m units valued at N3.01m and traded in 14 deals.

At the close of trading, NASD OTC market recorded zero (0) gainer(s) to three (3) 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 Netherlands Index leads the top five gainers with 1.20% gain while Russia MICEX Index tops the top five losers with -3.50% loss as of 4pm Nigerian Time

 

1.4 African Indices

Similarly, on the African scene, the Zimbabwe Index tops the top five gainers with 3.00% gain while the BRVM-10 Index tops the top five losers with 0.94% 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 1.92% to close at 13.17% while the Open Repo (OPR) rate also expanded by 1.67% to close at 12.67%

 

 

  1. COMMODITIES MARKET

 

3.1 AFEX Indices

The AFEX ACI and AFEX AEI both closed flat

 

3.2 AFEX Commodity Prices

Paddy Rice advanced by 1.65% to top the gainers’ chart while Sorghum declined by 2.41% to top the losers’ chart.

 

3.3 Global Commodity Prices

Gold recorded 0.09% gain while Silver also advanced by 0.78% as of 11:16 NY time

 

In the energy market, Brent declined by 0.75% while WTI also declined by 1.04% as of 10:18 AM Central Daylight Time (CDT)

 

 

  1. CURRENCY/ FX MARKET

The naira appreciated by 0.06% to close at the I&E FX Window at N436.25/USD while the NAFEX rate also appreciated by 0.02% to close at N435.55

 

 

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