Headlines news for the day – First Ideas Limited

Headlines news for the day

Floods raise questions over Nigeria’s ecological fund

The current plight of Nigerians facing the severe impact of flooding across the country has raised questions over the country’s ecological fund. Many parts of Nigeria, especially the coastal areas usually experience flooding yearly, but this year’s floods have been…

Banks cut PTA without clear CBN directive

Banks in Nigeria have started cutting the maximum amount of Personal Travel Allowance (PTA) that customers are allowed to access, but no official reasons have been given. BusinessDay’s visits to 13 banks revealed that at least two banks – Guaranty Trust…

Inflation: IMF advises Nigeria, others on monetary tightening

The International Monetary Fund (IMF) has advised policymakers in Nigeria and other countries in sub-Saharan Africa to respond to rising inflation by tightening gradually while monitoring second-round effects.

Why is a company investigated for corruption in 14 countries being awarded contract by Finance Ministry?

This is to bring to the attention of the Federal Government, the Independent Corrupt Practices Commission (ICPC) and the Nigerian public the corrupt handling of a bid process by the officials of the Ministry of Finance, Budget and National Planning leading to the award of a revenue collection contract for the..

Liz Truss resigns as UK Prime Minister

Liz Truss, the Prime Minister of the United Kingdom has resigned. She announced her resignation Thursday in a public broadcast.Truss has spent only 45 days in office, making her the PM with the shortest tenure in Britain’s history. This comes after some of her economic policies have been blamed as triggering market…

Nigerians contributed £1.9bn to UK’s economy in 2021

Nigerian students and their dependents contributed an estimated sum of £1.93 billion to the United Kingdom (UK) in 2021, a new report by SBM Intelligence shows. The report titled ‘The Empire Strikes Back? How Britain is Handling the Japa Wave’ illustrates the net contribution that immigrants make to the UK…

Nigeria’s ranking in global hunger index unchanged

For the second year in a row, Nigeria has ranked 103rd out of 121 countries in the recently released 2022 Global Hunger Index report (GHI). With a GHI score of 27.3, the index termed the level of hunger in the country as serious.“Nigeria, with a serious hunger level, has the second-highest child mortality rate, at 11.4…

Investors Gain N7.66bn as NGXASI Advances by 0.03%; Overnight Rate Contracts by 0.17%to Close at 16.33%; BDC Depreciates to 750



1.1 NGX – Listed Equities

Nigerian Equities Market closed positive as the key market indicator advanced by 14.06bps amid negative market breadth


The NGX All-Share Index advanced by 0.03% to close at 44,332.21 basis points as against 2.31% loss recorded previously to close at 44,318.15 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N7.66bn gain.


YTD, the NGXASI Stands at +3.78%

The total volume traded declined by 27.90% to close at 119.22m, valued at N3.20bn and traded in 2,909 deals. FIDELITYBK was the most traded stock by volume with 48.09m units traded while AIRTELAFRI was also the most traded stock by value which is put at N1.15bn

Sectoral performance was broadly negative as seven (7) NGX sector index closed northward, eight (8) closed southward while three (3) closed flat. The NGXAFRHDYI index advanced by 0.24% to top the gainers chart while the Banking Index dipped by 0.82% to top the losers’ chart.

Dangote index advanced by 0.16% to close at 128.1 basis points and the Elumelu index declined by 0.20% to close at 106.42 basis points.

At the close of trading, market recorded 16 gainers to 17 losers and 68 unchanged. CWG topped the list of gainers while BETAGLAS topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.01x.

Volume and Value Contribution

FIDELITYBK led the volume’s chart with 33.02% contribution and closely followed by GTCO and JAIZBANK


AIRTELAFRI tops the value’s chart with 54.95% 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 index declined by 0.01% to close negative at 730.69 basis points as against flat position recorded previously to close at 730.73 basis points

The total volume traded declined by 70.30% to close at 0.12m units valued at N6.68m and traded in 11 deals.

At the close of trading, NASD OTC market recorded zero (0) 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 Russia MICEX Index leads the top five gainers with 2.74% gain while the Phillipines PSEi Index tops the top three losers with 1.50% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the South Africa Financial 15 Index tops the top five gainers with 2.41% gain while the South Africa Industrial 25 Index tops the top four losers with 2.23% loss as of 4pm Nigerian Time





2.1 Debt Market Size

The FMDQ Debt Market Size was not available as at the time of writing this report.


2.2 Overnight and Open Repo (OPR)

The overnight lending rate closed flat at 16.50% while the Open Repo (OPR) rate closed flat at 16.25%





3.1 AFEX Indices

The AFEX ACI and the AFEX AEI closed flat


3.2 AFEX Commodity Prices

Soybeans grew by 8.76% to top the gainers chart as four others closed positive while the remaining closed flat.


3.3 Global Commodity Prices

Gold recorded 0.89% gain while Silver also advanced by 2.66% as of 11:37 NY time


In the energy market, Brent advanced by 1.11% while WTI also advanced by 3.05% as of 10:39 AM Central Daylight Time (CDT)




The naira appreciated by 0.08% at the I&E FX Window to close at N441.13/USD while the NAFEX rate depreciated by 0.01% to close at N440.85/USD

Brent Crude Drops Below $90 on Recession Fears – OIR 181022

 – 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 Oilprice Read More

Nigeria to Convert $25 Billion CBN Financing to 30-Year Debt

– Nigeria’s federal government has set the terms for the conversion of its stock of central bank overdrafts into long-term notes in a bid to create transparency around its dependence on that source of funding. Source Bloomberg Read More

Again, MAN Tasks Government on Favourable Policies for Viable Local Manufacturing

 The Manufacturers Association of Nigeria (MAN) has lamented over the increasingly high-interest rates for manufacturers in the country, noting that made-in-Nigeria goods would continue to be uncompetitive if the interest rate remains at double figures. Source Guardian Read More

El-Rufai Presents N370bn 2023 Draft Budget

 – The Kaduna State Governor, Mallam Nasir El Rufai has presented the 2023 draft budget of N370bn to the State House of Assembly. The estimates conformed  with his administration’s  60: 40 ratio of capital to recurrent expenditure, its 8th and final budget which ends in May 2023. Source Punch Read More

UK Inflation Accelerates to 40-Year High as Food Prices Rise

 British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year high and heaping pressure on the embattled government to balance the books without gutting help for the nation’s poorest residents. Source AP Read More

Naira Likely to be Devalued by 20% in 2023, Bank of America Says

 Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America. Source Bloomberg Read More

Media Intelligence Agency Publishes Media Sentiments of Commercial, Digital Banks, and Insurance Companies

 Since the beginning of 2022, the Nigerian Banking (commercial and digital) and Insurance industries have experienced an increase in media interactions, campaigns, and awareness. These were boosted even further by the fantastic numbers it reported to the media in the third quarter of the year. Source P+ Measurement Services Read More

FGN’s Borrowing Cost Jumps, 2032 Bond Hits 15% at Primary Market Auction

 Against the backdrop of persistent rise in inflation (20.77% as at September), hawkish monetary policy stance of the Central Bank (MPR at 15.5%), and worsened debt service to revenue ratio (118%), investors are aggressively seeking adequate compensation that will largely shrink the existing negative real return in the fixed income market. Source CSL Research Read More

Lafarge S.A. Pleads Guilty to Conspiring to Provide Material Support to ISIS and ANF; Agrees to Pay $778m in Fines and Forfeiture

– A global building materials manufacturer and its subsidiary pleaded guilty today to a one-count criminal information charging them with conspiring to provide material support and resources in Northern Syria from 2013 to 2014 to the Islamic State of Iraq and al-Sham (ISIS) and the al-Nusrah Front (ANF), both U.S.-designated foreign terrorist organizations. Source The United States Dept of Justice Read More

Jean-Paul Servais Appointed Chair of the New IOSCO Board

 The International Organization of Securities Commissions (IOSCO) is pleased to announce the appointment of Mr. Jean-Paul Servais as Chair of the new IOSCO Board. Source IOSCO Read More

FG Seeks Private Sector Participation on Food Security

 The Minister of Trade and Investment, Niyi Adebayo, made the call on Tuesday in Abuja at the ongoing 46th conference of the Nigerian Institute of Food Science and Technology (NIFST), with the theme: ‘Advancing National Development, Wealth Creation and Food Security through Food Processing and Preservation. Source ThisDay Read More

Telcos Fume as FG Orders Tariff Hike Reversal

 – The Federal Government has ordered telecommunication companies to reverse their recent 10 per cent hike in calls and data prices. This decision means that telcos like MTN Nigeria and Airtel, who had initially increased the prices of their data bundles by about 10 per cent, will now need to revert to their old prices. Source Punch Read More

FG to Spend N10bn on NIPOST Recapitalisation, Analysts Kick

 Economy experts have taken a swipe at the Federal Government’s plan to spend N10 billion for the recapitalisation of the Nigerian Postal Services, NIPOST, as contained in the 2023 Appropriation Bill. Source Vanguard Read More

Insurance Sector Records N174.8bn Claims, Settles N148.2bn In Q2

 The insurance industry has recorded total claims of N174.8 billion in the second quarter of 2022, a performance bulletin released by the National Insurance Commission (NAICOM) yesterday, has shown. Source Leadership Read More

President Buhari Signs Start Up Bill 2022 Into Law

 – President Muhammadu Buhari, GCFR today signed the Start-Up Bill 2022 into law at the Presidential Villa, Aso Rock, Abuja. In a statement issued by the Minister of Communications and Digital Economy Prof. Isa Ali Pantami, this will be a gamechanger for the technology industry. Source WebTV Read More



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