Headlines news for the day – First Ideas Limited

Headlines news for the day


Investors Loss N25.23bn as NGXASI declines by 0.10%; Overnight Rate Contracts by 0.17% to Close at 8.83%; BDC Depreciates to 880


 1.1 NGX – Listed Equities

Nigerian Equities Market closed negative as the key market indicator declined by 46.32bps amid negative market breadth


The NGX All-Share Index declined by 0.10% to close at 44,236.7basis points as against 1.23% loss recorded previously to close at 44,283.02 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N25.23bn loss.


YTD, the NGXASI Stands at +3.56%

The total volume traded advanced by 38.45% to close at 215.15m, valued at N1.91bn and traded in 3,389 deals. ACCESSCORP was the most traded stock by volume with 112.33m units traded while ACCESSCORP was also the most traded stock by value which is put at N892.56m


Sectoral performance was broadly negative as four (4) NGX sector index closed northward, eleven (11) closed southward while three (3) closed flat. The NGXAFRHDYI index advanced by 0.11% to top the gainers chart while the Insurance index dipped by 1.01% to top the losers’ chart.


Dangote index closed flat at 125.75 basis points and the Elumelu index advanced by 0.32% to close at 102.49 basis points.


At the close of trading, market recorded 11 gainers to 18 losers and 66 unchanged. UPDCREIT topped the list of gainers while PRESTIGE topped the list of losers.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.11x.


Volume and Value Contribution

ACCESSCORP led the volume’s chart with 52.21% contribution and closely followed by TRANSCORP and STERLNBANK


ACCESSCORP tops the value’s chart with 46.83% contribution and closely followed by ZENITHBANK and MTNN


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 closed flat at 720.83 basis points as against the 0.01% loss recorded previously to close at 720.83 basis points


The total volume traded declined by 94.29% to close at 0.0043m units valued at N0.4m and traded in 3 deals.


At the close of trading, NASD OTC market recorded zero (0) 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 UK FTSE 100 Index leads the top three gainers with 0.39% gain while the USA Nasdaq Index tops the top five losers with 3.78% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the Malawi ASI Index tops the top five gainers with 1.06% gain while the South Africa Industrial 25 Index tops the top five losers with 1.10% 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 contracted by 0.17% to close at 8.83% while the Open Repo (OPR) rate also contracted by 0.17% to close at 8.50%




3.1 AFEX Indices

The AFEX ACI closed flat at 455.71 while the AFEX AEI also closed flat at 202.48


3.2 AFEX Commodity Prices

Soybeans grew by 1.84% to top the gainers chart while Paddy Rice declined by 0.81% to top the losers chart.


3.3 Global Commodity Prices

Gold recorded 0.51% loss while Silver also appreciate by 0.94% as of 11:57 NY time


In the energy market, Brent declined by 0.83% while WTI also declined by 1.29% as of 10:59 AM Central Daylight Time (CDT)




The naira closed flat at the I&E FX Window to close at N446/USD while the NAFEX rate closed flat at N442.50/USD


Unilever Nigeria Plc Reports N348m Loss in Q3 2022 Unaudited Results; (SP: N10.75K)

Unilever Nigeria Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.

Key Highlights

  • Revenue grew by 30.4% from N49.67bn to N64.77bn.
  • Profit before tax stood at N473m
  • Loss after tax stood at N348.01m
  • Share Price Currently Stands at N10.75k


Nigerian Breweries Plc declares N14.76bn PAT in Q3’22 result, Proposes 40K Interim Dividend; (SP: N41.85k

Nigerian Breweries Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.

Key Highlights

  • Revenue grew by 27.21% from N309.28bn to N393.45bn.
  • Profit before tax stood at N19.09bn
  • Profit after tax stood at N14.76bn
  • Share Price Currently Stands at N41.85k


The Board of Directors (“the Board”) of Nigerian Breweries Plc (“the Company”) hereby announces the following Unaudited and Provisional Results for the Third Quarter (nine months) ended 30th September 2022.

The last three months saw the return of market seasonality characterised by lower volume performance. The market decreased by high single-digit reflecting pressure on consumer disposable income as well as heavy rains and foods. Nevertheless, we performed relatively well in the period led by our strong premium portfolio of Heineken®, Tiger and Desperados. Revenue growth in the quarter driven by pricing was offset by higher input cost arising from increased rate of inflation and higher energy cost.

Despite the volume and cost challenges in the third quarter, our total revenue for the nine months ended 30th September, 2022 grew by 27% due partly to our winning pricing strategy and a strong performance in the first half of the year. Similarly, our Operating profit grew by 44% while Profit after Tax went up 80%.

While being cautious about the development of input costs and consumer demand in the remaining period of 2022, the Board remains confident that the Company is well positioned to take advantage of any upswing in the market and maintain our leadership position.

Interim Dividend 

The Board is pleased to announce the approval of an interim dividend of N3,288,362,361 (three billion, two hundred and eighty eight million, three hundred and sixty two thousand, three hundred and sixty one naira only), that is, forty (40) kobo per ordinary share of 50 kobo in the share capital of the Company. The interim dividend will become payable on Thursday, 1 st December, 2022 to all shareholders registered in the books of the Company at the close of business on Wednesday, 23rd November, 2022. The interim dividend shall be paid subject to the deduction of withholding tax at the appropriate rates.

For the purpose of the interim dividend, the Register of Members and Transfer Books will be closed from Thursday, 24 th November, 2022 to Wednesday, 30th November, 2022 (both dates inclusive) for the preparation of an updated Register of Members.

United Bank for Africa Plc Reports N116.04bn PAT in Q3 2022 Results, (SP: N7.10k)

United Bank for Africa Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.

Key Highlights

  • Interest Income grew by 22.3% from N343.71bn to N420.23bn.
  • Profit before tax stood at N138.49bn
  • Profit after tax stood at N116.04bn
  • Share Price Currently Stands at N7.10k


Nigeria’s Bid to Attract Foreign Investors Suffers As Western Nations Put Abuja on Terror Watch List

 Nigeria’s Foreign Direct Investment (FDI) is set to suffer a setback as Western nations put the nation’s capital, Abuja, on a high terror alert, say economists. Source The Africa Report Read More

Moody’s Downgrades three Nigerian Corporates to B3 Following Sovereign Downgrade and Places Ratings on Review for Downgrade

 Moody’s Investors Service has downgraded the ratings of three non-financial corporates that are domiciled in or have substantial exposure to Nigeria and placed all ratings on review for downgrade. Source Moody’s Investors Service Read More

EFCC Begins Probe of Controversial $5.8bn Mambilla Hydro Electric Power Project Award

 The controversial Mambilla Hydro Electric Power project which has defied every known solution has come to the fore again with the Minister of Power, Abubakar Aliyu, disclosing that the Economic Financial Crimes Commission (EFCC) is investigating the award of  $5.8 billion contract to Sunrise Power. Source Sun Read More


Power: Senate to Grill Minister Over N147bn Projects

 The Senate Committee on Power has summoned Minister of Finance, Zainab Ahmed, over N147 billion included in the capital project of the Ministry of Power. Source Punch Read More

A Black October for the Lagos Bourse

 The Nigerian Stock Exchange’s (NGX) performance declined dramatically last month after a fantastic run in H1 ’22, during which it outperformed its rivals on the continent.  In October, the NGX’s suffered its worst monthly return this year, shedding -10.6%, far worse than its counterparts. Source FBNQuest Read More

Currency Redesign: Masterstroke but not Enough

– Following from the first part of our series on the Central Bank of Nigeria’s (CBN) decision to redesign the N200, N500 and N1,000 notes, we would be evaluating the demerits of the decision as well as recommendations that could improve the effectiveness of the policy. Source United Capital Research Read More

Reminder to Comply with Regulation 13 of the Companies Regulations 2021 – Issuance/Cancellation of Unissued Shares

– As stated in our previous Newsletter – Timeline for treating unissued share capital extended by the CAC – by virtue of Regulation 13 of the Companies Regulations 2021 (the “Regulations”) issued pursuant to the Companies and Allied Matters Act 2020 (“CAMA”). Source Banwo & Ighodalo Read More

Novare Real Estate Nigeria’s Lekki Mall Clocks 6, Unveils Anniversary Logo

 Novare Lekki Mall, the largest retail mall in Nigeria owned by Novare Real Estate Nigeria, is six this year. The Chief Executive Officer of Novare Real Estate Nigeria, Mr. Hein Du Plessis, announced that Novare Real Estate Nigeria is happy to celebrate another milestone in its 10 years journey in Nigeria with the celebration of the 6th year anniversary of the development of Novare Lekki Mall in Lagos. Source Novare Lekki Mall Read More

$12.1trn Investment Required To Meet Global Oil Demand – OPEC

 After raising its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday, the Organisation of the Petroleum Exporting Countries (OPEC), said $12.1 trillion of investment is needed to meet this demand despite the energy transition. Source Leadership Read More

Ecobank Fintech Breakfast Series 2.0 will Focus on “Strengthening the Ecosystem” – Babajide Sipe

 – Ecobank Nigeria, member of the leading Pan-African banking group, Ecobank Transnational Incorporated (ETI), has announced that arrangements have been concluded to host the second edition of the “Ecobank Fintech Breakfast Series” slated for Friday, November 4. 2022. Source Ecobank Read More

Telcos Earn N1.92tn From Calls, Data

 – MTN and Airtel made N1.92tn from calls and data between January and September, 2022. This is according to data from the financial results of MTN Nigeria Communications Plc and Airtel Africa’s Nigeria subsidiary. Source Punch Read More

Amazon Opens First Office in Nigeria to Support Startups, Government Agencies

 Disclosing this in a statement on Wednesday, the company said the new office was part of its support for the growing number of customers and partners in Nigeria. Source TheCable Read More



About the Author


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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these