Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Gain N17.69bn as NGXASI advances by 0.07%; Overnight Rate Closed Flat at 8.83%; BDC Depreciates to 895



1.1 NGX – Listed Equities

Nigerian Equities Market closed positive as the key market indicator advanced by 32.48bps amid negative market breadth


The NGX All-Share Index advanced by 0.07% to close at 44,269.18 basis points as against 0.10% loss recorded previously to close at 44,236.7 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N17.69bn gain.


YTD, the NGXASI Stands at +3.63%


The total volume traded advanced by 228.10% to close at 705.92m, valued at N4.59bn and traded in 3,472 deals. FTNCOCOA was the most traded stock by volume with 350.24m units traded while ACCESSCORP was also the most traded stock by value which is put at N1.52bn


Sectoral performance was broadly positive as ten (10) NGX sector index closed northward, five (5) closed southward while three (3) closed flat. The Insurance index advanced by 0.87% to top the gainers chart while the NGXSOVBND index dipped by 1.36% to top the losers’ chart.


Dangote index closed flat at 125.75 basis points and the Elumelu index advanced by 1.91% to close at 104.45 basis points.


At the close of trading, market recorded 13 gainers to 14 losers and 76 unchanged. FTNCOCOA topped the list of gainers while CUSTODIAN 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

FTNCOCOA led the volume’s chart with 49.62% contribution and closely followed by ACCESSCORP and FIDELITYBK


ACCESSCORP tops the value’s chart with 33.17% contribution and closely followed by GEREGU 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 0.07% to close at 720.36 basis points as against the flat position recorded previously to close at 720.83 basis points

The total volume traded advanced by 2944.21% to close at 0.13m units valued at N1.05m and traded in 5 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 Hong Kong Hang Seng Index leads the top five gainers with 5.36% gain while the Japan Nikkei 225 Index tops the top three losers with 1.68% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the Tunisia BVMT Index tops the top three gainers with 0.29% gain while the South Africa Resource 10 Index tops the top five losers with 3.26% 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 8.83% while the Open Repo (OPR) rate also closed flat at 8.50%




3.1 AFEX Indices

The AFEX ACI closed flat at 455.71 while the AFEX AEI advanced by 2.19% to close at 206.91


3.2 AFEX Commodity Prices

Soybeans grew by 5.38% to top the gainers chart while Paddy Rice declined by 22.03% to top the losers chart.


3.3 Global Commodity Prices

Gold recorded 2.63% gain while Silver also appreciated by 5.96% as of 10:59 NY time


In the energy market, Brent advanced by 3.60% while WTI also advanced by 4.19% as of 10:01 AM Central Daylight Time (CDT)




The naira declined by 0.06% at the I&E FX Window to close at N445.75/USD while the NAFEX rate advanced by 0.28% at N443.75/USD

Transnational Corporation of Nigeria Plc Reports N19.04bn PAT in Q3’22 Results, (SP: N1.04k)

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

Key Highlights

  • Revenue grew by 12.5% from N85.59bn to N96.25bn.
  • Profit before tax stood at N20.87bn
  • Profit after tax stood at N19.04bn
  • Share Price Currently Stands at N1.04k


Transnational Corporation of Nigeria (Transcorp) Plc has released its results for the third quarter year ended September 30, 2022, recording significant improvement across its major income lines.

Despite the extremely challenging business environment, the conglomerate with investments in the hospitality, power and oil & gas sectors, recorded impressive growth in its profit after tax which rose by 41.4% to N19bn up from N13.3bn recorded the previous year in September 2021; while profit before tax grew by 47.7% to ₦‎20.9 billion in September 2022, higher than ₦‎14.1 billion recorded in the similar period of 2021.

The results filed with the Nigerian Stock Exchange also showed that the Group’s total revenue rose by 12.5% from N85.6bn in September 2021, to N96.2bn in the period under consideration.

Operating Income also grew by 14.5% from N‎27.5 billion in September 2021 to N31.5 billion in September 2022, while Operating expenses for the quarter ended September 2022, stood at N‎16.0 billion, representing an increase of 30.9% compared to N‎12.2 billion recorded in the same period of 2021.

The results also showed that total assets increased by 1.3% from N‎416.0 billion in December 2021 to N‎421.2 billion in Q3 2022 due to the increase in Inventories, Prepayments and Trade and Other Receivables which cushioned the effect of the decline in Cash and Cash Equivalents, just as shareholders’ Funds rose to N‎161.8 billion, representing an 11% year-on-year increase from N‎146.3 recorded billion due to profitability during the period.

Commenting on the results, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, explained that the laudable performance this quarter was achieved as a result of the improved performance across all our businesses.

She said, “Despite the challenging operating environment, characterised by gas supply constraints, foreign exchange volatility and rising inflation, amongst others, the group improved profitability and performance during the period. Our hospitality business has sustained its strong growth trajectory, outperforming all indices. Our business model remains robust, thanks to the prudent and adaptive strategy we have taken across our operations.”

While expressing confidence in the company’s capacity to deliver even better results in the last quarter of the financial year, she said, “We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.

FG Plans Supplementary Budget Over Rising Inflation, Depreciation

– The Federal Government may present a supplementary budget to the National Assembly due to a further depreciation of the naira and galloping inflation that have made the 2023 budget nearly unrealistic. Source Punch Read More

Bank of England Increased Rate to 3% in November 2022, up by 0.75%

– The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. Source Bank of England Read More

Federal Reserve Issues FOMC Statement and Implementation Note from Its November 2022 Meeting

 – Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. Source Federal Reserve Read More

Fidelity Bank Partners Invest Africa to Showcase the Best of Nigeria’s Non-Oil Exports

 In line with its strategic intent to always provide solutions and business support for its customers, leading financial institution, Fidelity Bank Plc, has announced plans to host the maiden edition of the Fidelity International Trade and Creative Connect (FITCC) in partnership with Invest Africa. Source Fidelity Bank Read More

New Naira Notes to Be Printed Locally, Says CBN

 There is no plan to print the proposed new naira notes outside Nigeria, a Central Bank of Nigeria (CBN) Board member has said. Source The Nation Read More

FG mulls Chinese, Portuguese loans to complete railways

 The Federal Government is multi-billion dollar loans from Chinese, Portuguese, and Turkish financial institutions to complete ongoing rail projects across the country, Transport Minister Mu’azu Sambo, told the Senate. Source Punch Read More

Yabx Enters Nigeria Market, Aims to Double and Diversify Business Growth in Africa

– Plans to introduce new age fintech solutions around digital lending in the country; Will help banks to launch new and innovative products for new-to-credit segment like Buy Now Pay Later, Personal Loans, Payday loans, MSME loans etc. Source Yabx Read More

Prudent Estate Planning

 Protecting your assets during your life and ensuring that they are transferred to your intended beneficiaries without unnecessary costs after your death requires an informed combination of tax and asset management with professional estate planning. Source Coronation Read More

UBA Underscores Support for SMEs, Maintains Headline Sponsorship of 2022 Lagos International Trade Fair

 Africa’s global bank, United Bank for Africa (UBA) Plc has reiterated the importance it places on supporting the growth of Small and Medium Scale Businesses as the bank will once again be the headline sponsor of the 2022 edition of the Lagos International Trade Fair (LITF). Source UBA Read More


FRC to Spearhead Project on Anti-Corruption Framework For SMEs

 The Financial Reporting Council (FRC) says it has collaborated with the Convention on Business Integrity (CBi) and the United Nations Global Compact Network Nigeria (UNGC-NN) to launch a small and medium enterprise (SME) anti-corruption and corporate governance standards project. 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