Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Lose N440bn as NGXASI Dips by 1.82%; Overnight Rate Declines by 0.08% to Close at 8.75%; BDC Appreciates to 800



1.1 NGX – Listed Equities

Nigerian Equities Market closed in the red zone as the key market indicator declined by 807.83bps amid negative market breadth


The NGX All-Share Index declined by 1.82% to close at 43,461.60 basis points as against 0.07% gain recorded previously to close at 44,269.43 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N440.00bn loss.


YTD, the NGXASI Stands at +1.74%


The total volume traded advanced by 142.01% to close at 249.91m, valued at N2.50bn and traded in 3,283 deals. ACCESSCORP was the most traded stock by volume with 128.73m units traded while ACCESSCORP was also the most traded stock by value which is put at N1.03bn


Sectoral performance was broadly negative as one (1) NGX sector index closed northward, fourteen (14) closed southward while three (3) closed flat. The Oil and Gas index advanced by 0.56% to top the gainers chart while the NGX Industrial Goods index dipped by 3.93% to top the losers’ chart.


Dangote index declined by 7.90% to close at 115.81 basis points as the Elumelu index also declined by 0.10% to close at 105.52 basis points.


At the close of trading, market recorded 11 gainers to 18 losers and 72 unchanged. UNITYBNK topped the list of gainers while GUINNESS topped the list of losers.


Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.09x.


Volume and Value Contribution

ACCESSCORP led the volume’s chart with 51.51% contribution and closely followed by FBNH and TRANSCORP


ACCESSCORP tops the value’s chart with 41.37% contribution and closely followed by ZENITHBANK 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 dipped by 0.40% to close at 717.47 basis points as against flat position recorded previously to close at 720.36 basis points


The total volume traded advanced by 160.78% to close at 0.192m units valued at N14.47m and traded in 9 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 Chile IPSA Index leads the top five gainers with 1.89% gain while the Argentina MerVal Index tops the top three losers with 3.02% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the Botswana DFSI Index tops the top three gainers with 1.43% gain while the Tanzania All Share Index tops the top five losers with 1.62% 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 declined by 0.08% to close at 8.75% while the Open Repo (OPR) rate closed flat at 8.50%





3.1 AFEX Indices

The AFEX ACI closed flat at 455.71 while the AFEX AEI advanced by 2.01% to close at 202.33 basis points


3.2 AFEX Commodity Prices

Soybeans grew by 2.53% to top the gainers chart while Paddy Rice declined by 32.90% to top the losers chart.


3.3 Global Commodity Prices

Gold recorded 2.36% gain while Silver also appreciated by 3.64% as of 11:50 NY time


In the energy market, Brent declined by 2.07% while WTI also declined by 2.75% as of 11:52 AM Central Daylight Time (CDT)




The naira depreciated by 0.13% at the I&E FX Window to close at N446.10/USD while the NAFEX rate also depreciated by 0.06% at N443.64/USD




Nigeria’s Crude Oil Production Drops Further to 0.938mbpd in September 2022

– The Nigerian 2022 fiscal budget has continued to suffer setbacks from crude oil production shortfalls as production contracted further to an all-time low of 0.938mbpd (1.14mbpd including condensate) in September 2022. Source CSL Research Read More

An Improved Current Account Surplus

 – According to the most recent Quarterly Statistical Bulletin (QSB) from the central bank (CBN), Nigeria’s current account posted a higher surplus of USD5.1bn in Q2 ’22 compared with a revised surplus of USD2.6bn in Q1 ’22. Source FBNQuest Read More

Telcos, Banks to Collect VAT on Taxable Supplies

 MTN, Airtel and deposit money banks in Nigeria have been appointed by the Federal Inland Revenue Service to withhold or collect the value added tax charged on all taxable supplies made to them and remit same to the agency. Source Punch Read More

MyCredit Investments Ltd (FairMoney Nigeria) Announces Repayment of NGN 3.7 Billion To Private Note Investors

– MyCredit Investments Limited, (“FairMoney” or “the Company”) today announced the redemption of N3.7 billion in aggregate principal amount of its 18% Series II Private Notes (the “Notes”) that fell due on November 03, 2022, to various reputable institutional & HNI investors. Source FairMoney Read More

Oando Clean Energy Limited Leads Nigeria Private Sector Discourse at COP27

– The 27th United Nations Climate Change Conference (COP27) themed ‘Delivering for People and the Planet’ kicks off in Sharm El Sheik, Egypt. The event will host more than 45,000 registered COP27 participants representing Parties, the United Nations (UN). Source Oando Plc Read More

Nigeria: African Development Bank, First City Monument Bank Sign Agreement for $50 Million Line of Credit to Bolster Access to Finance for Small, Medium and Women-Owned Businesses

– The African Development Bank (www.AfDB.org) has signed an agreement with First City Monument Bank (FCMB) for a $50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. Source FCMB Read More

Address Cost of Doing Business, NACCIMA Tells FG

 The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has urged the Federal Government to devise urgent steps that would cushion the alarming cost of doing business in the country. Source Punch Read More

Nigeria’s Oil Production Deficit Hits 184.1m Barrels in Nine Months

 With a 58.2 million barrels per month estimate approved benchmark by the National Assembly in December 2021, the difference between actual and projected output was a whopping 184.1 million barrels of unproduced oil. Source ThisDay Read More

FG, Experts Mull Ban of Tax Incentives For HNWIs, Businesses

 In a bid to checkmate rising illicit financial flows out of Africa especially Nigeria, the Federal Government of Nigeria and the African Tax Administration Forum (ATAF) are looking at ways to stop tax waivers and incentives to high-net-worth individuals (HNWIs) and multinationals in African countries. Source Sun Read More

Fintech Firms Asked to Prepare for Retail Payments Regulation in 2025

 Bank of Canada – The Bank of Canada is urging financial technology companies to start preparing for a new regulatory regime that will soon cover businesses providing services such as digital wallets and electronic payment systems. Source Mark Rendell Read More

How the Fintech Industry Can Unlock Economic Opportunities for Nigeria – Babatunde Obrimah

– Leveraging digital technology to improve agribusiness, financially empower women, provide innovative solutions in education, healthcare and insurance are part of the ways the fintech industry can unlock economic opportunities in Nigeria. Source WebTV Read More

Report: Meta Plans to Layoff ‘Thousands Of Workers’ This Week

– Meta, the parent company of Facebook is planning a major job cut that could affect “thousands” of workers, The Wall Street Journal (WSJ) is reporting. The WSJ said the layoffs could begin as soon as Wednesday. Source TheCable Read More

PoS Use to Rise Despite Transaction Failures

– Point of Sale (PoS) machines deployment will continue to rise in the coming months to serve new entrants into the digital banking space. Source The Nation Read More

Islamic Finance Market Weekly Review October 31st to November 4th, 2022

– As the COP27 summit begins this week in Egypt, the largest international climate summit the Islamic Development Bank, IsDB last week restated its commitment to continue fostering dialogue and solutions for the global Climate Action. It will fully participate at the event and help shape a resilient and sustainable future for all. Source WebTV 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