Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Gain N253.46bn as NGXASI Inches up by 1.07%; Overnight Rate Closes Flat at 8.83%; BDC Appreciates to 740


1.1 NGX – Listed Equities

Nigerian Equities Market maintained positive posture as the key market indicator inched up by 465.34bps amid negative market breadth


The NGX All-Share Index advanced by 1.07% to close at 43,942.82 basis points as against 0.04% gain recorded previously to close at 43,477.48 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N253.46bn gain.


YTD, the NGXASI Stands at +2.87%


The total volume traded advanced by 203.59% to close at 405.00m, valued at N3.09bn and traded in 3,188 deals. STERLNBANK was the most traded stock by volume with 171.15m units traded while AIRTELAFRI was the most traded stock by value which is put at N700.25mln


Sectoral performance was broadly positive as twelve (12) NGX sector index closed northward, three (3) closed southward while three (3) closed flat. The NGX Industrial index advanced by 3.51% to top the gainers chart while the NGX Insurance index dipped by 1.72% to top the losers’ chart.


Dangote index advanced by 7.34% to close at 125.00 basis points as the Elumelu index also advanced by 0.05% to close at 106.66 basis points.


At the close of trading, market recorded 15 gainers to 16 losers and 67 unchanged. MRS topped the list of gainers while JBERGER 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

STERLNBANK led the volume’s chart with 42.26% contribution and closely followed by ACCESSCORP and TRANSCORP


AIRTELAFRI tops the value’s chart with 22.61% contribution and closely followed by ACCESSCORP 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 0.33% to close at 714.99 basis points as against 0.02% loss recorded previously to close at 717.34 basis points


The total volume traded advanced by 21208.38% to close at 234.89m units valued at N139.12m 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 USA Nasdaq Index leads the top five gainers with 4.15% gain while the Brazil Bovespa Index tops the top three losers with 4.53% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the Egypt 30 Index tops the top three gainers with 2.73% gain while the Zimbabwe ASI tops the top five losers with 3.44% 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 also closed flat at 202.33 basis points


3.2 AFEX Commodity Prices

Cashew grew by 13.04% to top the gainers chart while Sorghum declined by 17.02% to top the losers chart.


3.3 Global Commodity Prices

Gold recorded 0.86% gain while Silver also appreciated by 0.63% as of 11:04 NY time


In the energy market, Brent advanced by 2.22% while WTI also advanced by 1.78% as of 10:07 AM Central Daylight Time (CDT)




The naira depreciated by 0.10% at the I&E FX Window to close at N446.10/USD while the NAFEX rate also depreciated by 0.11% to close at N443.80/USD


Unity Bank Plc Declares N2.21bn PAT in Q3 2022 Results,(SP:N0.44k)

Unity Bank Plc, a financial institution in the financial services sector announced 16.8% revenue growth in Q3 22 Results.


Key Highlights

  • Gross Income grew by 16.8% from N36.18bn to N42.24bn.
  • Profit before tax stood at N2.21bn
  • Profit after tax stood at N2.03bn
  • Share Price Currently Stands at N0.44k

FIRS Appoints MTN, Airtel and Deposit Money Banks as Value Added Tax (VAT) Collection Agents

 – The Federal Inland Revenue Service (FIRS) has issued a Public Notice appointing MTN, Airtel, and all money deposit banks (as defined by the Central Bank of Nigeria (CBN) guidelines) as VAT Collection Agents (“VAT agents”), pursuant to its powers under Section 14(3) of the VAT Act (as amended). Source KPMG Read More

INEC Hints on Likely Inability to Conduct Elections in 242 Polling Units

 – Based on a This Day news report, the Independent National Electoral Commission (INEC) on Tuesday disclosed that 242 polling units with 142,261 registered voters in 10 Local Government Areas of Katsina State were under serious security threat. Source CSL Research Read More

Buhari to Unveil New Poverty Data Next Week, Agba Reveals

 President Muhammadu Buhari would next Thursday give an update on his administration’s efforts at tackling the rising poverty in the country. Source ThisDay Read More

UBA 9M Result: Earnings Bounces on e-Banking Growth

 – Nigeria’s deposit money banks have seen rapid earnings growth in 2022, riding off a high-interest rate environment. UBA Africa Bank followed a similar rhythm, recording a +12.3% profit before tax (PBT) from N123.35bn in 9M 2021 to N 138.49bn in 9M 2022 with sufficient support from interest and digital banking income. Source Proshare Research Read More

GTCO Unaudited 9M 2022 Result: Net Interest Income Up 16%, Despite Retained Earnings 7.2% Dip

 – GTCO has regained some earnings mojo as profit numbers rise against Q1 2022’s stumble. The Holdco saw its profit before tax (PBT) rise +11.7% from N151.9bn in 9M 2021 to N169.7bn in 2022. The earnings bounce was due to a +16.4% rise in net interest income (NII). Source Proshare Research Read More

Soaring Dollar Leaves Food Piled Up In Ports as World Hunger Grows

 Food importers from Africa to Asia are scrambling for dollars to pay their bills as a surge in the US currency drives prices even higher for countries already facing a historic global food crisis. In Ghana, importers are warning about shortages in the run-up to Christmas. Source FDC Ltd Read More

Buhari Congratulates FBN On 40 Years of Cross-Border Banking in UK

 – President Muhammadu Buhari has congratulated the Board, Management, and Staff of First Bank of Nigeria Limited (FirstBank) for cross-border services through FBNBank UK in the United Kingdom for 40 years, sharing almost 130 years of banking experience. Source FirstBank Read More

AMCON Recovers N307bn Debt In Two Years

 – An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria  submitted its report to the Federal Government and is urging for strict implementation of relevant laws, including the AMCON Act, that ensures that the recalcitrant debtors cannot benefit from government contracts and projects except with due diligence clearance from AMCON. Source Punch Read More


Fintech and the Emerging Opportunities in Africa

– Since the emergence of fintech in the 21st century, there has been a shift from its conventional use in the structured financial system to a well-defined consumer-based orientation. Financial technology is a new technology that upgrades and enhances the delivery of financial services. Source FDC Ltd Read More

Mastercard, LAGS Signs MoU, to Drive Digital Financial Inclusion for SMEs

 Mastercard signed a Memorandum of Understanding (MoU) with the Lagos State Employment Trust Fund (LSETF) to provide micro, small and medium enterprises (MSMEs) with access to digital, payment, and training tools. Source Tech Economy Read More

The Role of Insurance in Mitigating the Impact of Climate Change in Africa

 – Africa is particularly vulnerable to climate risk. The continent’s exposure to drought, flooding, excessive heat, and tropical cyclones means that 30 of the world’s 40 most climate-vulnerable nations are in sub-Saharan Africa. Source CORONATION Read More

Over 84,000 Nigerians Enrolled In Micro Pension Plan – PENCOM

 The National Pension Commission (PenCom), yesterday revealed that over 84,000 Nigerians have enrolled in the ongoing Micro Pension plan. Source Sun Read More

FRC Launches SME Anti-Corruption, Corporate Governance Standards’ Project

 According to a statement, the project aims to set standards for corporate governance, ethics, and sustainability to guide the direction, control, and management of SMEs in Nigeria, enhance their competitiveness, and achieve long-term success and value creation responsibly and sustainably. Source ThisDay Read More



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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.

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