Investors Gain N92.72bn as NGXASI Advances Further by 0.38%; Overnight Rate Closed Flat at 16.50%; BDC Closed Flat at 785
- EQUITIES MARKET
Nigerian Equities Market closed positive as the key market indicator advanced by 170.23bps amid positive market breadth
The NGX All-Share Index advanced by 0.38% to close at 44,662.96 basis points as against 1.09% gain recorded previously to close at 44,492.73 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N92.72bn gain.
YTD, the NGXASI Stands at +4.56%
The total volume traded advanced by 8.78% to close at 159.56m, valued at N1.95bn and traded in 3,607 deals. TRANSCORP was the most traded stock by volume with 35.24m units traded while SEPLAT was also the most traded stock by value which is put at N478m
Sectoral performance was broadly positive as thirteen (13) NGX sector index closed northward, three (3) closed southward and two (2) closed flat. The NGX Food and Beverages index advanced by 1.80% to top the gainers chart and the NGX Oil and Gas Index declined by 0.26% to top the losers chart.
Dangote index closed flat at 124.85 basis points and the Elumelu index advanced by 1.08% to close at 108.67 basis points.
At the close of trading, the market recorded 26 gainers to 5 losers and 66 unchanged. NB topped the list of gainers while AIICO topped the list of losers.
Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.32x.
Volume and Value Contribution
TRANSCORP led the volume’s chart with 22.09% contribution and closely followed by AIICO and ZENITHBANK
SEPLAT tops the value’s chart with 24.51% contribution and closely followed by NB and ZENITHBANK
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 advanced by 0.04% to close at 711.91 basis points as against the flat position recorded previously to close at 711.61 basis points
The total volume traded advanced by 116164% to close at 116,264 units valued at N7.41m and traded in 5 deal.
At the close of trading, NASD OTC market recorded one (1) 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 Chile IPSA Index leads the top five gainers with 2.12% gain while the Hong Kong Hang Seng Index tops the top five losers with 1.87% 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 1.67% gain while the Lusaka All Share Index tops the top five losers with 1.16% loss as of 4pm Nigerian Time
- BONDS AND FIXED INCOME MARKETS
2.1 Debt Market Size
The FMDQ Debt Market Size closed flat at N29.95trn.
2.2 Overnight and Open Repo (OPR)
The Overnight lending rate closed flat at 16.50% while the Open Repo (OPR) rate also closed flat at 16.25%
- COMMODITIES MARKET
3.1 AFEX Indices
The AFEX ACI closed flat at 455.71 while the AFEX AEI declined by 2.94% to close at 204.19 basis points
3.2 AFEX Commodity Prices
Paddy Rice grew by 10% to top the gainers chart while Maize declined by 3.86% to top the losers chart.
3.3 Global Commodity Prices
Gold recorded 0.72% loss while Silver declined by 0.72% as of 10: 53 NY time
In the energy market, Brent declined by 4.82% while WTI also declined by 5.69% as of 10: 59 AM Central Daylight Time (CDT)
- CURRENCY/ FX M7ARKET
The naira at the I&E FX Window appreciated by 0.08% to close at N445.38/USD while the NAFEX rate appreciated by 0.02% to close at N444.30/USD
Coronation Insurance Plc Reports N607m PAT in Q3 2022 Unaudited Results, (SP: N0.36k)
Coronation Insurance Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
Key Highlights
- Gross Premium Written grew by 40.20% from N11.07bn to N15.52bn.
- Profit before tax stood at N880.89m
- Profit after tax stood at N606.89m
- Share Price Currently Stands at N0.36k
63% of Nigerians are Multi-dimensionally Poor
On Thursday, 17 November 2022, the National Bureau of Statistics (NBS) published the National Multidimensional Poverty Index (MPI) which stood at 0.257, showing that the poor in Nigeria experience over one quarter of all possible deprivations. The report revealed that 63% (or 133m) of Nigerians are multi-dimensionally poor. The Multidimensional Poverty Index offers a multivariate form of poverty assessment, identifying deprivations across health, education, living standards, work, and shocks.
According to the Statistician-General of the Federation and CEO of the NBS, Semiu Adeniran, unlike the Global MPI which uses three dimensions (health, education and living standards), the Nigerian MPI added a fourth dimension, work, and shocks in the 2022 MPI Survey. The fourth dimension as well as other added variables such as food security, water reliability, underemployment, security shocks and school lag, were all added to reflect the current realities and priorities in Nigeria. The report shows that 58.7% of adults aged 18 and above are multi-dimensionally poor with an MPI of 0.235 and intensity of 40% while 67.5% of children aged 0-17 are multi-dimensionally poor with an MPI of 0.282 and intensity of 41.8%.
The report further noted that over half of the population who are mult-idimensionally poor cook with dung, wood, or charcoal, rather than cleaner energy and suffer high deprivations in sanitation, time to healthcare, food insecurity, and housing. Also, multidimensional poverty is higher in rural areas, where 72% of people are poor, compared to 42% of people in urban areas. Approximately 70% of Nigeria’s population live in rural areas, yet these areas are home to 80% of poor people; their intensity of poverty is also higher, at 42% in rural areas compared to 37% in urban areas. Based on region, 65% of poor people (or 86 million) live in the North, while 35% (47 million) live in the South. Poverty levels across States varied significantly, with the incidence of multidimensional poverty ranging from a low of 27% in Ondo to a high of 91% in Sokoto.
The economic recession witnessed in 2015-17 had a major impact on Nigerian households, eroding their purchasing power and driving joblessness nationwide. The pressure on disposable income was further exacerbated by the impact of higher petrol and food prices, leading to a higher cost of living in the face of muted growth in disposable income. Although the exit from recession in Q2 2017 was expected to translate into improved consumer spending, a sluggish pace of recovery amid the rising population left consumers still financially stifled. Still stuttering from the hit of that recession, the onset of the global pandemic worsened the situation and drove the country into another recession in Q3 2020.
In our view, the government needs to be proactive and strategic about policies it intends to adopt to resuscitate the economy. There is an urgent need for the federal government to come up with policies to aid recovery and curb inflation as inflationary pressures continue to push many Nigerians below the poverty line. The lack of economic opportunities is also contributing to the rising crime cases in the country just as inflationary pressure has pushed most Nigerians below the poverty line.
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