Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Gain N92.72bn as NGXASI Advances Further by 0.38%; Overnight Rate Closed Flat at 16.50%; BDC Closed Flat at 785


1.1 NGX – Listed Equities

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



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%



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)




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.

Nigerian Soft Drink Makers Under Pressure as FGN Contemplates a 20% Ad Valorem Tax

 Carbonated ‘soft drink’ makers in Nigeria may face a severe downturn in fortune. For some players, an existential challenge by 2023 will occur if the Federal Government plans to introduce an Ad Valorem or percentage tax of 20% on fizzy drink products. Source Proshare Research Read More

IMF Executive Board Concludes Twelfth Periodic Monitoring Report on the Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations

 – The Executive Board of the International Monetary Fund (IMF) concluded the Twelfth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations. Source IMF Read More

NFIU Flags N150tn Transactions, EFCC Tracks Candidates’ Spending

 The Nigeria Financial Intelligence Unit has flagged suspicious transactions valued at over N150tn between January and March 2022, according to its Suspicious Transaction Report/Suspicious Activity Report released on Sunday. Source Punch Read More

Nigeria Exported 36% Value-Added Products in H1 – NEPC

 – Nigerian businesses exported 36 per cent value-added products in the first six months of 2022, according to the Nigerian Export Promotion Council. Speaking at a press conference to announce the upcoming NEPC Export Week scheduled to hold between November 21 and 26, 2022, the Chief Executive Officer, NEPC, Ezra Yakusak, said export of primary products was valued at 33 per cent while semi-processed and manufactured products constituted 36 per cent. Source Punch Read More

MAN Laments 20% Tax, Says N409bn Loss Imminent

 The carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria has knocked the Federal Government over the proposed 20 per cent ad-valorem excise tax on non-alcoholic beverages which covers the widely consumed carbonated soft drinks segment. Source Punch Read More


COP27 Delivers Historic ‘Loss and Damage’ Fund for Vulnerable Nations

 A fund has finally been established for loss and damage – climate change impacts that are irreparable – to aid the recovery of vulnerable countries adversely affected by climate disasters. Source TheCable Read More

IMF: CBN Should Step Back as FX Intermediator, Allow Banks to Control Dollar Rates

 The International Monetary Fund (IMF) has asked the Central Bank of Nigeria (CBN) to step back and allow commercial banks to determine dollar buy-sale rates to boost foreign capital flows to the economy. Source TheCable Read More

Operators: Transactions on PoS Will Surpass N6.4trn in 2022

– Ahead of the release of the statistics on the volume and value of financial transactions carried out on Point of sales (PoS) terminals in 2022, by the Nigeria Inter-Bank Settlement System (NIBBS), the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has said the value of transactions for 2022 will surpass the N6.4 trillion transactions that was recorded in 2021 on PoS terminals alone. Source ThisDay Read More

Collapsed FTX Owes Nearly $3.1 Billion to Top 50 Creditors

 Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. Source Reuters Read More

New FTX CEO Describes ‘Unprecedented’ Financial Disaster

– John Ray, the restructuring expert who has taken over as chief executive officer of beleaguered cryptocurrency exchange FTX Ltd., says he has never in his 40-year career seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.” Source The Globe and Mall 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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