Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Lose N61.81bn as NGXASI Declines Further by 0.24%; Overnight Rate Expands to 15.75%; BDC Appreciates to 765


1.1 NGX – Listed Equities

Nigerian Equities Market closed negative as the key market indicator declined by 113.48bps amid negative market breadth


The NGX All-Share Index declined by 0.24% to close at 47,322.97 basis points as against 0.25% gain recorded previously to close at 47,436.45 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N61.81bn loss.


YTD, the NGXASI Stands at +10.78%


The total volume traded declined by 56.69% to close at 120.95m, valued at N1.65bn and traded in 3,022 deals. TRANSCORP was the most traded stock by volume with 34.59m units traded while MTNN was also the most traded stock by value which is put at N354.28m


Sectoral performance was broadly negative as four (4) NGX sector index closed northward, ten (10) closed southward and four (4) closed flat. The NGXMERIGRW index advanced by 0.37% to top the gainer’s chart while NGX Banking index declined by 2.14% to top the losers’ chart.


The Dangote index closed flat at 136.91 basis points while the Elumelu index declined by 0.0.39% to close at 119.04 basis points.


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

TRANSCORP led the volume’s chart with 28.60% contribution and closely followed by ACCESSCORP and ZENITHBANK


MTNN tops the value’s chart with 21.50% contribution and 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 advanced by 0.02% to close at 711.79 basis points as against flat position recorded previously to close at 711.66 basis points


The total volume traded advanced by 53.08% to close at 30,616 units valued at N737.54m and traded in 4 deal(s).


At the close of trading, NASD OTC market recorded zero (0) gainer(s) to three (3) 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 5.24% gain while the USA Nasdaq Index tops the top five losers with 1.19% loss as of 4pm Nigerian Time


1.4 African Indices

Similarly, on the African scene, the Egypt EGX 30 Index tops the top five gainers with 2.07% gain while the BRVM BRVM-10 Share Index tops the top five losers with 1.05% loss as of 4pm Nigerian Time





2.1 Debt Market Size

The FMDQ Debt Market Size was not available as at the time this report was completed.


2.2 Overnight and Open Repo (OPR)

The Overnight lending rate expanded by 1.62% to close at 15.75% while the Open Repo (OPR) rate also expanded by 1.00% to close at 14.75%





3.1 AFEX Indices

The AFEX ACI closed flat at 455.71 while the AFEX AEI closed flat at 205.35 basis points


3.2 AFEX Commodity Prices

Maize grew by 3.07% to top the gainers chart while Paddy rice declined by 7.25% to top the losers’ chart.


3.3 Global Commodity Prices

Gold recorded 0.80% gain while Silver advanced by 2.10% as of 11: 04 NY time


In the energy market, Brent advanced by 1.00% and WTI also advanced by 1.98% as of 11: 05 AM Central Daylight Time (CDT)




The naira at the I&E FX Window depreciated by 0.07% to close at N445/USD while the NAFEX rate appreciated by 0.04% to close at N444.5/USD


Africa Requires $190bn Annual Investments to Achieve Energy Goals

– Africa will require about $190bn worth of investments annually between 2026 and 2030 to meet its energy and climate goals to boost socio-economic prosperity on the continent. Source Sahara Group Read More

NEITI: Nigeria Earned $741.48bn from Oil, Gas Sales in 21 Years

 The Nigeria Extractive Industries Transparency Initiative ((NEITI) has said that the country earned N741.48 billion from oil and gas sales between 1999 and 2020, a period of 21 years. Source ThisDay Read More

Ghana Orders Miners to Sell 20% of Refined Gold to Central Bank

 Ghana has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday. Source Reuters Read More

A Consideration of CBN’S Guidelines on Contactless Payments

– Contactless Payments (“CPs”), aptly described as payments which involve the consummation of financial transactions without physical contact between the payer and the acquiring devices, have been gaining momentum and widespread adoption in recent times. First introduced in the 1990s, CPs recorded a significant boost in adoption following the Covid’19 Pandemic in 2020. Source Aelex Read More

MediaReach OMD to Present Top Trends 2023… Partners LBS & Geopoll on Webinar Session

– MediaReach OMD, Nigeria’s leading media independent agency and pioneering thought leadership in Nigeria, in partnership with the prestigious Lagos Business School of the Pan-Atlantic University and Geopoll West Africa, is set to present a Webinar on the top trends to watch out for in 2023 as the current year draws to a closing. Source MediaReach OMD Read More

Nigeria Launches Portal to Promote Trade Reforms

 The Federal Ministry of Industry, Trade and Investment, on Monday, launched the Nigeria Trade Information Portal in fulfilment of the World Trade Organisation Trade Facilitation Agreement. Source Punch Read More

Tax on Beverages ‘ll Contract Output, Drop Revenue by 40% –Manufacturers

 – Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN), have raised the alarm that the Federal Government’s proposed 20 percent Ad-valorem Excise Tax on non-alcoholic Beverages, was likely to cause a 0.43 percent contraction in output and about 40 percent drop in total industry revenues in the next five years. Source Sun Read More

Telecoms Contribution to GDP Increases by 10%

 The contributions of telecommunications to the nation’s real Gross Domestic Product increased by 10.52 percent year-on-year to hit N7.28tn in the first nine months of 2022. In the corresponding period of 2021, the sector contributed N6.58tn to real GDP. According to the National Bureau of Statistics, the sector contributed N11.99tn to nominal GDP within the period under review, a 17.83 percent y-o-y increase from the N10.18tn it was in the corresponding period of 2021. Source Punch Read More

Crypto Lender Blockfi Files for Bankruptcy, Cites FTX Exposure

– Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month. Source Reuters Read More

Islamic Finance Market Weekly Review November 21st to November 28th, 2022

– The Debt Management Office (DMO) last week announced the issuance of the N100bn Ijarah Sukuk for Roads Infrastructure in Nigeria. This will be the 5th issuance since 2017, and so far over N612bn has been raised for building/ rehabilitation of 71 roads and 4 bridges across Nigeria. The Sukuk offer closes tomorrow Tuesday, 29th, November 2022. Source WebTV Read More

NDIC: We’ve Paid N113.2bn to Depositors of Failed Banks

 Bello Hassan, NDIC managing director made the disclosure at the 2022 NDIC workshop, organised for the finance correspondents association of Nigeria (FICAN) and business editors on Monday in Port Harcourt. Source TheCable Read More


Ardova Plc Reports N4.34bn Loss in Q3’22 Unaudited Results, (SP: N13.90k)

Ardova Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.

Key Highlights

  • Revenue grew by 34.2% from N136.1bn to N182.59bn.
  • Loss before tax stood at N4.34bn
  • Loss after tax stood at N4.34bn
  • Share Price Currently Stands at N13.90k



Presco Plc Declares N15.88bn PAT in Q3 2022 Results, (SP: N110k)

Presco Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.


Key Highlights

  • Revenue grew by 15.5% from N51.26bn to N59.21bn.
  • Profit before tax stood at N21.31bn
  • Profit after tax stood at N15.88bn
  • Share Price Currently Stands at N110k


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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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