Investors Gain N62.95bn as NGXASI Advances by 0.24%; Overnight Rate Contracts to 12.75%; BDC Depreciates to 740
- EQUITIES MARKET
1.1 NGX – Listed Equities
Nigerian Equities Market closed positive as the key market indicator advanced by 115.58 bps amid positive market breadth
The NGX All-Share Index advanced by 0.24% to close at 48,270.23 basis points as against a 1.04% gain recorded previously to close at 48,154.65 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N62.95bn gain.
YTD, the NGXASI Stands at +13.00%
The total volume traded advanced by 303.56% to close at 645.03m, valued at N4.19bn and traded in 3,486 deals. UPDCREIT was the most traded stock by volume with 460.71m units traded while UPDCREIT was also the most traded stock by value which is put at N1.61bn
Sectoral performance was broadly positive as eight (8) NGX sector index closed northward, seven (7) closed southward and three (3) closed flat. The NGX-IND index advanced by 1.66% to top the gainer’s chart while NGX Banking index declined by 1.29% to top the losers’ chart.
The Dangote index closed flat at 136.84 basis points while the Elumelu index declined by 0.27% to close at 110.99 basis points.
At the close of trading, the market recorded 17 gainers to 16 losers and 65 unchanged. GUINNESS topped the list of gainers while GEREGU topped the list of losers.
Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.02x.
Volume and Value Contribution
UPDCREIT led the volume’s chart with 71.42% contribution and closely followed by FBNH and ZENITHBANK
UPDCREIT tops the value’s chart with 38.47% contribution and followed by FBNH and ZENITHBANK
1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index advanced by 1.23% to close at 719.31 basis points as against the 1.11% gain recorded previously to close at 710.58 basis points
The total volume traded declined by 98.24% to close at 38,620 units valued at N2.6m and traded in 12 deal(s).
At the close of trading, NASD OTC market recorded one (1) gainer(s) to zero (0) loser(s)
1.3 Global Indices
On the global scene, the Hong Kong Hang Seng Index leads the top five gainers with 4.51% gain while the Germany DAX Index tops the top five losers with 0.81% 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 5.04% gain while the South Africa Resource 10 Index tops the top five losers with 2.59% loss as of 4pm Nigerian Time
- BONDS AND FIXED INCOME MARKETS
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 contracted by 0.25% to close at 12.75% while the Open Repo (OPR) rate also expanded by 0.50% to close at 11.88%
- COMMODITIES MARKET
3.1 AFEX Indices
The AFEX ACI appreciated by 1.42% to closed at 462.19 while the AFEX AEI appreciated by 5.33% to close at 225.87 basis points
3.2 AFEX Commodity Prices
Paddy rice advanced by 1.87% to top the gainers’ chart while Maize declined by 3.67% to top the losers’ chart.
3.3 Global Commodity Prices
Gold recorded 0.49% loss while Silver declined by 2.07% as of 09: 46 NY time
In the energy market, Brent advanced by 2.82% and WTI also advanced by 3.08% as of 09: 47 AM Central Daylight Time (CDT)
- CURRENCY/ FX M7ARKET
The naira at the I&E FX Window closed flat at N445.33/USD while the NAFEX rate depreciated by 0.09% to close at N444.50/USD
Access Holdings Plc Completes Acquisition of Indirect Equity Stake In Sigma Pensions Ltd and Merger of Sigma And First Guarantee Pension Ltd
Sequel to our announcement on October 25, 2022, Access Holdings Plc, trading as Access Corporation (‘the Corporation’) today announces the completion of its acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, FGPL with Sigma.
Following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity.
Commenting on this landmark transaction, Dr. Herbert Wigwe, Group Chief Executive of the Corporation, said:
‘Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.’
NNPCL Flares 100% Gas Output, Earns Zero Revenue in September 2022
According to a Punch news report, Nigerian National Petroleum Company Ltd (NNPCL) flared 100% of their gas output in September and earned no Revenue from it during the period despite the Federal Government’s gas monetisation policy and pledge to the United Nations to attain net zero emissions by 2060. The NNPCL gas production and utilisation data for September 2022, described its subsidiary, Nigerian Petroleum Development Company as one of the worst offenders in gas flaring in September, as the firm and its Joint Venture partners, Seplat Petroleum Development Company, and NPDC-Chevron Nigeria, flared 100% of their entire gas output of 106 million standard cubic feet of gas and 7 million standard cubic feet of gas, respectively.
Meanwhile, the Federal Government had declared 2020 and beyond a decade of gas and projected gas as its transition fuel. The Nigeria’s Energy Transition Plan (ETP) was developed in 2021 with support from the COP26 Energy Transition Council (ETC) and served as the basis for President Buhari’s commitment to net zero emissions by 2060 at COP26 in Glasgow. Since then, the plan has been approved by the Nigerian Government Federal Executive Council. The Plan seeks to tackle the dual crises of energy poverty and climate change and deliver universal energy access (SDG7) by 2030 and net-zero emissions by 2060. However, the government is still in the process of mobilizing the finance required to jumpstart implementation of the Plan which is estimated to cost US$1.9trn till 2060. According to the Vice President, Professor Yemi Osibanjo, the Federal Government plans to roll out a set of policy measures that would attract financing and investments of up to US$10bn and create scalability of programmes of over US$30bn over the coming decades.
The Federal Government continues to lose potential revenue to gas flaring. As seen by both the NOSDRA data and World Bank report, Nigeria lost potential income of between US$761.2m and US$893.1m to gas flaring in 2021. Beyond that, the agricultural ecosystem of the Niger Delta has been severely damaged. Due to increased soil temperature, crop yield has been affected with many lands now barren. Furthermore, water bodies are now black while rainfall in the area is also black destroying many homes. The black water bodies have destroyed fishing potential while burning bushes and lands have forced animals to desert the forests in the area.
The health of citizens residing in communities prone to gas flaring has also been severely impacted. Gas flaring has been linked to cancer and lung damage alongside neurological and reproductive problems which have become prominent among pregnant women and newborns in the region. Furthermore, the spate of gas flaring which has worsened the economic situation of affected villages has led to the development of insurgency and security instability. While we appreciate the development of the Energy Transition Plan and the commitment to a net zero carbon emission by the current administration, we believe the existing legal institutions and general business environment are critical disincentives to foreign direct investments and must be addressed.
NMDPRA Insists no Plan to Increase Petrol Price, as Scarcity Lingers
– As queues for fuel continue to grow in most parts of the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) insists there are no plans by the Federal Government to increase the price of Premium Motor Spirit (PMS). Source Guardian Read More
WTO: China, US, Germany Top World’s Merchandise Exporters in 2021
– A 2022 World Trade Statistical Review released by the World Trade Organisation (WTO) has shown that China, the United States and Germany were the top three merchandise exporters in 2021, representing 15, eight and seven percent of world exports respectively. Source ThisDay Read More
NNPC, Chevron JV to Drill 37 Wells with $1.4bn
– The project includes the drilling of 37 wells in the offshore and onshore Escravos area. It will also help to monetize reserves and increase production by arresting decline and supporting domestic gas supply. Source Sun Read More
FBNH 9M 2022 Result: Gross Earnings Rise Despite Fall in e-Banking Income
– FBN Holdco appears to have regained its growth steering wheel. The financial behemoth has gradually emerged from its 2021 speed bump delay and navigated towards a steady path to sustained tier 1 status. How long this last will depend on how well the bank has addressed Proshare’s earlier concerns over corporate governance and CBN forbearance. Source Proshare Research Read More
Nigeria’s Telecoms Subscribers Hit 214 Million
– The number of active telecommunication subscribers hit 214.35 million in October, according to new industry statistics from the Nigerian Communications Commission. Source Punch Read More
Nigeria Can Earn $40bn From Tech Sector – NITDA
– Nigeria currently has a competitive advantage to become the global talent factory in the sector with the capacity to earn over $40bn annually. Source Punch Read More
Insurance Industry Size Hits N2.3 Trillion In Half Year
– The insurance industry pushed back on economic recessions and the effects of the global COVID-19 pandemic recording market expansion in 2020 during the pandemic when the real GDP contracted by -1.9 percent as was the case with most economies around the world. Source The Nation Read More