BUSINESS HEADLINES

THIS DAY

Despite Global Volatility, Nigeria’s Stock Market Appreciated by N4.15trn in Nine Months

The stock market of the Nigerian Exchange Limited (NGX) maintained its positive momentum in the first nine months of 2022, gaining N4.15 trillion to outshine global markets that have witnessed severe volatility. The market capitalisation of the NGX had opened in 2022 at N22.297 trillion, gaining N4.15 trillion or 18.63 per cent to close at N26.451trillion as of September 30, 2022...Read More

GUARDIAN
Investors Lose N1.4 trillion in Q3

Rising interest rates, insecurity and other economic challenges in the country coupled with uncertainty in the global economy have continued to hit hard on the equities sector of the capital market, with investors losing N1.484 trillion in the third quarter (Q3). The all share index (ASI), which measures the performance of listed equities, shed 5.39 per cent to close the quarter at 49,024.16 basis points ((bps) from 51,817.59 bps… Read More

‘Gas, Market Challenges Impeding Domestic LPG Utilisation’

Nigeria LNG Limited (NLNG) has said it remains committed to supplying 100% of all its Liquified Petroleum Gas (LPG) production (butane and propane) to the Nigerian domestic market despite feedgas and market challenges. NLNG’s Managing Director/Chief Executive Officer, Dr. Philip Mshelbila, made the statement yesterday at the Nigerian Association of LPG Marketers (NALPGAM) 35th Annual General Meeting in Port Harcourt, Rivers State...Read More

THE SUN
CRR Hike to Drag Banks’ Profitability, Stocks –Experts

Following the Monetary Policy Committee (MPC)’s decision to raise the Cash Reserve Ratio (CRR) from 27.5 percent to 32.5 percent to tame inflationary pressure, capital market experts have said this will have an effect on the profitability of Nigerian banks. According to them, the hike could result to downward pressure on banks’ net interest margins (NIM) which would inhibit earnings growth and may further limit investors’ interest in banking stocks… Read More

ECONOMY HEADLINES

PUNCH

Debt Servicing on Nigeria’s Eurobonds Rises by 86%

The amount spent by Nigeria on servicing Eurobonds and Diaspora bonds has risen by 85.67 per cent between the first and the second quarter of 2022. An analysis of data on actual external debt service payments from the Debt Management Office showed that Nigeria spent a total of $246.16m on servicing its foreign bonds in the first quarter of 2022… Read More

THIS DAY

OPEC Mulls Highest Cut in Two Years, May Reduce Oil Production by 1m bpd

The Organisation of Petroleum Exporting Countries (OPEC) may cut oil production output by as much as 1 million barrels per day when they meet tomorrow, some delegates said yesterday. If the international oil cartel makes good the decision, it would be the largest cut since 2020 when the Covid-19 pandemic began…Read More

GUARDIAN

Nigeria to Benefit from $86 Billion Global Seed Trade

The National Agricultural Seed Council (NASC) has trained seed certification officers in line with the Organisation for Economic Cooperation Development (OECD) standards as part of its efforts to ensure the country benefits from the $86 billion global seed trade. This will help checkmate the importation of substandard seeds into the country and increase Nigeria’s chances of exporting seeds, thus boosting the country’s foreign exchange earnings…Read More

POLITICAL HEADLINES

THE SUN

Federal Government Considers China’s New Plane for Nigeria Air
 
Minister of Aviation, Hadi Sirika, has said that the country may consider buying the newly-certified C919 passenger jet in China as an additional aircraft for the national carrier, Nigeria Air. Sirika is reprted to have disclosed this on the sidelines of the United Nations aviation agency’s triennial assembly in Montreal, Canada…Read More

 
GUARDIAN

PDP May Cede Senate Presidency to Southwest, SGF to Southeast

Indications emerged, yesterday, that the Peoples Democratic Party (PDP) is working on a power-sharing deal with the Southwest to shore up support for its presidential candidate, Alhaji Atiku Abubakar, in the region. A top member of the party’s National Working Committee (NWC), who spoke on condition of anonymity, said Atiku, in a new regime of concessions, “has agreed that Southwest should produce the next Senate President… Read More

TECHNOLOGY HEADLINES

TECHCABAL

Banks Take the Fight to the Disruptors

In June 2021, Guaranty Trust Bank, one of Nigeria’s leading financial institutions, transitioned into a holding company from its standalone commercial banking structure.  Segun Agbaje, CEO and Managing Director of Guaranty Trust Bank (GTB) said the switch was necessary because Nigeria’s central bank rules required commercial banking business to be separated from other financial services businesses… Read More