CAPITAL MARKET
Stock market reopens upbeat as capitalization rises by N60 billion
Following gains recorded by most blue-chip stocks, the Nigerian Exchange Limited (NGX) reopened in uptrend yesterday, as market capitalization gained N60 billion. Yesterday, the All-Share Index (ASI) increased by 113.99 absolute points, representing a growth of 0.29 per cent to close at 39,312.74 points while the overall market capitalization rose by N60 billion to close at N20.491 trillion. The upturn was driven by price appreciation in large and medium capitalized stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa. The Guardian
FMDQ Exchange lists MTN Nigeria’s additional commercial papers
FMDQ Securities Exchange Limited announced on Monday the approval and admission for quotation of the MTN Nigeria Communications Plc’s N19.77 billion Series 3 and N53.74 billion Series 4 Commercial Papers under its N200.00 billion Commercial Paper Issuance Programme on its platform. The FMDQ Exchange said in a statement that as businesses and institutions adjust to the new ‘normal’, corporate entities had continued to seek innovative and capital effective ways to source funding to finance their institutional needs. Punch
Commercial papers, bonds’ll boost funding sources –FBNQuest
FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc, has recommended commercial papers and bonds to corporate issuers seeking to raise working capital, expansion capital, refinance expensive debt and better match their cash obligations with revenues. It said this in a statement titled ‘FBNQuest recommends commercial papers and bonds to SMEs and corporates seeking stable funding sources’ on Monday. Punch
BANKING
NDIC calls for collaboration to improve professionalism in banking
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has stressed the need for collaboration between regulators and operators in the banking system for sound ethics and professionalism in the industry. He made the call during a courtesy visit by the Executive Council members of the Chartered Institute of Bankers (CIBN) led by the President and Chairman of Council, Bayo Olugbemi. The Guardian
CBN Organises Sensitisation Forum in Awka
The Central Bank of Nigeria (CBN) has concluded a two-day fair in Awka, Anambra State to sensitise members of the public on some of its operations. The banking sector regulator said the fair became inevitable to help small and medium scale industries and farmers in the state to grow, by acquainting them with the bank’s initiatives geared towards strengthening and promoting macroeconomic stability. This Day
ECONOMY
DPR, RMAFC Seek Collaboration on FG’s Gas Revenue Drive
The Department of Petroleum Resources (DPR) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have met to seek ways to boost revenues from the country’s gas resources, following the federal government’s renewed interest in the sector. Members of the gas monitoring committee of the RMAFC who paid a courtesy visit to the Director/ Chief Executive Officer of the DPR, Mr. Sarki Auwalu, noted that the partnership would assist in refocusing both organisations on areas they can work together. This Day
Nigeria generates N496b from VAT in Q1
Nigeria generated a total of N496.4 billion from value-added tax (VAT) in the first quarter (Q1 2021). This is 9.2 percent higher than N454.69 billion generated in Q4 2020 and 52.9 per cent above N324.6 billion realised in the same period last year. This is contained Q1 2021 VAT data released by the National Bureau of Statistic (NBS) released yesterday. According to the bureau, other manufacturing generated N49.41 billion to top emerge the highest contributor. The Guardian
Leverage HACCP to access market, NEPC tells exporters
The Nigerian Export Promotion Council (NEPC) has equipped 11 exporters with the Hazard Analysis and Critical Control Point (HACCP) certification to reduce the high level of rejection of made-in-Nigeria goods at the international market. The Executive Director, NEPC, Segun Awolowo, said the move was apt as accessing global market has become stricter due to the COVID-19 pandemic. This, he said, leads to tougher inspection regimes at the border control points (BCPs) in importing countries. The Guardian