CAPITAL MARKET
Stock Market Gains N151bn as Bulls Consolidate Hold
The stock market gained N150.8 billion yesterday as the bulls consolidated their hold on the market.The bulls had regained control of the market on Tuesday after a negative trading on the first day of the week. The positive trend continued yesterday as 25 stocks appreciated in prices compared with six that depreciated. As a result, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.7 per cent to close at 39,170.95, just as market capitalisation rose N150.8 billion to close higher at N20.4 trillion. This Day
Nigerian capital market’ll survive current challenges – ASHON
The Association of Securities Dealing Houses of Nigeria has said the Nigerian capital market has capacity to survive the ongoing insecurity and macroeconomic challenges militating against investment opportunities. ASHON said the government could revive the securities market through measures such as the enhancement of stockbrokers’ liquidity and implementation of some policies to boost investment in the market. Its Chairman, Chief Onyenwechukwu Ezeagu, said in a statement that the stock market had always exhibited resilience. Punch
ECONOMY
Why currency crisis, economy worsen despite high oil prices
Except extraordinary measures are taken to salvage the naira, experts have warned that economy could reach the cliff sooner than expected. The warning comes as structural challenges, coupled with transient measures ranging from insecurity, mono foreign earnings, insatiable borrowings, declining foreign investment inflows, rising capital flight, overreliance on ways and means advances, expanded money supply, to general uncertainty intensifies the pressure on the naira. The Guardian
Four West African countries to buy Nigeria’s idle electricity
Niger, Togo, Benin and Burkina Faso are collaborating to buy the unutilised power produced in Nigeria, the Chairman of the Executive Board of the West African Power Pool, Sule Abdulaziz, said on Wednesday. Abdulaziz, who is also the acting Managing Director of the Transmission Company of Nigeria, said the four countries were collaborating to make the power purchase from Nigeria through the Northcore Power Transmission Line currently being built. Punch
Lagos, Rivers Lead as Public Debt Climbs to N33.1tn
Nigeria’s total public debt had a 0.58 per cent marginal increase from N32.916 trillion as of December 31, 2020 to N33.1 trillion ($87.239 billion by March 31, 2021, latest figures from the Debt Management Office (DMO) have revealed. The total public debt comprises the debt stock of the Federal Government of Nigeria (FGN), the 36 state governments and the Federal Capital Territory (FCT). Lagos State led other states with a total debt of N507.377 billion; followed by Rivers, N266.936 billion; Akwa Ibom, N232 billion; and Delta, N213.982 billion. This Day
Reps list naira devaluation losses, ask CBN to halt trend
The House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders. The House decried that while the Nigerian currency was losing value, others in African were appreciating. At the plenary on Wednesday, the House unanimously adopted a motion moved by the Deputy Chairman of the Committee on Pensions, Mr Bamidele Salam, which warned the CBN of the implications of further devaluing the naira. Punch