CAPITAL MARKET
Stock market ends five-day losing streak, gains N7.97bn
Investors in the Nigerian Exchange Limited gained N7.97bn at the end of trading on Wednesday as equities ended a five-day losing streak. The NGX All-Share Index rose slightly by 0.04 per cent from 37,857.24 basis points on Tuesday to close at 37872.55bps on Wednesday. Market activity was mixed as trading volume decreased from 197.28 million shares worth N2.98bn to 197.23 million shares valued at N21.4bn, but the number of deals increased from 3,567 to 3,610 on Wednesday. Punch
SEC, MMSD hold webinar on commodities trading ecosystem
In with its commitment to deepen the commodities trading ecosystem and attract more foreign exchange to the country, the Securities and Exchange Commission (SEC) is set to hold a webinar in conjunction with the Federal Ministry of Mines and Steel Development (MMSD). The webinar with the theme, “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges” will hold on Thursday July 15, 2021 at 10am. The SEC noted that Nigeria is currently developing its solid minerals sector to diversify its economy and Government’s revenue sources. The Sun
BANKING
GTB appoints Olusanya first female managing director
The newly established Guaranty Trust Holding Company Plc has appointed Mrs Miriam Olusanya as the managing director of Guaranty Trust Bank Limited. It also announced its new board of directors as well as changes to the board of its banking subsidiary, Guaranty Trust Bank Limited on Wednesday. The statement said, “The banking subsidiary, Guaranty Trust Bank Limited will be governed by a board of directors comprising, Mr Ibrahim Hassan as chairman of the board, Mrs Miriam Olusanya as managing director, Mr Jide Okuntola as deputy managing director, Mr Haruna Musa as executive director, Mr Olabode Agusto as independent non-executive director, Ms Imoni Akpofure and Mrs Victoria Adefala as independent non-executive directors. Punch
Banks’ total assets rise by N6.97tn in one year
The total assets in the banking sector rose by N6.97tn between April 2020 and April 2021, according to the Central Bank of Nigeria.Despite the effect of the COVID-19 pandemic, the assets rose from N46.2tn to N53.17tn between April 2020 and April 2021, figures obtained from the CBN’s Monetary Policy Committee’s report showed on Wednesday. Punch
Zenith Reaffirms Leadership with Best Commercial Bank Award
Zenith Bank Plc has been named the Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021. The award, which was announced in July 2021 edition of the World Finance Magazine, was based on individual banks’ ability to adapt to a continually evolving technological environment while maintaining top-class customer relations and bolstering their financial footing amidst the upheaval of the COVID-19 pandemic. This Day
ECONOMY
Saudi Arabia, UAE in talks on OPEC+ crisis
Saudi Arabia, the de facto leader of the Organisation of the Petroleum Exporting Countries, was deep in talks with the United Arab Emirates on Wednesday to resolve a dispute over UAE’s output target. Last week, OPEC and its allies, a group called OPEC+, cancelled a meeting due to clashes over plan to increase supply to meet rising global demand. The discussions between Saudi Arabia and UAE centered around a preliminary understanding to grant the UAE a new production baseline of 3.65 million barrels per day from May 2022. Punch
Debt servicing rises, gulps 72% of FG revenues
The Federal Government made a total of N3.25tn in 2020, according to a review of the budget performance of the 2020 Appropriation Act. The review also showed that the Federal Government spent a total of N2.34tn on debt servicing within the year. This means that 72 per cent of the government’s revenue was spent of debt servicing. It also puts the government’s debt servicing to revenue ratio at 72 per cent. In 2019, The Federal Government made a total revenue of N3.86tn. Within the year, debt servicing gulped N2.11tn. This puts the Federal Government’s debt servicing to revenue ratio in 2019 at 54.66 per cent. This means that between 2019 and 2020, the Federal Government’s debt servicing to revenue ratio jumped from 54.66 per cent to 72 per cent. Punch
Oando: How Nigerian Oil Firms Should Approach Energy Transition
In the wake of the growing anxiety among oil and gas companies to embrace energy transition, Oando Energy Resources, has advised Nigerian independents to be systematic in their approach. Speaking at a panel session at the just ended 2021 Nigeria Oil and Gas Conference and Exhibition (NOG) in Abuja, the Chief Operating Officer, Oando Energy Resources, Mr. Alex Irune, said though, energy transition was real, but that Nigerian companies needed to focus more on extracting the oil on the ground and use the proceeds to fund the transition. This Day
FG Approves N309.9bn Road Contract for Dangote as Tax Credit
The federal government yesterday gave the go-ahead for the award of a contract to Dangote Group for the construction of five roads totalling 274.9 kilometres at the estimated cost of N309,917,717,251.35 to be advanced by the company as a tax credit. This is just as the government also formalised the Police Special Service in the interest of transparency and accountability while approving N8.6 billion to the Ministry of Health for the procurement of HIV/AIDS kits. This Day
