CAPITAL MARKET
Trading Value Falls as Investors Adopt Cautious Trading
Both volume and value of trading at the stock market fell last week as investors continued with profit-taking and cautious approach while waiting for the release of half year corporate results. The volume of trading fell by 25 per cent from 1.348 billion shares worth N12.140 billion to 1.008 billion shares valued at N10.923 billion. Also the Nigerian Exchange (NGX) Limited All-Share Index (ASI) declined by 0.12 per cent to close at 37,947.18, while market capitalisation shed N24.5 billion to be at N19.771 trillion. This Day
NGX, Greenwich Securities, Africa Prudential Educate Retail Investors
The Nigerian Exchange (NGX) Limited, Greenwich Securities Limited and Africa Prudential Plc last week hosted a webinar as part of efforts to promote investor education in the nation’s capital market. The event was themed: ‘Realising income from your investments, dividends to coupons and everything in-between.’ In his opening remarks, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka said: “NGX is hosting this event in continuation of our commitment to providing relevant and strategic information targeted at equipping investors with the knowledge and skills necessary to effectively leverage the investment opportunities in the capital market. This Day
BANKING
As economy bleeds, banks’ profitability soars
The global economy, in the past year, buckled under the burden of the coronavirus pandemic. From Europe to America, the numbers have been in the red, tail spinning the national economies to chaos. This left governments with the additional burden of sourcing additional resources to survive. While individuals groaned under the rising burden of jobs and income losses that have been intensified by the pandemic, the telecommunication and banking sectors have remained afloat, posting profits and breaking new grounds. Guardian
ECONOMY
OPEC+ Resolves Impasse, to Boost Production by 400,000bpd
After over a two-week stalemate, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, yesterday resolved to gradually add more inventory to the oil market, as Saudi Arabia and the United Arab Emirates (UAE) finally put aside their differences. With the new agreement, the oil cartel will boost supply by as much as 400,000 barrels per day each month from August until all of its stranded output due to its decision to curb production last year, following the twin impact of the price war between Russia and Saudi Arabia and COVID-19 pandemic, has been restored. This Day
External reserves drop by $180m in two weeks
The country’s external reserves lost $180m in two weeks, the latest figures obtained from the Central Bank of Nigeria showed on Sunday. According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15. The reserves lost $905.5m in June, after it fell to $33.32bn at the end of June 30 from $34.23bn on May 31. The reserves stood at $34.88bn at the end of April 30, according to the CBN. Punch
ECOWAS counsels Nigeria to raise VAT on hotels, others
The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fuelling speculations about inflation on the items. According to ECOWAS, Nigeria remains the least VAT paying country in West Africa. The ECOWAS Director of Domestic Tax, Tiemtore Salifou, made the submission on the sideline of a two-day regional seminar on problems of tax transition in West Africa which ended in Abuja on Friday. Punch
Underwriter demands N10 billion from NIA over expulsion
Following its expulsion from the Nigerian Insurers Association (NIA), Standard Alliance Insurance Plc has demanded N10 billion from the body as damages to its reputation, resulting from malicious publications by the association. The underwriting firm stated this in a letter addressed to NIA and dated Monday, July 5, 2021. The letter signed by its lawyer, Ebun-Olu Adegboruwa (SAN), and addressed to the Director-General of NIA, Mrs. Yetunde Ilori, alleged circumvention of the right to fair hearing as guaranteed by the 1999 Constitution. Guardian
