CAPITAL MARKET
Stock market halts losing streak, investors gain N35bn
Investors in the equities market of the Nigerian Exchange Limited gained N35.44bn fueled by buyer interest in large-cap stocks on Thursday after three consecutive days of losses. The NGX All-Share Index rose by 0.17 per cent to 39,252.19 basis points from 39,184.18bps on Wednesday while the market capitalisation increased to N20.45tn from N20.42tn the previous day. The NGX Premium Index, consisting of the large-cap stocks on the bourse, grew by 0.44 per cent on the back of gains recorded by Dangote Cement Plc, Zenith Bank Plc, United Bank for Africa Plc, and FBN Holdings Plc, among others. Punch
BANKING
Access Bank Total Assets Hits N10.05trn, Declares N0.30 Interim Dividend
Access Bank Plc has announced a total assets to N10.06 trillion for the half year ended June 30, 2021 as against N8.68 trillion reported in full year ended December 31, 2020 indicating 16 per cent increase. Impressive increase in total assets was driven by 11.3 per cent growth in Loans and advances to customers to N3.99 trillion as at June 30, 2021 from N3.6trillion reported in 2020, while Deposits from customers appreciated by nearly seven per cent to N5.97trillion as at June 30, 2021 from N5.58trillion reported in 2020. This Day
ECONOMY
Naira sinks to 530 against dollar, pound hits N720
The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria. The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window. The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday. The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday. At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group. Punch
Fuel subsidy to continue till 2022 –NNPC
Despite heavy criticisms trailing the country’s monthly expenditure of N150 billion on fuel subsidy, the Nigerian National Petroleum Corporation (NNPC) has foreclosed immediate plans to suspend the price stabilization initiative. Its Group Managing Director, Mallam Mele Kyari, stated this in his presentation at an interactive session by the Joint Senate Committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at the National Assembly in Abuja on Wednesday. Rather, he said the corporation would have to continue with fuel subsidy till 2022 and, as such, has made provisions for it in the 2022 Appropriation Bill. The Sun
Twitter ban remains, says NCC as Nigerians lose N220.36bn
The Twitter ban in Nigeria is still in effect according to the Director, Public Affairs, Nigerian Communications Commission, Dr Ikechukwu Adinde. Adinde said that there had been no communications from the Ministry of Information to lift the ban. The NCC had sent a memo to Mobile Network Operators and Internet Service Providers to block access to Twitter for the ban imposed by the Federal Government to take effect. Some Nigerians had on Wednesday reported gaining access to the app without Virtual Private Networks on their laptops. Our correspondent explains that the reported access to Twitter had only been on Internet Service Providers networks, and not through the mobile networks. Punch