CAPITAL MARKET
NGX ASI down 0.15% as investors lose N30bn
Proceedings at the Nigerian Exchange Limited (NGX) went southward as sell pressure in the shares of Eternal Oil, Cutix and Wapco drove the market indices down by 0.15 per cent. Buying interest in bellwether stocks had seen the market’s All Share Index (ASI) gain 0.12 per cent on Wednesday with market capitalisation rising by N25 billion to close at N20.303 trillion. However, the bears resurfaced yesterday in the market, leading to the ASI dropping 0.15 per cent to close at 38,911.31 points while market capitalisation fell by N30 billion to close at N20.273 trillion. The Sun
BANKING
First Bank of Nigeria Limited has been awarded the Private Bank of the Year 2021 by Global Finance, the voice of the global market renowned for its comprehensive coverage and analysis of the financial industry, international business and global economy. According to a statement on Thursday titled ‘First bank wins private bank of the year 2021 award by global finance’, the bank was given the award for its excellent service delivery to customers, its dedication and commitment towards meeting the expectations of the bank, while providing state of the art financial services to its customers, irrespective of where they are in the country. Punch
Access Bank partners SME.ng to boost digitization of women-owned businesses
Access Bank, through the W Initiative, a brand dedicated to inspiring, connecting, and empowering women in all categories, has partnered with SME.NG to provide a one-stop-shop solution for women entrepreneurs in Nigeria. As an organisation that sees providing female entrepreneurs with an opportunity to access easy finance, wider market, technical as well as business support to be of fundamental importance, the bank has partnered with SME.NG to launch the Ebi marketplace; an online platform which will be Nigeria’s first all women’s e-market place with a fusion of financial services, trading opportunities, access to advisory services, mentorship, networking and so much more. The Sun
ECONOMY
FG woos local investors, opens $3bn Eurobond borrowing plan
The Debt Management Office has disclosed that Nigeria is back in the International Capital Market after about three years with a plan to raise at least $3bn from Eurobond issuance. This was contained in a statement titled ‘Nigeria back at International Capital Market with Eurobond offer’ issued by the DMO’s spokesperson, Chinenye Onu, on Thursday. The statement read, “The Federal Government of Nigeria has announced plans for a Eurobond issuance in the International Capital Market. “The last time Nigeria accessed the ICM was November 2018.” The statement further disclosed that there would be virtual meetings with investors on September 17 and 20, adding that the meetings are open to local investors for the first time. “Virtual meetings with investors have been scheduled for September 17 and September 20,2021. Punch
Naira slumps further, exchanges for 570/$
The naira continued its downward trend after exchanging to the dollar for 570 on Thursday. A week earlier, the naira had traded to the dollar at the rate of 534. According to the official website of the Bureau de Change operators, naijabdcs.com, the dollar was bought and sold at N568 and N570 respectively. Meanwhile the naira hit a high of N413 to close at N412.64 at the I&E forex window on Thursday. This was as the Central Bank of Nigeria maintained its official rate at 410.57/$ on its website. As part of efforts to address forex shortage in the economy, the CBN ordered the banks to go tough on defaulters. Punch
‘Nigeria dependent on cooking gas imports from U.S, Algeria, Equatorial Guinea’
Despite huge gas resources, currently hovering around 206 trillion standard cubic feet, smaller African countries like Algeria and Equatorial Guinea are now exporters of Liquefied Petroleum Gas (LPG) to Nigeria amidst soaring prices. The Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu yesterday, disclosed that 85, 264.803 metric tonnes of the cooking gas was supplied across the country in August 2021. Sadly, of the volume, as much as 47,224.346 MT was imported by NIPCO, Matrix, Algasco, Techno Oil, Prudent, A.A Rano, Stockgap and others in August this year. About 38,040.457 MT was sourced locally by Ever Oil, Stockgap, NIPCO, 11 plc, Greenville Natural Gas, PNG Gas Ltd, NPDC and Ashtavinayak Hydrocarbon Ltd. Guardian
