CAPITAL MARKET
NGX to Host Inaugural TechNovation Conference
Nigerian Exchange (NGX) Limited is set to host the inaugural edition of its TechNovation Conference on Thursday, 30 September 2021. In a statement, the NGX said TechNovation Conference is a flagship event that provides a platform for local and global technology leaders to syndicate conversations around technology, partnerships and innovation that can advance technology adoption in the Nigerian capital market. “With the theme, “Technology, Platforms and Markets”, the event will be hosted by the Chief Executive Officer (CEO), Nigerian Exchange (NGX) Limited, Mr. Temi Popoola. This Day
NGX rebounds as capitalisation rises by N11 billion
The Nigerian equities market halted its three consecutive days of losses yesterday, as a result of renewed appetite in some blue-chip stocks, causing investors’ wealth to appreciate by N11 billion. Consequently, the Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) grew by 21.44 absolute points, representing a rise of 0.06 per cent, to close at 38,874.13 points. Similarly, the overall market capitalisation value gained N11 billion to close at N20.254 trillion. The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Guaranty Trust Holding Company (GTCO), Flour Mills of Nigeria, NAHCO, Oando and Pharma Deko. Guardian
BANKING
Inflation, regulatory costs push banks’ operating expenses to N874bn
Nine commercial banks in Nigeria recorded an aggregate operating expense of N874.8bn in the first half of the year. This figure indicates an increase of N51.9bn from the total OPEX of N822.9bn recorded in the corresponding period of 2020. The banks are United Bank for Africa, Access Bank, First Bank Holdings, GTBank, Zenith Bank, Fidelity Bank, Sterling Bank, Union Bank and First City Monument Bank. The banks, in their audited financial results for H1, identified double-digit inflation rate, regulatory costs such as the Asset Management Corporation of Nigeria charge of 0.5 per cent on total assets and the Nigeria Deposit Insurance Corporation, fall in domestic currency, among others as factors that contributed to the rise in OPEX within the review period. Punch
ECONOMY
Naira slides amidst CBN’s assurance of increasing forex supply
The naira slide to N575 on Thursday despite assurances by the Central Bank of Nigeria that there is sufficient foreign exchange to meet the legitimate needs of Nigerians.
The naira had maintained a downward trend, falling to 570/$ on Friday from N490/$ before the CBN stopped forex sale to the Bureau De Change operators in July. As part of efforts to solve naira crisis, the CBN on Friday vowed to clampdown on Abokifx, an online forex publication. This led AbokiFX to suspend publication of its forex rates of naira to other currencies. Despite the suspension, the naira fell to N580 on Monday, and traded around 575 to the dollar as of Thursday at the parallel market.At the Investor & Exporter forex window on Thursday, the naira hit a high of N415.20 to close at N413.63. Punch
Crude oil hits $77 amid supply constraints
The price of the international crude oil benchmark, Brent, rose on Thursday amid supply constraints and a drop in United States oil reserves. As of 9:16pm Nigerian time on Thursday, Brent traded at $77.19 after it rose by 1.13 per cent while the US West Texas Intermediate rose by 1.33 per cent to trade at $&3.19 per barrel, according to Oilprice.com. S&P Global Platts reported that US commercial crude stocks fell to its lowest since October 5, 2018 by 3.48 million barrels to 413.98 million barrels according to data from the US Energy Information Administration. Punch
Emefiele Woos Foreign Investors, Insists Prospects Abound in Nigeria
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has called on Nigerians in the diaspora and other foreign investors to take advantage of the opportunities in the country. Emefiele insisted that despite the economic challenges, numerous investment opportunities with good returns abound in the country. But speaking at the US-Nigeria Investment Summit held in New York, on the sidelines of the ongoing United Nations General Assembly, Emefiele advised Nigerians in the diaspora to begin to consider investing in their nation. This Day
