CAPITAL MARKET
Equities rebound as market capitalisation rises by N54 billion
The equities market reversed bearish sentiment to close in an upbeat yesterday, occasioned by renewed bargain hunting in major industrial goods and insurance sectors, as market capitalisation increased by N54 billion. Specifically, the All-Share Index (ASI) appreciated by 105.04 absolute points, representing a rise of 0.26 per cent, to close at 41,249.71 points. Similarly, the overall market capitalisation value surged by N54 billion to close at N21.526 trillion. The improved performance was driven by price appreciation in large and medium capitalised stocks, which are: MTN Nigeria Communications (MTNN), Nigerian Exchange Group, FBN Holdings (FBNH), GlaxoSmithKline Consumer Nigeria and Ecobank Transnational Incorporated (ETI). Guardian
BANKING
NDIC plans technical, financial support for bank
The Nigerian Deposit Insurance Corporation has said that plans are underway to review its Deposit Insurance Framework to provide adequate financial and technical support to financial institutions in the country. The Managing Director, NDIC, Bello Hassan, who stated this at the 2021 Finance Correspondents Association of Nigeria Workshop held in Ibadan on Wednesday, said the review would be implemented in line with Section 2, sub-section 1 of the NDIC Act. Punch
ECONOMY
No reprieve for Naira yet as rate hovers around N570/$1
As demand for foreign exchange continues to surge ahead of December purchases, there seem to be no respite for the Naira yet against and the US dollar with the Nigerian currency still trading at N570/$1, according to Daily Sun findings. The Naira on Monday, October 18, at the Investors and Exporters (I&E) window appreciated against the US dollar at N414.73/$1, compared to a marginal gain of 0.08 per cent from N415.07/$1 recorded on Friday. It however gained 0.09 per cent to N572/$1 on Monday, October 18, 2021 at the parallel market compared to N573.5/$1 recorded at the close of trading on Friday, October 15, 2021, according to information obtained from Bureau de Change (BDCs) operators in Lagos. The Sun
CBN introduces N500m grant for undergraduates, graduates
The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment. The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’. “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,” it said. It added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well as science and technology. Punch
Insurance firms put #EndSARS claims at N20bn, probe delays payment
Insured individuals and firms that suffered losses from last year’s public protests against police brutality, popularly known as #EndSARS, have filed for over N20bn claims with insurance companies, it has been learnt. The development came as memorial protests of last October’s #EndSARS crisis rocked Lagos and other parts of the country on Wednesday. The Chairman, Nigerian Insurers Association, Mr Ganiyu Musa, told our correspondent in an exclusive interview on Wednesday that investigations and documentations involved in the processing of the claims filed by the victims and their families were delaying the payment of some parts of the claims. Punch
