CAPITAL MARKET
Investors gain N643bn in one day as stocks jump
The Nigerian stock market began the week on a positive note as investors gained N643.14bn at the end of trading on Monday. The All-Share Index of the Nigerian Exchange Limited jumped by 2.93 per cent to 43,246.87 basis points from 42,014.50bps on Friday. The market capitalisation of equities also went up to N22.57tn from N21.93tn amid positive investor sentiment in large-cap stocks. Market activities were positive as the total volume of shares traded on the floor of the NGX climbed by 60.12 per cent to 443.61 million units valued at N5.05bn in 5,233 deals from 277.04 million units valued at N2.38bn. Punch
Nigeria launches first green exchange
Determined to tap into the opportunities in the green and sustainable finance market, Nigeria, through the FMDQ Securities Exchange, yesterday launched its first green exchange. This is coming on the heels of a partnership deal signed by FMDQ Group with the Luxembourg Green Exchange (LGX) to promote the dual listing of securities and spot lighting green and sustainable securities. Delivering a keynote address at the event, Governor Babajide Sanwo-Olu of Lagos State noted that the launch of the green exchange is a step in the right direction for mainstreaming finance and development in Africa, saying the development is a huge win for Nigeria, especially as it is happening during this period of COP26. The Sun
ECONOMY
Analysts: Fresh PSB Approvals to Deepen Banks, Telcos’ Competition
The approval-in-principle granted to MTN Nigeria and Airtel Africa by the Central Bank of Nigeria (CBN) to operate Payment Service Banks (PSBs) is expected to heighten competition between the banks and the telecommunication companies. With the two approvals by the CBN, there are presently a total of five firms operating as PSBs in the country. The central bank had in 2019 granted approvals to Hope PSB, Money Master PSB and 9PSB. The PSBs are to operate mostly in the rural areas and unbanked locations, targeting financially excluded persons, with not less than 25 per cent financial service touch points in such rural areas as defined by the CBN from time to time, the guidelines said. Their introduction was in furtherance of the central bank’s mandate of promoting a sound financial system and enhancing access to financial services for low income earners and unbanked segments of the society. This Day
Nigeria’s October oil output fell to 1.37 million bpd – Report
Nigeria’s crude oil production dropped to 1.37 million barrels per day last month from 1.39 million bpd, a survey by Platts showed on Monday. The country’s oil production in October was 261,000 bpd below the quota given to it by the Organization of the Petroleum Exporting Countries and its allies, according to the survey. According to the Platts report, Nigeria’s oil output continues to be hamstrung by operational setbacks, with key pipelines facing persistent sabotage. It noted that Bonny Light, Escravos and Forcados had all faced production issues in 2021, while output of other key grades such as Qua Iboe, Brass River, Agbami, Akpo and Egina had also remained consistently low this year. Punch
NCC Reassures Nigerians on Safety of 5G Spectrum
As Nigerians await the full operation of the new generation network, 5G, the Executive Vice Chairman of the National Communication Commission (NCC), Prof. Umar Danbatta has assured Nigerians of the safety of their health. This is just as the Commission proposed to generate N632.39 billion in 2022, from the sale of 5G spectrum to players in the telecom sector, among other revenue sources. Danbatta who gave the assurance yesterday, when he appeared before the National Assembly joint committee on Communications to defend his commission’s 2022 budget proposal, said the commission’s response was sequel to the fear being expressed by Nigerians over the deployment of the new technology. This Day
