CAPITAL MARKET
Guinness Nigeria, Stanbic IBTC, 19 Others Lift Stock Market by N19bn
Investors renewed interest in some medium and large capitalised stocks lifted the Nigerian Exchange Limited (NGX) market capitalisation by N19billion as the market sustained bullish activity. The overall market capitalisation value gained by N19bllion to close at N25.632trillion, while the NGX All Share Index (ASI) rose by 35.48 basis points or 0.07 per cent to close at 47,545.86 basis points. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Stanbic IBTC. This Day
Eight years after, West Africa’s derivatives market takes off
Eight years after it was proposed, the Nigerian Exchange Limited (NGX) has formally rolled out West Africa’s first exchange-traded derivatives (ETD) market, a new asset class expected to provide local and foreign investors new opportunities to hedge against risks. Speaking at the launch of the platform, the Chief Executive Officer (CEO), NGX, Temi Popoola, said the derivatives risk would be managed by NG Clearing Limited, a premier Central Counterparty (CCP) infrastructure capable of reducing systemic risk\ alongside Access Bank and Zenith Bank as clearing members. Popoola said the launch is consistent with the Exchange’s commitment to developing the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing long-term capital. Guardian
Eterna Plc Appoints New Directors, Company Secretary
The Board of Directors of Eterna Plc has announced the appointment of new Directors and a new company secretary for the company. The Board appointed Mr. Akinwande Ademosu as an Independent Non-Executive Director, while Mr. Benjamin Nwaezeigwe was appointed an Executive Director. Mr. Mandella Golkus was appointed as the new Company Secretary of Eterna Plc. Eterna Plc said this in a statement to newsmen signed by the Executive Director, Corporate Services, Mrs Phoebean Ifeadi. According to the statement, Mr. Akinwande Ademosu was appointed an Independent Non-Executive Director, effective 1st of March. This Day
BANKING
10 banks lend customers N2.9tn in 12 months
Between December 2020 and December 2021, the combined loan portfolio of 10 Deposit Money Banks in Nigeria rose by N2.9tn, data collated from their audited financial statements show. The banks are Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Zenith Bank Plc, and Union Bank Plc. The loans and advances to their customers grew to N17.63tn as of December 31, 2021, from N14.64tn at the end of 2020. This indicates an increase of about 20 per cent growth in their loan books. Punch
ECONOMY
Report: OPEC+ Supply Gap Widened in March on Cut in Russian Output
The Organisation of Petroleum Exporting OPEC+ produced 1.45 million barrels per day (bpd) below its production targets in March, a Reuters report has shown. The reduction in output was mostly on the back of Russian output which began to decline following sanctions imposed by the West, according to a report from the producer alliance. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. The International Energy Agency (IEA) said in a monthly report last week that it expected Russian oil output losses to grow to 1.5 million bpd in April and to double to 3 million bpd from May because of sanctions and buyer aversion. This Day
IMF upgrades Nigeria’s economic growth forecast to 3.4%
The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022. The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report. In its January report, the Washington-based lender predicted a growth rate of 2.7 per cent for Nigeria in 2022. But it has adjusted its projection based on increasing oil prices. In its latest forecast, the revealed a 3.1 per cent growth projection for the nation in 2023, down from 3.4 per cent in 2022 and 3.6 per cent in 2021. Punch
AfDB approves €10m investment funding for African tech start-ups
The Board of Directors of the African Development Bank (AfDB) has approved an equity investment of €9.8 million to support venture capital investments in African start-ups, from seed to growth stages. Of the equity investment, €7 million will be sourced from the African Development Bank’s resources while the additional €2.8 million will be provided by the European Union (EU) through a partnership with the Organisation of African Caribbean and Pacific States (OACPS). The investment will help Cathay-AfricInvest Innovation Fund meet its target of securing €110m to invest in over 20 early-stage ventures across sub-Saharan Africa (SSA). Guardian
