CAPITAL MARKET
Stock Market Sustains Positive Momentum for Third Consecutive Session, Adds N46bn
The stock market of the Nigerian Exchange Limited (NGX) sustained its positive momentum for the third consecutive session yesterday as market capitalisation gained N46 billion over investors buy interest in Guaranty Trust Holding Company Plc (GTCO) that gained 1.69 per cent and Zenith bank 1.25 per cent, to keep the market in positive terrain. The gained recorded lifted the NGX All Share Index (ASI) by 85.15 basis points o 0.18 per cent to close at 48,223.86 basis points, the highest point since September 16, 2008. Consequently, the overall market capitalisation value gained N46 billion to close at N25.998 trillion. Performance across sectors was broadly positive, as the NGX Oil & Gas appreciated by 1.6per cent, NGX Banking that gained 0.5per cent, NGX Insurance that gained 0.4 per cent, NGX Consumer Goods added 0.2per cent, and NGX Industrial Goods rose by 0.1per cent. This day
BANKING
No cause for alarm over fire incident at Makurdi branch –CBN
Following an early morning inferno at the Makurdi branch of the Central Bank of Nigeria (CBN) on Thursday, the management of the apex bank has asked anxious Nigerians not to panic as the minor fire outbreak was swiftly checked moments after it was detected. According to the Spokesman of the CBN, Mr Osita Nwanisobi, the prompt response of the bank’s security and facility management units as well as support from the Benue State Fire Service helped to fight the fire and prevented any damage it might have caused to the main office building. “Reports indicate that the fire started from the fuel dump behind the branch building, sending smoke into the atmosphere. Fortunately, there were no fatalities and the affected site has since been cordoned off for further investigation. Normal work has also continued at the branch. The Sun
ECONOMY
Cooking gas price jumps by 83% in one year –NBS report
THE average retail price for cooking gas increased by 83.62 per cent from N2057.71 in March 2021, according to a new report by the National Bureau of Statistics. The report titled, “Liquefied Petroleum Gas (Cooking Gas) Price Watch (March 2022),” indicated that the average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) stood at N3778.30 in March 2022, from N3708.58 recorded in February 2022, showing an increase of 1.88 percent month-on-month. According to the state profile analysis, the highest average price for refilling a 5kg cylinder of LPG was recorded in Ekiti with N4,200, followed by Niger with N4163.33 and Imo with N4150.00. Punch
Oil price rises as OPEC projects steady demand growth
Brent, the global benchmark for crude oil, rose marginally in price on Thursday, as the Organisation of Petroleum Exporting Countries projected that the demand growth for oil would continue this year. Industry figures showed that Brent moved up by $0.77 or 0.72 per cent to $107.57/barrel at about 7.13pm Nigerian time. It had traded around 106.8/barrel the preceding day. In its statement to the International Monetary and Financial Committee meeting of ministers and governors for April 2022 and released on Thursday, OPEC stated that oil prices had been on the rise, particularly in March this year. Punch
High food prices’ll continue in Nigeria, others till 2023–IMF
The International Monetary Fund says the impact of the war in Ukraine is likely to sustain pressure on commodity prices, affecting oil and gas prices severely in 2022 and food prices well into 2023 in Nigeria and other countries of the world. The Washington-based lender disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery April 2022,’ report. According to it, inflation is expected to remain high, and far longer than it had previously forecasted. It said, “With the impact of the war in Ukraine and broadening of price pressures, inflation is expected to remain elevated for longer than in the previous forecast. Punch
Reps allege cover-up on refineries, summon Sylva, Kyari, others
The House of Representatives’ Ad Hoc Committee on the State of Refineries in Nigeria has summoned the Minister of State for Petroleum Resources, Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari. The officials of the management of the nation’s refineries were also summoned to appear before the panel. Non-appearance by the stakeholders had botched the investigative hearing of the committee scheduled for March 31, 2022. The committee, which condemned the invitees for allegedly shunning a series of invitations to its investigative hearing, threatened to invoke legislative powers against them at a press briefing in Abuja on Thursday. Punch
How Aviation Industry Contributes to Naira Depreciation
The aviation industry makes huge forex demand and contributes significantly in pressuring the Naira, from aircraft insurance, foreign airlines revenue, aircraft maintenance, and importation of equipment. Chinedu Eze writes that government could cut back forex demand by localizing some aviation activities through policies and actions. Every aviator will readily tell you that most aviation activities are denominated in foreign currency; that apart from manpower, aviation fuel, catering, overhead costs and related services, which are paid in the local currency, other expenses are done in foreign currency. Many stakeholders argue that the Nigerian government over the years has lackadaisical disposition towards radically changing the status quo by localising most of these aviation activities. For example, the Nigerian government could build major maintenance. This Day
Transcorp power increases capacity to 590MWs, changes name
A subsidiary of Transnational Corporation PLC., Transcorp Power Limited is currently adding 590 megawatts (MWs) of electricity to the national grid. Speaking at the 2021 yearly general meeting, in Abuja yesterday, the Chairman of the group, Tony Elumelu, hinted that Transcorp Power increased its generating capacity from 390 MWs to 470 MWs in May 2021, consequently bringing the company’s combined generating capacity of its two companies to 590 MWs. He added: “We will continue our engagements with our existing gas suppliers and explored gas supply from other producers to diversify our supply base, thereby ensuring adequate gas supply to our power plants in Ughelli and Afam and achieving optimum utilisation of their capacity despite general gas supply issues at various points of the year. Guardian
Google’s Equiano cable lands in Nigeria, to boost GDP by $10.1bn by 2025
Google and cable landing partner , WIOCC, has announced the landing in Lagos, Nigeria, of the state-of-the-art Equiano subsea cable, which will become a critical element in meeting Nigeria’s current and future international connectivity demands. Named after Nigerian-born writer and abolitionist, Olaudah Equiano, the Equiano cable will help support further digital transformation in Nigeria, a country which has produced five start-up unicorns (companies now valued at more than $1 billion) in the past five years. A recent impact assessment study by Africa Practice and Genesis Analytics stated that once the state-of-the-art, high-capacity Equiano cable had become fully operational, anticipated later this year, it is expected to bring the following benefits to Nigeria: increase internet speeds by a factor of six, reduce internet retail prices by 21 per cent and increase internet penetration by six percentage points Also, it will boost GDP by $10.1 billion by 2025, boost employment creation by 1.6 million jobs by 2025 and save 2.8 million tonnes of CO2 emissions per annum. The Sun
