The Nigerian Exchange Limited and other stakeholders in the stock market have expressed their commitment to boosting the Exchange-Traded Derivatives market. A statement said the NGX, in collaboration with the Chartered Institute of Stockbrokers and NG Clearing, would host a webinar to deepen the knowledge of the investing public on the recently launched NGX derivatives market. The webinar, themed ‘Exchange-Traded Derivatives: Enhancing the capital market for robust value creation’ would be held as part of the Exchange’s capacity-building and market development. It said the event built on the Exchange’s market’s initiatives to drive the derivatives market in Nigeria, following the launch of the NGX Exchange Traded Derivatives Market, which was accompanied by the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures. Punch
Investors’ profit-taking in Dangote Cement Plc and 30 others stocks on the Nigerian Exchange Limited (NGX) depreciated market capitalisation by N550.62billion in first day trading this week. The market capitalisation of the NGX that opened for trading at N27.914 trillion dropped by 1.92per cent or N550.62billion to close trading yesterday at N27.363trillion. Consequently, the NGX All Share Index (ASI) decreased by 1,021.34 basis points or 1.97 per cent to close at 50,756.74 basis points from 51,778.08 basis points when the stock market opened for trading. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flour Mills of Nigeria, Lafarge Africa, Fidson Healthcare and FBN Holdings (FBNH). This Day
Dissatisfied by the huge rise in banks’ Non-Performing Loan (NPLs) in the 2021 financial year, triggered by the prevailing economic downturn, investors at the weekend, urged government to stimulate economic activities, particularly, in ensuring security and facilitating the movement of agricultural produce as well as the seamless export of commodities.
The investors argued that the Central Bank of Nigeria (CBN) might be reaching the limit of its monetary policy tools in stimulating the economy. This is particularly so if the fiscal complements are not immediately activated. They expressed fear that the trend, if not controlled, could shrink banks’ bottomline in the current financial year and impact negatively on their dividend yield. According to them, government’s inability to provide an enabling environment that will boost operations of companies under the real sector and improve their profits would ultimately shore up banks’ NPLs, and erode their profitability. Guradian
Fuel queues hit major cities of Lagos, Abuja and Ogun on Monday, forcing motorists to spend hours at filling stations. In Lagos and Ogun states, The PUNCH witnessed long queues at several filling stations such as Mobil, Capital, Fatgbems, Enyo, TotalEnergies and NNPC. Though there were products at these filling stations, which also sold at N165/litre, motorists struggled to get gasoline with which to run their economic lives.There were also queues in states bordering the FCT, including Nasarawa and Niger. In the Federal Capital Territory, there were long queues at various filling stations such as the NNPC, Mobil, A.A. Rano, AYA Ashafa, Enyo, among others. Hundreds of motorists besieged the few filling stations that dispensed petrol at various states, spending hours on queues in a bid to buy PMS. Punch.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday faulted the Pipelines and Product Marketing Company (PPMC) for the recent scarcity of premium motor spirit (PMS) in the country. The Chairman, IPMAN, Lagos Satellite Depot, Mr. Akin Akinrinade, at a media briefing in Lagos, stated that since December 2021, not a litre of PMS had been lifted at the Nigerian National Petroleum Corporation’s (NNPC) Satellite depots at Ejigbo, leaving independent marketers to the hands of private depots who he said have increased their ex- depot price to a level no longer sustainable to sell PMS at N165. This Day
The Federal Government on Monday charged all parties – Nigeria, Niger and Algeria – involved in the construction of the $13bn Trans-Saharan Gas Pipeline to fast-track measures for the completion of the multibillion dollar project. It said this was vital because many European countries were currently asking Nigeria and its partners for alternative gas supply due to the negative impact on gas supply by the ongoing war between Russia and Ukraine. The TSGP is a planned natural gas pipeline from Nigeria through Niger to Algeria. In February this year, the three nations signed an agreement that would see development resume on the project. Punch
All eyes are now on the Organisation of Petroleum Exporting Countries (OPEC) as the production cuts it embarked upon in 2020 is set to expire in August, amid pressure from the United States to ramp up supply. By then the full quantity would have been rolled back and delegates from the 23-nation OPEC+ coalition say they are now grappling with what comes next. President Joe Biden is likely during his visit to Saudi Arabia, OPEC’s de facto leader in July, press on the oil producer to move beyond their August production levels and announce further increases to help cool oil prices that are above $110 a barrel, Bloomberg reported. This Day