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Daily Business News Brief  Thursday, September 16th, 2021.


Investors gain N25bn amid rise in large, medium-capped stocks – Punch

Equity investors in the Nigerian Exchange Limited gained N24.92bn at the end of trading on Wednesday amid gains in large capped stocks like MTN Nigeria Plc and Guaranty Trust Holding Company Plc.  The NGX All-Share index appreciated by 0.12 per cent to close at 38,968.34 basis points and a market capitalisation of N20.30tn from 38,920.50bps and N20.28tn recorded on Tuesday. Market activity was mixed as trading volumes decreased by 38.11 per cent while the value of shares traded increased by 57.98 per cent.  The number of shares exchanged at the end of trading on the floor of the NGX was 141.40 million shares valued at N2.97bn in 3,079 deals as compared to 228.48 million shares worth N1.88bn traded in 3,376 deals. The NGX Premium and NGX Main Board indices increased by 0.20 per cent and 0.04 per cent respectively at the end of the day…………………..read more

Nigeria piles up N2.36tn debt stock in three months – Punch

The Nigeria’s total public debt stock rose from N33.11tn as of March 31, 2021 to N35.47tn as of June 30, 2021.  This shows an increase of N2.36tn or 7.13 per cent increase within the three-month period.  The Director General of the Debt Management Office, Patience Oniha, provided a breakdown of the public debt stock for the second quarter of 2021 during a virtual media presentation on Wednesday.  The total external debt stock rose from N12.47tn as of March 31 to N13.71tn as of June 30, indicating an increase of N1.24tn or 9.94 per cent.  The total domestic debt stock rose from N20.64tn as of March 31 to N21.75tn as of June 30, indicating an increase of N1.11tn or 5.38 per cent……………….read more

MPC: Expert expects retention of rates – Punch

A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, has said the Monetary Policy Committee will likely retain all rates after its September meeting because there is no significant growth in the economy.  He said this during an interview with our correspondent on Wednesday.  The MPC had retained the Monetary Policy Rate at 11.5 per cent at the end of its meeting in July.  It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.  Nzekwe said, “The economy is producing minimally. It is only when the economy is moving that you can be moving upward or downward. Things are still fragile. They better maintain the whole indices as they are now, even though it is a good development that the Gross Domestic Product is growing. We have other things that should grow also in the economy.”…………………read more

Access Bank launches $500m senior unsecured Eurobond – Punch

Access Bank reported the complete pricing of a United States $500m senior unsecured Eurobond to provide medium-term funding and help enhance its capacity to support its general banking activities.  In a statement released to the Nigerian Exchange Limited and the investing public, the bank said the five-year unsecured note (144A/RegS) was oversubscribed by more than three times at $1.6bn on its order book.  The senior Eurobond is listed on the London Stock Exchange, matures in September 2026 and was issued with a yield and coupon of 6.125 per cent with interest payable semi-annually in arrears……………….read more

Bread, cereals, others push food inflation to 20.30%- Punch

The National Bureau of Statistics on Wednesday said that the composite food index rose by 20.30 per cent in August compared to 21.03 per cent recorded in July 2021. This implies that that food inflation continued to rise in August, however, at a slower pace than July. In recent times, Nigeria has been faced with the huge challenge of unbearable hike in prices of food commodities. The country has also found itself in serious food uptight condition and this has been a great concern for most people, especially the poor and vulnerable. The skyrocketing food prices in major cities across the country have had huge effects on the budget of households and firms……………..read more

Dangote Refinery Partners Content Board on Oil Sector Research, Development – Thisday

Dangote Oil Refinery has thrown its weight behind the Nigerian Content Development and Monitoring Board (NCDMB) to promote the critical issue of Research and Development (R&D) in the oil and gas sector of the country.  To display its readiness for this promotion, Dangote Petroleum Refinery was a Platinum sponsor of the 2nd Edition of Edition of the NCDMB Research & Development Fair and Conference 2021, which took place in Yenagoa, Bayelsa State recently…………………………..read more

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