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Daily Business News Brief Thursday, September 23rd, 2021.

23
Sep

Investors lose N11bn as banking stocks dip further – Punch

Investors in the equities market of the Nigerian Exchange Limited – formerly Nigerian Stock Exchange lost N11.02bn at the end of trading on Wednesday as banking stocks declined for the eighth consecutive trading day.  The NGX All-Share index dropped by 0.05 per cent from 38,873.85 basis points to 38,852.69bps, while the market capitalisation decreased from N20.25tn to N20.24tn.  All trading indices fell as the volume of shares and value of shares traded dropped by 15.54 per cent and 35.47 per cent respectively.  At the end of trading on the floor of the NGX on Wednesday, 155.77 million shares valued at N1.51bn were exchanged in 3,256 deals as compared to the previous day’s tally of 184.44 million shares worth N2.34bn in 3,809 deals…………………….read more

Daily fuel consumption jumps to 72 million litres, subsidy hits N541.66bn- Punch

Petrol consumption in the country jumped from 55.59 million litres a day in April to 72.07 million litres per day in the month of May.  This shows that in the month of May, petrol consumption in the country was 16.48 million higher than the consumption in the month of April.  This also means that within the period, the country’s daily consumption of petrol by 29.65 per cent between April and May.  Data obtained the Nigerian National Petroleum Corporation monthly report showed for the first five months of the year, the corporation supplied a total 8.76 billion litres for local consumption………………read more

Import index rose by1.07% in Q2 – NBS – Punch

The All- commodity group import index on average grew marginally by 1.07 per cent, driven mainly by products of the chemical and allied industries, wood and articles of wood, wood charcoal and articles, paper making material; paper and paperboard in the second quarter.  The National Bureau of Statistics disclosed this in its report titled ‘Commodity price indices and terms of trade (Q2 2021)’ on Wednesday. It stated  that the All -commodity group export price index averagely increased by 0.72 per cent due to declines in the prices of chemical and allied industries, plastic rubber & articles thereof and mineral products……………….read more

Cooking gas: Marketers lack facilities, says NLNG, price hits N7,000 – Punch

The management of the Nigeria LNG Limited has said that marketers do not have enough infrastructure to take up its Liquefied Petroleum Gas supply.  In an earlier PUNCH report, the Independent Petroleum Marketers Association had said that the major cause of the rising cost of cooking gas was lack of adequate supply.  The marketers claimed that foreign investors underestimated demand in the Nigerian market resulting in marketers venturing into importation of the product.  They advocated that the government should let NLNG supply more gas to the market to reduce the costs.  Reports from consumers revealed that the cost of refilling a 12.5-kilogramme cylinder of LPG had risen to as high as N7000 in some states………………….read more

Operators laud SEC on Custody for Mutual Funds – Thisday

Capital Market Operators have commended the Securities and Exchange Commission (SEC) on its directive that clients’ funds for Mutual Trust should be domiciled with the custodian of the asset for optimal safety.  The commission had early this year issued new rules that clients’ fund for collective investment should be held in safe and secure custody or electronically administered.  The commission has re-affirmed its commitment towards full implementation of the new rule to ensure that a client’s asset does not co-mingle with that of the asset management company………………..read more

 

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