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Daily Business News Brief  Thursday October 7th, 2021.


Stock Market Maintains Bullish Run,Appreciates by N286.53bn in 3 Days – Thisday

The Stock market of the Nigerian Exchange Limited (NGX) appreciated by N286.53billion in three days to maintain its bullish trading activates this week. Consequently, the market capitalisation rose by 1.4per cent to close on Wednesday to close at N21.24trillion from N20.96trillion the stock market opened for trading this week.  The market appreciated most on Tuesday following investors renewed interest in Airtel Africa following its share buy-back plan buoyed the impressive performance.  THISDAY had report that the market capitalisation gained N14 billion on Monday to close at N20.970 trillion, while on Tuesday, it appreciated by N247 billion to close at N21.217 trillion………………..read more

Diesel price jumps to N320/litre, job losses loom – Thisday

Fuel marketers have increased the price of Automotive Gas Oil, also known as diesel, to N320 per litre as the further rise in global oil prices and naira depreciation pushed up the cost of importing fuel into the country. The price of diesel, which is not regulated by the government, has surged by over 40 per cent so far this year from an average price of N225 per litre in January. The PUNCH had reported on July 9 that the product was sold for between N275 and N290 per litre at some filling stations in Lagos. Business owners have expressed fear that the spike in diesel price might force more businesses to sack employees amid rising energy costs. Diesel is mostly used by businesses, especially manufacturers, to power their generators amid a lack of reliable power supply from the national grid. Many vehicles transporting goods and people across the country also use diesel………………….read more

Banks start integrating e-Naira app – Punch

Banks have started to onboard the e-Naira feature on their applications  In its latest update, the Guaranty Trust World app has integrated a e-Naira feature.  However, when opened, the bank said, “Kindly note that you will need to download and onboard on the CBN e-Naira speed wallet app to create your e-Naira username and password.”  Recall that the Central Bank of Nigeria recently postponed the planned unveiling of the country’s digital currency, e-Naira. According to the CBN, the e-Naira wallet is a digital storage to hold the e-Naira.It added that it would be held and managed on a distributed ledger, and required to access, hold and use e-Naira. It added that it would be held and managed on a distributed ledger, and required to access, hold and use e-Naira. The bank said, “Your e-Naira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programmes……………………….read more

Banking, industrial stocks drive gains as investors earn N25bn – Punch

The Nigerian Exchange Limited equities market gained N25.29bn in capitalisation at the end of trading on Wednesday as the banking and industrial indices rose. The NGX All-Share index and the market capitalisation of stocks both increased by 0.12 per cent closing at 40765.20 basis points and N21.24tn respectively, from 40,416.66bps and N21.22tn recorded the previous day. Investor activity fell short of Tuesday’s tally as the volume of shares traded on the floor of the exchange dropped by 7.47 per cent from 432.99 million shares valued at N3.13bn in 4,377 deals to 400.65 million shares worth N3.48bn in 5,145 deals.  FBN Holdings Plc outperformed the traded stocks in terms of volume, accounting for 27.14 per cent of the total volume of trades, followed by Transnational Corporation of Nigeria Plc (9.9 per cent) and Ecobank Transnational Incorporated (8.18 per cent) to complete the top three on the volume chart…………………..read more

Nigeria lost N221.64bn in July to oil production stoppages – NNPC- Thisday

A total of 7,193,520 barrels of crude oil was lost in July this year due to about 39 production shut-in incidents, latest figures released by the Nigerian National Petroleum Corporation showed.  An analysis of the September 2021 presentation of the NNPC to the Federation Account Allocation Committee showed that oil firms could not deliver the over 7.19 million barrels of crude oil due to workers’ protests, industrial action, among others.  In July 2021, the average cost of Brent, the oil against which Nigeria’s crude is priced, was about $75 per barrel, according to figures obtained from global statistical firm, Statistica.  The Central Bank of Nigeria’s official exchange rate of the United States dollar was put at N410.83; therefore, by losing 7,193,520 barrels in July, the country lost about N221.64bn in the review month.This came at a time when the country’s debts had been increasing, with the Federal Government sourcing for funds by borrowing several billions of dollars………………..read more

Dangote Cement, MTN paid highest taxes in 2020 – Punch

A report by Next Money has disclosed that Dangote Cement Plc and MTN Nigeria Plc paid the highest corporate income taxes to the Federal Government in 2020.  Dangote Cement paid N97.24bn in CIT to FG making it the highest remitter of taxes for the year while MTN came second with a N93.6bn payout.  Guaranty Trust Holding Company Plc was third with a CIT of N36.66bn.  A statement from Dangote Industries Limited quoted the report as ranking Dangote Cement as the most capitalised in the country at M4.17tn and also the largest corporate employer with 16,199 employees.  The publisher of Next Money, Mr Ray Echebiri, was quoted as saying that the performance index analysis of companies listed on the Nigerian Exchange Limited established the best performers…………………….read more

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