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Daily Business News Brief  Friday October 8th, 2021.

8
Oct

Stock market gains N33bn as volume jumps 103% – Punch

The Nigerian Exchange Limited gained N33.32bn in market capitalisation as trading finalised on its floor on Thursday after trading volumes jumped by 102.75 per cent  The NGX All-Share index rose by 0.16 per cent to close at 40,829.15 basis points from 40,765.20bps the previous day just as the market capitalisation of stocks increased from N21.24tn to N21.28tn.  At the end of trading on the floor of the NGX, a total of 812.30 million shares valued at N10.58bn were traded in 4,863 deals compared to 400.65 million shares worth N3.48bn in 5,145 deals.  FBN Holdings Plc was the most traded stock on Thursday as it occupied 27.14 per cent of the total volume of trades and 44.37 per cent of the total value of trades on the exchange.  Analysing by sectors, the NGX Banking index, Industrial Goods and Consumer Goods indices saw gains while the NGX Insurance index fell………………..read more

Stockbrokers plan capital market funding strategy for FG- Punch

The Chartered Institute of Stockbrokers has stated that it will be coming up with techniques for the Federal Government to source long term funding from the capital market.  CIS said in a statement that despite mounting agitation from the private sector on the implications of borrowing on revenue, the value of the naira and inflation, the Federal Government kept borrowing as its current budget deficit stood at N6.25tn.  The President, CIS, Mr Olatunde Amolegbe, stated that its upcoming conference themed ‘Capital market as a catalyst for economic and sustainable growth’, would feature discussions on optimising some elements of capital markets to improve economic development and sustainable growth in Nigeria………………….read more

Nigeria loses N309.26bn to 124-day Twitter ban– Punch

The Nigerian Twitter ban has entered its 124th day, causing losses of up to N309.26bn to the economy.  The Nigerian government had on June 4 ordered the suspension of Twitter.  Recently, the President, Major-General Muhammadu Buhari (retd.) said, “Social media is a very useful platform that has enabled millions of Nigerians to connect with loved ones, promote their businesses, socialise, and access news and other information.  “However, recent events have shown that the platform is not just an innocuous platform for information dissemination. “Rather some users have misused the platform to organise, coordinate, and execute criminal activities, propagate fake news, and promote ethnic and religious sentiments………………………..read more

NGX Group to list 1.96bn shares by introduction on Exchange – Thisday

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

FG to unveil 2022 budget details today- Thisday

The Federal Government will on Friday (today) publish the estimates in the 2022 Appropriation Bill laid before a joint session of the National Assembly by the President, Major General Muhammadu Buhari (retd.), on Thursday. The Minister of Finance, Budget and National Planning, Zainab Ahmed, will do the unveiling of the details, which were conspicuously missing in the N16.39tn budget presentation speech delivered by the President. The Director-General of the Budget Office of the Federation, Ben Akabueze, who made this known on Politics Today, a current affairs programme on Channels Television, monitored by our correspondent on Thursday night, also disclosed some details in the budget. Akabueze, who confirmed that it is the biggest budget to ever be presented by the Federal Government, also said it was ‘way lower than it should be’………………..read more

Central Bank Assures e-Naira Would Increase Cross-border Trade, Tax Efficiency- Thisday

In the wake of the implementation of the African continental free trade area (AfCFTA), the Central Bank of Nigeria (CBN) has stated that another component and incentive of the E-naira, which is slated to launch soon, would be its ability to enhance tax efficiency as well as improve cross-border trade. The Director Monetary Policy Department, Dr Hassan Mahmud said this yesterday at the 31st seminar for finance correspondents and business editors in Enugu where stakeholders converge to discuss, “Trends in the Nigerian System: Regulating the Fintech Digital Playing field.” Presenting his paper titled Implications of trends in the digital financial ecosystem for monetary policy implementation virtually, Mahmud said that part of the motivation to launch the digital currency is the ability to aide Cross-border trade and boost tax efficiency amongst others……………………..read more

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