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Daily Business News Brief  Tuesday October 12th, 2021.

12
Oct

Stock market reverses gains, investors lose N80b – Punch

Investors in the Nigerian Exchange Limited recorded a loss of N80.44bn on Monday as equities reversed a nine-day consecutive upswing.  The NGX All-Share index dropped by 0.38 per cent from 40,868.36 basis points on Friday to 40,714bps on Monday while the market capitalisation of stocks declined to N21.22tn from N21.30tn.  Investor activity by trading volume plummeted by 42.28 per cent to 91.31 million shares valued at N2.58bn in 4,395 deals, compared to 331.06 million shares worth N2.92bn in 3,986 deals on Friday.  Analysing by sectors, the NGX Industrial and Consumer Goods indices declined by 0.58 per cent and 1.00 per cent respectively while the NGX Banking and Insurance indices rose by 0.75 per cent and 0.95 per cent respectively. The NGX Oil and Gas index stood flat…………………read more

Oil surge pushes daily petrol subsidy to N8.28bn  – Punch

The sharp rise in global oil prices to record highs has pushed the subsidy cost being incurred by the Federal Government to N8.28bn daily, an analysis of data collated by our correspondent has shown.  The data also revealed that without subsidy, petrol would be selling for about N300 per litre as the landing cost of the product rose to N276.94 per litre last Friday from N249.42 per litre on July 30.  The PUNCH had reported on September 28 that the Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy from January to August, citing data from the corporation.  The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in oil prices…………………read more

Bitcoin gains $257.58bn in 11 days, price tops $57,000 – Thisday

Bitcoin has gained $257.58bn in market capitalisation in the first 11 days of October.  BTC closed with a market cap of $824.62bn last month, according to Coinmarketcap.com. It opened trading at $41,551.27 and closed at $43,790.90, with a market volume of $31,141,681,925 on the last trading day in September.  The cryptocurrency has since crossed the $50,000 price, rising to $57,439.17 on Monday as of 7:00 pm Nigerian time. It had a trading volume of $44,025,679,008 and a market cap of $1.08tn.  BTC is making a recovery from the lows of the last four months where it has traded consistently between the $30,000 and $40,000 mark. Since October 5, BTC has traded above the $50,000 mark, maintaining an upward trajectory as the market recovers.  At $57,000, BTC is closer to its all-time price of $64,863 that it reached on April 14, 2021………………………read more

NGX Group Upholds Global Best Practices Ahead of Planned Listing by Introduction- Thisday

In line with its commitment to uphold best global practices, Nigerian Exchange Group Plc’s (NGX Group or The Group) leveraged the Facts Behind the Listing of Nigerian Exchange Limited (NGX or The Exchange) to engage stakeholders yesterday ahead of the Listing by Introduction of its shares on NGX.  The proposed listing, the NGX said in a statement, comes on the back of the successful completion of the demutualisation and restructuring of the former Nigerian Stock Exchange and its related operations within NGX Group.  “Furthermore, In line with the practice of demutualized exchanges, NGX Group will be listing on the operating Exchange to support liquidity and enhance transparency…………………read more

FBNH Drives Trading On NGX, Exchanges 605.01m Shares – Daily Independent

FBN Holdings Plc (FBNH) has emerged the most traded stock by volume on the Nigerian Exchange Limited.  The company specifically accounted for 605.01 million shares worth N8.90 billion. Fidelity Bank followed with 20.59 million shares valued at N53.59 million, while Wema Bank traded 15.18 million shares worth N11.31million. ETI accounted for 15.03 million shares valued at N88.88 million, while Transcorp transacted 13.77 million shares worth N13.01 million.  Consequently, the total volume of trades increased by 102.7 per cent with an exchange of 812.29 million shares valued at N10.58 billion in 4,863 deals. ……………….read more

No Hope In Sight For Low Price Of Cooking Gas – Daily Independent

The leadership of the Nigeria Union of Petroleum and Natural Gas workers on Sunday announced the suspension of the intended withdrawal of the services of Petroleum Tanker Drivers earlier scheduled to commence midnight of Sunday, October 10.It was, however, observed that queues by motorists surfaced in various parts of Abuja on Sunday as hundreds of petrol seekers besieged fillings stations in a bid to purchase the commodity ahead of the planned strike action. NUPENG said the suspension of the planned strike was due to the understanding reached with the union by the management of NNPC at a meeting held in Ibadan, Oyo State on Sunday……………….read more

 

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