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Daily Business News Brief  Friday October 29th, 2021.

29
Oct

Stock Market Appreciates By 0.41% As YTD Performance Hits 4.2% – Thisday

The stock market of the Nigerian Exchange Limited (NGX) reversed prior day’s loss with a gain of 0.41 per cent amid investors renewed interest on 21 stocks.  The market positive performance yesterday was driven by price appreciation in large and medium capitalised stocks, which are Nigerian Breweries Plc, Guinness Nigeria Plc, MTN Nigeria Plc, Cadbury Nigeria Plc and Lafarge Africa Plc.  In summary, the All-Share Index (ASI) went up by 171.55 basis points, representing a increase of 0.41 per cent, to close at 41,961.14 basis points from 41,789.59 basis points it opened for trading. ………………..read more

Petrol subsidy may climb to N3tn in one year – NNPC subsidiary- Punch

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has said the annual subsidy on Premium Motor Spirit (petrol) will rise to N3tn if the current market realities persist.The Managing Director, PPMC, Mr Isiyaku Abdullahi, said this on Wednesday at a panel session during the 15th OTL Africa Downstream Week 2021 in Lagos.  “At $80 crude oil, 60 million litres daily consumption and N411/$1 forex, PMS under-recovery per litre will be N138/litre. Daily PMS under-recovery will be N8.3bn. Annual PMS under-recovery will escalate to N3tn,” he said.  The PUNCH had exclusively reported on October 12 that the sharp rise in global oil prices to record highs had pushed the subsidy cost being incurred by the Federal Government to N8.28bn daily…………………….read more

Osinbajo to Headline NGX Capital Market Conference  –Thisday

Nigerian Exchange Limited (NGX) has announced that it is set to host the Vice President, Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, SAN at the inaugural Nigerian Capital Market Conference on Tuesday, 30 November 2021.  Themed, “The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery”,the NGX said the flagship conference will bring together policymakers, government, financial experts, business leaders, investors, international development partners, regulators and other market stakeholders, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing…………………..read more

Cooking gas price hike threatens domestic market’- Punch

The Chief Executive Officer of Ecogas Energy Resources Limited, Chief Shina Luwoye, has said the surge in the price of Liquefied Petroleum Gas (cooking gas) in Nigeria is a threat to the domestic market, which has seen significant growth in consumption in recent years. Luwoye attributed the price hike to the introduction of 7.5 per cent Value Added Tax on imported LPG, the devaluation of the naira and the scarcity of dollars.  He said at a press briefing that Ecogas had steadily pursued LPG adoption and penetration within the localities of its gas refilling plants as well as cost-cutting measures aimed at making the product more available and affordable………………..read more

Diesel landing cost rises to N336.45/litre, say marketers – Daily Independent

The pump price of Automotive Gas Oil, also known as diesel, may rise further as the Major Oil Marketers Association of Nigeria says its landing cost has increased to N336.45 per litre. The PUNCH had reported on October 7 that fuel marketers had increased the price of 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.  Our correspondent observed on Thursday that the price of diesel had been increased to N325-N330 per litre at several filling stations in Lagos from N303-N320 per litre three weeks ago.  Mobil, Fatgbems as well as Capital Oil and Gas filling stations, all along the Lagos-Ibadan Expressway, sold the product for N325, N330 and N329 per litre respectively, up from N315, N305 and N304.50 per litre on October 6………………read more

FBNH appoints ex-Fidelity Bank’s boss GMD, Eke retires – Thisday

The board of FBN Holdings Plc announced on Thursday the retirement of Mr U.K. Eke as the group managing director of the company, following the successful completion of his two-term tenure. It also announced that Eke would be succeeded by Mr Nnamdi Okonkwo, the immediate past managing director/chief executive officer of Fidelity Bank Plc. The board said in a statement that Eke tendered his notice of retirement was on August 10, 2021.  According to the statement, Okonkwo will assume office as the GMD of FBN Holdings Plc effective January 1, 2022 as Eke’s retirement will take effect on December 31, 2021.It said Okonkwo would bring to bear on the board of FBN Holdings more than 30 years of banking career spanning local and international experience…………………read more

AFEX: Commodity Prices Grew by 70% in 2021, Output to Rise by 3% – Punch

A survey has revealed that Nigeria experienced 70 per cent increase in the prices of food commodities in 2021.  The survey also projected that the country would witness three per cent increase in crop production, which would not be enough to tame the upward price movement of food products for the rest of this year and early part of 2022.  These projections were contained in the AFEX 2021/2022 Crop Production Survey, which was unveiled online on Tuesday.  The Chief Operation Officer of AFEX, Mr. Akinyinka Akintunde, said that the key findings of the survey revealed that harvest would be marginally higher in 2021 than previous year; however, prices of commodities are expected to be higher when compared to previous years………………..read more

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