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Daily Business News Brief  Tuesday November 9th, 2021.

9
Nov

Investors gain N643bn in one day as stocks jump – Punch

The Nigerian stock market began the week on a positive note as investors gained N643.14bn at the end of trading on Monday. The All-Share Index of the Nigerian Exchange Limited jumped by 2.93 per cent to 43,246.87 basis points from 42,014.50bps on Friday. The market capitalisation of equities also went up to N22.57tn from N21.93tn amid positive investor sentiment in large-cap stocks. Market activities were positive as the total volume of shares traded on the floor of the NGX climbed by 60.12 per cent to 443.61 million units valued at N5.05bn in 5,233 deals from 277.04 million units valued at N2.38bn traded in 3,524 deals on Friday. Sterling Bank Plc was the most traded stock by volume, accounting for 18.31 per cent of the total volume traded while Zenith Bank Plc emerged as the most traded stock by value, representing 15.79 per cent of the total value of stocks traded………………….read more

Cooking gas price jumps by 240%, marketers halt imports – Thisday

Importers of Liquefied Petroleum Gas, popularly called cooking gas, have stopped importing the commodity. Investigations also show that the cost of the product increased by 240 per cent for 12.5kg, jumping from N3,000 to N10,200 between January and October.  About 65 per cent of LPG is imported into Nigeria, while domestic production accounts for 35 per cent, hence the halt in imports could further shoot up cooking gas price if the situation is not addressed.  The Executive Secretary, Nigerian Association of Liquefied Petroleum Gas Marketers, Bassey Essien, told our correspondent on Monday that the reintroduction of customs duty and Value Added Tax on imported LPG were the basic reasons for the halt in its imports by importers.  He stated that there were several other issues and stressed that if the halt in LPG imports should drag further, the supply of the commodity domestically could suffer severe drop…………………..read more

Moving goods locally in Nigeria over 500% costlier than US –World Bank – Punch

The World Bank says it costs more to move goods locally in Nigerian than in the United States of America, stating that the cost of moving goods (per unit distance) domestically in Nigeria is about 5.3 times higher than in the United States of America.  This disclosure was contained in the Global Facility to Decarbonise Transport report newly published by the World Bank.  According to the report, reducing the cost of moving goods through enhancing the effectiveness of transport networks and services is crucial to resuscitating global trade.  The report read in part, “Despite the increased globalisation of production and trade, the world today is still far from being a single integrated economy. Landlocked developing countries, accounting for about one-fifth of the world’s nations, face higher transport costs than coastal countries.”…………….read more

Global crypto market value exceeds $3tn for first time – Daily Independent

The world cryptocurrency market is worth more than $3 trillion for the first time, according to calculations Monday, as mainstream investors increasingly jump on board.  The value has reached $3.007 trillion (2.6 trillion euros), said CoinGecko, which tracks prices of more than 10,000 cryptocurrencies.  “The crypto market is growing at a mind-blowing speed,” noted SwissQuote analyst Ipek Ozkardeskaya.  “A part of it is speculation of course, but a part of it is real,” she told AFP.  “Crypto is now making its way to traditional finance and everyone is on board.”  Bitcoin, the world’s biggest cryptocurrency, hit a record-high $66,000 last month after taking another step towards mainstream status………………..read more

Nigeria’s October oil output fell to 1.37 million bpd – Punch

Nigeria’s crude oil production dropped to 1.37 million barrels per day last month from 1.39 million bpd, a survey by Platts showed on Monday. The country’s oil production in October was 261,000 bpd below the quota given to it by the Organization of the Petroleum Exporting Countries and its allies, according to the survey.According to the Platts report, Nigeria’s oil output continues to be hamstrung by operational setbacks, with key pipelines facing persistent sabotage. It noted that Bonny Light, Escravos and Forcados had all faced production issues in 2021, while output of other key grades such as Qua Iboe, Brass River, Agbami, Akpo and Egina had also remained consistently low this year……………read more

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