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Daily Business News Brief  Wednesday November 10th, 2021.

10
Nov

 

Telcos drive stock market higher, investors gain N252.41bn – Punch

MTN Nigeria Communications Plc and Airtel Africa Plc led the top five stocks by value at the end of trading on the floor of the Nigerian Exchange Limited on Tuesday, with investors gaining N252.41bn. The NGX All-Share Index recorded a 1.12 per cent increase to close at 43,730.55 basis points, its highest so far in 2021, from 43,246.87bps on Monday. The market capitalisation of stocks rose to N22.82tn from N22.57tn on Monday as investors pumped cash into the acquisition of the shares of MTN and Airtel, among others. By value of shares traded, MTN led the charge as N1.08bn worth of its shares were exchanged on the floor of the NGX, accounting for 30.98 per cent of the total value of shares traded. Zenith Bank Plc followed with N427.16m worth of its shares traded, while UACN Plc had their shares valued at N360.54m and N225.38m traded………………..read more

Fuel depots to pay NNPC’s shipping charges in naira- Thisday

The Nigerian National Petroleum Corporation has agreed to accept naira payments from depot owners for the use of its vessels for transporting petroleum products to their facilities, as part of efforts to ensure smooth supply and distribution of products across the country. The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr Farouk Ahmed, disclosed this on Tuesday at the end of a stakeholders’ meeting in Lagos. The heads of the Major Oil Marketers Association of Nigeria, the Depot and Petroleum Products Marketers Association of Nigeria, the Nigerian Maritime Administration and Safety Agency and the Nigerian Ports Authority were also at the meeting. Ahmed said, “Recently, there have been a lot of concerns because of the perceived scarcity of petroleum products, particularly Premium Motor Spirit…………………..read more

Aviation fuel price rises by 70%, international airlines may raise fares – Punch

The International Air Transport Association has said the price of jet fuel has continued to increase in recent weeks, with its price increasing by 70 per cent since the start of 2021.According to IATA, the Switzerland-based trade organisation representing over 290 international airlines, the increase in Jet A1 price is putting pressure on airlines’ operating costs and threatening the industry’s profitability.  IATA said jet fuel price continued to trend upwards in recent weeks as economic activity restarted around the world and supply remained tight. The association disclosed this in its ‘Airlines Financial Monitor’ which was released on Tuesday. It added that as of early November, jet fuel price was 70 per cent higher compared to the start of the year……………..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

Anchor Borrowers: Farmers owe CBN N463bn as defaults rise – Daily IndependentFarmers who subscribed to the Central Bank of Nigeria’s Anchor Borrowers’ Programme owed the apex bank N463bn as of the end of March 2021, data from the CBN Economic Report for April have shown.  The ABP was launched on November 17, 2015, by the President, Major General Muhammadu Buhari (retd.), to reverse the country’s negative balance of payments, especially in the area of food.  Beneficiaries of the programme include farmers cultivating cereals (rice, maize, wheat, etc.), cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock.  Loans are disbursed to the beneficiaries through deposit money banks, development finance institutions and microfinance banks, which the programme recognises as participating financial institutions.  The CBN report revealed that from the inception of the ABP in November 2015 to March 31 this year, the sum of N615.4bn had been disbursed to 3.04 million farmers…………..read more

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