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Daily Business News Brief  Thursday November 11th, 2021

11
Nov

Stock Market Reverses Three-day Positive Trend, Drops by 0.05%- Thisday

Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday closed on a negative note, halting the three-day gaining momentum.  The market negative performance was driven by investors profit-taking in large and medium capitalised stocks- Lafarge Africa Plc, Nigerian Exchange Group (NGXGroup), Ardova Plc, UAC of Nigeria (UACN) Plc and Red Star Express Plc.  Specifically, the NGX All-Share Index (ASI) dipped by 23.25 basis points, representing an decrease of 0.05 per cent, to close at 43,707.30 basis points from 43,730.55 basis points it opened for trading. ………………..read more

Nigeria’s debt stock hits N42.7tn, Senate okays fresh $16bn loans- Punch

Nigeria’s debt stock of N35.5tn will rise to N42.7tn following the Senate’s approval of the Federal Government’s request for $16bn and €1.02bn fresh loans.  The $16.2bn loan is equivalent to N6.7tn using the Importers and Exporters’ Window exchange rate of N411.24/$1, while the €1.02bn is equal to N485.5bn using the Central Bank of Nigeria’s exchange rate f N476/ €1. These bring the value of the loans to be acquired to N7.2tn.  The Senate had on Wednesday approved the foreign loan plans of the President, Major General Muhammadu Buhari (retd.), in which he sought to borrow the sum of $16.2bn, €1,02bn and a grant component of $125m to fund some “legacy projects.” The Senate also approved the request of the Bank of Industries for the issuance of €500m, but not more than €750m Eurobond in the international capital market…………………..read more

Speculators lose billions as naira appreciates, exchanges for 540/$ – Thisday

The naira has appreciated further in the parallel market as the dollar was sold for N540 on Wednesday, with traders saying speculators hoarding dollars would be losing a lot of money.The dollar, which was bought and sold for N578 and N580 as of the end of September, was bought and sold for N540 and N543 at the parallel market on Wednesday.Several Bureau de Change operators who spoke to our correspondent said the demand for foreign exchange was not high. “Many people who travelled have arrived and there is no high demand for forex as many people are not travelling now,” a BDC operator said. Another operator said, “The naira had been appreciating and many who have kept the forex would be losing a lot.”…………..read more

NGX pushes ahead with retail participation drive – Daily Independent

The Nigerian Exchange Limited has announced that it will be holding its fourth retail investor workshop in 2021 in line with its aim to drive the development and promotion of retail participation in the capital market.  It said in a statement that the workshop would aim to educate existing and potential investors on market opportunities and would feature presentations by industry experts from the broker community and the NGX team.  The Divisional Head, Trading Business, NGX, Mr Jude Chiemeka, said, “At NGX, we remain committed to creating awareness around the diverse investment instruments available on our platform and how these can help investors achieve their financial objectives under any condition………………..read more

SEC urges firms to tap Islamic capital market – Punch

The Securities and Exchange Commission has advised corporate organisations to leverage the Islamic capital market, saying it will help create an enabling environment.  The Director-General, SEC, Lamido Yuguda, said this at the 2021 African International Conference on Islamic Finance in Abuja Wednesday, with the theme ‘Infrastructure financing, sustainability, and the future of African markets 2.0’, according to a statement.  Represented by the Executive Director, Corporate Services at SEC, Mr Ibrahim Boyi, Yuguda said the commission was working assiduously with relevant stakeholders to implement recommendations for the non-interest capital market sector in line with the objectives of the 10-year Nigerian Capital Market Masterplan.  “This includes developing the segment of the market to contribute at least 25 per cent of the overall capital market capitalisation by 2025, with Sukuk contributing 15 per cent of outstanding bond issuances,” he said……………read more

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