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Daily Business News Brief  Monday November 15th, 2021.

15
Nov

Large-cap stocks drive market’s N647bn weekly gain- Punch

The stock market was bullish last week as highly capitalised stocks, including MTN Nigeria Communications Plc and FBN Holdings Plc, listed on the premium board of the Nigerian Exchange Limited drove a market gain of N647bn.  The NGX All-Share Index appreciated by 2.95 per cent to close the week at 43,253.01 basis points from 42,014.50bps at the end of the previous week, while the market capitalisation rose to N22.57tn from N21.93tn. The NGX Main Board and Premium Board indices rose by 2.97 per cent and 3.07 per cent respectively.  All other indices finished higher, except NGX Banking, NGX Insurance, NGX-AFR Bank Value, NGX AFR Div Yield, NGX MERI Growth, NGX Oil/Gas and NGX Industrial Goods indices, which fell by 1.13 per cent, 2.25 per cent, 1.83 per cent, 0.44 per cent, 0.80 per cent, 0.69 per cent and 0.01 per cent respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat……………….read more

Nigerian banks lend private sector N4.1tn in one year – Thisday

The Nigerian banking sector’s credit to the private sector rose by N4.1tn or 13.8 per cent between September 2020 and September this year.  The CBN’s money and credit statistics report showed that in September 2020, bank’s credit to the private sector stood at N29.7tn but rose to N33.8tn in September this year.  In October 2020, the sector’s debt to banks fell to N29.1tn, but climbed by N300bn to N29.4tn in November.  The total value of credit provided by banks to the sector rose to N30.4tn in December and N30.6tn in January 2021 but fell by N100bn in February to N30.5tn.  Lending to the private sector rose to N31.4tn in March, N31.9tn in April, N32.1tn in May and N32.6tn in June………………….read more

‘Equities Offer Superior Return Above Inflation’ – Thisday

Coronation Asset Management has advised investors to tap into the equities market to get a return that supersedes inflation figures.  Coronation Research in its new report, ‘Equities for a superior return,’ noted that the Nigerian investment climate is still strong and attractive for both long- and short-term investors.  Managing Director/CEO, Coronation Asset Management, Mr. Aigbovbioise Aig-Imoukhuede speaking at a virtual press briefing over the weekend said: “This report written by Guy Czartoryski and Adebayo Adebanjo challenges the widely-held opinions about Nigerian investments, in particular views about the equity market. Nigerian listed equities, if properly selected, can deliver an adequate return to investors over the long term.” …………read more

UBA raises $300m via senior notes- Daily Independent

Shareholders of Conoil Plc have approved a total dividend payment of N1.04bn, translating to 150 kobo for every 50 kobo share. The dividend was approved during the 51st annual general meeting of the company, according to a statement on Friday.The company promised at the AGM to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares.  It assured its shareholders that conscious efforts would be directed at achieving better execution of value-added products and services, especially in the areas of marketing and customer management……………….read more

Chevron, ExxonMobil, others to pay NNPC N156bn for crude exports -Punch

Nine multinational oil companies including Chevron and ExxonMobil will pay the Nigerian National Petroleum Company Limited a total of N156.148bn this for the August 2021 domestic crude oil exports, the NNPC has said.  A document obtained from NNPC in Abuja on Sunday showed that the firms, which were joint venture partners of the national oil company, exported hundreds of thousands of barrels of crude oil in August.  In the August 2021 domestic crude oil payable in November 2021 report, the NNPC explained that the remittance was in line with its payment policy of 90 days period…………..read more

 
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