Amid Economic Recovery, Dangote Cement, Fidelity Bank, Others Raise N418.07bn on NGX – Thisday
Amid steady growth in the nation’s economy, the primary segment of the nation’s capital market is beginning to gain traction as a total of 28 companies raised N418.07billion on the Nigerian Exchange Limited (NGX) between January and November 2021.The companies got approval by the Exchange management to access capital through listing by i ntroduction, private placement, corporate bond and block divestment. However, THISDAY checks revealed that most companies adopted dual listings of corporate bond on NGX and FMDQ Securities Exchange Limited. In 2006 to 2008 during the banking consolidation when banks needed to shore up their capital to N25 billion, activity at the primary market reached all time high with close N2 trillion raised by banks and other listed and none listed companies via public offerings and private placements………………read more
Short-term loans, others push banks’ assets to N58.51tn – Punch
Massive investments in short-term financing and other prudent measures have made the assets of 10 key commercial banks to grow by N8.09tn (a 16.06 per cent increase) to N58.51tn in one year, reports have revealed. Specifically, the combined asset of the 10 selected lenders grew from N50.42tn in September 2020 to N58.51tn in September 2021, according to an analysis of the financial result of the banks for third quarter ended September 30, 2021. The banks under review are Access Bank Plc, Guaranty Trust Plc, Stanbic IBTC, Sterling Bank, Wema Bank Zenith Bank Plc, Union Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and Ecobank Nigeria. According to the analysis, Access Bank has the largest asset base (N10.4tn), while Wema Bank has the smallest asset base (N1.09tn)………………read more
Analysts see Nigeria’s inflation rate rising in Nov, Dec – Thisday
Amid the steady decline in headline inflation rates over the past few months, analysts have predicted an uptrend for the last two months of the year as the festive season approaches. The PUNCH had recently reported that the inflation rate fell to 15.99 per cent in October from 16.36 per cent the previous month. The country has seen a steady decline in inflation since April, when it peaked at 18.12 per cent. Analysts at CSL Stockbrokers, in a note seen by our correspondent, said, “Looking ahead, we project inflation will maintain its descent throughout the year, supported by the high base in the prior period. The government sets 13 per cent as the inflation target for 2022…………..read more
Net forex inflow rose to $2.77bn July, says CBN – Daily Independent
The net foreign exchange inflow into the Nigerian economy rose slightly to $2.77bn in July from $2.27bn in June, the Central Bank of Nigeria said in its report on forex flows. It said despite the contraction in autonomous inflow, the upward trajectory in crude oil prices improved forex inflow through the bank, resulting in an overall net inflow in July. The report said, “Aggregate foreign exchange inflow into the economy declined by 7.4 per cent and 8.7 per cent to $6.1bn, compared with the level in June 2021 and July 2020, respectively. “The decrease reflected mainly the contraction in inflow through the autonomous sources, which fell by 33.3 per cent to $2.79bn in July 2021……………read more
Trade deficit declined to $340m in July – CBN– Punch
Nigeria’s trade deficit declined to $340m in July from $2.4bn in June, figures obtained from the Central Bank of Nigeria revealed on Sunday.The apex bank disclosed in its July economic trade performance report that the improvement emanated from reduction in imports. It stated, “Trade balance improved in July 2021, resulting from risk sentiments emanating from the spread of the Delta-variant of COVID-19, which subdued imports. “A lower trade deficit of $0.34bn was recorded in July 2021, compared with $2.4bn in June 2021………….read more