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Daily Business News Brief  Tuesday November 23rd, 2021.

23
Nov

Large-cap stocks trigger N35bn market gain – Punch

Stock trading at the Nigerian Exchange Limited resumed the week on a positive note as the market gained N34.97bn on Monday amid buying interest in large-cap equities. The NGX All-Share Index rose by 0.16 per cent to 43,266.27 basis points at the end of trading on Monday from 43,199.27bps on Friday while the market capitalisation climbed to N22.58tn from N22.54tn.  The overall market activity was bullish as the total volume and value traded appreciated by 1103.93 per cent and 405.72 per cent respectively.  A total of 2.40 billion units valued at N16.47bn were exchanged in 4,811 deals, compared to 199.52 million units valued at N3.26bn transacted in 3,917 deals on Friday………………read more

Naira loses steam, slides to 555/dollar in parallel market – Thisday

The naira lost steam at the parallel market on Monday, sliding to 555 per dollar.  The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday.  After tumbling to 575/dollar recently, the local currency began a gradual uptick in recent weeks peaking at 530/dollar last week. Operators in the parallel market, who spoke to our correspondent on Monday, said the local currency was bought and sold at 550/dollar and 555/dollar respectively.  An operator in the black market attributed the fall to an increase in demand for the greenback.  At the Central Bank of Nigeria’s Investor & Exporter Window, the naira fell by 0.16 per cent to close at 415.07/dollar after reaching a new high of N445.75……………….read more

Capital inflow crashes by 80%, foreign investors shun Nigerian market – Punch

Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria reports have indicated.  Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in July 2021.  The central bank reports showed that Nigeria recorded $17.1bn capital inflow between January and July, 2019.  However, between January and July, 2021, the country recorded only $3.4bn as capital inflow, indicating a fall of 80 per cent.  Furthermore, capital inflow fell from $8.6bn in 2020 to $3.4bn in 2021.  The figures were obtained from the CBN’s monthly economic report…………..read more

Flour Mills to buy First Bank’s stake in Honeywell – Daily Independent

Flour Mills of Nigeria Plc and Honeywell Group Limited have announced the signing of an agreement for the proposed combination of FMN and Honeywell Flour Mills Plc.  The companies, in a joint statement on Monday, said Honeywell Group would dispose of a 71.69 per cent stake in its listed subsidiary to Flour Mills at a total enterprise value of N80bn.  Flour Mills announced in a separate statement that it had entered into an agreement with First Bank of Nigeria Limited to acquire the bank’s 5.06 per cent equity in Honeywell Flour Mills.  “Consequently, upon completion of the acquisition, and subject to obtaining all requisite regulatory approvals, FMN is set to hold a circa 76.75 per cent equity interest in Honeywell Flour Mills,” it said…………….read more

Petrol black marketers surface in Abuja, supply drop continues – Punch

The irregularities in the supply of Premium Motor Spirit, popularly called petrol, took another turn on Sunday as black marketers of the commodity surfaced on roads in the Federal Capital Territory.  Oil marketers stated that concerns in the downstream arm of the sector had yet to be addressed despite clamours by operators, maintaining that petrol price would go up if the issues were left unattended.  But the government, through its Nigerian Midstream and Downstream Petroleum Regulatory Authority insisted that it would not allow a hike in the cost of PMS regardless of the concerns raised by marketers. Our correspondent observed that many petrol stations were shut on Sunday along the popular Kubwa-Zuba Expressway in Abuja, while black marketers were seen in front of some of the outlets selling petrol in jerry cans. Black marketers sold the commodity, for instance, in front of Eterna and Oando filling stations located around the Dutse junction on the Kubwa-Zuba Expressway…………read more

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