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Daily Business News Brief |  Wednesday, January 5th,  2021

5
Jan

Stock Market Resumes 2022 With N887bn Gain in Market Capitalisation.

The stock market of the Nigerian Exchange Limited (NGX) yesterday resumed trading for 2022 on a positive note as it gained N887 billion in market capitalisation. .

The All Share Index (ASI) rose by 309.79 points, representing an increase of 0.72 per cent to close at 43,026.23 basis points, while the overall market capitalisation value gained N887 billion, representing a growth of 3.98 per cent to close at N23.184 trillion……………… read more

ASeM, Industrial Goods Lead NGX Worst Performing Indices in 2021 – Thisday

Despite the Nigerian Exchange Limited (NGX) All-Share Index or ASI closing positive, two sectors, the Alternative Securities Market (ASeM) and Industrial Goods indices have emerged as worst performing on the bourse in 2021.  Analysis of market performance for 2021 revealed that while the NGX ASI closed 2021 with a gain of 6.07 per cent to 42,716.44 basis points, the ASeM and Industrial goods indices depreciated by 8.11per cent and 2.15per cent respectively…………….. read more

FMDQ: Total Foreign Exchange Trade Drops by 23.59% in November – Punch

FMDQ Exchange has disclosed that total foreign exchange (FX) market turnover dropped by 23.59 per cent in its month-on-month (MoM) performance to N4.28trillion or s. $10.30billion in November from N5.59 trillion or $13.48billion recorded in October 2021.  FMDQ in its Fixed Income and Currencies (FIC) monthly report noted that the MoM decrease in total FX market turnover was jointly driven by the 21.11 per cent or $1.50billion and 26.31 per cent or $1.68billion MoM decrease in FX Spot and FX Derivatives turnover respectively in November. …………….read more

Oil hits $80 as OPEC+ approves another production boost –  Punch

The international oil benchmark, Brent crude, rose to the $80 per barrel mark on Tuesday after the Organisation of the Petroleum Exporting Countries and its Russia-led partners approved another 400,000-barrels-per-day hike in production quotas.  Brent, against which Nigeria’s oil is priced, jumped by $1.24 to $80.22 per barrel as of 6:40 pm Nigerian time on Tuesday.  Nigeria’s oil production quota for January was increased to 1.68 million bpd from 1.67 million bpd in December.  In affirming the output increase for February, the OPEC+ alliance signaled continued confidence that the omicron variant will have a smaller impact on global oil demand than previously assumed, and crude prices have so far proved resilient, hovering around $80, S&P Global Platts reported on Tuesday…………….read more

Banking Industry Credit Rises to N23.5trn as MFBs, OFIs Disbursed N2.8tr Loans in 2021- Daily Independent

The Central Bank of Nigeria has stated that banking industry credit in 2021 reached N 23.5 trillion with Other Financial Institutions (OFIs); comprising of Microfinance Banks, Development Banks, Merchant banks and mortgage banks contributing N2.79 trillion, representing 10.62 per cent of banking industry credit.  This was revealed in the personal statements of Monetary Policy Committee (MPC) members at their last meeting held in November last year released recently.  A member of the MPC, Adenikinju Festus, in his statement at the end of the meeting noted that as at October last year, banking industry credit had been on the rise…………….read more

AMCON lists 7,912 names owing N4.4tn as deadline expires today- Thisday

The Asset Management Corporation of Nigeria is set to publish the names of 7,912 debtors owing it a total of N4.4tn, it has been learnt.  The move follows the expiration of the 30-day ultimatum given by the National Assembly to debtors to regularise their debt status with the bad debt manager.  The one month notice elapses on Wednesday (today), January 5, 2021.  The corporation confirmed to The PUNCH on Tuesday that the agency had no choice but to obey the directive of the National Assembly asking it to publish the names of debtors who have refused to repay their loans.

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