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Daily Business News Brief |  Friday, January 7th,  2021.


Price Appreciation in BUA Foods, Lafarge Africa, Others Drive Stock Market by N70bn – Thisday

The stock market of the Nigerian Exchange Limited (NGX) gained N70 billion on sustained bargain hunting in BUA Foods, Lafarge Africa, Nigerian Exchange Group (NGXGroup), UAC of Nigeria (UACN), United Capital and 20 other stocks. The appreciation drives NGX All Share Index (ASI) by 131.19 basis points or 0.30 per cent to close at 43,607.94 basis points from 43,476.75 basis points, while the overall market capitalisation value gained N70 billion to close at N23.497 trillion from N23.427trillion it opened for trading………………. read more

Cooking gas price drops, supply rises, govt projects further decrease – Punch

The Federal Government on Thursday said it was putting measures in place to ensure further reduction in the cost of Liquefied Petroleum Gas, popularly called cooking gas.  It disclosed this while reacting to the recent marginal drop in the cost of cooking gas.  According to findings, the price of 12.5kg LPG has dropped from N8,800 to between N8400 and N8200. In some outlets, the price of the commodity dropped to between N7,800 and N8,000 as of Thursday.  In November, The PUNCH exclusively reported that the cost of LPG kept rising in 2021, jumping by more than 240 per cent between January and October 2021……………… read more

Nigeria’s three big firms gained N1.15tn in 2021 – NGX  – Vanguard

Experts in the financial sector have highlighted the benefits of investing in the stock market and how Nigerians can go about it.  They spoke at a virtual event was organised by Stanbic IBTC Stockbrokers to enlighten Nigerians on the potential of investing in the stock market.  The Head, Sales Trading, Stanbic IBTC Stockbrokers, Afolabi Gbenro, while explaining the importance of diversifying investments in stocks, listed factors that affect the prices of stocks to include supply, demand, news, and investor sentiments……………read more

FG spent $1.68bn on food imports in nine months – CBN- Thisday

The Federal Government spent $1.68bn on food importation from January to September last year.

The Central Bank of Nigeria disclosed this in a report on sectoral utilisation of foreign exchange for the third quarter of 2021.  According to the CBN, the government spent $163.60m, $197.73m, and $171.05m in January, February and March, respectively, while $156.30m, $135.72m and $213.58m were spent in April May and June, respectively.  The report revealed that $184.69m, 188.88m and 271.59m were spent in July, August and September, respectively…………..read more

Crude oil dip on profit-taking after OPEC+decision – 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

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