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Daily Business News Brief |  Tuesday, February 10th,  2022.


Gains in Access bank, Guinness, 25 Others Lift Stock Market By N54bn – Thisday

The stock market of the Nigerian Exchange Limited (NGX) yesterday ended the three-day investors’ profit-taking buoyed by bargain hunting in Access Bank Plc, Guinness Nigeria, and 25 others as the overall market capitalisation gained N54 billion.  The overall market capitalisation size gained N54 billion to close at N25.411 trillion from N25.36 trillion it opened for trading, while the NGX All-Share Index (ASI) increased by 99.99 basis points or 0.21 per cent to close at 47,157.23 points from 47,057.24 basis points it opened for trading…………… read more

Adulterated fuel: Marketers fear court cases, FG hints at compensation for damaged vehicles – Punch

Consumers of Premium Motor Spirit, popularly called petrol, are allegedly arresting workers and owners of filling stations over the sale of adulterated products that have reportedly affected their vehicles’ engines.  It was also learnt that the Nigerian National Petroleum Company Limited might face litigation, especially if owners of filling stations find it difficult to manage the pressure from petrol users.  This came as a major oil marketer explained that methanol was prohibited in petrol imported into Nigeria, contradicting the position of the Federal Government on the acceptability of methanol in the PMS……………. read more

NIMC portal: Telcos bow to pressure, begin server configuration to vNIN platform – Daily Independent.

Telecommunication operators have begun preparations and arrangements towards migrating to the Virtual NIN platform in a bid to resolve the technical difficulties that have grounded its activities following a glitch in the National Identity Management Commission portal.  This is coming about nine days after a protracted standoff with NIMC over the implementation of the vNIN platform.  The PUNCH had on Monday reported that the NIMC’s portal suffered a technical glitch that has affected the ability of telcos, banks, immigrations office as well as other government agencies to verify the National Identity Number of its customers………………read more

Low Yield Environment: PFAs Shun T-Bills as Investment in Stocks Rose by 51.4% – Punch

On the back of a low yield environment, Pension Fund Administrators (PFAs) in the country shifted investments to stocks listed on the Nigerian Exchange Limited (NGX), among other Exchanges in 2021, as their exposure increase by 51.4 per cent in 11 months.  Analysts have expressed that the moves by the PFAs was in a bid to escape the unattractive yield environment that prevailed in the Treasury Bills (T-Bills) market in 2021………………. read more

Economy improved on increased business activities in December – CBN- Vanguard

Economic recovery improved in December due to increased business activities, according to the Central Bank of Nigeria.  The CBN disclosed this in a report on its last Monetary Policy Committee meeting on the Purchasers Managers Index.  PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.  According to the CBN, the non-manufacturing sector however, declined marginally to 48.0 index points in December 2021 from 48.6 points in November, largely reflecting a decline in services………………….. read more

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