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Daily Business News Brief | Thursday, April  21st, 2022.

21
Apr

Investors record N319.61bn gain as 28 stocks rise – Punch

EQUITY market remained positive as investors gained N319.61bn on Wednesday at the end of trading on the floor of the Nigerian Exchange Limited.  The market capitalisation of the equities listed on the NGX rose to N25.952tn on Wednesday from N25.632tn on Tuesday.  The NGX All-Share Index also rose to 48,138.71 basis points from 47,545.86 basis points.  Twenty-eight companies recorded gains at the end of trading on Wednesday, while 21 companies recorded losses.  Investors renewed interest in some medium and large capitalised stocks lifted the Nigerian Exchange Limited (NGX) market capitalisation by N19billion as the market sustained bullish activity.   The overall market capitalisation value gained by N19bllion to close at N25.632trillion, while the NGX  All Share Index (ASI) rose by 35.48 basis points or 0.07 per cent to close at 47,545.86 basis points…………………read more

NGX urges market stakeholders on financial disclosures – Punch

NGX Regulation Limited has urged all market stakeholders to pay closer attention to disclosure, climate-related financial risks and opportunities in their business operations in line with the recommendations of the Financial Standards Board Task Force on Climate-related Financial Disclosures.  The Chief Executive Officer, NGX Regulation Limited, Ms Tinuade Awe, stated this during a virtual training on climate disclosure jointly hosted by Nigerian Exchange Limited and NGX Regulation in collaboration with the United Nations Sustainable Stock Exchanges Initiative, International Finance Corporation and Carbon Disclosure Project in Lagos……………….read more

External reserves return to growth path, gain $243.83m – Thisday

Nigeria’s external reserves rose by $243.83m in 19 days, according to figures obtained from the Central Bank of Nigeria. The CBN revealed in its data on movement in reserves that the value rose from $39.54bn as of April 1, 2022 to $39.78bn as of April 19, 2022. The external reserves fell by $313m in March, after starting the month at $39.86bn, before falling to $39.55bn on March 30…………………read more

CBN Uses CRR Deductions To Control Inflation – Daily Independent

The Cash Reserve Requirement (CRR) deductions on banks by the Central Bank of Nigeria (CBN) are a way of controlling inflation, an analyst said.  Mr. David Adnori, the Vice President, Highcap Securities Limited, who disclosed this in his reaction to the fresh deductions by the CBN on banks who violate the 27.5 per cent CRR threshold, said the introduction of CRR is a drastic monetary policy targeted at controlling money supply in the banking system. ………………. read more

SIM-NIN: Telecom consumers set to sue FG, demand policy suspension – Vanguard

TELECOMMUNICATION subscribers under the aegis of the National Association of Telecoms Subscribers have said they are set to drag the Federal Government to court in May in a bid to temporarily suspend the government’s barring of subscribers’ outgoing calls.  On Monday, April 4, the Federal Government ordered telecom companies to bar outgoing calls on all lines that have yet to link their National Identification Number and the Subscriber Identity Module………….read more

Power tariff shortfall hits N247bn, govt clears debt Dec- Punch

The shortfall in electricity tariff paid by consumers across the country to power distribution companies has dropped from N1.891tn to N247bn, the Federal Government has stated in its latest fact sheet on the Power Sector Recovery Programme.  PSRP is a programme initiated by the Federal Government with the support of the World Bank to ensure that Nigerians have access to adequate, reliable, and affordable electricity. The report, which was obtained by our correspondent from the PSRP secretariat in Abuja on Wednesday, stated that the tariff shortfall was reduced through the implementation of the PSRP Financing Plan that was approved in November 2021………………………read more

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