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Daily Business News Brief | Thursday, May 5th, 2022.


31 stocks drive investors’ gain by N262.8bn – Punch

Investors gained N262.8bn on Wednesday at the end of trading on the floor of the Nigerian Exchange Limited.  The Federal Government had declared Monday and Tuesday as public holidays to mark the Workers Day and Eld-el-Fitr celebrations.  The market capitalisation of the equities listed on the NGX rose by 0.98 per cent to N27.023tn on Wednesday from N26.760tn on Friday. The NGX All-Share Index also rose to 50,126.41 basis points from 49,638.94 basis points………………..read more

Crude rises by 4% as EU proposes Russian oil ban – Thisday

The prices of crude oil rose by four per cent on Wednesday, after the European Union unveiled plans to phase out imports of Russian oil as part of sanctions for Russia’s invasion of Ukraine. Brent crude futures rose $3.99, or 3.8 per cent, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4 per cent, to $106.46 a barrel, Reuters reported.  The development came immediately after the European Commission, President Ursula von der Leyen, on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia’s top bank, in a bid to deepen Moscow’s isolation…………..read more

Telecom firms’ diesel cost jumps by 233%, hits N360bn – Thisday

THE cost of powering telecommunication services with diesel has jumped by at least 233.33 per cent in recent months to N30bn monthly, according to analysis and computation of data from Nigerian telecoms operators. The development brings the annual cost of powering telecoms services with diesel to N360bn. The operators under the aegis of the Association of Licensed Telecoms Operators of Nigeria said the cost of diesel, which is required to power network towers, base stations, and offices, rose from N225 in January 2022 to over N750 in March 2022……….read more

Firms collapse as Nigeria’s 11.5% lending rate among global highest – Daily Independent

Nigeria’s Monetary Policy Rate (lending rate) of 11.5 per cent is among the highest in emerging economies, findings by our correspondent have shown.  The monetary policy rate, referred to as repo rate in South Africa or the prime lending rate in other countries, is the benchmark interest rate usually set by the central bank of each country.  Nigeria’s rate was reduced from 12.5 per cent to 11.5 per cent in September 2020 and has remained so till the last Monetary Policy Committee meeting. Other countries have kept theirs at a single-digit rate to pursue growth amid inflationary pressure in a post-COVID-era, but Nigeria’s has remained at a double-digit rate……………… read more

Border reopening: Experts predict 60% rise in vehicle smuggling– Thisday

Few days after the Federal Government announced the reopening of four land borders, stakeholders, including clearing agents and car dealers, have predicted a 60 per cent increase in the smuggling of vehicles into the country. The Federal Government had, last weekend, approved the reopening of Idiroko, Jibia, Kamba and Ikom land borders. This is coming three years after the government shut down land borders due to the incessant smuggling of arms and different contraband goods……………read more

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