Despite Rout Across Global Market, NGX Capitalisation Gains N1.17trn in One Week- Thisday
Despite the rout across the global stock market, the rally in the Nigerian Exchange Limited (NGX) remained intact as investors trading in some fundamental stocks pushed the NGX market capitalisation to a week-on-week (WoW) gain of N1.17 trillion. ………………..read more
Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%- Punch
Nigeria spent 86 per cent of its revenue on servicing debt in 2021, but South Africa spent only 20 per cent of its receipts on the same purpose, according to findings by The PUNCH. According to the International Monetary Fund’s 2021 Article IV estimates, Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt in 2021……………….read more
NGX Joins African Exchanges to Facilitate Cross-border Trading Platform – Thisday
The Nigerian Exchange Limited (NGX) joined other African Exchanges in facilitating cross-border trading platform and free movement of investments in the continent. Other African Exchanges participating in the Phase 1 cross-border trading initiative are: Bourse Régionale des Valeurs Mobilières (BRVM, integrating eight West African countries), Casablanca Stock Exchange (CSE), The Egyptian Exchange (EGX), Johannesburg Stock Exchange (JSE), Nairobi Securities Exchange (NSE) and Stock Exchange of Mauritius (SEM). ………..read more
Amid N6.26trn 2022 Budget Deficit, FG Raises N984.28bn Via Bonds in 4 Months – Daily Independent
Following the drive to raise local funds to finance the N6.26 trillion 2022 budget deficit, the federal government has borrowed a total of N984.28 billion through FGN bonds between January and April 2022, FGN bond auction result released by the Debt Management Office (DMO) has revealed. ……………. read more
Commodity prices’ll remain high in Nigeria, others – World Bank – Punch
The World Bank has said that the war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024. The World Bank said this in its latest Commodity Markets Outlook report……………read more
Nine banks’ non-performing loans rise, hit N814bn – Reports – Thisday
The aggregate Non-Performing Loans of nine banks increased to N814.08bn in 2021, representing a 3.16 per cent increase from the N789.14bn reported in 2020, according to findings by The PUNCH. The nine banks are Access Holdings Plc, Zenith Bank Plc, Wema Bank Plc, FCMB Group, Union Bank of Nigeria Plc and Stanbic IBTC Holdings Plc. Others are Guaranty Trust Holding Plc, United Bank for Africa Plc, and Ecobank Nigeria……………….read more
Containers clearing cost jumps by 67%, vehicle parts’ prices soar – Punch
Freight charges in the nation’s seaports have jumped by 67 per cent, resulting in increases in prices of vehicle spare parts, The PUNCH learnt. In separate interviews with our correspondent in Lagos, freight forwarders said they used to pay around N600, 000 to clear a 40-foot container loaded with used vehicles’ spare parts, but this had risen to over N1m for the same consignment………………read more