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Daily Business News Brief | Monday, June 27th, 2022

27
Jun

NGX, CIS Boost Capital Market Stakeholders’ Capacity on Exchange Traded Derivatives – Thisday

The Nigerian Exchange Limited (NGX) and the Chartered Institute of Stockbrokers (CIS) yesterday organized a capacity-building workshop for capital market stakeholders on Exchange Traded Derivatives.  The workshop is in line with the capital market regulating bodies commitment to promote a robust derivatives market ecosystem in Nigeria……………….read more

UBA, Access Holdings, Others Gross Earnings Up 25% in Q1 to N1.54trn – Thisday

Despite the challenging operating environment, a total of 13 Nigerian banks grew their gross earnings by 25 per cent in the first quarter (Q1) ended March 31, 2022, THISDAY findings revealed.    The 13 that is made up of 5 Tier-1 and 8 Tier-2 banks reported N1.54 trillion gross earnings in Q1 2022, representing an increase of 25 per cent over the N1.23 trillion reported in Q1 2021……………..read more

Domestic, Foreign Investors Traded N1.51trn Equites in Five Months – Thisday

The total value of domestic and foreign investors transactions on the equities market of the Nigerian Exchange Limited (NGX) in  five months  of 2022 has increased to N1.51 trillion, representing an increase of  from 61.3 per cent from N933.65 billion total transactions carried out in the corresponding period of 2021.  In a report released by NGX Regulation Limited, the Domestic and Foreign Portfolio Investment (FPI) May 2022 report captured these transactions as well as trading figures from market operators. …………..read more

Fuel shortage, inflation’ll weaken Nigeria’s economic growth – World Bank – Punch

The World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria.  It said this in the June 2022 edition of its Global Economic Prospects report.  The financial institution had projected that Nigeria’s economy would grow by 3.4 per cent in 2022 but decline to 3.2 per cent in 2023 and 2024.  For the first quarter of 2022, the National Bureau of Statistics reported a 3.11 per cent growth, which is still less than the World Bank’s growth projection for Nigeria…………read more

Analysts Forecast 2.7% Year-on-Year Economic Growth for Nigeria – Punch

Analysts at Vetiva Africa Research have forecasted a 2.7 per cent Year-on-Year (YoY) increase in Nigeria’s economy, driven by volatile oil production, sustained growth in Active GSM lines, and slight depreciation in the Naira.  The forecast is in line with the International Monetary Fund (IMF) output growth for 2022 to 2.7 per cent from 2.6 per cent projected in October 2021…………read more

Telecom firms’ operating costs rise by N265bn – NCC – Punch

The operating costs of telecommunication companies in Nigeria rose from N1.4tn in 2020 to N1.66tn in 2021, showing an increase of N265.25bn.  This is according to the ‘2021 Subscriber/Network Data Annual Report’ by the Nigerian Communications Commission.  The report read in part, “Total operating cost for the mobile network operators increased from N1,395,000,000,000 in 2020 to N1,658,235,000,000 at the end of 2021. This illustrates an increase of 18.74 per cent from the figure reported in 2020.”……………..read more

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