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Daily Business News Brief | Friday, July 15th, 2022

15
Jul

Stock Market Down N118.19bn on Profit-taking – Thisday

Investors’ profit-taking persisted on the stock market of the Nigerian Exchange Limited (NGX) for the second consecutive session, leading to market capitalisation dropping by N118.19billion.    The stock market capitalisation that opened trading this week at N27.803trillion dropped by 0.43 per cent or N118.19billion to close yesterday at N27.685trillion……………read more

Fuel queues disappear as marketers dispense above N165 – Thisday

The queues by motorists for Premium Motor Spirit, popularly called petrol, which had persisted since February in Abuja and environs, gradually disappeared on Thursday as more filling stations joined in dispensing the product.  It was, however, observed that some retail outlets dispensed the commodity at rates above the approved N165/litre price, particularly filling stations located in the suburbs of Abuja……………..read more

Inflation pushing Nigeria, others to the brink — IMF – Daily Independent

The International Monetary Fund has said inflation, debt, and forex crisis is pushing the Nigerian economy and other African economies to the brink. The Managing Director of the IMF, Kristalina Georgieva, said ministers of finance and central bank governors on the continent disclosed this to her this week.  She added that most countries on the continent could raise money from the global financial markets and do not have large domestic markets to turn to. ………….read more

DMO: Sustainability of Public Debt Dependent on Significant Revenue Growth – Punch

The Debt Management Office (DMO) has stated that going forward, the sustainability of Nigeria’s public debt requires that government’s revenues are enhanced significantly while continuing to explore more concessional and semi-concessional sources for its borrowing and refinancing needs.  
This was part of the recommendations of the DMO in its 2021 Debt Sustainability Analysis (DSA) report released on its website yesterday. ………..read more

Oil Prices Tumble Below $100 to Pre-Russia-Ukraine War Levels – Thisday

Both major crude benchmarks shed more than $5 a barrel yesterday, bringing oil prices to levels not seen since before Russia’s invasion of Ukraine as fears of economic recession slowed demand. Brent, the international benchmark, fell as low as $94.45 a barrel in trading, although it closed at $96.84 on February 23, the day before Russia invaded Ukraine. West Texas Intermediate, the US marker, fell to $90.56, below its close of $92.10 before the invasion………….read more

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