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Aug
August 3, 2022
| Dangote, BUA, Lafarge Report N1.18trn Revenue, N270.9bn Profit in H1 2022- Punch |
| Following growing demand driven by expansion in infrastructures in Africa, a total of three cement manufacturing companies on the Nigerian Exchange Limited (NGX) have announced N1.18 trillion in revenue, translating into N270.9 billion total profit growth in the half year (H1) ended June 30, 2022. THISDAY analysis of the three companies’ H1 unaudited results for the period under review showed that revenue grew by 23.3 per cent to N1.18 trillion from N959.84billion reported in Half year ended June 30, 2021…….Read More |
Kerosene hits over N800/litre, Nigerians face hard times – Thisday |
| The price of kerosene used by several families have jumped to N800 per litre just as the market is beginning to adjust to the newly increased petrol and gas prices. Market survey by The PUNCH on Tuesday showed that one litre of cooking kerosene, sold for N700 last week, now sells for between N800 and N850 in urban parts of Lagos State, while the price has hit as high as N1000 per litre in suburb areas at filling stations. In Ghana, the price of a litre of cooking kerosene currently sells for GHS 12.044 (N585) per litre. Unlike petrol, kerosene is a deregulated product- meaning prices are determined by market forces……..Read More |
Foreign Investment Outflow on NGX Increases to N122.97bn – Thisday |
| As uncertainty continued to mount over general elections and global economic unrest, foreign investment outflow on the Nigerian Exchange Limited (NGX) increased to N122.97billion in first half (H1) of 2022, representing an increase of 5.4 per cent from N116.72billion reported in the first half of 2021. According to capital market analysts, foreign portfolio investors have largely exited Nigeria due to issues with foreign exchange liquidity, which has led to a backlog of delayed external payments………Read More |
Bank borrowing from CBN rises 27% to N4.5tn – Punch |
| Amid a rising liquidity crunch, banks operating in Nigeria borrowed a whopping sum of N4.5tn from the Central Bank of Nigeria in July, an increase of 27 per cent Month-on-Month from N3.6tn borrowed in June 2022. Banks use Standing Lending Facility and Repo lending to access short-term lending from the apex bank. While the CBN lends money to banks through the SLF at an interest rate of 100 basis points above the Monetary Policy Rate currently at 14 per cent, it also lends money to banks through Repurchase Arrangement (Repo)…….Read More |
LCFE, Stakeholders to Unlock N445trn Commodities Ecosystem – Punch |
| Lagos Commodities and Future Exchange (LCFE), Capital Market players, and other stakeholders are set to unlock the $1trillion (N445trn) commodities ecosystem as an avenue to diversify the economy from a crude oil-dependent economy to other critical economic sectors. This was revealed at the Commissioning Ceremony and Official Launch of Lagos Commodities & Futures Exchange, with the theme, “New Order, Driving Nigeria’s Economy Through the Commodities Ecosystem,” in Lagos..…..Read More |
Naira Gains Momentum, Appreciates to N660/$1 in Parallel Market- Thisday |
| The naira yesterday continued its recovery on the parallel market, appreciating to N660 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja. The nation’s currency had depreciated to about N715 to a dollar on the parallel market last week. On the official market side, the naira appreciated by 0.03 percent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria..…..Read More |
H1 2022: 8 Banks Report N176.11bn Profit Despite Macroeconomic Challenges – Daily Independent |
| Amid global and domestic macroeconomic challenges, eight Nigerian banks generated a whopping sum of N176.11billion as profit in the half-year ended June 30, 2022, an increase of 34.66 per cent over N130.78 billion profit earned in the corresponding period of 2021. The banks are: FCMB Group Plc, Union Bank of Nigeria Plc, Jaiz Bank Plc, Wema Bank Plc, FBN Holdings Plc, Sterling Bank Plc, Ecobank Transnational Incorporated (ETI), and Unity Bank Plc……..Read More |