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Daily Business News Brief – September 26th, 2022


Stock Market Depreciates by N241bn Amid Global Recession Fears – Thisday
The stock market of the Nigerian Exchange Limited (NGX) depreciated last week following global market decline performance as recession fear return and Central Bank of Nigeria (CBN) hike in Monetary Policy Rate (MPR).  Global stocks nose-dived, government bond prices plummeted, the pound dipped against the dollar, oil prices slumped and cryptocurrencies wobbled as investors, already worried about rising interest rates and stubbornly high inflation, started quaking at the growing likelihood of a recession…………Read More

Oil price falls to $86/barrel – Punch
Brent, the global benchmark for crude, dropped in price on Sunday as virtually all oil grades witnessed reduced prices on the first day of the week despite efforts by the Organisation of Petroleum Exporting Countries to stabilise the cost of the commodity.  As oil prices plunged, data obtained from the September 2022 Oil Market Report of OPEC indicated that an oil rig in Nigeria was dormant in August 2022 when compared to the number of functional rigs in the preceding month………….Read More

NNPCL Spent 94.7% of August Oil, Gas Revenue on Petrol Subsidy – Punch
The Nigerian National Petroleum Company Limited (NNPCL) spent 94.77 per cent of its revenue on petrol subsidy payment in August, latest data from the national oil company has affirmed.  The development, which clearly signposts grim outlook for the economy, came the same weekend the police high command disclosed that the Police Special Task Force on Petroleum and Illegal Bunkering (IGP-STFPIB) seized 123 oil tankers deployed for the purpose of crude oil theft………….Read More

Fuelled by Investors Appetite for Higher Returns, Firms Raise N553.9bn CPs in 8 Months – Punch
As investors’ appetite for higher returns continues to swell following rising interest rates, listed/unlisted companies are taking advantage raising a whopping sum of N553.8 billion Commercial Papers (CP) in the last months.  Companies such as Providus bank United Capital, Coleman Technical Industries Limited, FSDH Funding SPV Plc, FBNQuest Merchant Bank, FCMB Limited among others have raised CP on the FMDQ Exchange market in eight months under review……….Read More

UBA: Massive Income Drives Solid Profit Growth – Daily Independent
The pan-African bank in its half year (H1) ended June 30, 2022 reported profit before tax (PBT) growth of 12.6 per cent to N85.75billion from N76.19billion reported in half year ended June 30, 2021, while profit after tax (PAT) moved to N70.33 billion, representing an increase of 16.1per cent from N60.58 billion reported in H1 2021. Considering the challenging operating environment, this performance is considered to be a very healthy and commendable one…………..Read More
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