14
Nov
November 14, 2022
| Stock Market Down N164bn on Profit-taking in Guinness, Others – Thisday |
| Trading activities in the stock market of the Nigerian Exchange Limited (NGX) took a negative turn last week as the loss recorded on the second trading day proved sufficient in wiping off the cumulative gain when the market closed on Friday. Precisely, the All-Share Index declined by 0.68 per cent week-on-week (WoW) to close at 43,968.75 basis points, driven by sell-offs in Guinness Nigeria, Flour Mills of Nigeria, Nigerian Breweries, MTN Nigeria Communications (MTNN) and Dangote Cement Plc. Similarly, market capitalisation shed N164billion Week-on-Week (WoW) to close at N23.949 trillion.…………Read More |
Rising inflation drives consumption expenditure to N57tn – Punch |
| Rising inflation drove Nigerians’ consumption expenditure to N57.08tn in the first half of 2022. This is a 14.39 per cent increase from the N49.89tn that was spent in the corresponding period of 2021, according to the ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach)’ report by the National Bureau of Statistics.………..Read More |
SWOOTs capitalization down by N126 billion – Nairametrics |
| The combined market capitalization of stocks worth over one trillion (SWOOTs) depreciated by 0.73% to close the week at N17.15 trillion, down from N17.29 trillion the previous week. This shows a loss of N125.77 billion during the week under review. Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, BUAFOODS, and MTNN Plc………….Read More |
Nigeria’s Eurobonds Yield Tumble Amid Hike in Prices – Thisday |
| Following a surge in prices, yields on Nigeria’s Eurobonds tumbled as investors’ demand in the secondary market persisted since the beginning of the month of November 2022, latest data by Debt Management Office (DMO) has revealed. Experts attributed the hike in prices to the Naira redesigning policy of the Central Bank of Nigeria (CBN) as high network investors are demanding risk-free instruments to preserve their wealth in foreign currency………….Read More |
From $26bn to Nothing: Rise and Fall of FTX, SBF – Thisday |
| Amid FTX’s collapse last week, its founder and CEO, Sam Bankman-Fried (SBF) has rapidly transformed from a crypto industry icon and so-called “savior” into an ignominious figure, responsible for potentially billions of dollars’ worth of customer losses. He has apparently lost his whole fortune in the process, as well. The implosion of Bankman-Fried’s cryptocurrency exchange has already cost customers billions of dollars in lost crypto deposits, setting off law-enforcement investigations that could lead to criminal charges, the New York Times reported………..Read More |
S&P: Forex Shortages in Nigeria, Other Countries Could Prompt Further Debt Restructuring – Thisday |
| Amid FTX’s collapse last week, its founder and CEO, Sam Bankman-Fried (SBF) has rapidly transformed from a crypto industry icon and so-called “savior” into an ignominious figure, responsible for potentially billions of dollars’ worth of customer losses. He has apparently lost his whole fortune in the process, as well. The implosion of Bankman-Fried’s cryptocurrency exchange has already cost customers billions of dollars in lost crypto deposits, setting off law-enforcement investigations that could lead to criminal charges, the New York Times reported………..Read More |