Published
on
By
By Dipo Olowookere
The stock dumping activities by investors in the past trading sessions on the floor of the Nigerian Exchange (NGX) Limited continued on Thursday, sinking the market further by 3.23 per cent.
The heavy loss printed yesterday sank the All-Share Index (ASI) by 1,575.81 points to 47,260.89 points from 48,836.70 points. Also, the market capitalisation depreciated during the session by N858 billion to N25.742 trillion from N26.600 trillion.
The loss posted on Thursday was influenced by most of the sub-sectors of the platform, with the banking space losing 0.86 per cent, the industrial goods sector falling by 0.32 per cent, the insurance counter going down by 0.31 per cent, the consumer goods landscape quaking by 0.11 per cent, while the energy index closed flat.
Business Post reports that the selling pressure witnessed during the session plunged the price of Airtel Africa by 10.00 per cent to N1,800.00. Presco lost 9.99 per cent to N128.35, Okomu Oil fell by 9.98 per cent to N169.50, Honeywell Flour declined by 8.66 per cent to N2.11, and Red Star Express depreciated by 8.62 per cent to N2.12.
On the flip side, Geregu Power continued its honeymoon yesterday as its share price rose by 9.91 per cent to N120.90, Livestock Feeds appreciated by 9.80 per cent to N1.12, Cutix improved by 8.00 per cent to N2.16, Cornerstone Insurance rose by 3.92 per cent to 53 Kobo, and FCMB gained 3.83 per cent to trade at N3.25.
The market breadth remained bearish at the close of trades as there were 23 price losers and 14 price gainers, showing a weak investor sentiment.
Yesterday, investors transacted 140.7 million shares valued at N2.5 billion in 4,371 deals as against the 135.5 million shares worth N2.2 billion transacted in 4,041 deals in the midweek session, indicating an increase in the trading volume, value and number of deals by 3.80 per cent, 13.39 per cent and 8.17 per cent, respectively.
Naira Sells N436.63/$1 at Spot Market, N731/$1 at Black Market
Unlisted Securities Record Third Consecutive Loss Thursday
Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng
NGX Index Rebounds by 0.02% Amid Weak Investor Sentiment
Improved Investor Confidence Lifts NGX Index by 0.01%
All-Share Index Records 0.07% Contraction
Financial Stocks Drop NGX Index to 49,625.71 points
NGX Index Rises 0.09% as NEM Insurance Tops Gainers Chart
Fresh Selling Pressure Weakens NGX Index by 0.11%
Published
on
By
Budget of Fiscal Consolidation and Transition
Delivered By: His Excellency, President Muhammadu Buhari, President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja. Friday, 7th October, 2022
PROTOCOLS:
I am very pleased to be here today to present the 2023 Budget Proposals at this Joint Session of the National Assembly. This is the last time I will be laying the budget of the Federal Government of Nigeria before the National Assembly.
III. reforming the taxation of securities lending and real estate investment trusts to spur increased investments on our capital markets;
III. the Voluntary Assets and Income Declaration Scheme, 2017;
VII. the innovative Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, 2019; and
VIII. the National Public Buildings Maintenance, 2022.
RECENT ECONOMIC DEVELOPMENTS
REVIEW OF 2022 BUDGET IMPLEMENTATION
RECENT ACHIEVEMENTS
THEME AND PRIORITIES OF THE 2023 BUDGET
2023 BUDGET PARAMETERS AND FISCAL ASSUMPTIONS
2023 REVENUE ESTIMATES
PLANNED 2023 EXPENDITURE
FISCAL BALANCE
FINANCE BILL 2022
ENSURING FISCAL SUSTAINABILITY
BUDGET OF GOVERNMENT-OWNED ENTERPRISES
FINANCING INFRASTRUCTURE GAP
BUDGET PROCESS BILL 2022
HUMAN CAPITAL DEVELOPMENT
WOMEN’S EMPOWERMENT
FOOD PRICES
BOOSTING MANUFACTURING PERFORMANCE
SAFE SCHOOLS INITIATIVE
DEFENCE AND INTERNAL SECURITY
I thank you most sincerely for your attention. May God bless the Federal Republic of Nigeria.
Published
on
By
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has disclosed that the non-oil sector contributed over $2 billion to the economy in the first six months of the year 2022.
This was disclosed by the Managing Director and Chief Executive Officer (CEO) of the commission, Mr Ezra Yakusak. He noted that the various non-oil products exported within the period stood at $2.593 billion against the $1.597 billion recorded in the first six months of the year 2021, representing a 64.2 per cent increase.
The NEPC Chief was represented by the Trade Promotion Adviser, Kebbi State office, Mr Muhammad Siraju Dan-Alkali, during a workshop for members of the National Onion Producers, Processors and Marketers of Nigeria (NOPPMAN) in Sokoto State.
He said the 2021 figure was also an increase to the first six months of 2020, which was $981.442 million.
According to him, the impressive non-oil export performance can be attributed to NEPC’s new focus on strategic non-oil export programmes and initiatives such as grassroots export development.
While describing Nigeria’s economy as one that has been oil-dependent for several decades, he said the uncertainties in the crude oil market had caused serious contractions in government revenue from oil with great consequences.
The NEPC also donated 30,000 customised sacks to NOPPMAN in Sokoto State.
Delivering the customised sacks on behalf of the council, the Trade Promotion Adviser, Sokoto Zonal office, Mr Ahmed Yahaya, said the gesture was aimed at encouraging the association on how to package their onions for exportation.
He said with the items, Nigerian onions will be easily identified and distinguished from other countries’ products in the global market.
Mr Yahaya further said since the opening of the Sokoto office, the interest of onion producers and marketers has always been a priority.
While calling on the group to work with NEPC to take the country to the rightful position in the onion global market, Mr Yahaya reiterated that Nigerian onions are still the best in the country. He called on marketers to use a special package for easy identification of their products in the global market.
Published
on
By
By Aduragbemi Omiyale
The current foreign exchange (FX) scarcity will worsen if the Central Bank of Nigeria (CBN) does nothing about the wide gap between the exchange rates in the parallel market and the Nigerian Autonomous Foreign Exchange (NAFEX).
This was the submission of S&P Global Ratings in its latest report released this week, which was made available to Business Post.
The agency noted that the difference between the spot market rate and the parallel market creates an avenue for manipulations in the currency market.
At the close of business on Thursday, the Naira was exchanged with the Dollar in the official market at N436.63/$1 after appreciating by 87 Kobo or 0.02 per cent, while on the streets, the exchange rate was N731/$1.
From the above, the exchange rate gap between the two segments of the forex market is N294.37 or 67.4 per cent, which S&P is of the opinion that it will further cause the FX crisis in the country to worsen. This is because a few powerful people can get the forex from the central bank under any guise to sell at the black market, making a gain of nearly N300 per Dollar.
A former Governor of the CBN, Mr Lamido Sanusi, had once cried on top of the roof that this system was making some people become billionaires without breaking a sweat, calling for the merging of the rates into one.
The World Bank and the International Monetary Fund (IMF), and others have also advised Nigeria to think in this direction for the good of the local currency, but the CBN has remained adamant, preferring to dip its hands into the external reserves to defend the Naira.
“Although foreign exchange reserves are still holding up at around $37 billion, pressures on the naira exchange rate are persisting.
“The difference between the Nigerian Autonomous Foreign Exchange Fixing Mechanism (NAFEX) rate and the parallel rate has widened by about 65 per cent.
“This will exacerbate foreign exchange scarcity as structural issues are yet to be addressed, undermining the performance of key sectors in the economy,” the agency said.
Copyright © 2022 BusinessPost