Investors lose N33bn as bears reclaim NGX floor

Investors lose N33bn as bears reclaim NGX floor

Investors lose N33bn as bears reclaim NGX floor     Negative sentiments resurfaced in the local bourse on Thursday as bears displaced by the bulls the previous session managed to reclaim trading floor of the Nigerian Exchange Group (NGX). The benchmark index that tracks share prices at the bourse shed 64.26 points equivalent to 0.16 % decline to close at 38,571.89 basis points following profit-taking on WAPCO (-3.1%) and UBN (-7.1%) stocks. The aggregate value of stocks in the market followed suit with N33 billion loss to close lower at…

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Overnight rate expands on CBN’s OMO auction

OMO Auction Overnight rate

Overnight rate expands on CBN’s OMO auction     The overnight lending rate expanded by 275bps to 15.0%, following outflows for CBN’s weekly OMO auction. The Nigerian Treasury Bill (NTB) secondary market was bullish, as the average yield contracted by 7bps to 4.4%. Across the curve, the average yield was flat at the short end but contracted at the mid (-3bps) and long (-13bps) segments, following buying interests in the 154DTM (-5bps) and 350DTM (-117bps) instruments, respectively. Elsewhere, the OMO segment’s average expanded by 11bps to 7.0%. Trading in the…

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Inflation risesfor 19th consecutive months as food prices remain the culprit

Inflation in Nigeria

Inflation rises for 19th consecutive months as food prices remain the culprit     The latest inflation data released today by the National Bureau of Statistics (NBS) for March 2021, has shown that the headline inflation rose for the 19th consecutive month, rising by 84 basis points (bps) to 18.17%. The print is 7bps lower than an earlier projection by Cordros Capital Research, put at 18.24% year-on-year (y/y) and 27bps higher than Bloomberg median consensus estimate of 17.90% y/y. Beyond the increase from both the food (+116bps) and core (+29bps)…

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BDCs process N1trn annual deals, says Gwadabe

BDCs process N1trn annual deals, says Gwadabe

BDCs process N1trn annual deals, says Gwadabe     The Association of Bureaux de Change Operators of Nigeria (ABCON) has said that its annual turnover is now N1 trillion. The President, ABCON, Alh Aminu Gwadabe, said this during a virtual event with the theme ‘BDCs’ operations: A trillion-naira sub sector, issues of formalisation, regulations and way forward’ organised by ABCON to beam light on key opportunities and challenges faced by the BDCs sub-sector. It also aimed to reiterate the key roles and position of the BDC subsector in the Nigerian…

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Ethiopian Telecoms Deregulation: MTN, Telkom, Etisalat, others jostle for two operating licences

Ethiopian Telecoms Deregulation

Ethiopian Telecoms Deregulation: MTN, Telkom, Etisalat, others jostle for two operating licences     The race among telecoms behemoths is getting fiercer by the day as the Ethiopian government announced an extension of deadline for the submission of bids for two available telecommunications operator licences. The country had late last year announced plans to deregulate its telecoms sector and open the space for private participation, a development meant to enrich the coffers of the government on the one hand and stimulate dynamic innovation and healthy competition in the sector on…

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Nigerian Exchange Group admitted on NASD

Nigerian Exchange Group admitted on NASD

Nigerian Exchange Group admitted on NASD     NASD PLC has announced the admission of the securities of the Nigerian Exchange Group PLC (NGX) for trading on its market. According to information obtained by Business Metrics from the management of the unquoted bourse, the listing came pursuant to the successful demutualization of the Nigerian Stock Exchange (NSE) now known as the Nigerian Exchange Group PLC. “NGX shares will be available to be traded by licensed participating institutions or authorized traders registered on the NASD platform from Tuesday April 13 2021,”…

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Nigerian stock index sheds 0.35%

Nigerian stock index sheds 0.35%

Nigerian stock index sheds 0.35%   Negative sentiments persisted in the local bourse, as profit-taking in GUINNESS (-9.9%) dragged the All-Share Index (ASI) lower by 0.3% to 38,601.83 points. Accordingly, Month-to-Date and Year-to-Date losses increased to -1.1% and -4.1%, respectively. The total volume of trades increased by 7.6% to 208.81 million units, valued at NGN2.91 million, and exchanged in 4,013 deals. FIDELITYBK was the most traded stock by volume at 38.56 million units, while GUARANTY was the most traded stock by value at NGN951.30 million. Analysing by sectors, the Consumer…

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From Africa to the world: Konn3ct officially enters global video-conferencing market

From Africa to the world: Konn3ct officially enters global video-conferencing market

From Africa to the world: Konn3ct officially enters global video-conferencing market   Amidst rising adoption of video-conferencing solutions to by-pass obstacles of Coronavirus pandemic and facilitate seamless e-conferencing, Konn3ct, the first of such solutions coming from Africa has been officially launched by a Nigerian tech company, Newwaves Ecosystem. The official unveiling of Konn3ct took place on Wednesday after months of pilot deployment and usage by corporate, religious, business and non-governmental organizations (NGOs) during which its features were perfected to compete favourably in the global space with early brands. The launch…

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We’ve invested $1bn in power sector – Tony Elumelu

To the Chairman of Heirs Holdings Tony Elumelu

We’ve invested $1bn in power sector – Tony Elumelu     Tony Elumelu, Chairman of Transcorp Group and United Bank for Africa (UBA) Plc has disclosed that his companies have invested a collective sum of $1 billion in power sector. According to him, the investment was fueled by the belief of his organizations that the economic transformation of Nigeria and Africa will rest on the availability of power. The founder of the Tony Elumelu Foundation (TEF) said this on Tuesday in an address he delivered to the Anglican Church Youth…

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Bears stage comeback as stocks shed N157bn in four days

Bears stage comeback as stocks shed N157bn in four days

Bears stage comeback as stocks shed N157bn in four days     The Customs Street remained moody and gloomy for stock investors who staked a sum of N19.039 billion on 1.445 billion shares of quoted companies at the Nigerian Stock Exchange (NSE) last week, during which the market opened for four days. The local bourse could not consolidate the gains recorded in the prior week as profit-taking dominated activities on three of the week’s four trading days ahead of the Easter holidays. Note that the market opened for four trading…

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