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Thread: Latest Nigerian News from Forex Forum Nigeria.
  1. #581
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    Investors kick-start week with N40bn gain

    Investors in equities kick-started the week on a positive note on the floor of the Nigerian Stock Exchange (NSE) as bargains in fundamentally sound stocks saw market capitalisation rise by N40.5 billion to N11.5 trillion.

    Activities on the floor appreciated by 0.35 per cent with 16 price gainers and 20 losers.

    The News Agency of Nigeria (NAN) reports that the All-Share Index, which opened at 30,636.36, rose by 108.69 points or 0.35 per cent to close at 30,745.05.

    Similarly, the market capitalisation rose by N40bn or 0.35 per cent to close at N11.464tn from the N11.424tn achieved on Friday.

    A breakdown of the price movement chart indicates that Nigerian Breweries led the price gainers’ table with a gain of N3.90 to close at N77.90 per share.

    Stanbic IBTC followed with a gain of 70k to close at N46, while Redstar improved by 50k to close at N5.50 per share.

    Custodian and Allied Insurance added 30k to close at N6.80, while Dangote Flour gained 20k to close at N6 per share.

    On the other hand, Forte Oil topped the price losers’ chart, dropping by N2.50 to close at N77.90 per share.

    Total trailed with a loss of N2.40 to close at N220.90, while NASCON shed 25k to close at N17.65 per share.

    UACN declined by 20k to close at N9, while Champion Breweries was down by 18k to close at N1.62 per share.

    Despite the growth in the market indices, the volume of shares traded dipped by 32.21 per cent and the value declined by 76.47 per cent.

    A total of 183.67 million shares valued at N1.04bn were traded by investors in 2,909 deals on Monday.

    This was against the 270.94 million shares worth N4.42bn exchanged in 3,144 deals on Friday.

    Fidelity Bank was the most active stock during the day, trading 36.62 million shares worth N82.39m.

    Transcorp followed with 34.27 million shares valued at N43.68m, while Diamond Bank traded 29.47 million shares worth N68.07m.

    Zenith Bank traded 10.91 million share valued at N249.79m, while UBA sold 6.97 million shares worth N50.07m.

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    Investors kick-start week with N40bn gain

    Investors in equities kick-started the week on a positive note on the floor of the Nigerian Stock Exchange (NSE) as bargains in fundamentally sound stocks saw market capitalisation rise by N40.5 billion to N11.5 trillion.

    Activities on the floor appreciated by 0.35 per cent with 16 price gainers and 20 losers.

    The News Agency of Nigeria (NAN) reports that the All-Share Index, which opened at 30,636.36, rose by 108.69 points or 0.35 per cent to close at 30,745.05.

    Similarly, the market capitalisation rose by N40bn or 0.35 per cent to close at N11.464tn from the N11.424tn achieved on Friday.

    A breakdown of the price movement chart indicates that Nigerian Breweries led the price gainers’ table with a gain of N3.90 to close at N77.90 per share.

    Stanbic IBTC followed with a gain of 70k to close at N46, while Redstar improved by 50k to close at N5.50 per share.

    Custodian and Allied Insurance added 30k to close at N6.80, while Dangote Flour gained 20k to close at N6 per share.

    On the other hand, Forte Oil topped the price losers’ chart, dropping by N2.50 to close at N77.90 per share.

    Total trailed with a loss of N2.40 to close at N220.90, while NASCON shed 25k to close at N17.65 per share.

    UACN declined by 20k to close at N9, while Champion Breweries was down by 18k to close at N1.62 per share.

    Despite the growth in the market indices, the volume of shares traded dipped by 32.21 per cent and the value declined by 76.47 per cent.

    A total of 183.67 million shares valued at N1.04bn were traded by investors in 2,909 deals on Monday.

    This was against the 270.94 million shares worth N4.42bn exchanged in 3,144 deals on Friday.

    Fidelity Bank was the most active stock during the day, trading 36.62 million shares worth N82.39m.

    Transcorp followed with 34.27 million shares valued at N43.68m, while Diamond Bank traded 29.47 million shares worth N68.07m.

    Zenith Bank traded 10.91 million share valued at N249.79m, while UBA sold 6.97 million shares worth N50.07m.

  4. #583
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    NNPC increases gas supply to power plants

    The Nigerian National Petroleum Corporation (NNPC) says a total of 735 Million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with October 2018 when an average of 627mmscfd was supplied.

    A release on Tuesday by the spokesman for the corporation, Mr. Ndu Ughamadu, said details of the gas supply were contained in the NNPC Monthly Financial and Operations Report for the month of November, 2018.

    The report showed that out of the 212.93 Billion Cubic Feet (bcf) of gas supplied during the period, a total of 123.29bcf of gas was commercialised, consisting of 36.14bcf and 87.15bcf for the domestic and export markets respectively.

    The statement said that translated to a total supply of 1,204.76 mmscfd of gas to the domestic market and 2,905.06 mmscfd of gas to the export market for the month, implying that 57.91 per cent of the average daily gas produced was commercialised while the balance of 42.09 per cent was re-injected, and used as upstream fuel gas or flared.

    The total gas supply, November 2017 to November 2018, stood at 3,071.13bcf out of which 466.44bcf and 1,317.77 bcf were commercialized for the domestic and export markets respectively.

    A further breakdown of the report indicated that gas – injected, fuel gas and gas flared – stood at 1,286.92 bcf.

    The November report, the edition 40th edition in the series, announced a trading surplus of ₦2.06 billion which represented a laudable improvement of 116% over the previous month’s deficit of ₦12.66 billion.

    This increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations.

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    Fashola to commission 33KVA substation at Ikashe

    The Transmission Company of Nigeria (TCN) with the Ministry of Works, Power and Housing had in 2017 decided to site a 132/33KVA substation at Ilashe.

    The project, according to the Minister, was deemed important because of the socio-economic benefit it portends for the growth of the community.

    Fashola, disclosed that the location of Ilashe and its sister communities between the lagoon and the ocean make it a prime candidate for expansion/growth of tourism in Lagos and indeed Nigeria, provided there is adequate power supply.

    He noted that a power project of such nature will attract both local and foreign investment to the riverine communities thereby significantly improving the lives of rural dwellers.

    Recalled that in December 2017, the General Manager of TCN; Lagos region, Engr. Godfrey Nwokoye, had inaugurated a task force of in-house engineers headed by Engr LI Adeola to handle the project

  6. #585
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    ‘Completion of Dangote refinery will help Africa’s sloppy economy’

    Nigeria and other African countries will soon heave a sigh of relief from the sloppy economic situation occasioned by price instability with the imminent completion of the Dangote Refinery and other modular refineries in Nigeria, the Dangote Group said yesterday.

    Already, the President of Ghana, Nana Akufo-Addo, at a forum in Egypt, said his country was anxiously waiting for the readiness of the Dangote Refinery to save his government from economic distortion caused by massive importation of petroleum from Europe.

    The Technical Adviser on Refinery and Petrochemicals to the President of Dangote Group, Engr. Babajide Soyode, said the completion of the Dangote Refinery and other modular refinery projects in Nigeria would culminate in the integration of the downstream industries, lower cost of business and stabilise the prices of petroleum products across Africa.

    Engr. Soyode made this assertion during a panel session on “Refining, Transportation and Petrochemicals Forum” at the just concluded 2019 Nigeria International Petroleum Summit in Abuja.

    He emphasised the need for the Federal Government to fully deregulate the downstream sector.

    He said “by the time Dangote completes the largest single train-refinery, in addition to what other investors are doing, Nigeria will have more than enough petrol for domestic use and for export.”

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  8. #586
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    How global developments caused short-term stability for Nigeria’s economy – Experts

    Analysts at FSDH Research have said a combination of events played out in the global market in January, 2019, that should result in short-term stability in the Nigerian economy.

    Speaking to Daily Trust at the weekend, FSDH Head of Research, Ayodele Akinwunmi, noted however, that the outcome of the February, 2019, general elections might determine the direction of the Nigerian financial market for the month.

    Financial figures for December, 2018, showed the negative impact of the US-China trade war on the global economy and on the two economies: both countries made concerted effort to end the trade dispute.

    The US trade sanctions on Venezuela crude oil exports and the commencement of implementation of the cut in the Organisation of Petroleum Exporting Countries (OPEC) crude oil output also helped the crude oil price to recover from the opening levels in January, 2019. On account of these developments, the crude oil price closed the month at $63p/b (Bonny Light) and $59.71/p/b (Brent) from the opening figures of $55.47p/b (Bonny Light) and $54.06p/b (Brent).

    Meanwhile, the Federal Open Market Committee (FOMC) of the US Federal Reserve System maintained the interest rate in January, 2019. It said it would be “patient” regarding its short-term guardian on interest rate decision. The statement was interpreted to mean that the FOMC may not raise interest rate in the first half of 2019. Investors who had anticipated an interest rate hike in the US in the first half of the year may reconsider their investment strategy in the emerging and developing markets.

    Akinwunmi said these developments were positive for the short-term outlook of the Nigerian economy and financial market.

    He said there was a significant increase in capital importation via Foreign Portfolio Investors (FPI) in the Investors and Exporters Foreign Exchange Window (I&E Window) in January, 2019.

    FPI’s contribution in January, 2019, stood at $1.32bn, accounting for 51.34 per cent of total inflows, the highest contribution since April, 2018. He said this might be a reflection of foreign investors taking advantage of higher yields on fixed income securities.

    Akinunmi also said FSDH expected the January, 2019, inflation rate to drop to 11.40 per cent from 11.44 per cent recorded in December, 2018.

    “We still, however, anticipate a hike in the inflation rate from June, 2019, due to adjustments to the price of Premium Motor Spirit (PMS) and electricity tariff,” he added.

    The Nigerian Bureau of Statistics (NBS) will release the inflation report for January, 2019, on Friday, February 15, 2019. FSDH Research believes the CBN will continue to adjust its policies to keep yields above inflation rate.

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