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Economy

12.5kg Cooking Gas Sold at N4,422 in July—NBS

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12.5kg Cooking Gas

By Ashemiriogwa Emmanuel

The average price of refilling a 12.5-kilogramme cylinder of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, increased by 3.1 per cent in July to N4,422.

This was disclosed by the National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas (LPG) Price Watch Report for July 2021.

In the report analysed by Business Post, the stats office said data it collated for the month showed that the price increased in monetary terms by N133 from the average price of N4,289 it was sold for in June 2021.

According to data, Abuja recorded the highest average price for the refilling of a 12.5kg cooking gas with N5,050, followed by Gombe at N5,000 and Kogi at N4,985.

However, Kaduna State recorded the lowest average price of refilling of the cylinder size as it sold on at an average of N3,718.1. This was followed by Zamfara and Oyo, which sold to end-users for N3,725.4 and N3,859 respectively.

For users of the 5kg alternative, the average cost of buying cooking gas increased nationwide in the month under review from N2,068.7 to  N2,141.6, indicating a 3.5 per cent increase month-on-month.

The data showed that Akwa Ibom, Benue, and Bauchi States were regions with the highest average prices of refilling 5kg cylinder of LPG as the product was sold to consumers for N2,600, N2,540, and N2,486 in those areas respectively.

Meanwhile, Abuja saw the lowest average cost at which people refilled their 5kg cylinder for N1,806.2, while people in Lagos did theirs at the price of N1,840.8, while Ondo residents did theirs for an average cost of N1,842.9.

On a broader view, it was observed that the highest average cooking gas prices were recorded in the North Central region which has an average cost of N4775.5 while the North-West zone recorded the lowest to the sum of N4083.7.

As for the 5kg cylinder, it was most expensive in the North-East zone at N2306.7, unlike in the South West region where it was sold on average to consumers for N1882.6.

The price of LPG has maintained its upward trajectory since December last year and has left an increasing number of its consumers in the nation lamenting over the ugly situation considering the economic reality.

The continuous hike in the price of the product can be attributed to the low supply of the product from the Nigeria Liquefied Natural Gas (NLNG), especially into rural areas where it is being demanded, as well as scarcity and high cost of foreign exchange (FX) for importation.

It can be also observed that the multiple administrative levies charged on marketers by some agencies of government have influenced the average price at which the cooking gas is sold to end-users.

At the moment, the price of the 12.kg cooking gas goes for over N6,000 at the retail market.

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Economy

Airtel Africa, 17 Others Lift Stock Exchange by 0.46%

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Local Stock Exchange

By Dipo Olowookere

Nigeria’s stock exchange closed positive on Friday by 0.46 per cent following a renewed bargain hunting in Airtel Africa, Guinness Nigeria, Sterling Bank, Ardova and 14 others.

This pushed the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited by 199.52 points to 43,308.29 points from the previous day’s 43,108.77 points and jerked the market capitalisation higher by N104billion to N22.598 trillion from N22.494 trillion.

Royal Exchange and ABC Transport grew by 10.00 per cent each at the trading session to finish at 55 kobo and 33 kobo respectively.

AIICO Insurance gained 9.38 per cent to close at 70 kobo, University Press appreciated by 8.89 per cent to N2.94, while Regency Assurance jumped 7.69 per cent to 42 kobo.

On the other hand, UPDC REIT topped the losers’ table of 24 members with a price depreciation of 9.82 per cent to settle for the day at N5.05.

Champion Breweries retreated by 5.90 per cent to N2.55, UPDC moderated by 5.07 per cent to N1.31, FTN Cocoa eased by 4.76 per cent to 40 kobo, while Veritas Kapital contracted by 4.55 per cent to 21 kobo.

Unlike the preceding day, the level of activity was mixed yesterday with the trading value declining by 15.15 per cent to N3.6 billion from N4.2 billion, while the trading volume rose by 14.73 per cent to 305.3 million units from 266.1 million, with the number of deals rising by 13.96 per cent 4,450 deals from 3,905 deals.

FCMB finished the day as the most active stock with 81.1 million units worth N247.9 million, trailed by GTCO with 29.5 million units valued at N738.3 million.

Further, Access Bank transacted 28.1 million units valued at N253.9 million, Honeywell Flour sold 16.8 million units worth N70.2 million, while Zenith Bank exchanged 13.2 million units for N320.2 million.

At the market on Friday, the insurance sector gained 1.98 per cent, while the quartet of the consumer goods, banking, energy and industrial goods counter lost 0.89 per cent, 0.33 per cent, 0.03 per cent and 0.01 per cent respectively.

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Economy

Naira Closes Week Flat as Cryptocurrencies Suffer Heavy Loss

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Cryptocurrencies

By Adedapo Adesanya

The local currency closed flat against the US Dollar at both the Investors and Exporters (I&E) and the interbank segments of the foreign exchange (forex) market on Friday, November 26.

At the I&E segment of the market, the domestic currency retained the preceding session’s rate of N415.07/$1 amid an upshoot in the turnover for the trading session, according to data from the FMDQ Securities Exchange.

At the market window, the turnover achieved at the final session for the week was $215.47 million, 119.7 per cent or $117.4 million higher than the $98.07 million recorded the day before.

At the interbank window, the Naira halted its depreciation against the American currency as it remained unchanged at N411.64/$1 at the close of transactions yesterday.

In the same trend, the local currency was flat against the Pound Sterling to sell for N548.55/£1, while the Nigerian currency stuck to N462.07/€1 as it was sold at the preceding session.

Bears Rampage Cryptocurrencies

Meanwhile, cryptocurrencies witnessed a bearish outcome on Friday as all the 10 cryptos monitored by Business Post weakened and analysts attributed the dip to the rout that gripped global investments following the discovery of a new coronavirus variant.

The World Health Organisation (WHO) said the new variant known as B.1.1.529 may contain more than 30 mutations. The United Kingdom and other nations have temporarily suspended flights from six African countries in response.

At the market, Bitcoin (BTC) recorded a 6.7 per cent depreciation to sell at N30,862,885.94, Ethereum (ETH) fell by 1.7 per cent to trade at N2,388,999.00, while Ripple (XRP) witnessed a 6.3 per cent fall to N543.44.

Furthermore, (DASH) dropped 5.9 per cent to trade at N109,054.38, Litecoin (LTC) slumped by 7.2 per cent to N111,931.77, Tron (TRX) made a 7.6 per cent loss to close at N52.66, Cardano (ADA) retreated by 5.0 per cent to N918.72, Binance Coin (BNB) witnessed a 4.2 per cent loss to sell at N242,540.63, Dogecoin (DOGE) also followed with a 4.2 per cent slide as it traded at N123.87, while the US Dollar Tether (USDT) moved down by 0.7 per cent to sell for N569.90.

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Economy

Unlisted Stocks Trade Flat Friday Amid Low Investor Appetite

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unlisted stocks

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed in the flat territory on Friday as the interest of investors in unlisted stocks waned during the session.

According to data from the exchange, the level of activity declined as there was a 99.9 per cent fall in the volume of securities transacted by market participants as only 288 units exchanged hands compared with the 371,600 units traded at the previous day.

In the same vein, there was a decrease in the total value of shares transacted by traders on Friday and this depleted by 99.0 per cent as securities valued at N65,088 transacted in contrast to the N6.5 million exchanged on Thursday.

Business Post reports that the number of deals executed during the last trading session of the week waned by 50.00 per cent as only two deals were recorded as against the four deals carried out at the preceding trading day.

At the close of transactions, the major performance indicators of the exchange remained unchanged, with the NASD Unlisted Security Index (NSI) flat at 744.90 points as the market capitalisation remained intact at N615.42 billion.

The unlisted securities market was without a price gainer or a price loser as the equity price of all the stocks on the exchange remained unchanged.

Also, the most traded stock by volume on a year-to-date basis remained Food Concepts Plc as it has transacted a total of 11.4 billion units of its shares worth N14.4 billion. Lighthouse Financial Services Plc has traded 1.1 billion units worth N546.32 million to occupy the second spot, while Geo Fluids Plc, which claimed the third place, has traded 1.0 billion units worth N700.1 million.

By value, on a year-to-date basis, Food Concepts Plc was also on top of the chart with the sale of 11.4 billion units worth N14.4 billion, followed by Nigerian Exchange (NGX) Group Plc with 456.5 million units valued at N9.2 billion, and VFD Group Plc with 10.4 million units valued at N3.5 billion.

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