Economy
CBN Postpones September 2023 MPC Meeting
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week.
In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice.
This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the Department of State Services (DSS).
Mr Cordoso’s appointment for a five-year term will require confirmation by the Nigerian Senate, which will resume from recess on Tuesday, September 26.
In addition, four people were nominated as deputy governors.
Business Post understands that this postponement is to allow the first order of business for Mr Cardoso to be at the MPC meeting.
The CBN, at its meeting in July, raised the Monetary Policy Rate (MPR) by 25 basis points to 18.75 per cent from 18.00 per cent.
There have been calls for the CBN to pause the rate hike amid a rise in inflation since the decision to increase it by more than 700 basis points in the last few months hasn’t slowed down the index.
One of such calls came from the Lagos Chamber of Commerce and Industry (LCCI), which advised the committee to hold rates at their current levels to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate.
The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent in August 2023 from 24.08 per cent in July 2023.
The chamber explained that the increased inflation rate represents 1.72 per cent points higher than the previous month and 5.28 per cent points when compared to 20.52 recorded in the corresponding month in 2022.
By Adedapo Adesanya
Strategies have been mapped out by the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, to boost Nigeria’s economy through some sectors identified to attract foreign investments.
The Minister in a statement said the ministry and other relevant stakeholders were ready to ensure the successful engagement of the global investment strategic group initiative.
She explained that this would focus on key priority sectors that drive Nigeria’s economic development, including infrastructure, technology, agriculture and energy.
“This is to position Nigeria as a preferred hub for international investors.
“The initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and underscores the Administration’s commitment to fostering economic diversification and inclusive growth,” she stated.
Mrs Oduwole said the efforts would bring a transformational impact on Nigeria’s investment landscape by building trust and providing game-changing economic opportunities for the country, noting that the idea will also attract the world’s influential business leaders and investors, including Nigerian investors in the diaspora.
According to her, strong transformative, high-impact projects in infrastructure, agriculture, technology and energy will enhance economic development.
The Minister thanked the Chairperson of Global Infrastructure Partner, Mr Adebayo Ogunlesi, for his outstanding leadership at the cutting edge of global innovation and strategic investment.
According to her, his continued commitment to Nigeria’s economic advancement is a strong signal for effective investment across the world.
“Nigeria is poised to become a leading investment destination, particularly in the area of digital trade and technology innovation,” she said.
Mr Ogunlesi had expressed readiness to support the nation’s investment drive, tasking the Minister with the strong coordination of a distinguished global investment strategic group initiative.
By Dipo Olowookere
Investors bought and sold 3.132 billion shares worth N76.552 billion in 61,456 deals at the Nigerian Exchange (NGX) Limited last week compared with the 2.252 billion shares valued at N58.831 billion traded in 63,657 deals in the preceding week.
Wema Bank, Secure Electronic Technology, and Access Holdings were the busiest equities during the week with the sale of 1.437 billion units valued at N15.406 billion in 5,292 deals, contributing 45.89 per cent and 20.13 per cent to the total trading volume and value, respectively.
In the week, financial stocks dominated the activity chart with 2.336 billion units worth N33.014 billion in 27,100 deals, contributing 74.59 per cent and 43.13 per cent to the total trading volume and value, respectively.
Services shares recorded 284.988 million units valued at N807.646 million in 4,638 deals, and consumer goods equities sold 139.010 million units for N5.704 billion in 6,469 deals.
Business Post reports that 44 stocks appreciated in the period under review versus 33 stocks of the preceding week, 44 equities also depreciated last week compared with the previous week’s 57 equities, and 64 shares closed flat, in contrast to the 62 shares recorded a week earlier.
SCOA Nigeria gained 59.68 per cent to trade at N3.96, UPDC appreciated by 19.05 per cent to N2.00, Coronation Insurance rose by 15.32 per cent to N2.56, Royal Exchange leapt by 14.61 per cent to N1.02, and DAAR Communications expanded by 13.51 per cent to 84 Kobo.
On the flip side, Sunu Assurances depleted by 25.11 per cent to N5.01, Eunisell lost 18.95 per cent to close at N12.66, John Holt went down by 18.47 per cent to N8.30, Abbey Mortgage Bank slumped by 14.60 per cent to N3.10, and Cornerstone Insurance depreciated by 14.29 per cent to N3.48.
After the five-day trading week, the All-Share Index (ASI) and the market capitalisation appreciated by 1.22 per cent and 1.26 per cent, respectively to 103,598.30 points and N63.645 trillion.
In the same vein, all other indices finished higher apart from the insurance, consumer goods, energy and sovereign bond indices, which depreciated by 1.20 per cent, 1.20 per cent, 0.93 per cent and 0.10 per cent, respectively while the ASeM index closed flat.
By Dipo Olowookere
It was a good day for the stock market in Nigeria as it appreciated by 0.79 per cent on Friday to bring the year-to-date return to 0.66 per cent.
This was influenced by renewed interest across most of the sectors of the market, though the insurance index declined by 2.15 per cent when trading activities ended for the session.
Business Post reports that the banking counter appreciated by 1.97 per cent, the consumer goods space grew by 0.70 per cent, the industrial goods sector gained 0.09 per cent, and the energy counter closed flat.
Yesterday, the All-Share Index (ASI) increased by 810.26 points to 103,598.46 points from the preceding day’s 102,788.20 points and the market capitalisation by N497 billion to N63.645 trillion from Thursday’s N63.148 trillion.
Chellaram was the biggest price gainer on Friday after it chalked up 10.00 per cent to trade at N4.07, Guinness Nigeria also appreciated by 10.00 per cent to N77.00, SCOA Nigeria improved by 10.00 per cent to N3.96, Transcorp Power jumped by 7.96 per cent to N349.80, and Lasaco Assurance went up by 7.19 per cent to N3.28.
Conversely, Neimeth was the biggest price loser as it shed 9.88 per cent to N3.10, John Holt declined by 9.78 per cent to N8.30, International Energy Insurance depleted by 9.74 per cent to N1.76, Sovereign Trust Insurance fell by 9.40 per cent to N1.06, and Austin Laz lost 9.00 per cent to close at N1.82.
As for the activity chart, a total of 576.4 million stocks valued at N9.0 billion in 11,546 deals compared with the 394.4 million stocks worth N22.8 billion traded in 12,160 deals in the preceding session, indicating a rise in the trading volume by 46.15 per cent, and a decline in the trading value and number of deals by 60.53 per cent and 5.05 per cent.
Secure Electronic Technology was the busiest equity with 202.2 million units worth N151.8 million, Nigerian Breweries traded 42.1 million units valued at N1.3 billion, Japaul exchanged 34.6 million units for N79.7 million, Access Holdings sold 32.2 million units valued at N807.0 million, and Sovereign Trust Insurance traded 17.0 million units worth N18.3 million.
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