NGX Trading Indices Dwindle as Inflation Turns Off Investors

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Modupe Gbadeyanka Minister of State for Petroleum Resources, Mr Ibe Kachikwu, has petitioned President Muhammadu Buhari, informing him of the rot in the Nigerian National Petroleum Corporation (NNPC), under the leadership of Mr Maikanti Baru. The Minister said Mr Baru, who is the Group Managing Director (GMD) of the state-owned oil firm, has been running the agency without consulting with the board, which he (Mr Kachikwu) chairs. In fact, the Minister said the attitude of the NNPC GMD is creating “a fear culture in NNPC.” According to TheCable, the letter said, “Like the previous reorganisations and repostings done since

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) on Tuesday announced a further hike in the monetary policy rate (MPR) by 100 basis points to 16.5 per cent from 15.5 per cent. This increment in the main interest rate was announced by the Governor of the CBN, Mr Godwin Emefiele, while briefing newsmen in Abuja after the Monetary Policy Committee (MPC) meeting. The central bank boss said at the gathering, nine members of the team voted to raise the key rate by 100 basis points, while two members voted to increase the rate by 50 basis points. In reaching

By Dipo Olowookere The Naira came under pressure this week as selloffs by foreign portfolio investors created a huge demand of foreign exchange at the market during the week. At the close of business on Friday, the local currency lost 0.14 percent week-on-week against the Dollar at the investors and exporters (I&E) forex window. However, the Nigerian legal tender remained unchanged against the US Dollar at the Bureau De Change segment and the parallel market to close at N357/$ and N360/$ respectively as CBN sustained its special intervention. Also, the Naira/Dollar rate closed flat at the interbank foreign exchange market

By Dipo Olowookere The results of Zenith Bank Plc for the first half of 2021 have been released to the Nigerian Exchange (NGX) Limited. The financial statements were filed on Friday by the lender. Though the gross earnings decreased in the period under consideration, the pre-tax profit moved up to N117.1 billion from N114.1 billion in the same period of last year. After an income tax of N10.9 billion, slightly higher than the N10.3 billion paid a year ago, the company posted a profit after tax of N106.1 billion versus N103.8 billion recorded in HY’20. A look at the top

By Dipo Olowookere A 10-year tax incentive has been granted to Dangote Group by the Federal Government after the company agreed to rehabilitate the Apapa to Oworonshoki Expressway. Minister of Power, Works and Housing, Mr Babatunde Fashola, speaking on Friday at an event in Lagos, stated that, “We inherited a tax incentive policy for individuals to benefit from tax remission, to recover investment made in public infrastructure like roads, which other members of the public can utilise.” Mr Fashola, who was a guest at the BusinessDay Road Construction Summit, Federal Government approved a review of the five-year limit on tax

By Modupe Gbadeyanka The Federal Ministry of Finance has disclosed that the Federal Government has been able to record N20 billion reduction in its monthly wage bill across Ministries Department and Agencies (MDAs). This disclosure was made in Abuja on Tuesday by the Permanent Secretary in the Federal Ministry of Finance, Mr Mahmoud Isa-Dutse. According to him, at the moment, the N165 billion monthly wage bill has now come down to N145 billion translating to N20 billion monthly savings. He said the feat was achieved with the assistance of the Presidential Committee on Audit of MDAs, which is saddled with

By Jerome-Mario Utomi Talking about a recent most serious and most surprising event in the nation’s tertiary education sector that aptly demonstrate that to an average tertiary education administrator in Nigeria, once a direction is chosen, instead of examining process meticulously and set the right course that will help overcome storm and reach safety before we can progress and achieve our goals, they obstinately persist with the execution of such plans regardless of a minor or major shift in circumstance, it is the continued demand for acceptance fee from new students by universities and other institutions of higher learning in

By Jerome-Mario Utomi Am I a good leader? I do not know and I guess no one else does. The people, the future and history will stand judged and I will accept their judgments no matter what they might be. Nevertheless, I am fully convinced that I am leading my people, not only on the right part but on the only one available -Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirate (UAE). Presently, the global community is in agreement that Nigeria is blessed with abundant resources –both human and natural. But in spite