Economy
Nigeria Imports 63.3% of Cooking Gas from Argentina, Others
By Adedapo Adesanya
The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that in March 2021, a total of 63.3 per cent of Liquefied Petroleum Gas (LPG), also known as cooking gas, supplied in the Nigerian market, were imported.
According to the latest LPG Consumption data from the agency, this represented 77,840.6 metric tonnes of LPG in a vacuum (MT VAC) imported into the country in the month under review.
In general, the downstream petroleum industry regulator stated that a total of 123,076.332 MT VAC of LPG was supplied in the country in March 2021, 32.7 per cent higher than the 92,741.7 MT VAC of LPG supplied in February 2021; and 71.8 per cent higher than the 71,650.5 MT VAC supplied in March 2020.
The PPPRA report added that the volume of cooking gas imported in March 2021, was 76.2 per cent higher than the 44,179.7 MT VAC of cooking gas import in February 2021, and 97.5 per cent higher than the 39,419.8 MT VAC of the commodity imported in March 2020.
The PPPRA disclosed that the cooking gas imported into the country were sourced from the United States of America, Argentina and Equatorial Guinea.
On the other hand, the report noted that 45,235.7 MT VAC of cooking gas was sourced locally in March 2021, representing 36.,7 per cent of total gas supplied in the month under review.
The volume of LPG sourced locally in the month under review was 6.9 per cent lower than the 48,562.0 MT VAC of LPG sourced locally in February 2021, and 40.4 per cent higher than the 32,230.6 MT VAC gotten from the same source in March 2020.
The companies in the supply of LPG in the Nigerian market in March 2021, according to the report, were Algasco LPG Services Limited, a subsidiary of Vitol; NIPCO, Prudent Energy and Services Limited, Rainoil, Matrix Energy, Techno Oil, Stockgap Fuels Limited, Greenville Natural Gas Limited and PNG Gas Limited.
In the import category, the report noted that Algasco shipped in 10,068.1 MT, 22,300.1 MT and 9,771.5 MT of LPG from the US in three tranches, between March 1 and March 28, 2021; NIPCO imported 6,090.1 MT of LPG from Argentina, while Prudent imported 5,695.2 MT and 5,699.5 MT of the commodity, from Argentina and the USA respectively.
Rainoil and Matrix imported 6,200.1 MT and 6,508.7 MT of LPG, respectively, from Equatorial Guinea; while Techno Oil imported 5,507.3 MT of cooking gas from Argentina in the month under review.
In the locally-sourced category, the PPPRA report stated that NIPCO sourced 10,780.1 MT and 13,168.2 MT of LPG from the Bonny River Terminal (BRT) and the Nigeria Liquefied Natural Gas (NLNG), Bonny, respectively; while Algasco and Stockgap purchased 13,151.3 MT and 8,136.1 MT of LPG, respectively, from NLNG, Bonny.
Greenville and PNG Gas, who are mainly off-takers, received 197.9 MT and 1,460.3 MT respectively.
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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