Economy
Oil and Gas Export Receipt Rises 184% in June 2020
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 184 per cent in the total crude oil and gas export receipt, amounting to $378.4 million in June 2020 as against $133.2 million it posted in May 2020.
This signalled an improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.
The NNPC in a release by its Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, stated that petroleum receipts for the month reflected crude oil earnings of $230.7 million, with gas and miscellaneous proceeds standing at $75.9 million and $71.8 million, respectively.
The release explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, which it noted, was the 59th in the series.
The report, which was released in Abuja on Sunday, put total crude oil & gas export receipts for the period: June 2019 to June 2020 at $4.6 billion.
In the downstream sector, the NNPC monthly report said in order to ensure a continuous supply and effective distribution of petroleum products across the country in June 2020, 1.3 billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC).
According to the national oil company, the figure was significantly higher than the 950.7 million litres of white products sold and distributed in May 2020, reflecting an advantage following the gradual ease of the lockdown in the country and the picking up of business activities.
A breakdown of the June 2020 figures indicated that over 1.3 billion litres of Premium Motor Spirit (PMS), 5.1 million litres of Automotive Gas Oil (AGO) and 1.7 million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period.
White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.1 billion litres, with PMS accounting for over 18.9 billion litres or 99.4 per cent.
In monetary value terms, the above volumes translated to a total sale of N134.2 billion of white products by PPMC in June 2020, compared to N92.6 billion sales in May 2020.
Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over N2.7 trillion, where PMS contributed about 99.1 per cent of the total sales with a value of over N2.2 trillion.
During the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020.
Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent.
The NNPC monthly Financial and Operations Report for June 2020 explained that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the Country.
In the Gas sector, out of the 232.0 Billion Cubic Feet of gas (BCF) supplied in June 2020, 148.7 BCF of gas was commercialized; consisting of 34.6 BCF and 114.0 BCF for the domestic and export market, respectively.
This, the report explains, translates to a total supply of 1,154.8 million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.5 mmscfd of gas supplied to the export market for the month, implying 64.1 per cent of the average daily gas produced was commercialized, while the balance of 35.9 per cent was re-injected, used as Upstream fuel gas or flared.
The NNPC report stated that gas flare rate for June 2020 stood at 6.1 per cent, that is: 472.9 mmscfd, compared with average Gas flare rate of 7.8 per cent, an equivalent of 611.7 mmscfd for the period June 2019 to June 2020.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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