Economy
Price of Refilling 12.5kg Cooking Gas Cylinder Rises 0.28%
By Adedapo Adesanya
The average retail price for refilling 5kg and 12.5kg cylinders of Liquefied Petroleum Gas, known as cooking gas, further increased in January 2023, the latest data from the National Bureau of Statistics (NBS) showed.
In the Liquefied Petroleum Gas (Cooking Gas) Price Watch for January 2023 data, it was disclosed that the cost of the 5kg cylinder jumped to N4,588.75 on average while that of its 12.5kg equivalent jumped to N10,277.17.
The data showed that the cost of refilling a 5kg cooking gas cylinder increased by 0.51 per cent on a month-on-month basis from N4,565.56 recorded in December 2022 to N4,588.75 in January 2023. On a year-on-year basis, this rose by 25.46 per cent from N3,657.57 in January 2022.
Also, the average retail price for the 12.5kg cylinder increased by 0.28 per cent on a month-on-month basis from N10,248.97 in December 2022 to N10,277.17 in January 2023, and on a year-on-year basis, it surged by 38.63 per cent from N7,413.25 in January 2022.
On state profile analysis, Kwara recorded the highest average price for refilling a 5kg cylinder of LPG with N4,962.50, followed by Plateau with N4,945.50, and Adamawa with N4,936.67.
On the other hand, Enugu recorded the lowest price with N4,119.23, followed by Anambra and Rivers with N4,183.14 and N4,210.00, respectively.
In addition, analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg cylinder of gas with N4,859.60, followed by the North-West with N4,616.66, while the South-East recorded the lowest with N4,408.99.
Benue recorded the highest average retail price for the refilling of a 12.5kg cylinder of gas with N11,260.67, followed by Cross River with N10,833.33 and Ebonyi with N10,763.57.
Conversely, the lowest average price was recorded in Yobe with N9,550.00, followed by Taraba and Gombe with N9,845.00 and N9,850.00, respectively.
Similarly, the average retail price per litre of kerosene rose to N1,153.40 in January 2023 on a month-on-month basis, showing an increase of 4.42 per cent compared to N1,104.61 recorded in December 2022.
According to the NBS’s National Kerosene Price Watch for January 2023, on a year-on-year basis, the average retail price per litre of kerosene rose by 163.87 per cent from N437.11 in January 2022.
On state profile analysis, the report showed the highest average price per litre of kerosene in December 2023 was recorded in Abuja at N1,566.67, followed by Lagos at N1,411.11 and Plateau at N1,383.33.
The lowest price was recorded in Jigawa at N891.67, followed by Edo at N925.93 and Katsina at N935.19.
The NBS said that analysis by zone showed that the South-West recorded the highest average retail price per litre of Kerosene at N1,232.15, followed by the South-East at N1,223.95.
It said the North-West recorded the lowest average retail price per litre of kerosene at N1,003.54.
The report said the average retail price per gallon of kerosene paid by consumers in January 2023 was N3,886.11, indicating a 3.54 per cent increase from N3,753.38 recorded in December 2022.
“On a year-on-year basis, the average price per gallon of kerosene increased by 154.20 per cent from N1,528.74 recorded in January 2022.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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