Connect with us

Economy

Prices of Groundnut Oil, Palm Oil Jump Over 40%

Published

on

prices of groundnut oil

By Adedapo Adesanya

Nigerians paid more to purchase key food items as prices of groundnut oil, palm oil, rice, beans, beef, tomatoes and others skyrocketed in July 2022 at the market as the inflationary pressures continue to dig deeper into their pockets.

According to the National Bureau of Statistics (NBS) Selected Food Prices Watch Report for July 2022, the price of groundnut oil increased by 40.24 per cent on a year-on-year basis to N1,078.17 from N768.81 in July 2021, while the price of one bottle of palm oil surged by 40.29 per cent to N890.67 in the period review from N635.31 in the corresponding period of last year.

The report also showed that the average price of 1kg of local rice increased on a year-on-year basis by 13.55 per cent from N411.97 in July 2021 to N467.80 in July 2022, while the price of 1kg of white beans rose by 23.22 per cent from N444.21 in July 2021 to N547.38 in July 2022.

The report stated also that the average price of 1kg of tomatoes increased on a year-on-year basis by 7.71 per cent from N414.83 in July 2021 to N446.81 in July 2022 as the price of 1kg beef (boneless) in July 2022 was N2,118.84, an increase of 27.58 per cent from the N1,660.76 recorded in July 2021.

State-by-State analysis showed that Rivers recorded the highest price of 1kg of local rice at N619.62, while the lowest was recorded in Jigawa at N363.34.

Ebonyi recorded the highest average price of 1kg of white beans in July 2022 at N900.51, while the lowest price was recorded in Borno at N317.73.

The report stated that the highest average price of 1kg of tomato was recorded in Edo at N799.16, while the lowest was recorded in Taraba at N159.14.

Analysis by zones showed that the Southeast recorded the highest average price of brown beans at N853.19 per kilogramme, followed by the Southwest at N598.00, while the Northeast recorded the least at N379.03.

The Southeast recorded the highest average price of tomato at N678.80, per kilogramme, followed by the Northwest at N656.93, while the lowest was recorded in the Northeast at N194.72.

The NBS stated that the average price of 1kg of local rice in the Northwest was N796.03, representing the highest recorded in July 2022, followed by the Southwest at N519.64. The North Central recorded the lowest price for 1kg of local rice at N401.72, it stated.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

1 Comment

1 Comment

  1. Pingback: Prices of Groundnut Oil, Palm Oil Jump Over 40% - eNaira Online News

Leave a Reply

Economy

Again, FrieslandCampina Pulls Down OTC Bourse by 0.23%

Published

on

OTC stock exchange

By Adedapo Adesanya

FrieslandCampina Wamco Nigeria Plc, for the second consecutive session, dragged the NASD Over-the-Counter (OTC) Securities Exchange down by 0.23 per cent on Wednesday, October 5.

This happened as the milk-producing company recorded a N1.15 loss to close the midweek session at N73.85 per unit compared with the previous day’s rate of N75.00 per unit.

Consequently, the market capitalisation of the OTC bourse went down by N2.25 billion to wrap the day at N960.50 billion, in contrast to Tuesday’s N962.75 billion.

Equally, the NASD unlisted securities index (NSI) recorded a drop of 1.71 points to wrap the session at 729.63 points compared with the preceding day’s 731.34 points.

The number of shares transacted during the session went up by 40.5 per cent to 41,217 units from the 29,331 units transacted on Tuesday, while the value of the shares depreciated by 4.1 per cent to N2.1 million from N2.2 million, with the number of deals carried out by investors rising by 225 per cent to 13 deals from the four deals executed in the previous session.

AG Mortgage Bank Plc ended the trading session as the most traded stock by volume on a year-to-date basis with a turnover of 2.3 billion units valued at N1.2 billion, CSCS Plc stood in second place with 687.7 million units worth N14.3 billion, and Mixta Real Estate Plc was in third place with 178.1 million units valued at N313.4 million.

Also, the most traded stock by value on a year-to-date basis was still CSCS Plc with the sale of 687.7 million units for N14.3 billion, VFD Group Plc was in second place with 27.7 million units worth N7.4 billion, and FrieslandCampina WAMCO Nigeria Plc was in third place with 14.4 million units valued at N1.7 billion

Continue Reading

Economy

Equity Market Falls 0.09% as Investors Lose N25bn

Published

on

equity market size

By Dipo Olowookere

Trading activities remained in the bearish region on Wednesday on the floor of the Nigerian Exchange (NGX) Limited despite the upbeat about the listing of Geregu Power Plc on the exchange.

The local equity market depreciated by 0.09 per cent yesterday as a result of the persistent profit-taking triggered by inflationary pressures as investors leave the market for other assets that can give them returns closer to the 20.52 per cent inflation rate.

When the market closed for the session, the All-Share Index (ASI) decreased by 43.04 points to 48,836.70 points from 48,879.74 points as the market capitalisation dwindled by N25 billion to N26.354 trillion from N26.379 trillion.

The industrial goods space remained flat for another trading day, while the insurance counter closed higher by 0.21 per cent, with the banking, energy and consumer goods sector depreciating by 0.98 per cent, 0.27 per cent and 0.18 per cent, respectively.

Cadbury Nigeria recorded the highest fall as its value went down by 9.93 per cent to N12.25, Northern Nigerian Flour Mill declined by 9.33 per cent to N6.80, PZ Cussons fell by 9.19 per cent to N8.40, Cornerstone Insurance retreated by 8.93 per cent to 51 Kobo, and Unity Bank lost 6.82 per cent to trade at 41 Kobo.

The highest price gainer for the midweek session was the new boy, Geregu Power, as its share value rose by 10.00 per cent to N110.00. Multiverse gained 9.88 per cent to sell for N4.45, Red Star Express appreciated by 9.43 per cent to N2.32, Sovereign Trust Insurance chalked up 8.00 per cent to quote at 27 Kobo, and Japaul garnered 7.69 per cent to settle at 28 Kobo.

The most active stock for the day was Chams, which sold 25.5 million units worth N7.4 million and was trailed by GTCO, which sold 19.5 million units valued at N341.0 million. Sterling Bank transacted 9.9 million shares for N15.2 million, Geregu Power traded 8.5 million equities worth N935.0 million, and Transcorp exchanged 7.2 million stocks for N7.5 million.

At the close of business, the market recorded the sale of 135.5 million stocks worth N2.2 billion in 4,041 deals compared with the 173.5 million stocks worth N2.4 billion traded in 4,926 deals on Tuesday, representing a decline in the trading volume, value and number of deals by 21.87 per cent, 7.12 per cent and 17.97 per cent, respectively.

Continue Reading

Economy

Naira Appreciates to N733/$1 at Black Market, Weakens to N437.50/$1 at I&E

Published

on

Bitcoin Naira

By Adedapo Adesanya

The exchange rate of the Naira to the American Dollar at the black market closed at N733/$1 at the black market, data obtained by Business Post from foreign exchange (forex) traders on the streets showed.

On the previous day, the Naira was exchanged with the United States currency at N740/$1, indicating that the local currency appreciated within 24 hours against its American counterpart by N7.

Also, in the Peer-to-Peer (P2P) segment of the FX market, the Naira appreciated against the US Dollar yesterday by N2 to close at N747/$1 in contrast to the previous day’s value of N749/$1.

However, in the Investors and Exporters (I&E) window of the market, the Nigerian currency depreciated against the greenback in the midweek session by 47 Kobo or 0.06 per cent to settle at N437.50/$1 compared with Tuesday’s value of N437.03/$1 as forex traders executed transactions valued at $70.42 million during the session.

In the same vein, the domestic currency suffered losses against the Pound Sterling and the Euro in the interbank segment of the market on Wednesday.

On the Pound Sterling, the indigenous currency lost N21.64 to trade at N491.52/£1 versus the previous day’s N469.88/£1 and against the Euro, it lost N9.16 to close at N429.91/€1 compared with Tuesday’s rate of N420.75/€1, according to data from the Central Bank of Nigeria (CBN).

Meanwhile, in the digital currency market, bullishness continued in Bitcoin (BTC) as the coin added 1.3 per cent toits value to trade at $20,386.63, with Ripple (XRP) recording a 5.4 per cent gain to sell at $0.5016.

Ethereum (ETH) appreciated by 1.8 per cent to sell at $1,376.18, Dogecoin (DOGE) gained 1.5 per cent to trade $0.0659, Solana (SOL) recorded a 1.1 per cent rise to sell at $34.41, Cardano (ADA) recorded a 0.7 per cent climb to quote at $0.4354, as Binance Coin (BNB) also recorded a 0.7 per cent appreciation to trade at $296.48.

However, Binance USD (BUSD) recorded a 0.05 per cent depreciation to settle at $0.9999, Litecoin (LTC) declined by 0.02 per cent to $54.80, while the US Dollar Tether (USDT) closed flat at $1.00.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: