Author: Ogochukwu Ndubuisi

NGX Market Capitalisation Drops to N87trn The Nigerian stock market continued on a bearish trend on Tuesday, losing N623 billion. Market capitalisation dropped by N623 billion or 0.71 per cent, closing at N87.783 trillion when compared to N88.406 trillion recorded on Monday. Similarly, the All-Share Index (ASI) dipped by 984.55 points or 0.71 per cent, reaching 138,737.64 from 139,722.19 recorded earlier. The negative trend was driven by sustained profit taking in stocks like AIICO Insurance, Prestige Assurance, Wema Bank, Consolidated Hallmark Holdings, Ellah Lakes, and 44 other stocks. Also, the market breadth closed negative with 49 losers against 11 gainers.…

CBN Offers 26.44% Interest Rate on 84-Day OMO Bills The Central Bank of Nigeria (CBN) allotted 84-day tenor OMO bills at the spot rate of 26.44%, details from an open market operation conducted on Tuesday revealed. The Apex Bank floated the auction as another bills set to expire this week, and this is expected to enhance excess liquidity level in the banking system. To manage the excess liquidity, and drive US dollar inflows from participating offshore investors, the authority floated N600 billion. The auction floated on Tuesday attracted strong demand with total subscriptions reaching N1.2 trillion. Ultimately, the apex bank…

Equity Investors Lose N596bn as GTCO, Lafarge Africa, Transcorp Fall Investors lost about N596 billion in the equity segment of the Nigerian Exchange (NGX) as sell pressure on large cap stocks plunged market capitalisation down by 67 basis points or 0.67%. Market capitalisation lost N595.80 billion to close at approximately N87.81 trillion, with bearish sentiments dominating trading activities. Lafarge Africa with trade Ticker: WAPCO (-9.9%) and TRANSCORP (-4.3%) drove the All-Share Index lower on Tuesday. The market also witnessed sell pressures on Cadbury Nigeria. Dangote Sugar Refinery and GTCO among others. The NGX All share index decreased by 0.67%, closing…

GCR Affirms Ogun State’s Ratings of BBB+ with Positive Outlook GCR Ratings has affirmed Ogun State Government of Nigeria’s national scale long-term and short-term issuer ratings of BBB+(NG) and A2(NG) respectively, with the outlook revised to positive from Stable. The firm stated that the ratings affirmation and the positive outlook on Ogun State Government reflect the strong income growth, which has translated to robust cash flows, improved leverage metrics and a sound liquidity position. GCR however said currency risk and elevated total debt remain ratings constraint for the state. “Ogun State remains a key contributor to Nigeria’s economy with a…

BPE to List DisCos, GenCo on Stock Market The Bureau of Public Enterprises (BPE) has announced plans to list two electricity Distribution Companies (DisCos) and one Generation Company (GenCo) on the Nigerian Stock Exchange through an Initial Public Offering (IPO). BPE Director-General, Mr Ayodeji Gbeleyi, disclosed this on Tuesday in Abuja during a media briefing. He declined to name the companies for confidentiality reasons. Gbeleyi revealed that shareholder loan agreements had been executed for 10 of the 11 DisCos, with disbursements expected soon. He also said the planned privatisation of five GenCos was on hold due to exchange rate volatility…

Syria Exports 1st Crude Oil Shipment Since 2011 Syria has exported 600,000 barrels of oil from its Tartous port, local media reported, the first oil shipment to leave the war-torn country since 2011. The Syrian Oil Transport Company said that the Greek-flagged Nissos Christiana tanker was loaded on Monday. The company’s General Manager, Maan Basha on Tuesday said he hoped Syria would be able to resume exports without problems. According to Basha, the main obstacle facing oil companies is the infrastructure left behind by the former regime. Before the 2011 protests against the long-term rule of dictator Bashar al-Assad, Syria…

Surplus Liquidity: Repo, Overnight Rates Hover Around 27% Surplus liquidity in the banking system keep short term benchmark interest rates hovering below 27%, and analysts expect the trend to persist in the absence of significant pressure. The money market rates: overnight and repo rates stayed below 27% apiece on the back of liquidity surplus in the banking system. Rates directions were mixed, according to data obtained from FMDQ platform, after a slight decline in financial system liquidity on Monday. System liquidity closed the day at N1.397 trillion, down by N4.66 billion from N1.402 billion last week. Market analysts reported that…

Union Bank, Titan Trust Merge Operations after CBN Approval Union Bank of Nigeria Plc has announced the successful completion of its merger with Titan Trust Bank Limited, following final approval by the Central Bank of Nigeria (CBN). The transaction, which commenced in 2021 with the signing of a Share Sale Agreement, has now led to the full absorption of Titan Trust Bank’s operations and assets into Union Bank. Under the arrangement, the institution will continue to operate under the Union Bank brand, while Titan Trust ceases to exist as a separate entity. With over 293 service centres, 937 ATMs nationwide,…

Heirs Energies Targets 110,000 BPD Output by 2030 Dr Osa Igiehon, Chief Executive Officer of Heirs Energies Ltd., says the company plans to raise crude oil production from 50,000 barrels per day (BPD) to 110,000 BPD by 2030. Speaking at an interactive session with energy and business journalists on Friday in Lagos, Igiehon said the engagement aimed to strengthen ties with the media and promote transparency. He addressed key issues, including Nigeria’s energy security, revitalising brownfield assets, the role of indigenous firms in oil and gas, and Heirs Energies’ sustainability and community development strategy. Igiehon reaffirmed the company’s commitment to…

NIPOST Announces $80 Prepaid Customs Duty on Shipments to U.S. The Nigerian Postal Service (NIPOST) has announced that all international postal shipments from Nigeria to the United States(U S) will now attract a mandatory prepaid customs duty of USD $80( about N122,400). NIPOST Director Corporate Communications, Ibrahim Musa, announced this in a statement on Friday in Abuja. According to the statement, the measure complies with a new U.S. Executive Order suspending duty-free exemptions on global postal shipments. “Effective Aug. 29, all non-document postal items—including parcels and packages—destined for the U.S. will attract the fixed charge of USD $80 or its…