Nigerian Stock Market sees first gain in April
Nigeria’s equities market on Tuesday recorded its first gain in April as bargain hunting activities at the Nigerian Exchange Limited (NGX) pushed the performance index higher by 0.19 percent. The market’s positive return year-to-date (YTD) was printed higher at 9.51 percent at the close of the trading session.
The equity market’s benchmark performance indicator, the All Share Index (ASI), also increased by 89.52 basis points, from 46,687.85 basis points to 46,777.37 basis points. In 4,410 deals, investors exchanged 257,413,873 units valued at N2.342 billion. Fidelity Bank, Transcorp, Coronation Insurance, GTCO, and Access Holdings were the most traded stocks on the Bourse.
The equity market capitalization increased by N49 billion from N25.169 trillion to close at N25.218 trillion. Meyer Plc led the top gainers league after its share price increased from 79kobo to 86, adding 7kobo, or 8.86 percent.
It was followed by Regency Assurance Plc, which increased from 28kobo to 30kobo, up 2kobo or 7.14 percent; and FTN Cocoa, which rallied from 31kobo to 33kobo, adding 2kobo or 6.45 percent. Cutix Plc increased from N2.05 to N2.17, an increase of 12 kobo or 5.85 percent, while Caverton Offshore Support Group Plc increased from N1.26 to N1.33, an increase of 7 kobo or 5.56 percent. Read more
Nigeria pleads with gas firms to up output following Russia-Ukraine conflict
The Nigerian government, speaking through Timipre Sylva, the minister of state for petroleum resources, has pleaded with some of the international oil companies involved in the strategic partnership makeup of Nigeria LNG Ltd to increase output following the Russia crisis.
The government was responding to the lukewarm and uncooperative attitude of Shell Plc, Eni SpA, and other shareholders of Nigeria LNG Ltd.
The FG had earlier, during the early stages of the Russia-Ukraine war, accused Shell Plc, Eni SpA, and other shareholders of Nigeria LNG Ltd. of sabotaging efforts to boost liquefied natural gas exports to European countries aiming to replace imports from Russia by refusing to allow additional feedstock from other companies, according to a Bloomberg report.
Sylva accused NLNG owners of trying to hamstring the government by insisting that third party supply can only be possible if it is provided at subsidized rates. The minister agreed that if they did, the company would be able “to help ease the European Union’s gas crisis.”
The current output of the NLNG is about 70% of the installed capacity at its six-train facility, leaving the firm unable to “meet both domestic and international gas obligations,” according to the minister.
Despite the present challenges facing the country’s gas agenda, the minister believes that its large gas reserves of about 200 trillion cubic feet, most of which are unexploited or wasted, can take advantage of Europe’s desire to shop for new gas suppliers following Russia’s needless invasion of Ukraine. Read more here
U.S, EU plan to crumble Russian economy with new round of sanctions
The U.S., the European Union, and some other countries have decided to place a new round of sanctions on Russia. According to Bloomberg, this ban will include a U.S. ban on investment in the country and an EU ban on coal imports.
These new rounds of sanctions come in the wake of the discovery of the murder of defenseless civilians and other atrocities in Ukrainian towns abandoned by retreating Russian armies. An event that President Volodymyr Zelenskyy of Ukraine terms “Genocide” against the good people of Ukraine.
Specifically, the sanctions will include an increased penalty on Russian financial institutions and state-owned enterprises and will sanction unspecified Russian officials and their family members, said White House Press Secretary Jen Psaki.
According to information, the West has already imposed sanctions on Russia, which have had a crippling effect. The Economist magazine calls them “the worst the world has ever seen”.
Crude oil falls 1.3% lower amidst fear of additional sanctions on Russia
On Tuesday, the West Texas Intermediate (WTI) crude futures fell 1.3% to trade at $102 per barrel. The light, sweet oil, which gained 4 percent on Monday, April 4, 2022, was responding to planned aggressive sanctions announced by the Joe Biden-led US administration in conjunction with its European counterpart.
The oil market was also responding to COVID-19 related lockdowns in China as the country cuts back on its oil demand in a move to contain the recent increases in COVID-19 related illnesses.
The proposed sanctions on Russia by the US and EU are an immediate response to the civilian atrocities carried out by Russian troops in Bucha.
Elon musk set to join Twitter’s board of director
The microblogging social media company, Twitter, announced on Tuesday that Elon Musk will join the company’s board of directors.
Parag Agrawal, the chief executive officer of Twitter, made the announcement following the SpaceX and Tesla boss’s $2.9 billion share ownership of the company, making him the company’s largest shareholder.
“He’s both a passionate believer and an intense critic of the service, which is exactly what we need on @ Twitter, and in the boardroom, to make us stronger in the long-term. Welcome, Elon! Parag Agrawal said in a tweet.
An excited Elon Musk replied to Parag Agrawal. “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months.”
