- The average price of petrol in September was ₦147.30.
- The average price of petrol increased by 0.3% month on month and increased by 1.9% year on year in September.
- Enugu State recorded the highest average petrol price of ₦153.88 in September.
- FCT Abuja recorded the lowest average petrol price of ₦144.0 in September.
The Nigeria Bureau of Statistics (NBS) has released the Premium Motor Spirit (popularly known as Petrol) Price Watch for the month of September 2018. The NBS report shows that the average price paid by consumers for PMS increased by 1.9% year-on-year and 0.3% month-on-month to ₦147.30 in September 2018, from ₦146.9 in August 2018.
According to the report, the average price of PMS across the zones in the country shows that the North East recorded the highest average price of ₦148.37. It was closely followed by the South East, where consumers paid an average of ₦147.47 for petrol, while the North Central and South West recorded the lowest prices of ₦146.54 and ₦146.72 respectively in the same month of September.
The report revealed that during the month under review, Enugu State witnessed the highest average price of the product in September 2018, with ₦ 153.88. The second state is Taraba, where petrol was sold at an average price of ₦ 152.86 in September 2018, while Delta State came third with an average price of ₦ 150.92 in the month of September.
The report also shows that FCT Abuja had the lowest average price of PMS in September (₦144.00), with Bauchi closely following with ₦144.00 and Katsina State with an average price of ₦143.63 during the period under review.
Meanwhile, the report also shows that the 12 months average prices for petrol was ₦144.5 in September 2017, ₦145.60 in November 2017, and ₦190.9 in January 2018. Other 12 months average prices for petrol include ₦151.4 in April 2018 and ₦146.8 in July 2018.
This little rise in the prices of PMS could lead to a corresponding small increase in the operating costs of small and medium scale businesses (SMEs) since they rely on petrol as an alternative source of power. Hence, it may lead to a small reduction in revenue for them.
Effects on Stocks
Increase in Petrol prices could have a positive effect on the revenues (and by extension, on stocks) of companies operating in the downstream oil and gas space. These downstream companies are involved in the distribution and marketing of refined petrol. The companies include Mobil, Conoil, Capital Oil, Total, Oando, Forte Oil, Japaul Oil, and Eterna Oil, etc. These companies make money selling PMS. Depending on their share of the volume of sales, their revenues and profits may also rise.
Guinness plunges amid Nigerian stocks gains
The All-Share Index increased by +0.29% to close at 39,128.34 from 39,015.58 index points.
The Nigerian Stock Exchange market posted gains at the end of the trading session today. The All-Share Index increased by +0.29% to close at 39,128.34 from 39,015.58 index points. CONOIL topped the gainers list.
- Nigerian Stock Exchange market value currently stands at NGN 20.48Tr. Its Year-to-Date (YTD) returns currently stands at – 84%.
- The market closed in profit as CONOIL led 21 Gainers and GUINNESS topped the chart of 22 Losers with a noticeable bullish movement by the NSE ASI.
- CONOIL up +9.97% to close at N18.75
- STUDPRESS up +9.88% to close at N1.78
- ETERNA up +9.48% to close at N6.35
- UPL up +9.40% to close at N1.28
- WAPCO up +6.83% to close at N21.90
- GUINNESS down -9.89% to close at N28.70
- PORTPAINT down -9.85% to close at N2.38
- ACADEMY down -8.26% to close at N0.37
- LEARNAFRCA down -8.26% to close at N1.00
- REGALINS down -7.41% to close at N0.25
The NSE ASI saw a bullish move supporting Tuesday gains and showing bullish dominance since the start of the week. However, the following stocks are on our watchlist: PZ, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.
- Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.
Super League fallout: Twitter users urge African billionaire, Dangote to take over Arsenal
Twitter users have mounted pressure on Dangote to speed up the process to acquire English Premiership football club, Arsenal FC.
The European Super League Initiative advanced by a few football executives met stiff resistance from passionate football fans around the world.
The Initiative was previously backed by Arsenal, Manchester United, Manchester City, Chelsea, Liverpool, Tottenham Hotspur, Real Madrid, Barcelona, Atletico Madrid, Juventus, AC Milan, and Inter Milan. Six English clubs withdrew on Tuesday. Inter Milan and Atletico Madrid followed suit and AC Milan has said they would as well.
The drama stirred up by this recent development has led football fans to review the ownership of their clubs. Arsenal, which was one of the initial supporters of the initiative has witnessed the most reactions from the fans.
Kroenke vs Arsenal fans
Stan Kroenke has remained unpopular amongst arsenal fans for a long while. Their reasons boil down to two things:
1. Poor investment in the Club’s first team
2. The recent European Super League attempt.
Arsenal fans have taken to Twitter to voice out their disapproval and discontentment with the club’s owner Stan Kroenke. The latest European Super League attempt seems to be the last straw for the angry fans.
Kroenke out, Dangote in
The pulling out of the six English teams from the now ill-fated European Super League has led to some executives resigning from their clubs. Manchester United’s Ed Woodward resigned from his position, Andrea Agnelli is understood to have also left Juventus following his role as Head of the European Club Association.
This announcement renewed resignation calls by Arsenal fans who desperately want the current owner of the club out by all means. The fans reverted to an old Bloomberg interview where Nigeria’s richest man, Alhaji Dangote confirmed his interest in buying the London club.
They begged the business magnate to make his move now as this is the perfect time to buy the club from Stan Kroenke. Alhaji Dangote is $3.3bn richer than Mr Stanley Kroenke by Forbes Statistics.
The #Dangote trended on both London and Nigeria twitter space this morning.
What you should know
- Enos Stanley Kroenke is an American billionaire businessman. He is the owner of Kroenke Sports & Entertainment, which is the holding company of English football club Arsenal F.C. He is worth 8.2bn according to Forbes.
- Stanley Kroenke believed that the European Super League initiative will make Arsenal the biggest club in the world.
- Liverpool owner, John W. Henry has issued an apology to Liverpool fans worldwide on the European Super League attempt. Other clubs have also put out apology and withdrawal statements.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.
- Secure Electronic Technology Plc records a 121% surge in Profit after tax in Q1 2021.
- Lafarge Africa Plc notifies stakeholders of 62nd Annual General Meeting.
- GlaxoSmithKline (GSK) announces Annual General Meeting.