It’s Day 2 of the holidays and we have good news!
Despite inflation, Nigerian Breweries Plc’s share price gains over 40% and the country’s All Share Index is at its highest in 14 years.
Read more interesting news results, latest local and foreign news.
Brewing good returns
- Nigerian Breweries share price gained 41.16% in the month of April despite inflationary and disposable income concerns plaguing the Nigerian economy.
- The rally seen in April helped push the stock price into the green zone as its Year-to-Date (YtD) performance is now bullish by a little over 14%.
Nigerian All Share Index at highest point in 14 years
- Although stocks globally have had a difficult year exacerbated by rising inflation and geopolitical challenges, the stocks trading on the Nigerian Exchange reported a collective gain of 16.2% as of the month of April year to date.
- This has been the most impressive since 1980.
Nigeria’s pension fund asset gains N453.8 billion in Q1 2022 as 12,336 contributors switch PFAs
- Nigeria’s pension fund assets increased by N453.8 billion in the first quarter of 2022 to stand at N13.88 trillion as of the end of March 2022, representing the highest level on record.
- The industry’s assets under management increased by 3.38% in the review period from N13.4 billion as of December 2021.
Stronger Dollar to push Naira above N600/$ at the black market
- A stronger dollar may mean bad news for the Naira as it is expected to push above N600/$ due to the US Fed’s hawkish stance and the bullish momentum of the dollar index.
- This week, all eyes will be on the Federal Reserve, as Chairman Jerome Powell is likely to announce a rate hike as well as new details on the Fed’s $9 trillion balance sheet unwinding plan.
Gold falls below $1,900 as investors await outcome of US Fed meeting
- The price of the yellow metal has declined to its lowest since mid-February, as the dollar gains more strength
- This is also coupled with an imminent interest rate hike by the U.S. Federal Reserve, which has reduced Gold’s appeal as an inflation hedge.
Hello Tractor receives investment of $1 million from Heifer International
- Heifer International has invested US$1 million into the Nigerian tractor-booking platform Hello Tractor.
- The funding will power a new programme, “Pay-As-You-Go (PAYG) Tractor Financing for Increased Agricultural Productivity in Nigeria,” which has already enabled tractor purchases in the Nigerian states of Nasarrawa, Abuja, and Enugu.
- Hello Tractor has rolled out a tracking device and software that allows farmers and tractor owners to book connected tractors from their phones.
Subsidy: Pay at the Pumps not the Port
- The President of Nigeria, Muhammadu Buhari, has presented a supplementary budget of N4 trillion to cover the cost of importing Premium Motor Spirit (PMS) for the fiscal year 2022. That request has been approved
- Nigeria is an oil-producing and exporting nation, and it owns four refineries. Still, at the moment, none of the local refineries is operational at even half of nameplate capacity. Thus, Nigeria has to import PMS.
Otherwise land NFT mint sale breaks record as it rakes in $317 million
- The Otherside metaverse project created by Yuga Labs, the creators of the world’s most prestigious NFT sets, sold out all the available 55,000 ‘Otherdeed’ land NFTs within three hours of its public sale on Saturday.
- According to Otherside’s official Twitter account, they explained that participating investors in the land sale bought all the NFTs in the offering. The dominating currency for the sale was Yuga Lab’s recently launched token, the ApeCoin.