Connect with us

Business News

Investors Trade N20.5trn FX Derivatives, Bonds, T-Bills, Others

Published

on

FX Derivatives

By Aduragbemi Omiyale

The fixed income market recorded a significant value of transactions in December 2021 as data obtained by Business Post showed that trades worth N20.5 trillion were executed by investors.

According to FMDQ Securities Exchange, which tracks transactions in the market, repurchase agreements/buy-backs, foreign exchange (FX) deals and open market operations (OMO) bills dominated the ecosystem in the period under review.

Advertisement

Repurchase agreements/buy-backs accounted for N5.0 trillion last month, followed by forex with N3.6 trillion, OMO bills with N3.5 trillion and FX derivatives with N3.2 trillion.

In the month, traders bought and sold treasury bills worth N1.4 trillion, while CBN special bills attracted N2.1 trillion, with investors staking N1.5 trillion on the FGN bonds.

The data also indicated that in the final month of last year, Eurobonds recorded trades valued at N167.5 billion, while unsecured placements/taking attracted N68.1 billion, with others bonds recording trades worth N8.7 billion.

However, the trio of promissory notes, money market derivatives and commercial papers recorded no transaction in the month under consideration.

Advertisement

It was observed that the country’s fixed income market posted an average daily turnover of N892.9 billion in 23 business days.

FMDQ, in line with fulfilling its mandate to provide transparency to the market, publishes monthly turnover figures across all the products traded on its platform.

The data is collated from its dealing members on a weekly basis and represents trades executed between dealing members, dealing members & clients, and dealing members and the Central Bank of Nigeria (CBN).

Advertisement

Business News

4th Mainland Bridge: Lagos selects 3 companies in final stage, contract to be awarded in March 2022

Published

on

1643400303 4th mainland bridge

The Lagos State Governor, Babajide Sanwo-Olu, says the state government has selected 3 companies for the final stage in the contract award process for the Fourth Mainland Bridge.

He also said that the selection process for the project, which will be executed under a Public-Private Partnership (PPP), will be completed by March this year.

Advertisement

The project is running behind schedule as the governor had earlier said that the project will take off by the end of 2021.

This was made known by Governor Sanwo-Olu while speaking during an interview on a Channels Television programme; Sunrise Daily, as he was trying to highlight efforts by his administration to tackle the traffic gridlock and improve infrastructure across the state.

Sanwo-Olu, who noted that the fourth mainland bridge is a huge project, said 3 companies had been shortlisted for the final stage of the process from an initial list of 30 companies.

What the Lagos State Governor is saying

Sanwo-Olu, during the interview, said, “I also addressed the Fourth Mainland Bridge which is a big project we want to deliver under Public-Private Partnership (PPP). From about 30 companies that expressed interest, we are now at the final stage with three shortlisted companies and I am hoping by March we should have completed the process.

Advertisement

‘’I want to say our administration is doing well, even if I do say so myself and our people can also testify to the progress we are making across board.

‘’I made a promise to serve Lagosians diligently and I intend to continue to do that with all the vigour and energy in me.’’

What you should know about 4th Mainland Bridge 

  • Recall that in August 2020, the Lagos State Government shortlisted 6 companies for the design, development, construction, operation, and maintenance of the Fourth Mainland Bridge.
  • This followed the government’s issuance of a Request for Qualification (RFQ) in February this year. The 6 companies were said to have completed the technical and financial capacity requirements.
    The Lagos State Government had earlier said that the preferred bidder for the fourth mainland bridge will be known by December 2021.
  • Governor Babajide Sanwo-Olu had earlier revealed that the foundation for the proposed Fourth Mainland Bridge would be laid before the end of the year 2021.
  • The Fourth Mainland Bridge is a 37.4km freeway subdivided into three sections namely Island Section, Lagoon Section and Mainland Section. It will commence from Abraham Adesanya Roundabout in Lekki through Ajah and Langbasa areas, crossing the Ado Badore Road before arriving at the Lagoon shoreline.

... 4th Mainland Bridge: Lagos selects 3 companies in final stage, contract to be awarded in March 2022 Read More on ... Nairametrics.

Source: NairaMetrics

Advertisement
Continue Reading

Business News

iPhone drives Apple’s net sales up 11% to $124 billion in Q4 2021

Published

on

1643398204 Apple

Apple’s 2021 fourth-quarter financial report has shown that the total net sales reported hit N124 billion, up 11% from the 111 billion the same period last year in the face of supply chain bottlenecks and chips shortage.

iPhone saw massive patronage at $71 billion in fourth-quarter 2021 against $65 billion same quarter the previous year, while Mac and iPad sales totalled $10 billion and $7 billion respectively from the $8.6 billion and N8.4 billion respectively same period last year.

Advertisement

This shows that more people continued to show interest in the company’s product than they did in 2020.

The growth could also be attributed to the late-September release of the iPhone 13 line causing sales to spike a 9% year on year increase from $65.6 billion.

While other Wearables, Home and Accessories also saw an increase from $12 billion to N14.7 billion last year, only services went down to reach $19.5 billion, a significant decline from 15.8 billion last year.

America tops the list in terms of region, as the highest spender of Apple products at $51 billion in 2021 followed by Europe, China and Japan at respective $29 billion, $25 billion and $7 billion while the rest of the Asia Pacific saw a $9.8 billion during the period.

Advertisement

Tim Cook, the CEO said in the financial report, “This quarter’s record results were made possible by our most innovative lineup of products and services ever. We are gratified to see the response from customers around the world at a time when staying connected has never been more important.”

What you should know

Counterpoint Research put the company at the top of the market share list for the world’s largest smartphone market, as companies like Vivo, Oppo, Honor and Xiaomi followed in that respective order.

... iPhone drives Apple’s net sales up 11% to $124 billion in Q4 2021 Read More on ... Nairametrics.

Source: NairaMetrics

Advertisement
Continue Reading