- North Central records highest retail price for cooking gas in September – NBS
BY BAMIDELE FAMOOFO
As the price of cooking gas continues to soar in Nigeria, people in the North Central zone feel the heat more than the other zones.
The National Bureau of Statistics in a report released on Monday disclosed that the North Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4, 726.07. The North-East with N4, 577.86, followed while the South-South recorded the lowest with N4, 275.92.
Also, the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 1.45 percent on a month-on-month basis from N9, 906.44 in September 2022 to N10, 050.53 in October 2022.
The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.21 percent on a month-on-month basis from N4, 474.48 recorded in September 2022 to N4, 483.75 in October 2022. On a year-on-year basis, this rose by 70.62 percent from N2, 627.94 in October 2021. On state profile analysis, Kwara recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4, 955.00, followed by Niger with N4, 950.00, and Adamawa with N4, 940.29. On the other hand, Abia recorded the lowest price with N4, 045.45, followed by Kano and Delta with N4, 100.00 and N4, 139.29 respectively.
On a year-on-year basis, this rose by 51.40% from N6, 638.27 in October 2021. On state profile analysis, Cross River recorded the highest average retail price for the refilling of a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N10, 986.11, followed by Oyo with N10, 826.56 and Kogi with N10, 783.33.
Conversely, the lowest average price was recorded in Yobe with N8, 533.33, followed by Sokoto and Katsina with N9, 100.00 and N9, 202.86 respectively.
In another development, domestic investors in the Nigerian stock market increased their investment in the month of October by 31.03 percent compared with the performance recorded in September.
Total transaction value of the local investors in the review month stood at N81.54 billion from N62.23 billion in September.
Similarly, total foreign transactions increased by 45.14 percent from N19.67billion (about $44.93million) to N28.55billion (about $64.45million) between September 2022 and October 2022.
Institutional Investors outperformed retail Investors by 42 percent.
A comparison of domestic transactions in the current and prior month (September 2022) revealed that retail transactions decreased by 29.64 percent from N34.18billion in September to N24.05billion in October 2022.
However, the institutional composition of the domestic market increased by 104.96 percent from N28.05billion in September 2022 to N57.49billion in October 2022.
As at 31 October 2022, total transactions at the nation’s bourse increased by 34.42 percent from N81.90billion (about $248.50million) in September 2022 to N110.09billion (about $64.45million) in October 2022.
The performance of the current month when compared to the performance in October 2021 (N213.07 billion) revealed that total transactions decreased by 48.33 percent. In October 2022, the total value of transactions executed by Domestic Investors outperformed transactions executed by Foreign Investors by circa 48 percent.
Over a fifteen (15) year period, domestic transactions decreased by 58.80 percent from N3.556 trillion in 2007 to N1.465 trillion in 2021 whilst foreign transactions also decreased by 29.38 percent from N616 billion to N435 billion over the same period.
Total domestic transactions accounted for about 77 percent of the total transactions carried out in 2021, whilst foreign transactions accounted for about 23 percent of the total transactions in the same period.
The transaction data for 2022 shows that total domestic transactions are circa N1.729 trillion, whilst total foreign transactions are circa N349.59 billion.
Meanwhile, the domestic stock market kick-started the new trading week positively on Monday as the benchmark index gained 0.47 percent to conclude at 44,701.84 points, amid sustained bargain-hunting activity even as the Exchange printed more gainers (26) than losers (6) at the end of the trading session. Hence, the year-to-date gain of the NGX ASI rose to 4.65 percent.
Specifically, tickers such as NB, BUAFOODS, ACCESSCORP, FBNH, and ZENITHBANK enjoyed investors’ patronage as their respective share prices rose by 9.94 percent, 3.51 percent, 1.85 percent, 1.82 percent, and 1.64 percent, respectively. Sectoral performance was upbeat as four out of the five indices tracked closed in the green zone; the NGX Banking, NGX Insurance, NGX Consumer Goods, and the NGX Oil/Gas indices rose by 1.25 percent, 0.18 percent, 2.44 percent, and 0.15 percent, respectively.
On the flip side, the NGX Industrial Index fell by 0.03%. Meanwhile, activity in the market improved further as total deals, volume, and value increased by 16.58 percent, 3.08 percent, and 53.31 percent, respectively, to 3,530 trades, 151.19 million units, and N1.89 billion. In terms of volume, TRANSCORP was the most active stock, with 35.24 million shares worth N39.40 million changing hands in 68 deals.
