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Total secures $14.4 billion funding for Mozambique LNG

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More Foreign Direct Investment is going into Mozambique. Total has secured $14.4 billion financing for its liquefied natural gas project in Mozambique.

Sources close to the transaction say about 20 institutions funded this first phase but details of the lenders are yet to be disclosed.

Bloomberg reported earlier in the week that Total will be signing a $15 billion financing for the project in June.

Last year , Total concluded the acquisition of Anadarko Petroleum’s 26.5% interest in the Mozambique LNG project for $ 3.9 billion and is expected to begin production in 2024.

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Nigerian Stock Exchange Starts Week With 0.04% Loss

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Nigerian Stock Exchange to complete public listing

The domestic equities market on Monday extended its losing streak with the All-Share Index dropping by 0.04 per cent, as the country officially entered recession.

Specifically, the All-Share Index lost 15.04 points or 0.04 per cent to close at 34,121.78 compared with 34,136.82 achieved on Friday.

The index was dragged by profit-taking on major financial services, among which are Zenith Bank, Lafarge Africa, Stanbic and Guaranty Trust Bank.

Consequently, month-to-date and year-to-date gains moderated to 11.8 per cent and 27.1 per cent, respectively.

Similarly, the market capitalisation dipped N7 billion or 0.04 per cent to close at N17.830 trillion from N17.837 trillion posted on Friday.

Market breath closed negative with five gainers in contrast with 46 losers.

Custodian Investment, Ardova, Honeywell Flour Mill, Lafarge Africa, Livestock Feeds and Transcorp led the losers’ chart in percentage terms, losing 10 per cent each to close at N5.85, N13.50, N1.08, N22.05, N1.26 and 90k per share, respectively.

Oando followed with 9.97 per cent to close at N2.89, while Neimeth International shed by 9.96 per cent to close at N2.17 per share.

Conversely, Airtel Africa dominated the gainers’ chart in percentage terms with five per cent to close at N525 per share.

BUA Cement trailed with 4.77 per cent to close at N56, while Dangote Cement rose by 3.42 per cent to close at N199.80 per share.

Nestle Nigeria chalked up 1.82 per cent to close at N1,400, while NEM Insurance appreciated by 0.78 per cent to close at N2.60 per share.

Meanwhile, the total volume of shares traded increased by 64.69 per cent to 568.04 million shares worth N7.33 billion in 8,928 deals.

This was in contrast with 344.90 million shares valued at N4.22 billion exchanged in 6,565 deals achieved on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 79.741 million shares valued at N1.913 billion.

FBN Holdings followed with 72.75 million shares worth N499.58 million, while Access Bank traded 65.74 million shares valued at N520.34 million.

United Bank for Africa traded 46.97 million shares valued at N360.04 million, while Guaranty Trust Bank transacted 37.09 million shares worth N1.27 billion.

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Nigeria Enters Yet Another Recession

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Nigeria has entered its worse recession in a decade; this follows the announcement by the Nigeria Bureau of Statistics over the weekend. The CEO, TrustBanc Asset Management Limited, Oluwaseun Adesoye explains the developments.

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Business edge // Africa Continental Free Trade Area Agreement (AFCFTA)

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On Business Edge, Tolulope Adeleru-Balogun and Nasir Afolabi Agbalaya discussed the Africa Continental Free Trade Area Agreement (AfCFTA) which is about to take off in the first quarter of 2021. Many African nations are boosting infrastructures and making other arrangements for their implementation.

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