15 Equities Further Weaken NGX Index by 0.35%

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Dipo Olowookere Former Vice President, Mr Alex Ekwueme, has been confirmed dead at a hospital in London, United Kingdom. A statement issued by his family in Oko, Anambra State disclosed that the second republic VP was said to have died on Sunday night. On October 28, 2017, over two weeks after celebrating his 85th birthday, the elder statesman was rushed a hospital in Enugu after he collapsed at his residence in the Independence Layout area of Enugu. He was in a coma at the time he was admitted at the Intensive Care Unit of Memfys Hospital in Enugu after

The Nigerian Communications Commission, NCC, has said that telecommunications industry in the country is struggling with the issue of multiple tax system, which might wreck it if urgent steps are not taken by the government to salvage the situation. This alarm was raised in Abeokuta, Ogun State on Tuesday when the Vice-Chairman of NCC, Prof. Umar Danbatta, made a courtesy call to the state Governor, Ibikunle Amosun, at his office at Oke Mosan. The NCC boss pointed out that multiple taxation from states and local governments across the country, if not tackled holistically, might ruin the sector. Danbatta told Amosun

By Modupe Gbadeyanka Federal Government has announced lowering of the country’s growth forecast for next year after considering different factors. Minister of Budget and National Planning, Mr Udoma Udo Udoma, disclosed on Wednesday that the decision was taken at the weekly Federal Executive Council (FEC) meeting held in Abuja. The meeting, presided over by the Acting President, Mr Yemi Osinbajo, took place yesterday at the Presidential Villa. Mr Udoma said the council, at the meeting, approved lowering of the Gross Domestic Product (GDP) growth rate forecast for 2018 to 3.5 percent. He said the Nigerian government had earlier projected a

By Adedapo Adesanya Russian President, Mr Vladimir Putin, told the BRICS summit participants in South Africa on Thursday that Moscow intends to deepen ties with African countries for food and fuel supply. Speaking in a video link address, Mr Putin said Russia was interested in developing “multi-faceted ties” with Africa, which has been roiled by fuel and food price rises resulting from the conflict in Ukraine. This is coming after the country exited the Black Sea grain deal in July. This move has seen grain prices soar, hitting many African countries very hard. Russia and Ukraine are among the world’s

By Adedapo Adesanya The Senate has agreed to investigate the more than N20 trillion in unremitted stamp duty revenue collected by the Central Bank of Nigeria (CBN) from banks and other financial institutions on behalf of the federal government from 2013 to 2016. This decision was made at Tuesday’s plenary, with the Senate Committee on Finance given the mandate to probe what happened to the funds, where were not put into government’s coffers. It was stated that the funds were collected through the Nigeria Inter-Bank Settlement System Plc (NIBSS) within the period under review. At the session yesterday, Senator Ayo

By Modupe Gbadeyanka Primary six pupils in Oyo State will write their 2023 common entrance examination on Monday, July 31, the state government has declared. The exam is conducted by the Oyo State Ministry of Education, Science and Technology for pupils intending to gain admission into secondary school. In a circular released by the Registrar, Mr Yekeen M.B, on behalf of the Ministry’s Permanent Secretary, Mr Olusanjo Adeniyi, in Ibadan, it was stated that the examination would be held across the state’s public schools across the state by 9.00 am. The Permanent Secretary, therefore, called on all Heads of School,

By Modupe Gbadeyanka MultiChoice Tanzania (MCT), the country’s first pay TV company, has reached an exciting milestone by celebrating 20 years of changing lives through innovative delivery of ground-breaking content. A statement by the firm said the celebration will involve a two days special exhibition set to take place at the Mlimani City in Dar es Salaam where the public will get to witness first-hand MultiChoice Tanzania’s journey. MultiChoice says it recognises the need for multi content for varied consumer needs when it commenced its operations in Dar es Salaam in July 1997 providing Tanzanians the Pay TV service, DStv,

By Investors Hub Invictus MD Strategies Corporation has expressed its determination not to proceed with its previously announced offering of convertible debentures as set forth in a news release dated April 20, 2017 and instead will proceed with an offering of units with the same underwriting syndicate. It was learnt that Canaccord Genuity Corp. and Eventus Capital Corp., as co-lead underwriters and joint-bookrunners, on behalf of a syndicate of underwriters, have agreed to purchase, on a bought deal private placement basis, subject to adjustment pursuant to the Underwriters’ Option, 14,820,000 units of the company, at a price of $1.35 per