Access Bank Board Pays 25k Interim Dividend

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Dipo Olowookere Merck, a leading science and technology company, has announced the establishment of the Merck Foundation. Through this foundation Merck combines many of its corporate responsibility activities under one roof and considerably expands its scope to address health, social and economic challenges of the 21st century. “The vision of the new foundation is a world where everyone can lead a healthy and fulfilling life, also those living under disadvantaged conditions,” said Frank Stangenberg-Haverkamp, Chairman of the Board of Trustees of the new foundation. “With the Merck Foundation we will continue our commitment towards improving access to innovative healthcare

By Dipo Olowookere A regulatory approval has been obtained by Access Bank for its proposed raising of N75 billion ($207 million) through rights issue. Access Bank, during its investor conference call on Wednesday, disclosed that the rights issue would be launched in the first half of 2019, mostly likely after the completion of its acquisition of Diamond Bank. “Access Bank has historically maintained strong capital levels comfortably in excess of minimum regulatory requirements and is concluding a $250 million Tier II capital raise. “Access Bank has also obtained regulatory approval to raise up to N75 billion (~$207 million) in a

The Department of Petroleum Resources (DPR) has denied reports of resuming the supply of kerosene product to the Nigerian National Petroleum Corporation (NNPC) depots in Calabar after 25 years. Operations Controller of DPR in Cross River, Mr Philip Awolu, who spoke on Friday in Calabar, said the publication by some media houses were not accurate. Mr Awolu said that the management of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had paid him a courtesy visit to complain of lack of supply of kerosene to Calabar. He said that during the visit, IPMAN was advised to write to NNPC for

A number of Nigerian banks have offered credit facility worth N50 billion to Airtel Nigeria, a telecom company, which plans to list its shares on both the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE) on July 4, 2019. In its offer prospectus, the firm said the loan agreement was signed on June 17, 2019, stating that the banks would allow it to make a repayment in five years, with two-year moratorium. “Airtel Nigeria entered into a bank facility agreement for an amount of N50 billion, which is available for a period of 180 days from the acceptance

By Investors Hub European stocks have started the New Year in the red despite a mostly positive session in Asia. The dollar has weakened against most major currencies, including the euro and pound, weighing on sentiment. European bond yields rose after ECB Executive Board member Benoit Coeure reportedly said there is “a reasonable chance” the ECB’s 2.55 trillion euros stimulus program will not be extended again when it expires in September. While the German DAX Index has fallen by 0.7 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both down by 0.6 percent. On the

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By Adedapo Adesanya The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has confirmed that the sale of the $6.2 billion Eurobonds will commence in September. The Minister confirmed this information on Thursday at a workshop organised by the Chartered Institute of Stockbrokers (CIS) in Abuja themed Leveraging the Financial Markets to Achieve Double-Digit Economic Growth for Nigeria. Mrs Ahmed, while declaring the event opened today, noted that the President Muhammadu Buhari led administration was committed to boosting the nation’s economy, adding that the Eurobonds to be issued are for the purpose of raising funds for the new

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday as the spotlight shifts to some upbeat corporate earnings news. Corporate news has recently taken a backseat to developments on the trade front but is likely to attract attention as earnings season ramps up in the coming days. Financial giant JPMorgan Chase (JPM) may help lead an early advance on Wall Street after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines. Shares of UnitedHealth (UNH) are also likely to see initial strength after the health insurer reported