Again, Unlisted Equities Close in Flat Territory

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Adedapo Adesanya  The prices of the crude oil benchmarks, Brent and the West Texas Intermediate (WTI) fell to a near five-month low on Tuesday on a stronger US Dollar and demand concerns. According to data obtained by Business Post, Brent futures went down by 83 cents or 1.1 per cent to $77.20 a barrel and WTI weakened by 72 cents or 1.0 per cent to $72.32 per barrel. The prices were the lowest for both crude benchmarks since July 6. This put the market down for a fourth day in a row on doubts over voluntary supply cuts announced by

By Dipo Olowookere Former President Olusegun Obasanjo has been described as the “most corrupt” Nigerian on the record. This was the view of the House of Representatives, which released a statement on Thursday in reaction to comments made by the ex-Nigerian leader, describing the National Assembly as a corruption striken entity. Obasanjo made the remarks at the Akintola Williams Lecure held in Lagos on Wednesday. He said the National Assembly was “a den of corruption” controlled by “a gang of unarmed robbers.” But the House, reacting through its spokesman, said “it is unfortunate that he has started his very familiar

Forex trading has a certain appeal to people who would like to be their own boss and work at flexible hours. In the past, the market was restricted to big companies; however, the internet made it possible for everyone to trade currencies. Although some people might call it an easy way to make a living, it is a huge risk, especially if you are trading a lot of cash. If you are a risk-taker and want to participate, read on for some tips on how to start making a living trading forex. Trading forex Before jumping into the market, you

By Bliss Okperan Twelve officials of the Lagos State Traffic Management Authority (LASTMA) have faced a disciplinary panel constituted to look into the allegations of unethical misconduct against them. The Acting General Manager of LASTMA Mr Olalekan Bakare Oki, confirmed on Thursday that the affected personnel of the agency could be dismissed or demoted if found guilty. He disclosed that the disciplinary panel was statutorily constituted with three Permanent Secretaries as guided by the Lagos State Civil Service Rules and Regulations. Mr Oki said one of the 12 persons was exonerated, while the others have been recommended for dismissal and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.28 per cent on Wednesday, following renewed bargain-hunting by investors. The demand for mid and large-cap stocks, especially in the industrial goods and banking sectors, contributed to the lifting of the stock market in the midweek session. As a result, the All-Share Index (ASI) improved at the close of transactions by 134.50 points to 48,988.04 points from 48,853.54 points, while the market capitalisation increased by N74 billion to N26.683 trillion from N26.609 trillion. Business Post reports that the industrial goods space grew by 1.46 per cent and the banking index

By Adedapo Adesanya The Naira had a breather on Monday, July 25 as it appreciated against the United States Dollar at the opening session of the week at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market. Despite biting forex crunch, the local currency gained N2.83 or 0.66 per cent against the US Dollar to close at N427.17/$1 compared with the N430.00/$1 it was traded at the spot market last Friday. Data from the FMDQ Securities Exchange revealed that the value of trades at the official market was $89.79 million yesterday, 55.4 per cent or $32 million

By Modupe Gbadeyanka Nigeria’s President, Mr Muhammadu Buhari, has jetted out of the country to London to meet with his doctors. The President left the shores of Nigeria on Sunday night after meeting with the 82 Chibok girls released on Saturday by Boko Haram group. A statement issued on Sunday night by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, stated that Mr Buhari was proceeding to London for “follow-up medical consultation with his doctors.” He said, “The length of the President’s stay in London will be determined by the doctors. Government will continue to

By Dipo Olowookere The House of Representatives on Thursday postponed till January 2018, the public hearing on the conflict between the Minister of Finance, Mrs Kemi Adeosun, and the suspended Director General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo. On November 29, 2017, the Minister of Finance suspended the capital market regulatory chief over allegations on abuse of office. Later, it was alleged that Mrs Adeosun punished the SEC boss for failing to stop the forensic audit of a company listed on the Nigerian Stock Exchange (NSE), Oando Plc, headed by Mr Adewale Tinubu, a relative of Mr

By Adedapo Adesanya In a bid to check the medical brain drain in Nigeria, the House of Representatives has proposed a bill to prevent Nigerian-trained medical or dental practitioners from being granted full licences until they have worked for a minimum of five years in the country. The bill passed second reading on the floor of the lower chamber on Wednesday, April 6. The bill is part of the measures to halt the increasing number of medical doctors leaving Nigeria for other countries in search of ‘greener pastures. The bill sponsored by Mr Ganiyu Abiodun Johnson read, “A Bill for