Airtel Africa, Others Plummet Stock Market by 1.96%

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Ahmed Rahma A Japanese multinational consumer electronics and video game company, Nintendo, has said it plans to adopt an upgraded Nvidia Corporation chip with better graphics and processing for a new Switch model. The new Nvidia graphics card, GeForce RTX™ 30 Series GPUs, delivers the ultimate performance for gamers and creators. They’re powered by Ampere—NVIDIA’s 2nd gen RTX architecture—with new RT Cores, Tensor Cores, and streaming multiprocessors for the most realistic ray-traced graphics and cutting-edge AI features. Planned for the year-end shopping season, the new Switch iteration will support Nvidia’s Deep Learning Super Sampling, or DLSS, a novel rendering technology that uses artificial intelligence to deliver

By Dipo Olowookere No fewer than 20 vessels laden with petroleum products are expected by Nigeria to dock at the Lagos ports between now and March 2018. When the vessels arrive, they will boost fuel supply across the country and partially solve the lingering scarcity of Premium Motor Spirit (PMS) otherwise known as petrol since last year. According to the Nigerian Ports Authority (NPA), the vessels waiting to berth are labelled Customs release not applicable (CRNAPP). In its latest shipping position, the ports authority disclosed that the expected cargoes include Fish; Chemical bags; Sugar; Wheat; Fertilizer, Petrol and Diesel and

By Dipo Olowookere Barely 24 hours after the Nigerian Stock Exchange (NSE) warned the investing community to be cautious of Thomas Wyatt Nigeria Plc stocks, the board of the company, which manufactures popular exercise books and other stationery, has released the third quarter results, which got the firm into trouble in the first place. An analysis of the financial statements for the third quarter ended December 31, 2019, showed that the firm generated a revenue of N59.0 million, better than N45.3 million turnover recorded in the third quarter of 2018. However, the generated revenue was swallowed by a rise in

By Adedapo Adesanya The first trading session at the NASD Over-the-Counter (OTC) Securities Exchange in 2023 closed on a positive note as it appreciated by 0.10 per cent on Tuesday, January 3. The NASD OTC market gained yesterday due to the rise in the prices of three securities led by FrieslandCampina Wamco Nigeria Plc, which expanded by N2.54 to close at N70.00 per share, in contrast to last Friday’s N67.46 per share. Air Liquide Plc improved during the session by 5 Kobo to trade at N5.00 per unit compared with the preceding session’s value of N4.95 per unit, as UBN

By Ahmed Rahma The Executive Head of Sustainable Finance at Standard Bank Group, Mr Nigel Beck, has described the share of Africa in the global sustainable finance market as “negligible.” However, he stated that the continent was starting to play catch-up as more corporates and investors recognise the benefits that these funding solutions offer, including getting lower funding rates if they achieve various predetermined ESG outcomes. He noted that sustainable finance could help drive Africa’s recovery from COVID-19 while also incentivising much-needed investments in the green economy and social development. Speaking on the issue, he disclosed that the global pandemic,

By Dipo Olowookere Dangote Cement generated revenue of N1.0 trillion in the 2020 financial year, the results released by the board to the stock have revealed. This was despite the challenges recorded in the year. In the previous financial year, the earnings stood at N891.7 billion. A significant part of the Dangote Cement revenue came from sales of cement and clinker (N1.0 trillion versus N889.4 billion in 2019), while sales of other products accounted for just N1.6 million, lower than N2.3 million a year earlier. In the analysis of the company’s earnings by Business Post, it was observed that the

By Dipo Olowookere The management of Skyway Aviation Handling Company (SAHCOL) Plc is expecting to realise not less than N1.89 billion from its Initial Public Offering (IPO). Recall that on Monday, Business Post reported that the firm, owned by Nigerian businessman known as Mr Taiwo Afolabi of Sifax Group, received regulatory approval to list its shares on the Nigerian Stock Exchange (NSE). SAHCOL is planning to sell to the investing public a total of 406,074,000 ordinary shares of 50 kobo each at N4.65k per share. It was gathered that the company is hoping to receive subscriptions from institutional investors, retail

By Modupe Gbadeyanka Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Mr Garba Shehu, has accused global banking giant, HSBC, of not being happy with the anti-corruption campaign of the present administration. Mr Shehu made this allegation in a statement issued in Abuja on Saturday in reaction to the warning by the lender last week that the second term of Mr Buhari would stunt the nation’s economy. In the statement issued by the presidency, the financial institution was further accused of being part of those who ruined the nation’s economy in the past by laundering N100 million