All-Share Index Rises 0.09% as Guinness Nigeria Stocks Show Resilience

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Okechukwu Keshi Ukegbu Isiala Ntighauzo and Ntighauzo Amairi Autonomous communities in Obingwa local government area of Abia State say they are not resting on their oars to ensure that the Niger Delta Development Commission (NDDC) completes abandoned roads in the communities. The communities said that they are highly disappointed with the nonchalant attitude of the commission over incessant appeals from the communities to the commission to complete Apu and Ali and Iferife roads which have subjected members of the communities to untold hardship. In a chat with Comrade Adindu Johnson, the President of Ntighauzo Amairi Progressives, a socio- political

By Dipo Olowookere Towards the end of last week, news of an alleged mass sacking of employees of Dangote Cement Plc hit the space. It was reported that about 3,000 persons on the payroll of the cement firm owned by Africa’s richest man, Mr Aliko Dangote, were laid off without due process. According to reports, the workers were asked to go after working overtime during the period the federal government locked down the economy in Lagos, Abuja and Ogun State as part of efforts to curb the spread of Coronavirus disease (COVID-19) in the country. A letter of termination of

By Dipo Olowookere Sustained profit-taking further depleted the Nigerian Exchange (NGX) Limited on Tuesday by 0.25 per cent as investors sold off their Nigerian Breweries shares and 16 others in a bid to rebalance their portfolios. However, the investor sentiment remained strong as the market breadth was positive with 20 price gainers. The decline suffered by the local bourse was due to the impact of the depreciating equities on the general outcome of the exchange. The sell-offs were mainly on the heavyweights of the market like Nigerian Breweries, Zenith Bank, GTCO, Lafarge Africa, Flour Mills and others. The losers’ chart

A major crisis is brewing in the Kogi State chapter of the Peoples’ Democratic Party (PDP) as concerned members are mobilizing to protest the moves by an ex-governor in the state, Mr Ibrahim Idris, to impose his son, Abubakar, as the party’s candidate in the state’s governorship election slated for November. Mr Abubakar Idris declared his intention to run for the office once occupied by his father last year but it is the manner in which the party leadership in the state is being forced into adopting the ex-governor’s son that is setting the stage for a major confrontation. PDP

By Modupe Gbadeyanka Nigeria’s Dangote has emerged the most valuable brand among the top 50 brands in Nigeria for 2018 which were unveiled at the weekend in Lagos. This is coming barely three months after the brand was adjudged the most admired brand of African origin by Consumers in a brand rating coordinated by South Africa based Brand Leadership in conjunction with Johannesburg Stock Exchange (JSE). Brand Nigeria, the Agency that coordinated the survey in Nigeria, in its report lauded the efforts of the handlers of the Dangote Brand because this is the first time a Nigerian brand would be

By Modupe Gbadeyanka Despite concerns over acceptance of African agricultural produce in the European Union (EU), a study on Tuesday revealed that the adoption of food safety regulations will promote inter-regional trade of agriculture commodities to the EU. ‎The study, titled “Food Safety Regulations and Export Responses of Developing Nations: Lessons from South Africa and Namibia’s Fresh and Frozen Fish Exports to the EU”, was presented by Shingirirai Mashura, a Certified Economist from the University of Zimbabwe. Mashura delivered the paper during a session on agricultural trade, at the ongoing 11th African Economic Conference in Abuja. The annual conference is

Further to its commitment to help stimulate and grow a strong and viable small and medium scale enterprises sector in Nigeria, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, is partnering with the Enterprise Development Center (EDC), Lagos Business School, to host a capacity building series tagged Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) capacity training, which is targeted specifically at the agribusiness enterprises ecosystem in the country. The Bank, renowned for its support for the Small and Medium Scale Enterprises (SME) sector, announced that its AGSMEIS capacity training will commence on Tuesday, 26 February 2019

By Adedapo Adesanya  The agriculture sector is set to get a huge boost as stakeholders have noted that they want to partner one of the top agricultural institute, Premier Agribusiness Academy, on capacity building for business sustainability and profitability. This followed interest expressed by key agriculture stakeholders which include the Poultry Association of Nigeria (PAN), Agricultural and Rural Management Training Institute (ARMTI), Rome Business School among others, at a recently concluded leadership training organized by Premier Agribusiness Academy in Lagos. Speaking during the executive education course designed for CEOs, COOs, MDs, business owners and Managers, the Director-General of Nigeria Agribusiness