Alternative Stock Market Records 0.04% Appreciation
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.04 per cent rise on Tuesday, February 14, as the market capitalisation appreciated during the session by N340 million to N928.23 billion from the N927.89 billion it closed in the preceding session.
Equally, the NASD Unlisted Securities Index (NSI) of the alternative stock market rose by 0.26 points to wrap the session at 706.41 points compared with 706.15 points recorded in the previous session.
The rise happened following the appreciation witnessed in the price of Geo-Fluids Plc by 8 Kobo to settle at N1.10 per unit, in contrast to the previous day’s N1.02 per unit.
In the midst of the positive outcome, the unlisted securities bourse also reported a rise in the level of transactions as the trading volume, value, and the number of deals closed higher.
The volume of transacted stocks climbed by 2.3 per cent to 102.4 million units from the 100.1 million units traded in the preceding session, the value of shares traded by investors went up by 8.8 per cent to N94.1 million from N86.5 million, and the number of deals executed during the session grew by 22.2 per cent to 11 deals from the nine deals completed on Monday.
Business Post reports that there was no other price mover during the trading session.
At the close of business, Geo-Fluids finished the day as the most traded stock by volume on a year-to-date basis with 333.9 million units worth N331.0 million, UBN Property Plc stood in second place with 228.0 million units valued at N191.0 million, while NASD Plc was in third place with 3.0 million units valued at N36.6 million.
Similarly, Geo-Fluids Plc maintained its apex position as the most active stock by value on a year-to-date basis with 333.9 million units sold for N331.0 million, UBN Property Plc claimed the second spot for trading 228.0 million units for N191.0 million, and FrieslandCampina WAMCO Group Plc came next with 2.5 million units valued at N165.5 million.
OPEC+ Likely to Keep Output Cut Levels as Group Meets April 3
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will likely stick to its existing deal to cut oil output at a meeting on Monday, April 3.
According to Reuters, this was said disclosed by five delegates from the producer group after oil prices recovered following a drop to 15-month lows due to banking fears and demand worries.
Brent crude has recovered towards $80 a barrel after falling to near $70 on March 20 as fears ease about a global banking crisis and as a halt in exports from Iraq’s Kurdistan region curbs supplies.
OPEC+ is due to hold a virtual meeting of its ministerial monitoring panel, which includes Russia and Saudi Arabia, on Monday.
The consensus was that Kurdistan curbs and recent price drops were not sufficiently important to affect the overall OPEC+ policy path for 2023.
Kurdistan’s crude oil exports – around 400,000 barrels per day shipped through an Iraqi-Turkey pipeline to Ceyhan and then on tankers to the international markets – were halted late last week by the federal government of Iraq.
Last week, the International Chamber of Commerce ruled in favour of Iraq against Turkey in a dispute over crude flows from Kurdistan. Iraq had argued that Turkey shouldn’t allow Kurdish oil exports via the Iraq-Turkey pipeline and Ceyhan without approval from the federal government of Iraq.
Talks between officials from Kurdistan and from the Iraq federal government have failed in recent days, but they are set to continue next week.
Three other OPEC+ delegates also told Reuters that any policy changes were unlikely on Monday. After those talks, the next full OPEC+ meeting is not until June.
Last November, OPEC+ reduced its output target by 2 million barrels per day – the largest cut since the early days of the COVID-19 pandemic in 2020. The same reduction applies for the whole of 2023.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has said OPEC+ will stick to the reduced target until the end of the year.
Oando to Quit Nigerian, Johannesburg Stock Exchanges
By Dipo Olowookere
The board of Oando Plc has informed the investing community of its intention to leave the Nigerian and Johannesburg stock exchanges in the coming months.
The reason for exiting the stock market, according to the energy firm, is to become a private company and to achieve this, its core investor, Ocean and Oil Development Partners Limited (OODP), has offered to buy all the shares held by minority shareholders in Oando.
OODP is offering to pay N7.07 in cash or its equivalent in South African Rand (ZAR) for each of the stock, which it said represents a 58 per cent premium to the last traded share price of Oando on Tuesday, March 28, 2023, being the day prior to the date it submitted the scheme application to the Securities and Exchange Commission (SEC).
Oando trades its shares on the floors of the Nigerian Exchange (NGX) Limited and the Johannesburg Stock Exchange (JSE).
This news comes hours after the company announced that it had bounced back into profitability after years of dishing out losses to the frustration of shareholders.
In its unaudited financial results for 2021, Oando reported a profit after tax of N34.7 billion, in contrast to the loss after tax of N140.7 billion of the preceding year.
Before now, Oando has had it rough with regulators in Nigeria, leading to its suspension from the market and a court tussle over allegations that it tampered with its financial statements to deceive investors.
In the notice released this week, Oando said after the acquisition of “the shares of all minority shareholders in Oando,” it would “subsequently be delisted from NGX and JSE and re-registered as a private company.”
At the moment, the energy firm said it has “applied for the SEC’s No Objection to the scheme, noting that the deal is “subject to the approval of the shareholders of Oando at the Court-Ordered Meeting of the company, as well as the sanction of the Federal High Court.”
However, it disclosed that, “The terms and conditions of the transaction will be provided in the scheme document, which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court-Ordered Meeting,” promising to update the market “upon receipt of requisite approvals from shareholders and regulators.”
Ajay Banga to Become World Bank President Unopposed
By Adedapo Adesanya
The World Bank Group’s Board of Executive Directors has announced Mr Ajay Banga, a US national, as the only nominee for the position of the bank’s next president and may clinch the post if he passes the next hurdle.
This was contained in a statement issued by the World Bank on Friday.
“The World Bank Group’s Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET.”
“The board received one nomination and would like to announce that Ajay Banga, a US national, will be considered for the position.
“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential election in due course,” the board said.
US President Joe Biden in February nominated Mr Banga to lead the World Bank, saying he is “well equipped” to lead the global institution at “this critical moment in history.”
No other country proposed an alternate candidate for the prestigious post.
Mr Banga, 63, was born in India and is a naturalised US citizen. He has led Mastercard Inc and now currently serves as Vice Chairman at General Atlantic.
If confirmed, Mr Banga would become the first-ever Indian-American to head either of the two top international financial institutions, the International Monetary Fund (IMF) and the World Bank.
Mr Banga is expected to replace the current World Bank president, Mr David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.
Mr Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.
Latest News on Business Post
- OPEC+ Likely to Keep Output Cut Levels as Group Meets April 3 March 31, 2023
- Oando to Quit Nigerian, Johannesburg Stock Exchanges March 31, 2023
- Ajay Banga to Become World Bank President Unopposed March 31, 2023
- Westman Recycle Wins Rite Foods-Sponsored CEIP Recycling Pitch March 31, 2023
- Stanbic IBTC Processes First Inbound Commercial Transaction on PAPSS March 31, 2023
- Enrol in Micro Pension to Escape Old Age Poverty—PenCom Tells Traders, Others March 31, 2023
- Africa’s Impact: United States Vice President Kamala Harris Visits Ghana, Tanzania and Zambia March 31, 2023
- Parallex Bank Gets $10m to Finance Cross-Border Trades of SMEs March 31, 2023
- Geo-Fluids, IGI Lift Unlisted Securities Market by 0.09% March 31, 2023
- Price-Sensitive Information Spurs Stock Exchange’s Fresh 1.51% Growth March 31, 2023