Asian Markets Extend Gains

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere The fertilizer blending plant located in Auchi area of Etsako West Local Government of Edo State will commence commercial fertilizer production from June 20, 2017, the General Manager of the technical company managing the fertilizer plant, Mr Ayodele Ejaoye, has assured the state Governor, Mr Godwin Obaseki. Mr Ejaoye gave this assurance to Mr Obaseki on Thursday when the Governor paid a visit to the plant. The facility has the capacity to produce about 7-ton of fertiliser per hour. During the visit, the Governor inspected facilities and work progress at the plant and after his mission, he

By Modupe Gbadeyanka Last week, there were reports that the MD/CEO of Access Bank, Mr Herbert Wigwe, the bank and three others had been slammed with a N2.5 billion suit bordering on stealing and others. The 21-count charges were filed by the Lagos section of the Special Fraud Unit (SFU) of the Nigeria Police Force Justice N.I. Agbelu of the Ogun State High Court in Sagamu. Mr Wigwe, Alawode Oluseye, Bayo Adesina, and Access Bank Plc were all accused of conspiring and stealing 23,754.413 metric tonnes of steel billets valued at N2.5 billion belonging to BMCE Bank International Plc. The

By Modupe Gbadeyanka A Nigerian-based firm offering aviation services, aircraft maintenance and a luxury VIP terminal, EAN Aviation Limited, has become the distributor for Airbus Helicopters in West Africa after sealing a deal with the manufacturer. It was gathered that the Nigerian company was selected as a result of its local commercial structure, capacity to further develop local and ancillary markets, ability to support Airbus customers and contribute to customer satisfaction according to Airbus Helicopters’ Ethics & Compliance requirements. According to a statement from the organisation, the strategic partnership between EAN Aviation and Airbus focuses only on the West African

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will likely stick to plans for a modest increase in oil output in May despite a surge in prices due to the Ukraine crisis and calls from the United States and other consumers for more supply. OPEC+ has boosted output targets by 400,000 barrels per day each month since August 2021 and from May 1, that monthly target increase will rise slightly to 432,000 barrels per day. The increase in the output quota is not a concession to consuming countries asking for more oil but comes

By Dipo Olowookere The Nigerian Stock Exchange (NSE) kicked off trading activities on Monday on a bearish note, reversing the gains recorded last Friday when it went up by 1.44 percent. The local bourse, Business Post reports, was weakened yesterday by losses posted by some blue-chip equities trading at the market. This was caused by profit-taking embarked upon by investors. By the time the stock market closed for the day, it pointed south, finishing 0.87 percent lower, while the Year-to-Date returns ended at 0.77 percent. While the All-Share Index (ASI) depreciated yesterday by 331.63 points to close at 37,946.92 points,

By Investors Hub Asian stock markets ended mostly higher on Monday as investors awaited further progress on a U.S.-China trade deal, while China’s central bank surprised markets by cutting a key interest rate for the first time since 2015. On Saturday, Chinese state media said that the U.S. and China had ?constructive discussions? regarding a phase one trade deal in a high-level phone call. Chinese shares closed higher after the People’s Bank of China unexpectedly lowered the rate on seven-day reverse repurchase agreements by five basis points to 2.50 percent. The move stoked hopes of more stimulus measures to revive

By Adedapo Adesanya The Indian government on Monday announced the ban of 59 apps developed by Chinese firms in retaliation for the June 15 clashes between both countries in which 20 Indian soldiers died in action. In a statement, the government said the apps were blocked “in view of the information available they are engaged in activities which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order”. ByteDance’s TikTok,  which counts India as its biggest market, Community and Video Call apps from Xiaomi, which is the top smartphone vendor in India, UC Browser,

Prior to the COVID-19 pandemic, Nigeria’s labour market had been plagued with precarity and informality. With over 30 million youths (people aged between 15 and 29 years of age) projected to enter the labour market in 2021 (which accounts for over 53% of that age group), the COVID crisis couldn’t have hit at a worse time. The impact of COVID-19 felt on the labour market is not without precedent for Nigeria’s young workers. At the onset of the oil recession in 2016, young people entering the labour market in Nigeria faced similar hardships. In consequence, a significant number of young