Asian Shares End Mixed as Investors Watch Surging Oil Prices

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

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 Ahmed Rahma The Managing Director of Union Bank of Nigeria Plc, Mr Emeka Emuwa, has been applauded by the board of directors for transforming the company. Mr Emuwa joined the old generation bank in November 2012 and under eight years, he exceptionally revamped the financial institution, making it a disruptor in the banking sector in the country. However, like the Yoruba adage that says o wuni ka j’eran pe lenu, sugbon ounfa ona’fun ni koje (which loosely means it is desirable to eat meat for long but for the oesophagus), Mr Emuwa has to go and pass the baton

All seems not to be too well with the Kogi State chapter of the Peoples Democratic Party (PDP) going by the feelers reaching us. It was gathered that the main issue is an alleged move by Senator Attai Aidoko, the PDP Senator representing Kogi East District at the upper chamber of the National Assembly, to set up a parallel campaign body for the Atiku/Obi presidential campaigns towards 2019 elections. Sources hinted that the PDP 2019 Presidential Campaign Council led by Senate President, Bukola Saraki, had mandated Alhaji Ibrahim Idris, a former governor of Kogi State and also the leader of

By Dipo Olowookere Activities at the local stock market closed bullish on Tuesday, thanks to the gains posted by MTN Nigeria and 12 other stocks. The market closed 0.36 percent higher to expand the year-to-date gain to 3.84 percent. During the session, the All-Share Index (ASI) increased by 99.71 percent to 27,871.90 points from 27,772.19 points, while the market capitalisation jumped by N52 billion to N14.516 trillion from N14.464 trillion. Business Post reports that UBA was the most active stock at the market yesterday, trading 49.5 million units worth N381.7 million, while GTBank exchanged 41.4 million units valued at N1.2

By Adedapo Adesanya Chekkit Technologies, a Nigerian-based anti-counterfeiting startup, has announced a $500,000 pre-seed round as it looks to expand its team and technological infrastructure to achieve its goal of consumers’ safety. According to the company in a statement, it aims to save more lives and further secure the fast-moving consumer goods (FMCG) and pharmaceutical industries. The round saw Pan African VC, Launch Africa, Japan Strategic Capital, Blockchain Founders Fund and two syndicate groups of angel investors. The company also received a grant from Netherlands’ Orange Corners programme. Founded in 2018 by Messrs Dare Odumade, Chief Executive Officer and Oluwatosin

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By Adedapo Adesanya The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has expressed confidence that a demutualised bourse will enable it diversify its operations to evolve into a more robust and competitive stock market. Mr Onyema expressed this view ahead of a mandatory Court-Ordered Meeting (COM) of members expected to pass the requisite resolutions for the demutualisation alongside an Extraordinary General Meeting (EGM) of the bourse. The exchange will hold the EGM to pass the resolutions for the appointment of inaugural board members of Nigerian Exchange Group Plc, the new identity the NSE will assume

By Dipo Olowookere The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Friday announced the retention of its Monetary Policy Rate (MPR) at 13.5 percent. This announcement was made by Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen in Abuja on outcome of the two-day meeting of the MPC, which started yesterday. According to the apex bank chief, the committee decided to leave the benchmark interest rate unchanged in order to monitor developments in both the global and local spaces. The central bank further said the MPC agreed to leave the asymmetric corridor at

By Dipo Olowookere The remains of the Chairman of the Brand Journalists Association of Nigeria (BJAN), Mr Princewill Ekwujuru, would be laid to rest on Thursday, September 2, 2021, at Njaba, Imo State. This was confirmed in a statement jointly signed by the Chairman and Secretary of the burial committee, Mr Goddie Ofoseh and Mr Godwin Anyebe, respectively. Mr Ekwujuru died last month after he was admitted to the hospital for surgery following an auto accident he had in the Ojo area of Lagos State. He was until his death a reporter with Vanguard Newspaper Mr Ofose, who handed over