Asian Stocks Close Mixed Amid Struggle for Direction

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed 0.15 per cent in the positive territory on Wednesday, December 6 as it extended its streak to a third day spurred by gains in three bellwethers. 11 Plc recorded a N16.00 appreciation to sell at N176.00 per share compared to the previous day’s N160.00 per share, Central Securities Clearing System (CSCS) Plc gained 43 Kobo to settle at N17.51 per unit versus the preceding day’s N17.08 per unit, and FrieslandCampina Wanco Nigeria Plc rose by 20 Kobo to close the day at N72.89 per unit, in contrast to Tuesday’s closing

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Aduragbemi Omiyale An online-based service provider marketplace known as Makoto.ng has been unveiled by a Nigerian tech startup, Kandem Limited. The platform will leverage technology to solve the intractable unemployment challenge in Nigeria and complement the efforts of the government to reduce youth unemployment in the country. The marketplace comprises over 100 categories and subcategories where individual professionals and artisans can create free accounts and host their business profiles online, giving them maximum visibility. Members can display the services they offer, accept appointments, chat live with clients, indicate their business hours etc. It’s just like having your own office

By Aduragbemi Omiyale To achieve the Sustainable Development Goals (SDGs) in Sub-Saharan Africa, there must be an increase in long-term sustainable finance. This is the submission of the Chief Executive Officer of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, at the CEO Breakfast Roundtable hosted by United Nations Global Compact Network Nigeria. He said the NGX has always provided its platform for the growth of sustainable finance in Nigeria by developing the nation’s green bond market. “The NGX has over the years played a leading role in developing financial instruments that address sustainable development and promote financial inclusion in

By Aduragbemi Omiyale The use of merchant point-of-sale (POS) terminals by supermarkets, stores and other small business owners for the deposits and withdrawals of funds has been prohibited by the Central Bank of Nigeria (CBN). The apex bank, in an Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, said owners of merchant POS machines are not permitted to carry out cash-in, and cash-out transactions as such functions are for another category of agent banking operators. In the draft, the bank, while listing a set of prohibited activities for agents, said, “Agents shall not use purchase option PoS

By Investors Hub Asian stocks closed broadly lower on Thursday as concerns over possible U.S. military action in Syria and hawkish statements from the Federal Reserve dented investors’ risk appetite. Traders also awaited cues from the U.S. earnings season, which kicks off with a bang on Friday as some of the largest banks and financial services companies report their quarterly results. China’s Shanghai Composite Index fell 27.88 points or 0.9 percent to 3,180.20 amid rising Middle East tensions, while Hong Kong’s Hang Seng Index dipped 66.43 points or 0.2 percent to 30,831.28. Chinese foreign direct investment increased slightly in March,

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has revealed that it only operates one website, warning the general public to be careful of fraudsters. “The attention of the Central Bank of Nigeria (CBN) has been drawn to a scam being perpetrated by some fraudulent persons whereby unsuspecting members of the public are diverted to a fake website purported to belong to the Central Bank of Nigeria. “There is the danger of these fraudsters extorting money from victims based on false claims that the payments made are to either guarantee or secure loans from the various intervention Funds of

By Dipo Olowookere Federal government has been identified as the major cause of the slow economic growth rate in Nigeria despite emerging out of recession in 2017. According to analysts at United Capital Research, the fiscal authorities are not currently moving at the same pace with the monetary authority, which is the Central Bank of Nigeria (CBN). In a report published on Wednesday, August 7, 2019, United Capital Research noted that since coming out of recession, Nigeria, the largest economy in Africa, has continued to struggle to record an economic growth rate that is above her population growth. It said

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange, which is measured by market capitalisation, finished below the N1 trillion psychological mark on Tuesday, May 2. This occurred after the duo of FrieslandCampina Wamco Nigeria Plc and Industrial and General Insurance (IGI) Plc weakened the unlisted securities market by 1.00 per cent at the close of transactions. The market capitalisation of the bourse ended the trading session at N999.99 billion compared with the previous trading session’s value of N1.010, according to data obtained by Business Post. FrieslandCampina lost N5.42 yesterday to quote at N74.00 per unit compared with