Banks’ Earnings Reports Push Nigerian Stocks Higher by 0.20%

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 domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Modupe Gbadeyanka The Nigerian currency, the Naira, closed on the first trading day of the week at N506 to a Dollar at the parallel market on Monday. The local currency opened the trading week at N506 per Dollar and remained stable for the whole of the day. At the tail end of last week, the Naira had first fallen to an all-time low of N503, but about 24 hours later, it crashed further to a fresh all-time low of N506 per Dollar at the black market. However, Business Post correspondent reports that while the Dollar was stable at the

By Dipo Olowookere Last week, the All-Share Index (ASI) and market capitalisation of the Nigerian Stock Exchange (NSE) both depreciated by 1.17 percent to close at 27,306.81 points and N13.307 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Industrial Goods index which appreciated by 1.32 percent while NSE ASeM index closed flat. During the five-day trading period, 12 equities appreciated in price, lower than 32 equities in the previous week, while 43 equities depreciated in price, higher than 27 equities in the previous week, with 113 equities remaining unchanged, higher that 109 equities recorded in

By Dipo Olowookere Investors at the nation’s stock market lost N277 billion on Monday as some of them in Lagos and Abuja get ready for the total lockdown from Tuesday as announced by President Muhammadu Buhari on Sunday in his nationwide broadcast. The two major cities would be under lock and key for 14 days and if the reason for the action, coronavirus diseases (COVID-19) remains undefeated, the stay-at-home order might be extended by the federal government. But in order not to be trapped financially, some traders quickly sold off some stocks in their portfolios and the banking sector was

By Dipo Olowookere The market breadth of the Nigerian Stock Exchange (NSE) closed negative on Thursday after 28 equities depreciated in price as against the 19 price gainers recorded. Most of the heavy decliners were from the banking sector, depressing the market by 0.50 per cent after its index went down by 2.66 per cent at the close of transactions yesterday. Apart from the energy index, which closed flat, the remaining sectors closed stronger as the insurance index grew by 1.52 per cent, the consumer goods counter appreciated by 0.44 per cent, while the industrial goods sector gained 0.33 per

**Announces Zero-Rates Visits to NCDC, FMoH Websites In pursuit of its Corporate Social Responsibility philosophy to be an enabler in the provision of healthcare to the less privileged and indeed all Nigerians, Airtel Nigeria, has announced the commencement of a national awareness campaign on Coronavirus to curb the spread of the deadly disease. The telco also announced its donation of 40 mobile phones complete with a Closed User Group (CUG) to the Port Health Services, an arm of the Federal Ministry of Health, to support its effort to track and verify passenger information at the country’s local and international airports.

By Adedapo Adesanya Amnesty International has paid tribute to one of the world’s dedicated human rights champions, Archbishop Desmond Mpilo Tutu, who passed away on December 26, 2021, at the age of 90. The group in a statement said the death of Archbishop Tutu leaves a big void in the struggle for human rights and freedom around the world as he dedicated his entire life to the fight to create a world where people could be free to claim and exercise their freedoms, without being prejudiced or persecuted for who they are. According to Mr Deprose Muchena, Amnesty International’s Director

By Ashemriogwa Emmanuel The United Kingdom (UK) has advised its citizens against travelling to some northern and middle belt states in Nigeria it described as danger zones as a result of the heightened kidnap cases and increased insecurity in those regions. These states include Borno, Yobe, Adamawa, Gombe, Kaduna, Katsina, Zamfara, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River. In a travel advisory for its nationals released on Saturday, October 16, the UK Foreign, Commonwealth and Development Office (FCDO) announced to foreign nationals that there was a high threat of kidnap throughout Nigeria for ideological, financial or political reasons. According

By Modupe Gbadeyanka No fewer than 100,000 prepaid meters would be rolled out to electricity consumers under the coverage area of Ibadan Electricity Distribution Company Plc (IBEDC) in the next one month. The firm, which supplies energy to Oyo, Ogun, Osun, Kwara and parts of Niger, Ekiti and Kogi States, said in a statement that the rollout of the free meters will begin from the third week of November 2020 till the end of December 2020. The initiative is under the National Mass Metering Program (NMMP) of the federal government to install at least six million prepaid meters to households