Bargain Hunting May Lead To Strength On Wall Street

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

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 Cordros Research We revise 2018 forecasts for FLOURMILL following H1, wherein EBITDA and net profit were impacted by strong FX-linked net operating gains and double-digit revenue growth, which more than offset both weaker y/y gross margin and higher finance costs. While we look for relatively (to H1-18) weaker earnings in H2-18, we expect they would be stronger compared to H2-17. Overall, we raise our EBITDA and net profit forecasts by 10% and 72% respectively for 2018F. Upward revision to estimates was conservative (flattish and 2% respectively) for 2019-2020F. On net, we raise our TP for the stock by 35%

By Benita Ayo These days, people are putting their intelligence to use and creating ideas worth millions of Naira as well as jobs by the hundreds. However, what many people don’t know is that the results of their intellectual work/endeavour are products which are protected by the law against infringement by outsiders. Copyright is one of the types of intellectual property and it is a legal right which grants the creator of original work exclusive rights to determine and decide whether and under what conditions this original work may be used by others. As stated earlier on, copyright is a

By Aduragbemi Omiyale In the first half of 2022, Guaranty Trust Holding Company (GTCO) Plc reported a profit before tax of N103.2 billion, 11.0 per cent higher than the N93.1 billion printed in the same period of 2021. This information was disclosed in the audited consolidated and separate financial statements of the financial institution for the period, which ended on June 30, 2022. The half-year results submitted to the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE) on Monday, the company, however, revealed that its post-tax profit shrank to N77.6 billion from N79.1 billion as a result of

By Dipo Olowookere Leader of Islamic Movement in Nigeria (IMN), Mr Ibraheem El-Zakzaky, has been accused of having the intention to seek an asylum in India during his botched medical trip to the country. The Shiite leader was granted bail some days ago by a court in Kaduna State on health ground. But while at an Indian hospital, Mr El-Zakzaky refused to agree to remain there, opting for a five-star hotel and asked to be granted unrestricted access to visitors. However, officials of government who accompanied him from Nigeria refused, which made the Islamic leader to return home, aborting the

By Aduragbemi Omiyale The N10 billion Sukuk Mudarabah of TAJ Bank sold to investors at 15 per cent has been listed on the Nigerian Exchange (NGX) Limited. The paper was issued by the non-interest bank, which operates in Nigeria under Islamic banking principles, under its N100 billion Sukuk Mudarabah Programme to strengthen its capital adequacy ratio. The Sukuk was listed on the exchange on Tuesday, February 14, 2023, and a closing gong ceremony was held to commemorate it. The chief executive of TAJ Bank, Mr Hamid Joda, while speaking at the event, reiterated the strategic importance of Islamic financing and

By Dipo Olowookere Trading activities kicked off the new week on a positive note after the market upturned early losses to finish 0.51 percent higher. Business Post reports that during transactions on Monday, both the bulls and bears battled for supremacy, but the market eventually settled for the bulls, reversing the loss posted at the market’s last trading session. However, the volume and value of equities transacted by investors on the floor of the Nigerian Stock Exchange (NSE) depreciated by 47.62 percent and 55.74 percent respectively. A total of 730.6 million shares worth N6.3 billion exchanged hands today in 7,964

By Isaac Oriafo Ejakhegbe “Maternal health and wellbeing must remain a central goal, an investment priority in the sustainable development to ensure that progress continues and accelerates. Also, indigenous government must see that they play their part to agreed health policies for which we pledge commitment.”— Gynecologist in Benin City, Nigeria The year 2015, which once seemed far off, has now passed. With the Sustainable Development Goals (SDGs) adopted and the 2015 Global Maternal Newborn Health Conference and 2016 Women Deliver Conference behind us, the time is now to mobilize global and country-level commitment for ending preventable maternal mortality, including

By Modupe Gbadeyanka Lagos State Commissioner for Economic Planning and Budget, Mr Akinyemi Ashade, has been redeployed to take over as the Commissioner for Finance. A statement signed by the Chief Press Secretary to the Governor, Mr Habib Aruna, explained the decision was made shortly after the State Executive Council meeting on Wednesday. Mr Aruna further explained in the statement issued today that Governor Akinwunmi Ambode has directed Mr Ashade to resume his new portfolio with immediate effect. However, the CPS noted that Mr Ashade would still oversee the Ministry of Economic Planning and Budget pending when the State Executive