Bears Pull NASD Market Cap to N615.91bn in Week 44

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

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 Positive economic data and robust fuel consumption in the world’s largest oil consumer and producer of crude oil, the United States, triggered a rise in the price of the commodity on Thursday. Brent futures rose by $2.94 or 3.1 per cent to settle at $96.59 a barrel while US West Texas Intermediate (WTI) crude rose by $2.39 or 2.7 per cent to settle at $90.50. Prices rallied after another round of impressive US economic data boosted optimism for an improving crude demand outlook. While recession fears and the possible demand destruction that could come with such a

By Dipo Olowookere The Nigerian authorities have commenced investigation into the role of directors of the defunct Skye Bank Plc in the financial mess of the company. Over a week ago, Skye Bank was nationalised into Polaris Bank Limited by the Central Bank of Nigeria (CBN). The lender collapsed after it could no longer meet its basic functions, resulting in the revocation of its operating license. Business Post reports that the central bank had taken over affairs of the financial institution in 2016 following its huge non-performing loans (NPLs). Speaking last week in Lagos, Managing Director/Chief Executive Officer of Nigeria

By Adedapo Adesanya The Nigerian Navy has been commended by the Nigerian Maritime Administration and Safety Agency (NIMASA) for the delisting of the country from the red list of the International Maritime Bureau. The Director-General of NIMASA, Mr Bashir Jamoh, gave the commendation during a panel session at the ongoing 2022 Navy Week, marking the 66th-anniversary celebration of the security agency. Mr Jamoh also advocated an enabling triangle which, according to him, signifies infrastructure, good governance and maritime security, as the enabler of the blue economy. “Now I do take what I call in my book, harnessing the Nigerian Maritime

By Adedapo Adesanya The International Maritime Organisation (IMO) and the Maritime Organisation of West and Central Africa (MOWCA) have agreed on a Joint Action Plan (JAP) to promote maritime security, safe, efficient, and environmentally friendly shipping. The JAP, which was agreed upon at IMO headquarters in London last Thursday, had the IMO Secretary-General, Mr Kitack Lim, the MOWCA Secretary-General, Mr Paul Adalikwu, and transportation ministers from West and Central African countries in attendance. Both bodies agreed that the JAP be operational from 2022 to 2032 in the first phase and implemented to align towards the United Nations Sustainable Development Goals

By Modupe Gbadeyanka Trading resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday and observers believe that the market will be bullish this week. Like the previous weeks, analysts at Vetiva Research have released top recommendations for this trading week. Check the recommendations below.

By Investors Hub European stocks have turned mixed on the day following the Bank of England’s announcement to raise interest rates for the first time in over a decade. While the U.K.’s FTSE 100 Index has advanced by 0.7 percent, the German DAX Index and the French CAC 40 Index are down by 0.1 percent and 0.2 percent, respectively. The BoE voted by a majority of 7 to 2 to increase the bank rate by 0.25 percentage points to 0.5 percent, as was widely anticipated. The rate increase largely reflected concerns about the outlook for inflation, which soared to a

By Emmanuel Otori Start-ups require capital to establish a business. Capital is the amount of initial investment plus any interest accrued early. The initial investment of a company initiative is the sum required to get things started. Both internal and external sources of funding are used by start-up founders. Many times, a lot of work goes into starting a business, but can it survive the possibility of a brief lifespan? Although some start-ups frequently fail in operation when they run a deficit, operate in the wrong market for their offering, lack industry knowledge, and conduct sufficient research, a business can

By Modupe Gbadeyanka The Emirates Group this week announced its 30th consecutive year of profit and steady business expansion. In its 2017-18 Annual Report released on Wednesday, the Emirates Group posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED 102.4 billion (US$ 27.9.billion), an increase of 8% over last year’s results, and the Group’s cash balance increased by 33% to AED 25.4 billion (US$ 6.9 billion) supported by the bond issued in March and strong sales due to the early Easter