Bears Regain Control of Nigerian Stock Market, Reverse Growth by 0.90%

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 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 Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere Over a year ago, it was reported that an investor, Camey and Rock Business Consulting Limited, had offered to inject N4.3 billion into Resort Savings and Loans Plc. The money was to cover the purchase of all the unissued 8,670,267,596 ordinary shares of the bank to the new investor, who was coming to recapitalise the business in line with the directive of the Central Bank of Nigeria (CBN), which regulates the sector. Since then, not much has been heard about the transaction and on Wednesday, Resort Savings gave an update to the investing public. In its disclosure

By Adedapo Adesanya GOtv Nigeria has announced the return of its special reward campaign, GOtv Dey Your Side, designed to appreciate loyal customers for their continued support and give them discounts, more content and more value this March. The campaign, which kicks off on Tuesday, March 2, will see customers on GOtv Jolli and GOtv Jinja enjoy discounts up to 32 per cent and an upgraded viewing on GOtv Max, which is the highest package offering on the platform. Speaking on this, Mr John Ugbe, Chief Executive Officer, MultiChoice Nigeria, explained that the offer was borne out of GOtv’s desire

By Dipo Olowookere Trading activities resumed at the treasury bills market on Monday, but the session was relatively quiet. This was as the Central Bank of Nigeria (CBN) resumed its usual sales of the instruments via the Open Market Operations (OMO) after it did not conduct any last Friday. At Monday’s OMO auction, the apex bank raised N115.75 billion from the sale of T-bills at the market. A breakdown showed that the nation’s chief lender sold N20.01 billion worth of the 98-day bill at 12.60 percent, while it raised N95.74 billion from the sale of the 266-day bill at 14.40

By Adedapo Adesanya Agusto & Co. Limited, the pan-African credit rating agency and the foremost business information provider, has forecast a 16.5 per cent growth in the Nigerian banking loan portfolio. This was released in its 2022 Nigerian Banking Industry Report which provides a comprehensive review of Nigeria’s banking industry and the near-term expectation for the Industry. Agusto & Co. noted positively the resilience shown by the Nigerian banking industry in FY 2021, as the Industry’s loan portfolio grew by 21 per cent despite the weak economy and regulatory constraints. “Notwithstanding the prevailing global supply constraints, the Russian-Ukraine crisis, and

By Dipo Olowookere Some additional shares of Dangote Sugar Refinery Plc have been listed on the floor of the Nigerian Stock Exchange (NSE), a circular has confirmed. The stocks, 146,878,241 in number, were admitted on the trading platform of the exchange on Wednesday, September 30, 2020, the notice signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, stated. This has now increased the total issued and fully paid-up shares of Dangote Sugar to 12,146,878,241 ordinary shares of 50 kobo each from 12,000,000,000 ordinary shares of 50 kobo each. The fresh equities of the sugar milling

By Modupe Gbadeyanka Africa’s best customer service provider, Keystone Bank Limited, recently signed up popular Nollywood actress, writer and producer, Funke Akindele Bello popularly known as Jenifa as its official brand ambassador. By virtue of this partnership, the multiple award-winning screen diva will prominently represent the Keystone Bank brand and feature heavily in the lender’s marketing campaigns and consumer-focused strategies, while leveraging her large followership and popularity that cuts across socio-economic classes and age groups to further deepen the brand’s growing impression in the market. Speaking during the contract signing ceremony at the bank’s head office in Lagos, on Friday,

By Dipo Olowookere A chieftain of the Peoples Democratic Party (PDP), Adeseye Ogunlewe, has been quizzed by the Economic and Financial Crimes Commission (EFCC). Mr Ogunlewe, a former Senator, was grilled on Wednesday, August 31, 2016, in Ibadan in respect of an alleged case of abuse of office and misappropriation of funds reported against the him and some other people. The PDP chieftain is the Pro Chancellor of the Federal University of Agriculture Abeokuta (FUNAAB). He was petitioned alongside the school’s Vice Chancellor, Professor Olusola Oyewole; management and some members of the Governing Council. According to a petition submitted to

Masimo (NASDAQ: MASI) has announced the CE marking for the paediatric indication for O3™ regional oximetry with the O3 pediatric sensor. Regional oximetry, also referred to as tissue or cerebral oximetry, helps clinicians monitor cerebral oxygenation. O3 regional oximetry uses near-infrared spectroscopy (NIRS) to continuously monitor absolute and trended regional tissue oxygen saturation (rSO2) in the cerebral region. Early detection and correction of imbalances in oxygen delivery to the brain and vital organs are important tools in helping patients avoid postoperative morbidity and adverse outcomes.1 With the release of the O3 pediatric sensor, O3 regional oximetry monitoring of rSO2 is