Bitcoin, Ethereum, Others Rise as Dollar Index Jumps

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Investors Hub Asian stocks turned in a mixed performance on Thursday as lower commodity prices and a continued sell-off in technology shares kept investors nervous ahead of Easter holidays. Chinese stocks ended higher as property developers surged after a recent correction. The benchmark Shanghai Composite Index rallied 38.64 points or 1.2 percent to close at 3,160.93, while Hong Kong’s Hang Seng Index edged up 70.85 points or 0.2 percent to 30,093.38. Japanese shares rose as the yen weakened amid easing tensions over North Korea’s nuclear program and a report showed Japanese retail shares ticked higher in February, suggesting growing

By Adedapo Adesanya Crude oil prices rose 2 per cent after the market found that an immediate Saudi Arabian oil output boost was not expected soon following the visit of United States President Joe Biden. As a result, the Brent crude rebounded to above $100 per barrel at the end of a very volatile week as it rose by $2.06 or 2.1 per cent to $101.16 per barrel, with the US West Texas Intermediate (WTI) crude growing by $1.81 or 1.9 per cent to $97.59 a barrel. Oil was still down for the week after heavy selloffs in the previous

By Adedapo Adesanya The trio of Nigerian Exchange (NGX) Group Plc, FrieslandCampina WAMCO Nigeria Plc and Afriland Properties Plc weakened the NASD over-the-counter (OTC) Securities Exchange by 0.13 per cent on Thursday, extending its stay at the danger zone. The NGX lost 26 kobo or 1.5 per cent to close at N16.84 per share compared with the previous day’s N17.10 per share, Friesland went down by 20 kobo or 0.2 per cent to settle at N120 per unit versus the preceding session’s N120.20 per unit, while Afriland went down by 10 kobo or 8 per cent to finish at N1.25

By Modupe Gbadeyanka It has been predicted that inflation rate in Nigeria for the month of July 2019 will go down to 11.01 percent from 11.22 percent recorded in the month of June 2019. In their Inflation Watch report, analysts at the research arm of Lagos-based investment company, FSDH Merchant Bank Ltd, attributed the expected easing of the rate “largely to the harvest season.” The inflation rate target of the Central Bank of Nigeria (CBN) is between 6 percent and 9 percent and as earlier noted, FSDH said Nigeria will unlikely achieve a single-digit rate of inflation in the short-term.

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed higher by 0.97 per cent on Monday on the back of a renewed bargain-hunting in BUA Cement, Nigerian Breweries and others. The buying interest was seen across the sectors, except the banking space, which came under profit-taking, weakening its index by 0.44 per cent at the close of transactions. The industrial goods sector appreciated by 4.03 per cent, the insurance counter rose by 1.23 per cent, the consumer goods counter grew by 0.78 per cent, and the energy sector jumped by 0.36 per cent. At the close of trades, the All-Share

By Dipo Olowookere Treasury bills yields moved in different directions across maturities this week with the yields on 1 month and 3 months maturities increasing to 11.52 percent from 10.95 percent and 13.41 percent from 13.30 percent respectively. However, yields for 6 months and 12 months maturities moderated to 13.66 percent from 13.68 percent and 16.73 percent from 16.82 percent respectively. On Thursday, the Central Bank of Nigeria sold treasury bills worth N199.60 billion in the secondary market, with the total outflows offset by the inflows from the matured T-bills worth N397.72 billion. Consequently, NIBOR moderated for all the tenor

By Dipo Olowookere The African Development Bank (AfDB) says it is scaling up its efforts to accelerate the pace of industrialization, supported by its presence in 38 countries and by timely and quality operations. The lender also said it was delivering on its goals and making good progress towards achieving its development and operational targets. These were made known by the 2018 Annual Development Effectiveness Review (ADER), which was released at the Bank’s Annual Meetings in Busan, Republic of Korea. Every year, ADER scrutinizes the Bank’s operational effectiveness and its organizational efficiency, using the Bank’s results measurement framework for 2016-2025.

By Modupe Gbadeyanka Thursday, July 13, 2017, has been fixed by the management of Cutic Plc for a meeting its board of directors. A statement signed by the Company Secretary, Ijeoma Oduonye, disclosed that the meeting is scheduled to take place in Nnewi, Anambra State. “Notice is hereby given that the 135th meeting of the board of directors of Cutix Plc will be held on Thursday 13, 2017, in the boardroom at 17, Osita Onyejianya Street, Anuka, Otolo, Nnewi by 10:30am,” the statement said. According to Oduonye, during the meeting, the board will consider and approve the firm’s financial statements.”