Buy Pressure on NGX Extends to Third Day as FCMB Attracts Attention

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Dipo Olowookere Transactions worth N30.379 billion were recorded at the Nigerian Exchange (NGX) Limited last week, which had four trading sessions due to the public holiday observed last Wednesday for Eid-el Maulud. Data obtained by Business Post showed that the stock market posted these trades from the sale of 3.911 billion shares in 38,536 deals. When compared with the preceding week, which had five trading days, the value of transactions weakened by 36.00 per cent, as investors bought and sold 2.933 billion shares valued at N47.449 billion in 44,654 deals. A breakdown indicated that the financial services industry led

By Ashemiriogwa Emmanuel Seplat Energy Plc has reiterated its commitment to the federal government in achieving an improved gas utilisation in Nigeria and would continue to invest towards the objective. The chief executive officer, Mr Roger Brown, said this during his contribution at the ongoing 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos. The Seplat boss, who was represented by the executive director of operations Mr Effiong Okon, lauded the federal government effort in initiating projects and programmes to reinforce gas development in Nigeria. According to him, the National Gas Expansion

By Dipo Olowookere From February 5-9, 2018, representatives from government, business, community, and the general public will all join together to positively impact the Nigerian economic landscape through the celebration of business networking and the role it plays in the growth and success of business in every part of the world. International Networking Week, occurring February 5- 9, 2018, is a week centred around helping businesses in every part of the world, including Nigeria, achieve growth and success through effective networking. An initiative of BNI, the world’s largest business networking organization, the Week presents an opportunity for networking groups, companies,

By Adedapo Adesanya  Investors in Nigeria might be pulling out more than they are investing as this was evident in the volume of daily market turnover at the Investors window of the foreign exchange market on Wednesday. Business Post gathered that total market turnover was 40 percent more than what was sold in the previous day as a total of $268.37 million was recorded on Wednesday against $191.19 recorded on Tuesday. This may have risen as a result of economic policies been pushed by Federal Government the stringent measures to restrict forex to importers of milk into the country. At

By Dipo Olowookere Two goals from Paul Pogba and Henrik Mkhitaryan were enough for Manchester United to defeat Ajax and clinch the Europa League trophy on Wednesday night. The Jose Mourinho’s men, though poor in possession in the game, put their experience into play over the youthful team from Netherlands. Pogba put the Red Devils ahead into the 18th minute before Mkhitaryan scored the second goal for United three minutes into the second half of the match. The win gives the team from England a spot in next season’s Champions’ League group stage, despite finishing sixth in the just concluded

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Modupe Gbadeyanka Latest figures released by the National Bureau of Statistics (NBS) have revealed that inflation in Nigeria reached 18.72 percent (year-on-year) in January 2017. This is in contrast to 18.55 percent it recorded in December 2016. The figures were released by the NBS on Wednesday, February 15, 2017 and obtained by Business Post. Increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively. However, the faster pace of growth in headline inflation, year

By Modupe Gbadeyanka The board of Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, has successfully raised $200 syndicated credit facility. According to a notice to the Nigerian Stock Exchange (NSE) on Monday, leading independent pan-African banking group disclosed that the exercise was oversubscribed by $68.5 million. Ecobank said in the notice that with with the fresh loan facility, it has now increased Deutsche Bank’s mandate as arranger from $150 million to $200 million. “Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, announces today the successful close of a $200 million syndicated loan facility. “The