Buying Interest in Banking Stocks, Others Drive Index Above 29,000

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya After three sessions of gains that followed extended production cuts from Saudi Arabia and Russia, oil prices fell on Tuesday as investors took profits, leaving the Brent crude futures down by 9 cents to $94.34 a barrel after it hit a session peak of $95.96, as the US West Texas Intermediate crude futures dropped 28 cents to close at $91.20 per barrel after earlier reaching $93.74 a barrel, also the highest since November. Despite the profit-taking, expectations remain that Brent will trade in a range of $90-100 per barrel over the coming months, with a year-end target

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Modupe Gbadeyanka Loading activities have resumed in depots of the Nigerian National Petroleum Corporation (NNPC) across the country. The resumption of activities at the depots nationwide followed the suspension of a strike action by the National Union of Petroleum and Natural Gas Workers (NUPENG). The corporation’s current petroleum products stock holding is robust at over 37 days PMS (petrol) sufficiency. NNPC explained that with the resumption in production of diesel and kerosene by the nation’s three refineries located in Port Harcourt, Kaduna and Warri, Nigerians can be rest assured that the seamless flow of petroleum products during the yuletide

By Queen Nwabueze In public relations, just as you and I can’t deny that PR starts and ends with research, we have agreed that Ad value equivalencies, impression counts, and clicks ALONE don’t measure awareness and other outcomes. Therefore, unless you plan and measure in a way that matters, campaign success may not be in the cards. At least, not in the way to pass the test of a true expert. Let’s make this straight. Are you into the hallowed communications profession in whatever form? Never underestimate the benefits of measuring your Public Relations campaigns. DON’T measure using empty or

By Modupe Gbadeyanka Fitch Ratings has affirmed United Bank for Africa Plc’s (UBA) Long-Term Issuer Default Rating (IDR) at ‘B’. The Outlook is Stable. The bank’s Viability Rating (VR) has been affirmed at ‘b’ and its Support Rating at ‘5’. The National Ratings have also been affirmed. A full list of rating actions is at the end of this rating action commentary. The bank’s IDRs are driven by its standalone creditworthiness, defined by the VR. The VR is constrained by Nigeria’s (B+/Negative) operating environment. UBA is one of Nigeria’s largest banks, classified as domestically systemic by the regulator. It controls

By Adedapo Adesanya The Oyo State government has launched a digital Certificate of Occupancy (C-of-O) issuance platform, in line with plans to increase revenue in the state. This was disclosed by the Commissioner for Lands, Housing and Urban Development, Mr Abiodun Abdu-Raheem, in a statement released over the weekend. He noted that with this new digital initiative, the processing and collection of Certificate of Occupancy in the state is now faster, easier and affordable. He also called on all eligible property owners without title or approved documents to take advantage of the opportunity. He also revealed that Oyo State Government

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to extend the upward move seen in recent sessions. The upward momentum on Wall Street comes as upbeat earnings news has offset concerns about the ongoing trade dispute between the U.S. and China. Stocks fluctuated over the course of the trading session on Monday before ending the day mostly higher. With the upward move, the major averages added to the gains posted last Friday. The major averages all ended the day in positive territory. The Dow rose 39.60 points or 0.2

By Adedapo Adesanya It was another bullish trading day on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday as the bulls extended their stay at the market for another session with a marginal growth of 0.01 per cent. The favourable outcome came on the back of gains recorded by NASD Plc as the company saw its equity grow by 13 kobo or 0.7 per cent to close at N19.30 per unit in contrast to N19.17 per unit it closed at the previous session. As a result of this, the NASD unlisted security index (NSI) moved up by

By Cowry Asset In the just concluded week, the Central Bank of Nigeria (CBN) sold treasury bills via the secondary markets totalling N59.13 billion. A breakdown of the sale revealed that 178-day bills worth N55.01 billion and 184-day bills worth N4.12 billion were transacted. These auctions were more than offset by matured secondary market securities worth N123.53 billion. Consequently, NIBOR fell for most of the tenor buckets amid financial system liquidity ease as maturities exceeded auctions- NIBOR for the Overnight funds, 3 months and 6 months fell w-o-w to 13.85% (from 32.39%) 21.21% (from 21.44%) and 22.58% (from 22.61%) respectively.

By Adedapo Adesanya The International Energy Agency (IEA) lowered its global oil demand forecasts for the first time in several months as the number of COVID-19 infections remains high and amid ongoing weakness in the aviation sector. In its monthly report, the IEA said it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day. This revised forecast is 140,000 barrels per day lower than the IEA’s previous projection. The agency also revised down its 2021 global oil demand estimate by 240,000 barrels per day to 97.1 million