Buying Interest Lifts Asian Markets

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

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 Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Dipo Olowookere The Annual General Meeting (AGM) of Union Bank of Nigeria (UBN) Plc earlier slated for Tuesday, April 13, 2021 (today), has been postponed. A statement from the financial institution disclosed that the yearly shareholders’ gathering has been moved to next month. The lender explained that the postponement was forced by the COVID-19 travel protocols, which could make it impossible for some investors to be part of the crucial meeting. In the notice, Union Bank said the new date for the event is May 4, 2021. “This is to inform the Nigerian Stock Exchange (NSE), esteemed shareholders and

By Aduragbemi Omiyale A trade finance facility worth $10 million has been secured by a Nigerian lender, Parallex Bank Limited, and the funds would be used to support small and medium enterprises (SMEs) involved in cross-border trades. The money was given to Parallex Bank by Afreximbank as part of its efforts to bridge the financing gap for businesses. A statement from the Nigerian bank said the $10 million would be used to support other pan-African business opportunities its growing SME segment, as well as for emerging commercial and corporate banking businesses. In addition, the funds would be used by to

By Adedapo Adesanya The dominance of the bears at the NASD Over-the-Counter (OTC) Securities Exchange was further cemented on Wednesday after the market depreciated by 0.15 per cent. The loss was influenced by the price declines in the shares of the Nigerian Exchange (NGX) Group Plc and NASD Plc, overpowering the gains posted by FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. Business Post reports that the NASD Unlisted Security Index (NSI) went down by 1.09 points yesterday to 735.55 points from 736.64 points, while the market capitalisation decreased by N950 million to N639.32 billion from N640.27

By Adedapo Adesanya The Registrar General of the Corporate Affairs Commission (CAC), Mr Garba Abubakar, has said the organisation was vigorously reforming its operations in accordance with global best practices. Mr Abubakar said this in Kaduna while declaring open the agency’s 2021 management retreat themed Digital Economy: The Role of Corporate Affairs Commission. In a statement issued on Saturday by the CAC’s Head Media Unit, Mr Rasheed Mahe, further disclosed that the deployment of Limited Partnership (LP) and Limited Liability Partnership (LLP) was nearing completion. The commission’s chief, however, assured that efforts would be made to sustain the digitisation efforts for

By Investors Hub The major U.S. index futures are pointing to a higher opening on Friday, with stocks likely to regain ground following the sell-off seen in the previous session. Early buying interest may generated by a rally by Chinese stocks, which rebounded strongly from an initial move to the downside despite disappointing GDP data. Data showed Chinese GDP climbed an annual 6.5 percent in the third quarter, shy of estimates for 6.6 percent and down from 6.7 percent in the previous quarter. However, investors reacted positively after three top Chinese financial regulators stepped in to bolster investor confidence. The

By Adedapo Adesanya The Akwa Ibom State government has tackled Mobil Producing Nigeria (MPN) Unlimited, a subsidiary of ExxonMobil, over its recent attempt to sell off some of the state assets while there was a pending court case. The state’s Attorney General and Commissioner for Justice, Mr Uko Essien Udom, said the Akwa Ibom State government has filed a suit to prevent Mobil from proceeding with the assets sale. He described the move as upsetting and unbecoming of a responsible corporate citizen, adding that it was irresponsible for the oil major not to inform the state government, a critical partner,

By Dipo Olowookere A non-political, non-religious, and non-profit making organization, Centre for Anti-Corruption and Open Leadership (CACOL), which filed a petition to the Economic and Financial Crimes Commission (EFCC) against the suspended Director General of Securities and Exchange Commission, Mr Mournir Haliru Gwarzo, has visited the anti-graft agency to defend its allegations against the SEC boss. A statement signed on Monday by the Executive Chairman of CACOL, Comrade Debo Adeniran, disclosed that the visit was sequel to an invitation to the group by the EFCC on the petition of corruption levelled against Mr Gwarzo. It was gathered that Mr Adeniran

By Ehiedu Iweriebor The Dangote Group of Nigeria, one of the pre-eminent industrial conglomerates in Africa, in pursuit of its pan-African development and emancipation strategy, on November 23, 2017 formally launched its newest economic development industrial project, the Dangote Cement plant in Mfila, in Congo-Brazzaville. With this $300 million, 1.5 million metric tonne per annum plant, the Group now has a presence in ten of the 17 countries in which it plans to construct and expand cement plans. While it had to re-calibrate the pace and timing of its earlier ambitious plans to complete its various planned plants at an