Buying Pressure on Oando, Transcorp, Others Stretch Gains on NGX by 0.03%

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 Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere Two contracts worth $1.5 billion have been signed by the Federal Government with the China Civil Engineering Construction Corporation for the construction and modernisation of rail lines in different parts of the country. These are the Kano-Kaduna Segment 3 of the Lagos-Kano rail modernisation project with a contract sum of $1.68 billion, and the Calabar-Port Harcourt Segment 1, which extends to Onne Deep Seaport of the coastal rail project at a cost of $3.4 billion. According to the Minister of Transportation, Mr Rotimi Amaechi, who signed on behalf of the FG, the segmentation of the same contract

By Modupe Gbadeyanka Companies operating in Nigeria, which failed to cancel or issue all their unissued shares to their shareholders before the deadline of December 31, 2022, would be sanctioned alongside their directors. Business Post reports that the Companies and Allied Matters Act (CAMA) 2020 replaced the authorised share capital in CAMA 1990 with minimum issued share capital. In the abolished law, organisations were required to issue at least 25 per cent of their authorised share capital, but under the new law, the entire share capital must be fully issued at all times, cancelling the ability of companies to retain

By Adedapo Adesanya Renewed interest in stocks on the NASD Over-the-Counter (OTC) Securities Exchange triggered a 0.4 per cent weekly growth on the exchange. Business Post reports that the weekly trading value surged by 1,061.6 per cent as investors traded shares worth N1.1 billion compared to the N95.4 million transacted in the previous week. This increase was because of the 69.9 per cent rise in the total volume of shares achieved as market participants exchanged 10.3 million stocks in the 36th trading week of the year in contrast to the 6.0 million stocks transacted in week 35. However, the number

By Modupe Gbadeyanka South-South Coordinator of the Oando Shareholders Solidarity Group (OSSG), Mr Clement Ebitimi, has expressed worry over the state of affairs in Oando Plc. Mr Ebitimi, in a statement this week, pointed out it was on this backdrop he led some shareholders to the protest that took place on Monday, September 11, 2017 during the company’s 40th Annual General Meeting (AGM) at the Ibom Hall in Uyo, Akwa Ibom State. In the statement, Mr Ebitimi faulted claims by the former National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunday Nwosu, that they were paid to

By Aduragbemi Omiyale The founder of Tingo International Holdings, Mr Dozy Mmobuosi, has stated that the rapidly expanding population and the need to convey people from one location to another has necessitated the need for more investment in Africa’s aviation sector. In a statement on Thursday, the billionaire businessman was quoted as saying that the need to bridge this gap inspired him to collaborate with another investor to establish a Joint Venture Company called Omni-Tingo Aviation Services Limited. Mr Mmobuosi, who is speculated in the United Kingdom to be interested in purchasing a Championship football outfit, Sheffield United, for £90

By Dipo Olowookere Leader in highly efficient blue emitter materials for OLEDs, CYNORA and Juhua, the Chinese open platform company aiming at the industrialization of printing OLED technology to produce OLED TVs, have signed a MoU (Memorandum of Understanding) to cooperate on OLED TV development. CYNORA is joining the technology platform with Juhua which is held by two China Panel Giants CSOT and Tianma. The OLED display market is already established and is growing fast with a CAGR 41%, as the LCD industry is moving towards OLED. This new technology has several advantages versus LCD displays for end-users. The OLED

By Cowry Asset In the just concluded week, the Central Bank of Nigeria (CBN) injected $250 million into the interbank foreign exchange market. In the wholesale segment of the market, CBN auctioned $100 million while the Small and Medium Enterprises (SMEs) and the Invisibles segment received $85 million and $65 million respectively. However, the interbank exchange rate (NIFEX) remained unchanged at N330/$. In other segments, the Naira appreciated week-on-week (w-o-w) at the Bureau De Change and Parallel market segments by 1.36 percent and 1.35 percent to N362/$ and N365/$ respectively. It however depreciated at the Investors & Exporters Forex and

By Modupe Gbadeyanka Trading of shares of Seven Up Bottling Company Plc by investors on the floor of the Nigerian Stock Exchange (NSE) has been stopped. This followed the full suspension placed on the shares of the firm as a result of purchase of all outstanding and issued shares of the firm not currently owned by Affelka, the company’s majority shareholder. A statement issued by the NSE’s Head of Listings Regulation Department, Mr Godstime Iwenekhai, disclosed that suspension took effect from January 12, 2018. “Dealing Members are hereby notified that trading in the shares of 7-Up Bottling Company Plc has