Crude Oil Gains Despite Demand, Supply Worries

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere Investments in equities on the floor of the Nigerian Exchange (NGX) Limited stood at N12.3 billion, lower than the N12.6 billion recorded in the previous week. This was mainly affected by the lower trading volume recorded in the five-day trading sessions as investors traded 866.5 million shares in 17,291 deals in contrast to the 1.6 billion shares traded in 18,622 deals a week earlier. Like in the preceding weeks, financial stocks dominated the transactions, accounting for 445.3 million units worth N3.7 billion traded in 7,560 deals and contributing 51.39 per cent and 29.99 per cent to the

By Dipo Olowookere The Federal Government has maintained that it would continue to dialogue with aggrieved groups in the Niger Delta region of the country with a view to finding a lasting solution to restiveness in the region. Minister of State for Petroleum, Mr Ibe Kachikwu, expressed optimism that very soon, the security challenges in the area would soon be a thing of the past. Speaking via a statement issued in Abuja on Friday, Mr Kachikwu appealed to all stakeholders in the region to embrace peace and dialogue and shun acts that further create difficulties for the country as well

By Investors Hub European stocks have gone into free fall on Friday after U.S. President Donald Trump escalated his trade war with China, citing a lack of progress in trade talks. Trump’s plan to impose a 10 percent tariff on $300 billion of Chinese imports beginning September 1 would extend tariffs to nearly all China’s imports into the United States. While the French CAC 40 Index has plummeted by 3 percent, the German DAX Index is down by 2.7 percent and the U.K.?s FTSE 100 Index is down by 2 percent. Specialty chemicals company Lanxess has tumbled after its second

By Modupe Gbadeyanka One of the big five lenders in Nigeria, Access Bank Plc, on Thursday released details of its financial statements in the first nine months of 2017 to the Nigerian Stock Exchange (NSE). The financial institution reported a profit before tax (PBT) of N72.9 billion in the period under review against the N68.9 billion it achieved in the corresponding period of 2016. In addition, the bank’s profit for the period slightly increased, closing at N56.4 billion in contrast to N54.1 last year. In the financial results, Access Bank recorded an interest income of N245.9 billion in the period

By Adedapo Adesanya Wema Bank has hiked the monthly spending limit for international transactions on its Naira debit cards to $500, giving its customers the opportunity to do more. This came as the lender announced the lifting of the suspension of international transactions on Naira cards, a move coming a month after the Central Bank of Nigeria (CBN) floated the Naira, following plans by the President Bola Tinubu administration to tackle foreign exchange troubles. In a letter addressed to its customers and obtained by Business Post, the bank declared the end of the suspension on international transactions conducted through Naira

By Adedapo Adesanya The Naira recorded a 0.16 per cent or 67 kobo loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday. The Naira was traded at the official FX market yesterday at N415.07/$1 compared with the preceding session’s exchange rate of N414.40/$1. This occurred as the value of transactions at the market segment remained unchanged during the session at $69.63 million. Also, at the interbank window of the forex market, the value of the domestic currency to its American counterpart depreciated on Monday by 5 kobo as it closed

Financial firm, FSDH, has released its Monthly Economic and Financial Market Outlook for the month of July 2017. The report is tagged Nigerian Economy on a Recovery Path. View the report below. FSDH Monthly_Strategic_Report_-_July_2017

By Dipo Olowookere The Securities and Exchange Commission (SEC) has announced the reopening of its head office in Abuja following the easing of lockdown in the city as well as in Lagos and Ogun States. A statement issued on Monday by the Head of Corporate Communication at SEC, Mrs Efe Ebelo, disclosed that the office will be opened to members of the public between 10am and 1pm on Mondays, Wednesdays and Fridays. However, she said due to the need to protect its stakeholders and members of staff, the commission issued some guidelines among which is that stakeholders are strongly advised