CSCS Helps NASD Exchange Open September Bullish  

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

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 Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Modupe Gbadeyanka The outlooks on the Long-Term Issuer Default Ratings (IDR) of four Nigerian banks have been revised to negative from stable by Fitch Ratings following the downgrading of the country’s economy by the agency nearly two weeks ago. Fitch said the affected financial institutions are Zenith Bank, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and the Bank of Industry Limited (BOI). The first three are listed on the Nigeria Stock Exchange (NSE). They are the highest-rated commercial banks in the country, with their ratings driven by their standalone creditworthiness, as defined by their respective Viability Ratings

By Modupe Gbadeyanka Data from the Central Bank of Nigeria (CBN) has revealed that the country’s external reserves stand at $30.51 billion. In the data released on its website and analysed by Business Post, the apex bank said the present figure represents the amount in the reserves as at Wednesday, July 19, 2017. This indicates an upward movement in the foreign reserves, from $30.49 billion it closed on Tuesday, July 18, 2017. Nigeria relies mainly on crude oil to earn foreign exchange and price of the commodity has not been stable lately, trading below $50 per barrel at the international

On Monday, April 18th, crypto newcomer Mushe Token (XMU) opened its presale to rave reviews from enthusiasts and analysts alike. The start of the presale marked the beginning of a 77-day journey to launch that any crypto buyer, novice or pro, will want to be a part of. The tokens launched at an introductory price of $0.005 which due to the early demand on day one has already seen a rise of over 180% at the time of writing to 0.014. The early success of XMU looks like it will continue throughout the presale, which will favour early investors as

By Adedapo Adesanya Red Bull driver, Max Verstappen, has been crowned the 2021 F1 World Champion after he clinched victory in Abu Dhabi ahead of Lewis Hamilton. This is the 24-year-old’s first world championship title, and it denied Hamilton the chance to win a fifth consecutive title. The two drivers came into Sunday’s race level on points, each knowing that victory in Abu Dhabi meant a Championship win. The race started with Max on pole but a good start by the seven-time champion put him ahead at Turn 1. The Dutchman had to wait until the last lap of the

By Dipo Olowookere Shareholders of Jaiz Bank Plc will receive dividend for the financial year ended December 31, 2019, the Islamic banking firm has confirmed. The decision to finally reward shareholders of the company after a long wait was reached at the meeting of the board of directors of Jaiz Bank held on Monday, March 16, 2020. Announcing outcome of the meeting, the non-interest financial institution said the actual amount to be paid would be disclosed when its audited accounts are released to the Nigerian Stock Exchange (NSE). But the lender emphasised in a notice to the NSE and signed

By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has assured citizens that the perennial fuel scarcity in the country would soon become “a thing of the past.” Mr Baru gave this assurance while delivering a goodwill message during the ‘NNPC Day’ held at the 39th Kaduna International Trade Fair, in Kaduna on Wednesday. He said the state-owned oil firm was committed to providing the necessary assistance for Nigeria to attain competitive edge in non-oil sectors of the economy. “NNPC is suited to providing the enabling environment for the nation to optimise its

By Nneka Okumazie Let the Almighty God be wise, and let us be foolish is, maybe, the secret of the massive success of the Redeemed Christian Church of God (RCCG) and their lead Pastor, Enoch Adeboye. The church recently concluded a major program at their congregational headquarters. The cross-section of people was as the ocean. The cohesion was fascinating. The church is exceedingly mighty. The curiosity is what sort of success is this? RCCG is arguably one of the biggest Pentecostal churches in the world. They have a mode of operation. One conspicuous thing is their consistent worship, including kneeling

By Adedapo Adesanya The Federal Government of Nigeria has reached out to the United States government to discuss how the latter can drop its case against President of the African Development Bank (AfDB), Mr Akinwunmi Adesina. Business Post had reported that after Mr Adesina was cleared of allegations raised in a petition, the US government demanded an independent probe. America said it was not satisfied with the clearing of the president of the accusation of corporate governance infractions and favouritism by the bank’s ethics committee and board of governors. After much pressure, the AfDB board of governors authorised an independent