CSCS, NGX Group Depress NASD Exchange by 1.61%

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

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

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

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 Ahmed Rahma Stanbic IBTC Holdings Plc has said it will continue to support the development of education in Nigeria by promoting effective learning. Speaking on the relevance of 2021 International Day of Education themed Recover and Revitalise Education for the COVID-19 Generation, the CEO of the financial institution, Mr Wole Adeniyi, stated that, “Our organisation is keen on positively impacting the education sector to drive national development.” According to Mr Adeniyi, even in the heat of the COVID-19 pandemic, when many students struggled to keep up with learning as a result of the nationwide lockdown, the bank embarked on

By Dipo Olowookere The Nigerian Stock Exchange (NSE) returned to the negative territory on Friday after rising by 1.40 per cent on Thursday. During the trading day yesterday, the market slumped by 0.34 per cent as a result of selling pressure on some energy, industrial goods and consumer goods stocks. Business Post reports that the oil/gas index went down by 4.98 per cent, while the industrial goods counter lost 1.01 per cent, with the consumer goods space losing 0.08 per cent. However, the insurance goods index put up a good performance on Friday, rising by 0.29 per cent, while the

By Adedapo Adesanya Those who buy and sell stocks via the National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange lost about N30 billion last week, which was the 31st week of trading in 2022. Business Post reports that the market barometers pointed south in the week as a result of the decline in the share price of FrieslandCampina WAMCO Nigeria Plc and NASD Plc, with the former losing 13.9 per cent to close at N90.00 per unit in contrast to the preceding week’s N104.50 per unit, while the latter shed 9.8 per cent to trade at N16.19 per

By Dipo Olowookere In a deliberate attempt to bring services closer to its customers in Ogun State, the management of Ibadan Electricity Distribution Company (IBEDC) Plc has created 13 new customer care offices. This move, according to the company’s Chief Operating Officer (COO), Engr. John Ayodele, is in line with the commitment of the energy firm to improve customer experience and further promote excellent service delivery. The offices will enable easier accessibility and convenience for customers, leading to stronger interactions/feedback and facilitate robust/quick responses to customers’ enquiries and complaints, he said. “As a customer-oriented company, we are constantly developing initiatives

By Adedapo Adesanya The bears remained on the floor of the NASD Over-the-Counter (OTC) Securities Exchange for the fourth straight session this week on Thursday with a decline of 0.47 per cent. The woes of the OTC exchange were further compounded by the losses recorded by Niger Delta Exploration and Production (NDEP) and Central Securities Clearing System (CSCS) Plc. NDEP Plc depreciated by N16 or 8.16 per cent to close at N180.00 per share as against the N196.00 per share it traded on Wednesday, while CSCS Plc declined by 36 kobo or 2.20 per cent to close at N16.00 per

By Modupe Gbadeyanka Friday, December 15, 2017 has been fixed by Justice Rilwan Aikawa of the Federal High Court in Ikoyi, Lagos for the ruling on a motion filed by Oando Plc, an energy company in Nigeria, against the Securities and Exchange Commission (SEC) concerning its suspension on the trading floor of the Nigerian Stock Exchange (NSE). The leading indigenous oil firm in the country had lost its bid at the same court to stop the capital market regulator from conducting a forensic audit of its affairs, but it appealed against the judgement. Counsel to Oando, Mr Seyi Sowemimo (SAN),

By Investors Hub Asian stocks finished broadly lower on Thursday as renewed concerns about the impact of tariffs offset earnings optimism and upbeat comments from U.S. Federal Reserve Chairman Jerome Powell during his two days of testimony. China’s Shanghai Composite Index fell 14.28 points or 0.5 percent to 2,772.98 despite moves by the central bank to boost the liquidity of commercial banks. Hong Kong’s Hang Seng Index eased 106.56 points or 0.4 percent to close at 28,010.86. The offshore yuan weakened to linger near a twelve-month low after the central bank weakened its fixing beyond 6.7. Japanese shares ended a

**To Hold Forum By Modupe Gbadeyanka Concerned by the high interest rates charged by commercial institutions in Nigeria on loans and how this has negatively affected businesses as well as the economy, which is presently undergoing crisis, the Senate has concluded plans to hold a roundtable talks comprising stakeholders in the financial sector, with a view to addressing and finding a solution to this. The red chambers opined that pre-eminent position of the banking sector as the blood channel for sustaining the economy and the need to ensure that indices operating at all times were good for the survival of