CSCS, NGX Return Unlisted Securities Market to Positive Territory

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange remained in the red zone on Tuesday after closing lower by 0.13 per cent due to a fall in the share price of Central Securities Clearing System (CSCS) Plc. The stock went down by N1.50 to settle at N17.00 per unit compared with the preceding day’s closing value of N18.50 per unit. This consequently weakened the market capitalisation of the unlisted securities exchange by N1.39 billion to N1.080 trillion from the N1.081 trillion posted a day earlier. In the same vein, it deflated by NASD Unlisted Securities Index (NSI) by 1.01

By Adedapo Adesanya Oil prices fell over 1 per cent on Tuesday on sluggish Chinese economic data, which comes at a time that the world’s largest importer is facing a series of challenges. Brent crude futures fell $1.32, or 1.5 per cent, to settle at $84.89 a barrel, while U.S. West Texas Intermediate crude (WTI) dropped $1.52, or 1.8 per cent, to $80.99. Data released by the China National Bureau of Statistics (NBS) on Tuesday pointed out that the country was growing at a slower-than-expected pace – indicating the engines of business and consumption in the world’s second-biggest economy were

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) stopped its three-day losing streak at the end of trading on Thursday. This brought a relief to many stock market investors. The stock market recorded a gain of N41.322 billion on Thursday against N26.5 billion it lost on Wednesday this was also the case with the all-share index, which jumped by 0.44 percent today to close at 27,598.34 points, showing a gain of 120.3 points. Business Post correspondent reports that the market capitalisation, which ended yesterday at N 9.438 trillion, finished today at N9.479 trillion. A total of 16 stocks appreciated at

By Dipo Olowookere The quest of Access Bank Plc to totally conquer the banking industry in Africa is almost being achieved with the latest information coming from the Nigerian lender. On Friday, the financial institution said it has received approvals from regulators in South Africa and Nigeria, including the Central Bank of Nigeria (CBN), which supervises the sector in the country, to acquire a new bank. Access Bank intends to control a South African-based financial institution, Grobank Limited, which “first entered the market in 1947 as the South African Bank of Athens, delivering world-class business banking services through a team

By Aduragbemi Omiyale On Thursday, May 27, 2021, the shareholders of Stanbic IBTC Holdings PLC will gather for the company’s Annual General Meeting (AGM). The meeting is slated for 10am at the I.B.T.C. Place on Walter Carrington Crescent, Victoria Island, Lagos and it is by proxy, in line with the coronavirus safety protocols set by the federal government. However, members entitled to vote were advised to appoint proxies to represent them at the gathering, a statement issued by the subsidiary of Standard Bank Group, disclosed. The statement signed by the company’s secretary, Chidi Okezie, further said at the 9th Stanbic

By Ahmed Rahma The Nigerian Export-Import Bank (NEXIM) has collaborated with the African Export-Import Bank (Afreximbank) to mobilise the sum of $50 million to support Small and Medium Enterprises (SMEs) in Nigeria. According to NEXIM, the $50 million Project Preparation Fund for Nigeria is for the provision of technical assistance to bankable SMEs, especially those promoted by women and youths. The bank’s Managing Director, Mr Abubakar Bello, disclosed at the inauguration of Women and Youth Export Development Fund with the theme Unlocking Export Market Opportunities For Women and Youths that, “The fund was part of activities mapped out by both

By Modupe Gbadeyanka Mr David Thomas has resigned from his appointment as a Director of Nigerian Aviation Handling Company Plc (NAHCO). The resignation Mr Thomas was announced by NAHCO in a statement made available to the Nigerian Stock Exchange (NSE) on Friday. It was disclosed that Mr Thomas, who quits the company, is a Director representing Lufthansa at the firm’s board. No reason was given for Mr Thomas’ resignation in the statement signed by Mrs Olaitan Ashipa, NAHCO’s Acting Company Secretary. According to NAHCO’s website, Mr Thomas joined the company’s Board as a Non-Executive Director representing Lufthansa German Airline, following

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Tuesday following the climb to record highs seen in the previous session. Traders may stick to the sidelines as they wait for further developments on the U.S.-China trade front, with optimism about a potential deal helping push stocks higher on Monday. A statement from China?s Commerce Ministry revealed Chinese Vice Premier Liu He held a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin earlier today. The statement said the two sides discussed how to resolve each other’s core concerns,