Dangote Cement Well-positioned For Positive, Sustainable Future—Dangote

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya  The International benchmark future, Brent Crude, recovered consecutive two day losses to rise more than 2 percent as oil prices that have been pressured by the US-China trade dispute bounced back. From the beginning of the week, oil prices shed most of last week gains to suffer losses equivalent to over 2 percent. As at the time of this report, Business Post observed that the future was trading up 2.43 percent or $1.48 to trade at $62.39 per barrel. The US Benchmark, West Texas Intermediate (WTI) was trading much higher by a solid 3.04 percent equivalent to

By Adedapo Adesanya The International Monetary Fund (IMF) has disclosed plans to raise at least $45 billion for a new trust to help low-income and vulnerable middle-income countries cope with protracted challenges like pandemics and climate change. Nigeria will be among the beneficiaries of this new funding. According to the World Bank collection of development indicators, Nigeria is among lower-middle-income countries with a gross national income (GNI) per capita of $2,157 in 2019. The Washington-based crisis lender’s Resilience and Sustainability Trust (RST) will come into effect May 1 and is in addition to a $650 billion boost to reserve assets

By Dipo Olowookere The duo of Standard Chartered Bank and Airtel Africa Plc have come together to expand their operations on the continent. This partnership supports Airtel Africa’s efforts to expand the range and depth of its Airtel Money offerings across its 19 million customer base, with new products and services helping to promote the wider adoption of mobile money and increasing financial inclusion. A statement from Airtel Africa explained that the aim of the “strategic collaboration” is mainly to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services. Under the

Since the Ebola outbreak was declared in August, the confirmed and probable case count has now surpassed 1000; case numbers are on the rise which is not what we expect at this stage in the outbreak that may last another six to twelve months; in the past week we have seen 58 new reported cases – this is the highest number in a week in 2019. There could still be many more which have not been reported; working with the community is the key to getting this outbreak under control; IRC teams are supporting 59 facilities to improve infection prevention

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange, after four straight weeks of upward movement, landed in the negative territory in Week 28 of 2023, after it lost 0.75 per cent on a week-on-week basis. This depleted the market capitalisation of the NASD OTC exchange by N4 billion in the week to N1.070 trillion from the N1.074 trillion it closed in the preceding week (Week 27). In the same vein, the NASD Unlisted Securities Index (NSI) went down at the close of the trading week by 5.81 points to settle at 770.89 points compared with the 776.70 points recorded

By Sodeinde Temidayo David The Lagos state government is planning to approach the capital market to raise funds worth N125 billion through the sale of bonds to execute some projects in the state. This is not the first time the commercial capital of Nigeria is exploring the local debt market to source capital for infrastructure. In 2020, the state government raised N100 billion from the debt market with the issuance of 10-year notes at 12.25 per cent. The exercise commenced on Tuesday, December 31, 2019, and closed on Monday, January 13, 2020. On Thursday, August 19, 2021, the Commissioner for

By Dipo Olowookere Activities in the manufacturing industry in Nigeria expanded in the month of June as the Purchasing Managers’ Index (PMI) rose to 52.9 index points from 52.5 index points in May 2017. Data released on Friday by the Central Bank of Nigeria (CBN) revealed that 12 of the 16 subsectors reported growth in the review month in the following order: computer & electronic products; paper products; plastics & rubber products; primary metal; transportation equipment; petroleum & coal products; appliances & components; textile, apparel, leather & footwear; furniture & related products; electrical equipment; food, beverage & tobacco products and

By Dipo Olowookere Former Director of Public Relations, Events and Promotions at Globacom Limited, Mr Bode Opeseitan, has returned to the telecom firm. Mr Opeseitan left Globacom in July 2017 after some years with the company to float a SA&B Mega Resources as well as a news publication called Make It Global. But after over a year of leaving the Mr Mike Adenuga led Globacom, Mr Opeseitan has returned to the firm to held positively project its image. Confirming his second shot at Globacom, Mr Opeseitan said his return was mainly out of respect for Mr Adenuga, who he takes