Equities Post 0.37% Loss Despite Rise in Trades

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

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 Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

In reflection of its very good financial condition and strong capacity to meet obligations, Agusto & Co. limited has assigned an “Aa-” rating to Rand Merchant Bank Limited. A statement from the rating agency said it upgraded the merchant bank’s rating as a result of its improved earnings and strengthened profitability profile, as well as its good liquidity track record. Agusto said the bank’s profile is buoyed by demonstrated support from its parent company, FirstRand Limited in various capacities, spanning risk management, customer referrals and liability generation. However, it stressed that the rating was constrained by lingering concentration risks in

By Aduragbemi Omiyale A total of 477 Islamic centres have been identified by the Oyo State government for its first phase of the Better Education Service Delivery for All (BESDA) programme. The Executive Chairman of the Oyo State Universal Basic Education Board, Dr Nureni Aderemi Adeniran, disclosed that the scheme is aimed to reduce the number of out of school children in the state. The BESDA programme is expected to commence very soon and these centres would be used to provide education to the children taken from the streets. Speaking with coordinators of the centres in Ibadan, the educationist said

By Modupe Gbadeyanka Dr Joseph Nnanna has been announced as the new Chairman of the Board of Directors of FMDQ OTC Securities Exchange. This followed the retirement of Mrs Sarah Alade from the position on Friday, April 28, 2017. Dr Nnanna is the Deputy Governor of the Central Bank of Nigeria (CBN), overseeing the Economic Policy Directorate, which covers the apex bank’s Financial Markets’ franchise. He joins the Board of FMDQ with a wealth of experience having previously served as the Alternate Executive Director, representing Nigeria and 21 other Sub-Sahara African countries on the Board of the International Monetary Fund

By Modupe Gbadeyanka Steps are already being taken by Stanbic IBTC Insurance Brokers Limited, member of Stanbic IBTC Holdings Plc, to deploy trust-building measures that would plug major gaps in the insurance value chain in Nigeria. With the ultimate aim of enhancing insurance penetration in the country, the company said given the low level of trust in the industry, strategic steps are required to restore public confidence and put the sector on a stronger footing. Speaking during a media interactive forum in Lagos on Thursday, April 20, 2017, Chief Executive of Stanbic IBTC Insurance Brokers Ltd, Mr Anselem Igbo, identified

By Adedapo Adesanya The Ghanaian currency, the Cedi, has been ranked as the best performing currency against the US Dollar in the world so far into the second month of 2020. This followed a survey carried out by Bloomberg, which noted that the cedi beat off competition from 140 other currencies in the world. The statistical data indicated that the Ghanaian currency as at Monday, February 3, 2020, had appreciated by 3.9 percent against the American greenback. “The currency of the world’s second-biggest cocoa producer has strengthened 3.9 percent in 2020, the most among more than 140 currencies tracked by

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bearish on Tuesday following a 0.22 per cent loss witnessed as a result of profit-taking by investors. The decline was largely driven by selloffs in banking equities, especially GTCO, UBA, Stanbic IBTC and others, weighing on the market’s performance. Business Post reports that the banking counter shed 1.11 per cent, the energy space lost 0.08 per cent and the industrial goods sector declined by 0.05 per cent, while the insurance and consumer goods sectors appreciated by 0.35 per cent and 0.08 per cent respectively. But at

By Investors Hub The major US index futures are pointing to a mixed opening on Thursday following the pullback seen in the previous session. The mixed performance by the futures comes as traders are digesting the European Central Bank’s monetary policy announcement. The ECB sprung no surprises as it announced that it will reduce the size of its asset purchases at the start of next year while extending them for nine months, the “lower for longer” style of tapering that economists had expected a dovish Mario Draghi to deliver. Monthly asset purchases under the asset purchase program will continue at