European Shares Advance on Friday

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Dipo Olowookere Europe’s leading marketplace for local services, StarOfService, has successfully raised $10 million in Series A investment. It follows two previous seed funding rounds worth $2 million in total and will accelerate the French start-up’s ambitious expansion plans to take the global leadership position. StarOfService, launched in 2013, handles more than two million requests online from customers looking to find local services to meet specific needs, anything from wedding photographers, plumbers, language teachers and DJs, to Pokémon Go ‘masters’ for hire. The platform generates over €800m in business volume to the service professionals listed on its site –

By Dipo Olowookere A prolific filmmaker and showbiz personality, Ms Kemi Adetiba, has expressed optimism that in the nearest future, entertainment companies will be on the Nigerian Exchange (NGX) Limited. According to her, the platform has done well to provide an avenue to attract entertainment outfits and expose them to an array of investors, including institutional and offshore investors, to raise funds to finance their projects. Ms Adetiba is one movie maker that has enjoyed the benefits a global platform offers to promote her works. Her flicks have enjoyed massive views on the global streaming channel, Netflix, and this has

By Adedapo Adesanya The Naira further came under pressure on Wednesday at the parallel market, crashing by N5 against the United States Dollar. At the segment of the foreign exchange (forex) market yesterday, the local currency was traded at N470/$1 in contrast to N465/$1 it traded on Tuesday. Also, at the black market, the domestic currency lost N2 against the Pound to close at N570/£1 versus N568/£1, while against the Euro, the Naira shed N5 to close N515/€1 compared with the previous rate, N510/€1. However, at the Bureau De Change (BDC) segment of the market, the Nigerian currency appreciated against

**Blasts Ooni of Ife By Dipo Olowookere A frontline Lagos socialite, Alhaji Audullah Saheed Mosadoluwa, otherwise known as Saheed Ibile, has urged the media, security operatives and every Nigerians to be careful of how they handle the recent violent clash that broke out in Ile-Ife, Osun State, between the Yorubas and Hausas. Mr Ibile, speaking through his media aide, appealed to every aggrieved party to “sheath their sword and desist from inimical activities” that could bring disrepute to Ile-Ife, the origin of the Yorubas. The philanthropist, who celebrates his birthday today, Wednesday, April 05, 2017, warned the Nigeria Police to

By Modupe Gbadeyanka It is more trouble for leading oil firm in Nigeria, Oando Plc, as the Johannesburg Stock Exchange (JSE) has stopped investors from trading shares of the company. This comes barely 24 hours after a similar action was taken on Oando Plc by the Securities and Exchange Commission (SEC), which directed the Nigerian Stock Exchange (NSE) to suspend trading on the shares of the firm on its platform. The JSE explained on Thursday that it took this step following a correspondence from the Nigerian stock market regulator. “The company has received communication from its primary listing, the Nigerian

By Dipo Olowookere Residents of Oluyole Federal Constituency in Oyo State have been urged to take proper care of the various social amenities in their communities for the benefit of all. This charge was given by the lawmaker representing the area at the National Assembly, Ms Tolulope Akande-Sadipe during the provision of additional boreholes, transformers and solar lights for her constituents. It was gathered that the federal lawmaker, who chairs the House Committee on Diaspora Affairs, gave the residents fresh six boreholes, eight transformers and 120 solar lights to illuminate the area. Ms Akande-Sadipe, who is the only female House

By Modupe Gbadeyanka President Muhammadu Buhari, on Wednesday, addressed a joint session of the National Assembly (NASS) and presented the 2017 appropriation bill to the lawmakers. During the presentation of the 2017 budget, the President informed the legislators that his government would focus on the development of infrastructure, especially rail, road and power next year. He further said N7.298 trillion budget represents 20.4 percent increase over the 2016 estimate. According to him, benchmark for the 2017 appropriation bill is pegged at N305 against one US Dollar with the crude oil production output of 2.2 million barrels per day and an

By Modupe Gbadeyanka The Nigerian Naira on Friday further finished stronger than it opened at the parallel segment of the foreign exchange market, closing at N460 against the Dollar. The local currency had opened the trading day at N495 to the Dollar before settling for N460 per Dollar at the close of the day’s activities. The analysis showed that the Naira gained N35 against the Dollar on Friday. Also, the local currency recorded similar appreciation against the Pound Sterling and the Euro at the parallel market. Business Post reports that the Naira went for N575 to the Pound Sterling, while