European Stocks Advance on Encouraging Data from Germany, France

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere Shareholders of Jaiz Bank Plc will receive dividend for the financial year ended December 31, 2019, the Islamic banking firm has confirmed. The decision to finally reward shareholders of the company after a long wait was reached at the meeting of the board of directors of Jaiz Bank held on Monday, March 16, 2020. Announcing outcome of the meeting, the non-interest financial institution said the actual amount to be paid would be disclosed when its audited accounts are released to the Nigerian Stock Exchange (NSE). But the lender emphasised in a notice to the NSE and signed

By Modupe Gbadeyanka The management of one of Nigeria’s leading insurance service providers, Linkage Assurance Plc, has announced that it would now file its 2016 audited financial statements on or before Sunday, April 30, 2017. In a statement issued by the firm and signed by its Secretary, Mrs Kehinde Ayodele, it was explained that this delay is as a result of the “challenges encountered during the 2015 audit exercise following the delay in the approval of the Annual Accounts of a private company where linkage Assurance Plc holds unquoted shares accounting for over 75 percent of our investment portfolio.” According

By Adeniyi Ogunfowoke You must be wondering what it’s so difficult about buying baby clothes that you have to actually learn how to buy them. Well, newborn baby clothes cost a lot of money and your baby usually outgrows them in no time! That is why if you are first-time parents, you need to know how to buy baby clothes smartly. Jumia, the online store you can trust shares ways you can do this with little or no stress. Choose a size ahead of your baby’s age Sizes can be on the small side and babies grow quickly. Most 6-month-old babies can

By Adedapo Adesanya On Friday, the price of crude oil appreciated at the global market as information went out that peace negotiations between Russia and Ukraine have stalled. As a result, the value of the Brent rose by $1.49 or 1.40 per cent to $108.10 per barrel, while the United States West Texas Intermediate (WTI) gained $2.27 or 2.2 per cent to sell for $105.3 per barrel. Despite the increase recorded yesterday, the price of the two benchmark contracts closed the week lower by over 5 per cent, after hitting 14-year highs nearly two weeks ago. The war in Ukraine

By Dipo Olowookere The presidency alerted Nigerians of a speech purportedly delivered by President Muhammadu Buhari at the ongoing United Nations General Assembly (UNGA) in the United States of Amercia (USA). In a tweet early Tuesday, the presidency said on Twitter that Nigerians should disregard the said post advising the UN on the need to restructure the global body. “There’s a fake speech circulating online as the text of President @MBuhari’s #UNGA Address, to be delivered Tuesday. Please DISREGARD it,” the post from the verified Twitter account @NGRPresident (Presidency Nigeria‏), said. President Buhari is among the leaders to speak at

By Aduragbemi Omiyale A meeting aimed at working closely together to provide quality financial services to their respective customers has been held between Wema Bank and Standard Chartered Bank. A few days ago, the management of the two financial institutions gathered at the Wema Bank Towers in Lagos to brainstorm of business opportunities they could explore in the banking sector. The lenders have various strengths and weaknesses. While Wema Bank is a top player in the retail end of the market, Standard Chartered Bank is a dominant force in the corporate segment, as well as being a channel for foreign

By Dipo Olowookere The nation’s stock exchange recorded a 0.71 percent gain on Monday to put a halt to the bearish trend at the market in the past three consecutive trading sessions. Business Post reports that the release of the financial statements of Zenith Bank for the half year ended June 30, 2019 was one of the factors responsible for the return of the bears to the market coupled with the release of GTBank H1 2019 results last Friday. At yesterday’s session, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) appreciated by 190.6 points to finish at 27,115.89

By Dipo Olowookere An approval-in-principle has been granted by the Central Bank of Nigeria (CBN) to Sterling Bank Plc for its non-interest banking business known as Alternative Bank Limited. Sterling Bank, a mid-level lender in Nigeria, intends to operate as a holding company and the apex bank has also already given the financial institution an approval-in-principle for this. In a statement dated Wednesday, December 8, 2021, and signed by the company secretary, Temitayo Adegoke, it was stated that the new company will operate as a standalone bank. The lender explained that the non-interest bank will mainly focus on social impact,