European Stocks Slump for 6th Session Amidst Higher Interest Rates Fret

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Modupe Gbadeyanka The non-performing loan (NPL) ratio of First Bank of Nigeria (FBN) Limited has been rated credit negative by Moody’s Investors Service because it requires higher loan-loss provisions that will harm profitability. Moody’s said in a report on Thursday that, “We expected the bank’s NPL ratio to decline to 15 percent to 17 percent by year-end 2018 and to less than 15 percent this year. “Although management is confident that a large percentage of these NPLs will be resolved this year, Nigeria’s benign economic environment will likely delay defaulters’ recoveries.” First Bank, one of the five tier-one lenders

By Dipo Olowookere The suspended Director-General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has maintained that his removal from office in November 2017 by the Minister of Finance, Mrs Kemi Adeosun, did not follow due process. Mr Gwarzo, while responding to a recent verdict of the House of Representatives Committee on Capital Market, which upheld his suspension, said the Minister erred in removing him from office without following the laid down rules. The former capital market regulatory chief said if there was any arm of government that should be unhappy about the way and manner he was suspended,

By Modupe Gbadeyanka Analysts at Zedcrest Research have predicted that the treasury bills market will likely trade cautiously today as market participants keep an eye on the outcome of the sale of treasury bills by the Central Bank of Nigeria (CBN) via primary market auction (PMA). During the exercise, the central bank will auction N9,54 billion worth of the 91-day bills, N69.57 billion worth of the 182-day bills and N136.52 billion worth of the 364-day bills. “We expect rates to clear between 10.00 percent-10.20 percent, 10.30 percent – 10.50 percent and 11.40 percent-11.60 percent for the 91, 182 and 364

By Adedapo Adesanya Oil prices marked gains on Wednesday despite data showing a build in the United States crude stockpiles. The prices had fallen at early trading hours on the news, but Brent crude recovered 25 cents or 0.58 percent to trade at $43.33 per barrel, while the US West Texas Intermediate (WTI) crude pulled back 32 cents or 0.79 percent to sell at $40.93 per barrel. Crude oil inventories in the United States swelled by 5.7 million barrels in the week to July 3, the Energy Information Administration (EIA) reported. Analysts had expected an inventory decline of 3.114 million

By Dipo Olowookere Worried by the exit of foreign portfolio investors from the nation’s economy, the Central Bank of Nigeria (CBN) on Wednesday offered attractive rates to participants of the first sale of treasury bills at the primary market this month. During the exercise, the apex bank offered the debt instrument worth N158.7 billion to market players in three maturities; N15 billion worth of the 91-day bill, N14 billion worth of the 182-day bill and N129.7 billion worth of the 364-day bill. Business Post reports that apart from the short-dated instrument, which had its stop rate unchanged, stop rates of

By Aduragbemi Omiyale The suit filed by Kaduna, Kogi, and Zamfara States against the implementation of the stoppage of the old N200, N500, and N1,000 notes as legal tender in Nigeria has been adjourned by the Supreme Court till February 22, 2023. On February 8, the apex bank granted an interim injunction sought by the state governments and fixed Wednesday, February 15, for a hearing of the matter. But at the court this morning, the Supreme Court adjourned the matter to next Wednesday for a hearing of the consolidated suits filed by other states of the federation, which asked to

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya Crude oil prices opened the new week in the positives on Monday, spurred by another set of drone attacks against Saudi Arabian energy giant Aramco’s facilities by Houthi rebels. The tension raised by this act pushed the price of the Brent higher by 0.38 per cent or 24 cents to $63.19 per barrel and lifted the West Texas Intermediate (WTI) higher by 39 cents or 0.64 per cent to $59.70 per barrel. The Yemeni Houthis claimed responsibility for the attack on the oil facilities in Saudi Arabia, a reminder of political tensions in the Middle East. The