European Stocks Swing as Oil Prices Inch up

Image

By Modupe Gbadeyanka

It was observed on Monday that European stocks are holding steady as oil prices jumped on talk of supply cuts being extended into 2018 and weak US data raised a question mark over the extent of Fed tightening.

While the UK’s FTSE 100 Index has inched up by 0.1 percent, the French CAC 40 Index and the German DAX Index are both down by 0.1 percent.

Higher oil prices have helped lift commodity-related stocks, with Anglo American, Antofagasta, Glencore, Royal Dutch Shell and Tullow Oil all climbing. Mining giant BHP Billiton has advanced after launching a global rebranding exercise.

RWE shares have rallied after the German utility confirmed its optimistic forecast for 2017 after posting a first quarter core profit slightly above expectations.

Italy’s Atlantia has also moved higher after it launched a €16.3 billion cash-and-share offer for Spanish rival Abertis.

Meanwhile, Renault shares have dropped after the French carmaker stopped production at several sites on Saturday after being affected by Friday’s ransomware attack.

Media giant Vivendi has slid marginally after it made a £2.3 billion offer to acquire a 60 percent stake in French advertising group Havas.

Share
Related Stories
Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

More Stories
Image
23-November-2018

FG Meets Beans Marketers, Farmers on Use of Chemicals for Preservation

By Dipo Olowookere Worried by the use of harmful chemicals to preserve food consumed by citizens, federal government recently held a crucial meeting with stakeholders in the agricultural sector. The meeting was chaired by Minister of Agriculture and Rural Development, Mr Audu Ogbeh, in Abuja and had beans farmers, marketers and quality control various agencies in attendance. Some days ago, a video went viral in the country showing a wholesaler of beans using a popular insecticide, Sniper, to keep away weevils from the beans. Though some commenters said the practice was not new, medical experts and nutritionists said the consumption

Image
12-November-2018

Market Expects N552b Inflow as CBN Sells N128b T-Bills via PMA

By Modupe Gbadeyanka This Thursday, treasury bills worth N552.07 billion will mature via the primary and secondary markets. This will more than offset T-bills worth N128.24 billion to be auctioned by Central Bank of Nigeria (CBN) on Wednesday via the primary market. During the anticipated PMA, the apex bank will offer to investors 91-day bills worth N3.38 billion, 182-day bills worth N16.92 billion and 364-day bills worth N107.94 billion. “Hence, we expect liquidity ease in the financial system to be sustained with resultant moderation in interbank rates. “We also expect stop rates to increase, especially for 364-day amid wider spread

Image
15-March-2022

How to Get the Best Loan Repayment Plan in 2022

Most people have a big problem with the interest rates of their loans. The interest rate of a loan is the amount that you have to pay every month. The higher the interest rate, the more you will have to pay than the amount you received. If you are thinking about getting a loan, you need to know about these things before going for one. Here, we will go over seven tips on how to get the best loan repayment plan in the year 2022. 1. Know the Terms of the Loan Whenever you are looking for a loan, you

Image
06-December-2019

Lagos Offers Tech Start-ups N250m Seed Capital

By Modupe Gbadeyanka In line with its vision to achieve a Smart City, the Lagos State government under the leadership of Governor Babajide Sanwo-Olu, has approved the sum of N250 million seed capital for technology and innovation, tech start-ups and young innovators. The fund is meant to assist those in the Information and Communications Technology (ICT) industry push their entrepreneurial skills to the next level. It was also stated that the capital will help in conducting researches that would solve issues of national significance. Mr Sanwo-Olu, speaking on Thursday during the launch of the Lagos State Science Research and Innovation

Image
13-August-2019

NYSC Extends Registration for 2019 Batch ‘B’ Stream II

By Dipo Olowookere The management of the National Youth Service Corps (NYSC) has announced the extension for online registration for 2019 Batch ‘B’ Stream II prospective corps members. In a notice on Monday, the agency said intending corps members for the batch now have till Thursday, August 15, 2019 to complete their online registration. It was reliably gathered by Business Post that the extension was given as a result of the two-day public holidays observed in Nigeria on Monday and Tuesday for the celebration of Sallah by Muslims in the country. “This is to inform 2019 Batch ‘B’ Stream II

Image
12-August-2016

Top 6 Useful Apps For Avid Readers

By Adeniyi Ogunfowoke Technology is changing almost everything around us including our reading habits. In the past when there were no apps, book lovers had to visit bookstores to buy books authored by their favourite writers. This is no longer the case because there are now very useful apps enhancing or influencing individual reading experiences. These Apps can be used and downloaded by everyone at any time of the day on android, blackberry, or Android phones. Jumia Travel, Africa’s No 1 hotel booking sums up 6 useful apps for book lovers. Goodreads Goodreads has metamorphosed into a sort of social

Image
31-January-2022

Illegal Refinery: Rivers Gets New NSCDC Commandant, Anti-Vandal Unit Head

By Aduragbemi Omiyale The authorities of the Nigeria Security and Civil Defence Corps (NSCDC) have appointed a new commandant for the Rivers State Command of the agency. This action was taken after the Commandant-General of the NSCDC, Mr Ahmed Abubakar Audi, received a report of an investigative committee set up to look into the allegations by the Governor of Rivers State, Mr Nyesom Wike, that some personnel were into aiding suspected illegal dealers in petroleum products in the state. A statement issued on Monday, January 31, 2022, by the Director of Public Relations of the agency, Olusola Odumosu, stated that

Image
03-August-2023

Buzz in Nigeria’s Tech Ecosystem as Tinubu Nominates Bosun Tijani as Minister

By Adedapo Adesanya The Nigerian tech ecosystem has been buzzing as President Bola Tinubu nominates one of its shining stalwarts, Mr Bosun Tijani, for ministerial appointment. President Tinubu, through his chief of staff, Femi Gbajabiamila, submitted a supplementary ministerial list comprising 19 individuals, including Mr Tijani, co-founder and CEO of Co-Creation HUB (CcHub), a leading tech and innovation hub on the continent with operations in Nigeria, Kenya and Rwanda. This has created positive reactions across the ecosystem, many who have lauded the decision as a positive for the budding sector, one of the most crucial sectors to the nation’s economy.

Ad
Ad
Recent Stories
Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.