Expectations from Oil Prices This Year

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Modupe Gbadeyanka Nigerian start-up firm, Publiseer, has made another giant stride with its entry into the East African market through Kenya, the largest economy in the region. This followed its triumphant entry into the Ghana market, another major economy in the West African region. A statement issued by the company last week said plans are underway to explore the South African market. Publiseer is into digital publishing of material and the firm has made a tremendous success since launching its operations in Nigeria over a year ago. With Publiseer’s new presence in Kenya, the platform will now offer Whatsapp

By Adedapo Adesanya The value of shares transacted by investors at the NASD Over-the-Counter (OTC) Securities Exchange on the second trading day of the week, Tuesday, July 21 dropped for the second consecutive day. Business Post reports that the key performance indicators closed flat on Tuesday after recording a marginal growth on Monday. Yesterday, the NASD Unlisted Securities Index (NSI) remained flat at 706.64 points, while the market capitalisation stayed static at N519.08 billion,. But on the activity chart, things went south as the total value of transactions at the session fell by 98.8 per cent to N82,260 from N6.8

By Kestér Kenn Klomegâh The African Union (AU) Information and Communication Directorate (ICD) in close partnership with GIZ (German Corporation for International Corporation) is implementing its first AU Media Fellowship programme within the framework of the AU-German Government initiative, the “Citizen Engagement and Innovative Data Use for Africa’s Development (DataCipation)”. The Fellowship Programme is one of the activities being undertaken by the AU in line with the decision of the 2nd African Union Specialized Technical Committee on Communication and Information Communication Technologies (STCCICT) 2017, at which the Ministers resolved to promote engagement with African journalists for their recognition of the

By Adedapo Adesanya The Federal Capital Territory Administration (FCTA) has disclosed plans to key into the federal government’s zero oil plan to boost job creation and empowerment of families. This was disclosed by the Minister of State for FCT, Mrs Ramatu Tijjani Aliyu, during the third technical meeting of the National Committee on Export Promotion (NCEP) held in Abuja on Wednesday. She explained that the administration had resolved to strategize on the one-state-one product initiative whereby each state of the federation and the FCT is to choose a product and an alternate one. Mrs Aliyu, who was represented by the

By Adedapo Adesanya Mr Rishi Sunak on Monday became the next Prime Minister of the United Kingdom, the third in three months after Ms Liz Truss resigned after 45 days in office last week, making her the shortest-serving UK PM in history. The former Chancellor of the Exchequer became the only Conservative politician to draw the support of 100 or more party Members of Parliament and qualify to run for the country’s top political job. Mr Sunak was nominated by 193 MPs and his opponent, Ms Penny Mourdant, was unable to hit the support threshold, making him the de facto

By Dipo Olowookere The upward movement of the one-year treasury bill stop rate continued at the primary market auction on Wednesday when the Central Bank of Nigeria (CBN) sold the investment tool to investors. The central bank was at the market yesterday with N88.90 billion worth of T-bills. It was the first sale in the month of March 2021. Business Post reports that N4.4 billion worth of 91-day bill, N14.0 billion worth of 182-day bill and N70.5 billion worth of 364-day bill were auctioned during the session. However, the bills were oversubscribed on the back of the rising yields in

By Modupe Olowookere As part of his efforts to make the Abia State an agro-based economy in the nearest future, Governor Okezie Ikpeazu, has kicked off the oil palm revolutionary agriculture programme to develop two million nursery at Ayaba Umueze in Osisioma Ngwa local government area of the state. This, Business Post learnt, is part of the 10 million oil palms Mr Ikpeazu plans to plant before the end of 2019. Performing the flag off ceremony of the Tenera species of the palm nuts on behalf of the Governor, Commissioner for Agriculture in the state, Mr Uzor Azubike, said the

By Modupe Gbadeyanka As part of efforts to boost efficiency as a leader in the brewery industry, Guinness Nigeria Plc has announced the appointment of four directors, who resume work with immediate effect. A statement issued by the brewer said the appointees bring a solid combination of profound commercial and operational experience which would be instrumental in further repositioning the company as it navigates the current economic challenges in Nigeria to achieve sturdy growth and expansion. The newly appointed directors are Bola Olajomi-Otubu, Human Resources Director; Colman Hanna, Supply Chain Director; Adenike Adebola, Marketing and Innovation Director (Guinness and Spirits)