Exploring The Capabilities Of The ChatGPT Trading Bot In Today’s Market

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

On Friday, President Donald Trump signed an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis. The order won’t have any immediate impact. But it directs the Treasury secretary to consult with members of different regulatory agencies and the Financial Stability Oversight Council and report back on potential changes. “There are quite a few things that we could do on Dodd-Frank … that we think will have fairly immediate and dramatic impact,” the official said, including personnel changes at regulatory agencies

By Adedapo Adesanya The rationing of foreign exchange (FX) to traders in Nigeria by the Central Bank of Nigeria (CBN) amid a shortage in supply is putting the Naira under pressure. At the Investors and Exporters (I&E) segment of the market on Monday, the Nigerian currency depreciated by 0.6 per cent or N2.50 against the US Dollar to N421.50/$1 from the previous session’s N419.00/$1. According to data from the FMDQ Securities Exchange, FX traders could not execute many transactions yesterday as they could not meet the high demand for forex from their customers. FX trades valued at $70.68 million were

By Adedapo Adesanya The Naira is set to trade at N410/$1 at the interbank segment of the foreign exchange (forex) henceforth as the federal government is adopting a new flexible exchange rate policy for official transactions in a move that shows the local currency has been devalued for the third time within a year. On Monday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the country will now start to use the Investors and Exporters (I&E) rate for government transactions too. Yesterday, the I&E or NAFEX rate closed at N410.13/$1 compared to N410/$1 at the previous

By Modupe Gbadeyanka National Aviation Services (NAS), the fastest growing aviation services provider in the emerging markets, announced a joint venture agreement with Rwanda’s national flag carrier, RwandAir. The JV titled NAS RwandAir Limited will be the exclusive lounge management company at Kigali International Airport (KIA). NAS RwandAir is tasked with the construction and development of two new lounges at KIA, the RwandAir Dream Lounge dedicated to the airline’s premium passengers and an arrivals lounge. The JV will also take over management of the existing NAS Pearl Lounge in the departures area which caters to other airline passengers as well.

By Adedapo Adesanya The exchange rate of the Naira to the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market ended in a stalemate on Monday, November 29. This was because the value of the local currency remained unchanged at N415.07/$1 at the close of business on the first trading session of the week. This came despite a spike in the demand for forex at the spot market yesterday with the value of transactions rising by 19.1 per cent or $41.22 million to $256.69 million from the $215.47 million achieved last Friday. Also, at the

By Adedapo Adesanya The Naira performed badly against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, January 6. The Nigerian Naira depreciated by 25 kobo or 0.06 per cent during the session as the exchange rate closed at N416.25/$1 versus N416.00/$1 of the previous session. This is the first time that the local currency depreciated this year after appreciating back-to-back at the opening two sessions of the 2022 trading year. This occurred as the forex turnover fell marginally at the session by 1.1 per cent or $1.3 million as

By Adedapo Adesanya Crude oil prices overlooked unpleasant news from the United States’ Energy Information Administration (EIA) which showed that there was another high crude inventory build of 13.8 million barrels for the week to March 5. On Wednesday, the international benchmark futures, Brent crude, gained 41 cents or 0.61 per cent to sell at $67.93 per barrel, while the US West Texas Intermediate (WTI) crude rose by 45 cents or 0.7 per cent to trade at $64.46 per barrel. This is the second straight week of a massive crude oil inventory build, as the market was faced with an

By Dipo Olowookere The Central Bank of Nigeria (CBN) has announced changes to the dates for maturity of the bills it sells to market participants via the Open Market Operations (OMO). Business Post reports that the CBN regularly auctions the debt instrument to investors as part of its function to monitor the level of cash in the financial system as well as curb inflation. When these bills are sold, they are usually redeemed or paid back to subscribers on Thursdays, but the apex bank has changed dates for payment of the OMO bills at their full cycle. At the market