FG, BUA Cement, Emzor, Others Raise N6.7trn from Capital Market

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The federal government has announced that domestic flights will resume in the country from Wednesday, July 8, 2020. The Minister of Aviation, Mr Hadi Sirika, in a tweet on Wednesday said operations would resume at the Murtala Mohammed Airport in Lagos and Nnamdi Azikwe Airport in Abuja on July 8 with other airports slated for a few days after. However, he said international flight operations will recommence at a date to be announced later by the local authorities. The European Union had excluded passengers coming from Nigeria, the United States of America, Brazil and other countries from

By Jerome-Mario Utomi To help douse the swift and conflicting reactions, utter confusion and frustration raging in the minds of the Niger Deltans and other stakeholders, occasioned by the inexplicable and unexpected provisions of the recently passed Petroleum Industry Bill (PIB), I sought a telephone conversation with Comrade Joseph Evah, Coordinator, Ijaw Monitoring Group. That was a few days ago. Essentially, on that day, at that time and in that place, I listened to him with rapt attention as his frankness made it very easy for me to be at ease in his presence. After ‘watching’ him use analysis and

By Modupe Gbadeyanka A new trading week has started on Monday and investors are optimistic of having the bulls returning to the market following the conclusion of the 2019 general elections at the weekend. Also, the return of the market to the positive territory on Friday is expected to boost confidence of investors this week. Analysts at Meristem this morning revealed their top five stock picks for the week and they are presented below. First on the list is Dangote Cement, which closed N189.70k per share last week. The stock is projected to gain 22.36 percent in the week to

By Modupe Gbadeyanka A financial literacy initiative designed to drive financial inclusion growth in Nigeria has been unveiled by the Lagos Business School (LBS) and NowNow, a leading African B2B and B2C fintech company. The LBS is embarking on this project through its Sustainable Inclusive Digital Financial Services (SIDFS). The fintech will use this programme to ensure smart financial planning and reach its customers, especially those who do not have bank accounts. “We strongly believe that financial inclusion should be complemented by financial education. In this regard, we are excited to partner with the SIDFS of the LBS to provide

By Adedapo Adesanya Transactions at the NASD Over-the-Counter (OTC) Securities Exchange further closed bearish on Friday after the OTC bourse depreciated by 0.04 per cent, driven by the negative price movements in two companies. Air Liquide Plc lost N6.90 or 11.1 per cent to settle at N62.10 per unit in contrast to N69 per unit it ended a day earlier, while FrieslandCampina WAMCO Nigeria Plc depreciated by 18 kobo or 0.2 per cent to trade at N122.15 per unit compared with N122.33 per unit of the preceding day. The losses posted by the two stocks depleted the market capitalisation by

By Modupe Gbadeyanka The Minister of Justice and the Attorney-General of the Federation (AGF), Mr Abubakar Malami, has disclosed that the National Assembly lacks the power to summon the President, Mr Muhammadu Buhari. Last Tuesday, the House of Representatives asked the President to appear before it to explain how he was handling the security situation in Nigeria. The invitation was propelled by the killing of over 40 rice farmers in Borno State by the Boko Haram sect the penultimate weekend. Hours after the lawmakers summoned Mr Buhari, the Speaker of the House, Mr Femi Gbajabiamila, was at the Presidential Villa,

By Dipo Olowookere Shares of Dangote Cement Plc have appreciated by at least 17 percent two weeks after it announced appointing erstwhile Managing Director/CEO of its key competitor, Lafarge Africa Plc, Mr Michel Puchercos, as its new GMD/CEO. In a notice dated December 24, 2019, Dangote Cement said Mr Puchercos was joining the company after resigning his position at Lafarge Africa. The Frenchman picked to replace Mr Joseph Mokoju, who retires January 31, 2020. Market observers saw this development as a master stroke and a huge blow on Lafarge Africa, which was beginning to stand on its feet after the

By Modupe Gbadeyanka African Securities Exchanges Association (ASEA) has re-elected the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, as its President. Mr Onyema is to lead the body for another two-year term. Also re-elected by ASEA is its Deputy President, Mr Karim Hajji, who is the CEO of Casablanca Stock Exchange. Both officers were re-elected at the association’s 20th Annual General Meeting (AGM) attended by 16 member Exchanges and two associate members on Sunday, November, 27, 2016, in Kigali, Rwanda. Commenting on the development, Mr Onyema thanked the body for the support he had received