FG’s Readiness to Tackle FX Constraints Gladdens NGX

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Dipo Olowookere Following the resignation of Mr Oluseyi Bickersteth as Director/Chairman of the board of directors of Diamond Bank Plc, Mr Dele Babade has been asked to take over the role in an acting capacity. A statement issued by the financial institution disclosed that the appointment of Mr Babade was effective December 24, 2018. He was nominated by First Carlyle Growth V and his appointment as a Non-Executive Director was approved by the Central Bank of Nigeria (CBN) effective April 20, 2017.  Mr Babade holds Bachelors and Master’s degrees in Laws from University of London and was called to

Dipo Olowookere The first trading session of the new week at the Nigerian Exchange (NGX) Limited ended on a positive note, with a 0.12 per cent growth on Monday. Buying interests across the major sectors of the market influenced the bullish outcome yesterday, with the insurance counter growing by 0.22 per cent. The banking and the consumer goods sectors appreciated by 0.12 per cent each, as the energy space rose by 0.03 per cent, and the industrial goods sector closed flat. Consequently, the All-Share Index (ASI) went up by 63.01 points to 52,657.69 points from 52,594.68 points, and the market

By Modupe Gbadeyanka The price of Automotive Gas Oil (AGO), commonly known as diesel, has been crashed to around N175 to N200 per litre by the Nigerian National Petroleum Corporation (NNPC) from N300 per litre it was sold in the first quarter of this year. It was gathered that the drop in price of the commodity was as a result of key strategic interventions by the state-owned oil firm. Diesel is one of the deregulated products in the country and its high price had placed a huge burden on truck drivers, who needed the product for transporting their vehicles; the

By Musa Adamu Alkassim It is no news that the economic growth and sustainability of emerging markets as well as economies rest on the effective development of the Small and Medium Scale Businesses (SMEs) sector. The African continent has an estimated population of over 1.3 billion people with an annual growth rate that is projected to be at least 2 per cent. Statistics show that more than 50 per cent of the population in most African countries fall within the age bracket of 18-25 years. Just like every other population in the world, this population has a growing need for

By Modupe Gbadeyanka The Group Executive/Head Investment Banking and Operations of FBNQuest Merchant Bank, Mr Patrick Mgbenwelu, has reaffirmed the commitment of the company to providing financial solutions to its clients. He gave this assurance while reacting to the naming of the firm as the winner of the Equity Deal of the Year category at the 2021 African Banker Awards. “FBNQuest remains committed to consistently providing financial solutions that will enable our clients to make a difference, and we are honoured to be recognized by the African Banker, which is a reflection of the quality of support we give our

By Dipo Olowookere Yesterday, the Debt Management Office (DMO) conducted the first FGN bond sale for 2020 and the exercise, as expected, was oversubscribed by investors. Results from the bond auction showed that subscriptions worth N626.3 billion were received for the papers valued at N155 billion offered for sale by the Nigerian government via the DMO. The debt office sold the notes across three different maturities; 5-year, 10-year and 30-year tenors), with mid and long-dated instruments getting more attention than the short-dated paper. According to the DMO, it approached the local debt market with N50 billion worth of 5-year bond,

By Aduragbemi Omiyale Mr Lolu Alade-Akinyemi has been appointed as the new Group Managing Director/Chief Executive Officer (GMD/CEO) of Lafarge Africa Plc. He replaces Mr Khaled El-Dokani, who is resigning from the position on Friday, June 30, 2023, to give way to the new occupier of the post from the next day. Prior to his appointment, Mr Alade-Akinyemi was the Chief Financial Officer (CFO) and the supply chain director of the cement maker. He was appointed an executive director to the board on April 8, 2020, and has over 20 years of cross-functional experience in finance, supply chain, business development

By Modupe Gbadeyanka A dumpsite, which sits on about 10 acres of land, operated in the Oluyole Estate in Ibadan by Sumal Foods Limited, has been shut down by the Oyo State Government. A statement issued by the state government disclosed that the dumpsite closed because the company did not get approval to operate the facility. During a visit to the facility during the week by the chairman of the Oyo State Waste Management Taskforce, Mrs Aderonke Adedayo, she stated that the dumpsite, which she described as illegal, was at the detriment of other residents in the area. Mrs Adedayo,