Financial Stocks Contribute 73.82% to Equity Turnover

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Adedapo Adesanya The duo of Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange record its first loss of the year. After the market kicked off the year on Tuesday, it went on a winning streak until on Friday, when it slipped by 0.41 per cent due to the fall in the prices of the two stocks. Business Post reports that the market capitalisation of the unlisted stock exchange shrank during the trading session by N3.90 to close at N938.99 billion, in contrast to Thursday’s value of N942.89 billion.

By Dipo Olowookere The board of directors of Cement Company of Northern Nigeria (CCNN) has given shareholders of the firm something to cheer about. This is because the board has proposed the payment of N1.25k per share cash dividend to shareholders. The cash dividend payment is for the year ended December 31, 2017. A notice issued by the cement manufacturer disclosed that the closing date of the shareholders’ register is from June 19 to 22, 2018, while the payment date is July 27, 2018. Meanwhile, the board of CCNN has announced a date for its Annual General Meeting (AGM). The

Stanbic IBTC continued to champion the job creation drive in Nigeria through initiatives such as its graduate trainee programme and various entrepreneurial programmes, which had created job opportunities for Nigerians. Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC commented on the financial institutions’ role as a job provider in Nigeria. He said the financial services provider was always at the forefront in bridging Nigeria’s unemployment deficit through its various programmes and provided necessary tools for its graduands to navigate through the 21st-century job environment. “As a financial institution that placed much value on job creation, Stanbic IBTC continued to

By Adedapo Adesanya Crude prices reacted positively to the news of the decision of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ to reduce the global crude supply by 7.7 million barrels per day initially agreed when the deal was signed in April. On Wednesday, an OPEC committee held a virtual meeting, where talks about the possibility of extending the reduction of crude production by 9.7 million barrels per day till August came up. In April, when prices were down, oil producers held a meeting and it was agreed that supply should be reduced

By Adedapo Adesanya President Muhammadu Buhari has claimed that he is leaving Nigeria better in 2023 than when his administration came into power in 2015. The outgoing president said this when he addressed the nation in a farewell broadcast on Sunday morning, ahead of his exit from power on Monday, May 29. President Buhari will on Monday hand over power to the president-elect, Mr Bola Ahmed Tinubu, who was declared the winner of the February 25 election by the Independent National Electoral Commission (INEC). In his address, the President expressed his gratitude to Nigerians and explained the thinking behind some

By Dipo Olowookere The Nigerian Stock Exchange (NSE) on Tuesday, March 10, 2020, announced the adjustment of the share price of Zenith Bank Plc for the dividend recommended by the board of directors few days ago for the year ended December 31, 2019. On Monday, the share price of the top Nigerian lender closed at N16.95 per unit, but with the proposed dividend of N2.45 each, which had yesterday as its qualification date, the price was subsequently adjusted to N14.45 per unit. Business Post reports that when companies recommend payment of dividends to shareholders, whether interim or final, the stocks

By Adedapo Adesanya Nigerian mobility tech startup Metro Africa Xpress Inc. (MAX) has secured $31 million in Series B funding that will spur its expansion into Ghana and Egypt by the end of the first quarter of 2022 as well as aid in its infrastructural development of electric vehicles. The startup will also be looking at pushing further expansion into other additional markets in Francophone, East and Southern Africa by the close of the same year. The latest funding round was led by the global private equity platform, Lightrock, which is making its first investment in the African mobility space.

By Adedapo Adesanya President Bola Tinubu has backed the implementation of a $5 billion Floating Liquefied Natural Gas (LNG) project in the country. The President gave the backing when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies, and JGC Corporation in his office, alongside Ambassadors of France and Japan, to Nigeria on Wednesday. Addressing State House correspondents after the meeting with the President, the leader of the delegation and Group Managing Director of UTM FLNG, Mr Julius Rone, said that a $5 billion loan has been signed with Afreximbank for the implementation of