Frenzy in Stock Market as NGX ASI Hits 15-year High

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

In the fast-paced world of Forex trading, having the right tools is crucial. Traders Union (TU) experts are here to guide you through Forex trading in 2023, focusing on the MetaTrader 5 (MT5) platform. They will discuss the top MT5 indicators, and different indicator types, and compare MT5 Forex Brokers. Additionally, they will explore the pros and cons of the MT5 platform. With this information, you will be well-prepared to excel in Forex trading. Meaning of Forex indicators Forex trading is complex, and success depends on many factors, with Forex indicators being a key one. TU’s analysts emphasized the importance

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

By Modupe Gbadeyanka Analysts at United Capital Research have said shares of Lafarge Africa Plc are currently being traded at the Nigerian Stock Exchange (NSE) at a price below its real value. Business Post reports that as at the time of filing this article on Monday noon, Lafarge Africa was up by 10 kobo or 0.85 per cent, selling at N11.85 per share compared with N11.75 per share it closed last Friday at the market. In their analysis of the half-year earnings of the cement manufacturer in Nigeria, United Capital Research analysts argued that shares of Lafarge Africa should be

By Modupe Gbadeyanka Operators of Aero Contractors have disclosed that they would be closing down operations from Thursday, September 1, 2016. They have also asked the affected staff to proceed on leave of absence indefinitely. This comes after months of skeletal operations which saw the airline’s schedules shrinking to very low ebb. Aero Contractors is Nigeria’s second biggest indigenous airline. According to the Chief Executive Officer Aero Contractors, Capt. Fola Akinkuotu, the development was part of the strategic business realignment to reposition the airline and return it to profitability. Capt. Akinkuotu further explained that the suspension of the airline’s services

By FBNQuest Parenting is a full-time job no one prepares you for. First off, you are putting someone’s life, cares and burdens over yours consistently for the reward that takes the form of an indescribable love you feel when you look at your child. That desperate desire to give this other human being everything that you never had and more, while always thinking about their best interests and preparing for their future. Such is the path of parenting which often leads you to make the move to prepare them for a study abroad in the first place. Education is an

By Modupe Gbadeyanka A member of Standard Bank Group, Stanbic IBTC Holdings, has strongly backed the promotion of financial literacy among children, emphasising its unwavering commitment to the upliftment and empowerment of the Nigerian child. The Head of Client Experience at Stanbic IBTC Pensions, Ms Layo Ilori-Olaogun, while speaking recently at the company’s Blue Kids event to commemorate the 2023 Children’s Day, said that was why the financial institution designed various innovative initiatives for the nation’s future leaders. She said one of these initiatives is the Children Educational Savings Scheme (CHESS) account, a special savings account developed to support parents

By Adedapo Adesanya The cost of Premium Motor Spirit (PMS), popularly called petrol, has risen to as high as N200/litre, raising concerns for motorists and commuters. PMS cost, which was between N178 to N185/litre recently, had been jerked up by private depot owners due to the drop in supply by the Nigerian National Petroleum Company (NNPC) Limited, among other operational concerns. This came as both the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) said that tankers were now spending more than one week in queues for petrol at depots. This,

By Adedapo Adesanya The volume of crude oil export from Nigeria to the United States of America rose by 25.3 per cent or 1.4 million barrels in the second quarter of this year. This was contained in the latest data from the US Energy Information Administration (EIA), which showed that the largest crude producing country in Africa exported a total of 6.93 million barrels of crude oil in the quarter, up from 5.53 million barrels in the first three months of the year. The US had previously lowered its oil imports from Nigeria due to a boost in shale oil

By Adedapo Adesanya To further advance African genomics research for improved global health outcomes, Nigerian healthcare startup, 54gene, has announced the launch of its diagnostic arm, 7RiverLabs. This is coming three months after the startup raised a $25 million Series B funding round. The 7RiverLabs is a series of diagnostic hubs fitted with state-of-the-art technology that offer healthcare providers and patients access to world-class, cost-effective, speedy, reliable and advanced molecular diagnostics. Sample collection centres with over 100 employees are already open in Lagos, Abuja, Kano and Port Harcourt. With that in mind, more centres are due to launch in 10

By Dipo Olowookere Police in Lagos State have said they will not approve the proposed nationwide protest against the Federal Government organised by top musician, Mr Innocent Idibia better known as 2Face. Commissioner of Police in the state, Mr Fatai Owoseni, disclosed that organiser of the demonstration was yet to formally notify the Force of any intention to carry out the mass protest, which is expected to commence at the National Stadium in Surulere and terminate at the National Theatre in Iganmu on Monday, February 6, 2017. Mr Owoseni noted that even if the organiser now formally writes to the