Fresh Trade Deal Optimism Pushes Brent to $64 Thursday

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Dipo Olowookere Global Credit Ratings has affirmed the national scale ratings assigned to Wema Bank Plc of BBB-(NG) and A3(NG) in the long-term and short-term respectively; with the outlook accorded as Stable. A statement issued by the local rating agency explained that it affirmed the rating because the mid-sized bank has recorded some improvements lately. It said Wema Bank was presently focusing on deepening its market share particularly within the retail banking segment through increased presence and digitisation. The lender’s risk-weighted capital adequacy ratio (CAR) improved to 14.3 percent at FY17 (FY16:11.1 percent), supported by a reduction in risk

Fidelity Bank was part of the Nigerian delegation at the ongoing 2018 Intra-African Trade Fair in Cairo, Egypt to address the challenge of access to trade and market information amongst countries in Africa. The 7-day trade show convened by Afreximbank provides a platform for sharing trade, investment and market information and enabling buyers and sellers, investors and countries to meet, discuss and conclude business deals. It also provides an opportunity for exhibitors to showcasetheir goods and services, engage in Business to Business (B2B) exchanges andconclude business deals. Some of the people in the delegation wereNigeria’s Vice President, Mr Yemi Osinbajo;

By Dipo Olowookere Shareholders who intend to take their rights in the N7 billion rights issue of eTranzact International Plc have started doing so since Tuesday, July 14, 2020. The exercise, according to the notable payments provider in Nigeria, is expected to come to an end on Monday, August 10, 2020. During the rights issue, the company is offering for sale a total of 4,666,666,667 ordinary shares of 50 kobo each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares held by shareholders as at March 25, 2020. In a circular yesterday,

By Modupe Gbadeyanka On Wednesday, Keystone Bank Limited team paid a courtesy visit to the Osun State Government House. During the meeting, Regional Bank Head, Keystone Bank Limited, Mr Olaniran Olayinka, discussed how the bank can cooperate with the government to move the state forward. Deputy Governor of the state, Mr Benedict Alabi, thanked Keystone Bank for the visit and expressed willingness to partner with the lender for the economic growth of ‘Sunshine State’

After stamping its authority in the Nigerian market, pan-African automotive trading platform, Cars45, has launched its services in Ghana and Kenya in a bid to explore the markets. In an African market where 9 million used cars are traded annually, trust is often a rare commodity as buyers and sellers navigate opaque pricing and quality assurance structures. Using its technology-enabled platform, consumers in Ghana and Kenya can now sell their cars directly through Cars45 and get paid in 45 minutes. Sellers have access to standardised pricing and a transparent marketplace, with 100 percent visibility into price offers, and buyers get

By Modupe Gbadeyanka Last week, on the floor of the Nigerian Stock Exchange (NSE), traders witnessed an unusual trading volume around shares of Omoluabi Mortgage Bank Plc. What caught the attention of the investing community was that the volume of shares of the firm bought on that day, which was nearly 800 million units, comprising one-sixth of the total share outstanding of the mortgage bank. Omoluabi Mortgage Bank, according to data obtained by Business Post from the stock exchange, has shares outstanding of 5 billion and last Tuesday, when this huge transaction occurred, the investor mopped up a total of

By Adedapo Adesanya Nigeria lost N137.53 billion or $330.6 million to gas flaring in four months, as oil and gas firms operating in the onshore and offshore oil fields of the country flared 94.5 billion standard cubic feet (SCF) of gas between January and April 2022. According to the latest gas flare data released by the National Oil Spill Detection and Response Agency (NOSDRA), the quantity of gas flared was capable of generating 9,400 gigawatts hours of electricity and equivalent to carbon dioxide emission of 5.0 million metric tonnes. It also added that the defaulting companies are to pay $188.9

By Adedapo Adesanya The National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange recorded one of its best trading weeks in the 14th week of 2022. This was because the alternative bourse appreciated by 1.9 per cent in the week, influenced by the rise in the share prices of FrieslandCampina WAMCO Nigeria Plc and NASD Plc. This increased the market capitalisation of the unlisted securities market by N18.9 billion to N971.52 billion from the preceding week’s N952.62 billion, while the NASD Unlisted Securities Index (NSI) rose by 14.38 points to 738.87 points from 724.49 points. Business Post reports that upon