Friesland, NDEP Return Unlisted Stock Market to N1trn

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Modupe Gbadeyanka For the second straight trading day, market players at the treasury bills market failed to buy the 87-day bill offered to them by the Central Bank of Nigeria (CBN). The central bank conducted another sale of T-bills via the Open Market Operations (OMO) on Tuesday. However, out of the total N350 billion worth of the bills offered for sale today, the apex bank was only able to rake N191 billion from the exercise. The amount was made from the sale of the N250 billion worth 254-day bill auctioned by the nation’s chief lender. The bill was sold

By Adedapo Adesanya An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil. Oil prices have since pared some of their recent loss. International benchmark Brent blend traded at $59.75 on Monday (9PM Nigerian Time), up around 1.89 percent while U.S. West Texas Intermediate (WTI) Crude stood at $56. 13, recording a 2.41 percent increase. Trade tensions between Washington and Beijing prompted some external observers to warn the outlook for China-bound U.S. crude shipments

By Modupe Gbadeyanka Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has expressed the commitment of the corporation to the growth of science education in the country. The state-owned oil firm chief made this pledge at the grand finale of the NNPC 2017 National Quiz Competition held on Tuesday in Abuja. He disclosed that the corporation’s stand was informed by the critical role of Science, Technology, Engineering and Mathematics (STEM) education in the quest for nation building. “To ensure that best standards are maintained when it comes to the quality and integrity of the quiz

By Dipo Olowookere Police in Ogun State have paraded a female banker identified as Mrs Oluchi Tochukwu, who allegedly hired assassins to eliminate her estranged husband, Mr Tochukwu Onyebuchi, who she married over two years ago. It was learnt that the suspected killers had stormed the residence of their victim in Ayobo area of Lagos State, inflicting deep cut injuries on his head with cutlasses, pouring acid on him and then leaving with his Range Rover SUV. Addressing newsmen on Wednesday while parading the woman and the suspected assassins, Ogun State Commissioner of Police, Mr Ahmed Iliyasu, said the suspects

By Adedapo Adesanya The Naira gained against the United States Dollar at the Peer-to-Peer (P2P), black market, and the Investors and Exporters (I&E) segments of the foreign exchange market on Thursday, April 6. In the P2P forex window, the value of the Nigerian currency appreciated against the Dollar by N2 to close at N748/$1 compared with Wednesday’s closing rate of N750/$1. In the parallel market, the Naira gained N1 against the greenback during the session to finish at N738/$1 compared with the preceding day’s value of N739/$1. In the same vein, the local currency was strengthened against its American counterpart

By Modupe Gbadeyanka The huge investments made by Union Bank of Nigeria Plc in technology, small and medium enterprises, and others are beginning to yield positive results. In the Euromoney Market Leaders Rankings for World’s Best Banks in 2022, the financial institution received five high ratings, reaffirming its strong position in the Nigerian banking sector, characterised by improved business products and services. According to the rankings, Union Bank was recognised as ‘Highly Regarded’ in Corporate Banking, Corporate and Social Responsibility (CSR) and Environmental, Social and Governance and classified as ‘Notable’ in SME Banking and Digital Solutions. The CSR and ESG

By Nathaniel Ekpo The 2017 Annual General Meeting (AGM) of Wema Bank Plc is presently ongoing in Lagos on Wednesday, May 09, 2018. The event is taking place at the Civic Centre, Lagos and it commenced by 11am. Shareholders of the mid-tier financial institution arrived venue of the AGM on time and the general atmosphere shows they are upbeat and happy with the board and management of Wema Bank. Here are first pictures from the AGM, which is also being covered by Business Post.  Please stay with us for more updates from the event.

By Dipo Olowookere The Nigerian Stock Exchange (NSE) was looking like it would close stronger on Monday until Airtel Africa and 12 others put a red stain on the market, resulting in the 0.74 percent loss posted at the close of business. This cut down the All-Share Index (ASI) by 204.68 points to leave it at 27,574.32 points yesterday, while the market capitalization was reduced by N99.6 billion to N13.423 trillion. Business Post reports that the market breadth closed positive by 1.92x with 25 price gainers led by Okomu Oil as against the 13 price losers led by Airtel Africa,