General Cable Posts Strong 2017 First Quarter Results

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya Investors at the NASD Over-the-Counter (OTC) Securities Exchange Market lost N7.3 billion in value resulting from a negative movement of prices in just four days of trading at the bourse last week. This happened as the NASD OTC market capitalization closed downward in the 24th week of trading this year at N501.34 billion compared to N508.60 billion of the preceding week (Week 23). In addition, the bourse’s unlisted securities index went down by 1.43 percent to close the week at 682.49 points as against 692.38 points in the preceding. There was also a 55.4 percent decrease in

By Adedapo Adesanya A 3.97 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange last week, extending the weekly improvement as investors showed strong confidence in the alternative bourse. It was the 31st trading week of the year and the market opened for five trading sessions. The outcome pushed the market capitalisation of the exchange higher by N43 billion to N1.120 trillion from the N1.077 trillion achieved in Week 30. Likewise, the NASD Unlisted Securities Index (NSI) appreciated by 30.88 points to close at 809.84 points compared with the 778.96 points recorded in the previous week. In

By Aduragbemi Omiyale The Managing Director of Interswitch Purepay, Mr Akeem Lawal, has called on critical players in the Nigerian financial service industry to put heads together to provide innovative solutions and unique offerings to customers. According to him, customers deserve the best from financial industry players like banks, telecommunications companies and financial technology (fintech) firms in order to meet the 95 per cent financial inclusion target by 2024. Mr Lawal, who delivered a presentation at the recently-concluded Nigerian Fintech Forum at the Civic Centre, Lagos, stated that the partnership will accelerate growth and deepen financial inclusion in the country.

By Dipo Olowokere The naira was sold at the parallel market for 440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level. The local currency, which closed at 436/dollar on Thursday, eased to 435 in the early hours of Friday. It closed at 439/dollar. The naira had closed at 428 to the greenback on Wednesday, down from 424 on Tuesday, as lingering foreign exchange shortage weighed on the economy. The latest declines in the naira value started on Wednesday, a day after the Central Bank of Nigeria’s Monetary Policy Committee retained the benchmark lending

By Adedapo Adesanya Oil prices settled lower in volatile trading on Friday, with both benchmarks recording their biggest weekly declines in months. Brent crude settled 5 cents lower at $76.10 per barrel, while the United States West Texas Intermediate (WTI) crude shed 44 cents to trade at $71.02 a barrel. Both crude benchmarks posted weekly losses of around 10 per cent each. It was the biggest weekly decline since April for the U.S. WTI futures and since early August for Brent. Growing recession fears negated any supply woes after weak economic data from China, Europe and the US. Oil prices

By Destiny Ugorji A Chief Magistrate Court sitting in Wuse zone 2 area of Abuja, presided over by Chief Magistrate Mabel Bello, Monday, adjourned a case of false evidence and injurious falsehood against disbarred Lagos lawyer, Emeka Ugwuonye to July 6, 2018. The adjournment was at the instance of Mr Ugwuonye, who could not produce a lawyer to defend him in court; but opted to defend himself; a proposal that was turned down by the presiding Chief Magistrate. The court which frowned at what appeared like a delay tactics employed by Mr Ugwuonye in the matter, awarded N10,000 cost against

By Dipo Olowookere Governor Akinwunmi Ambode has been accused of pushing for the sack of Presiding Chaplain of the Chapel of Christ the Light, Alausa, Lagos State barely 24 hours after the Governor’s wife, Mrs Bolanle Ambode, allegedly stormed out of the church. According to Punch, there is anger at the Chapel of Christ the Light, Alausa, Lagos State, after the Presiding Chaplain, Venerable Femi Taiwo, was sacked by the Governing Council allegedly on the order of the state Governor, Akinwunmi Ambode. PUNCH Metro gathered that Taiwo got the sack on Monday, May 15, without any query or official reason

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has revealed that as of December 31, 2021, the total value of unclaimed dividends in the Nigerian capital market increased to N180 billion. The Director-General of the agency, Mr Lamido Yuguda, however, pointed out that this amount only constitutes 5 per cent of the total dividends declared by companies trading their securities in the domestic exchanges. Though Mr Yuguda stated that this was giving the commission some sleepless nights, he said efforts are being taken to reduce the unclaimed dividends to zero per cent. According to him, SEC is collaborating with