In 22nd Trading Week of 2023, NASD Swells by N20.35bn

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Dipo Olowookere The Nigerian authorities have commenced investigation into the role of directors of the defunct Skye Bank Plc in the financial mess of the company. Over a week ago, Skye Bank was nationalised into Polaris Bank Limited by the Central Bank of Nigeria (CBN). The lender collapsed after it could no longer meet its basic functions, resulting in the revocation of its operating license. Business Post reports that the central bank had taken over affairs of the financial institution in 2016 following its huge non-performing loans (NPLs). Speaking last week in Lagos, Managing Director/Chief Executive Officer of Nigeria

By Dipo Olowookere Volkswagen has launched its new Polo and showcased the R6.1 billion ($513 million) investment in its plant and new products, in the presence of Eastern Cape Phumulo Masualle, the Deputy Minister Bulelani Magwanishe of the DTI, media representatives and key stakeholders. In August 2015, VWSA Chairman and Managing Director, Thomas Schaefer announced an investment of around R4.5 billion rand in new product and facilities. The total investment exceeded R6.1 billion rand, which is partially due to exchange rate fluctuations and the approval of additional plant investments. The majority of the investment spend was on Capital Expenditure for

By Adedapo Adesanya An involuntary drop in Nigerian exports helped limit the amount of oil pumped by the Organisation of the Petroleum Exporting Countries (OPEC) in January, a Reuters survey shows. Although the aggregate output rose to a seven-month high after the group and allies agreed to ease record supply curbs further, Africa’s largest producer was instrumental in capping the surge. According to the survey, the 13-member cartel pumped 25.75 million barrels per day (bpd) in January, which is more than 160,000 barrels per day from December and a further increase from a three-decade low reached in June. OPEC+, which

By Kelvin Adegbenga When I read in the news of Bishop Matthew Kukah telling President Muhammadu Buhari to take responsibility, I asked my colleagues covering the Catholic Bishops Conference of Nigerian (CBCN) in Akure, what kind of food did Matthew Kukah took before addressing them. Matthew Kukah reminded President Buhari that “Nigerians knew there was problem and voted him to power to solve them and not to be agonising, crying and blaming the previous governments”, but he forgot to address the massive corruption left behind by the Goodluck Jonathan administration which I believe Matthew Kukah benefited immensely from. This is

By Dipo Olowookere Mrs Adebimpe Giwa, wife of the late founder of Tripple Gee and Company, Mr Gbadebo Giwa, has been appointed as the new Managing Director of the firm. The appointment of Mrs Giwa was approved at the 29th Annual General Meeting (AGM) of the company held on Monday, September 16, 2019 at the Agip Recital Hall of Muson Centre, Lagos. While addressing shareholders of the firm at the AGM on Monday, Mrs Giwa promised to use her wealth of experience garnered from her involvement in different sectors of the economy to improve performance of her late husband’s business.

By Adedapo Adesanya President Muhammadu Buhari has charged the board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with corporate governance principles that place a premium on doing business with the highest ethical standards, integrity, and transparency. The President gave the new NNPC board this task during the inauguration of the chairman, Mrs Margery Chuba Okadigbo, in Abuja on Friday. Mr Buhari also charged them to focus on profitability and operate at par with its industry peers across the world. “I expect the NNPC Limited to be mindful of our commitments to our net

By Dipo Olowookere Over 4,000 stranded migrants have been assisted so far in 2017 by IOM Libya through its voluntary humanitarian return (VHR) programme. It was gathered that the latest return was last Thursday (25 May), when IOM helped 165 stranded migrants – 145 men and 20 women – return home to Nigeria. Among the passengers were three unaccompanied children and two female medical cases. Also on 25 May, two stranded Ethiopian migrants were also able to return home on commercial flights. Two days earlier, on 23 May, IOM helped 171 stranded migrants – 166 men and five women –

By Modupe Gbadeyanka An Executive Director at Heritage Bank, Ms Osepiribo Ben-Willie, has described women as huge economic assets, noting that their role in the development of a nation can never be pushed aside. The banker said this at the Women Must Conference 2.0, organised by the Kilali Tribe of Rivers and Bayelsa States. At the event held in Port Harcourt titled The Woman and Her Must, Ms Ben-Willie affirmed the need to deliberately adopt measures to deepen women’s empowerment to drive the nation’s socio-economic growth. She noted that women are actively involved in the act of creation of a