Index Loses 3.46% Wednesday as Investors Pull Out N423b

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Kestér Kenn Klomegâh As the White House gears up for the mid-December African Leaders Summit, several reports indicated that a few African countries might not attend. U.S. President Joe Biden plans to hold an African leaders’ gathering in Washington as a further major step to strengthen geopolitical dialogue and multifaceted relations between the United States and Africa. The White House National Security Council in November told Today News Africa the criteria for inviting African governments to attend the U.S.-Africa Leaders Summit scheduled for December 13-15. While the primary goal is to host a broadly inclusive gathering of high-powered delegations

By Modupe Gbadeyanka Economic and business activities are beginning to rise despite a spike in the cases of COVID-19 in Nigeria. According to an analysis by P+ Measurement, in the month of July, the country witnessed the highest number of cases in week 3 and the highest number of deaths in week 2. Data gathered from the Nigeria Centre for Disease Control (NCDC) showed that the country recorded a total number of 17,457 new cases, 9,819 persons recovered and 289 deaths were recorded in the month of July. This shows an increase compared to 15,532 in the number of confirmed

By Adedapo Adesanya Oil prices pulled back a bit during the last trading session of last week as the market continues to go back and forth after the resurgence of the coronavirus cases in crucial markets around the world, spelling doom for demand. However, this week may prove difficult as the market is beginning to overlook the cuts of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) as conditions could worsen if a second-wave of COVID-19 causes more disruptions in demand. There have been expectations for a stable oil regime as traders gave producers the benefit of the

By Dipo Olowookere Shareholders of Neimeth International Pharmaceuticals Plc will have their dividends paid to their bank accounts on Friday, March 12, 2021, the firm has said. The cash reward is for the accounting year ended September 30, 2020, and the amount to be paid is 6.5 kobo for each share of the company with investors. In a notice to the Nigerian Stock Exchange (NSE), Neimeth disclosed that the money would be paid only to shareholders whose names appear in the register of members as at the close of business on February 23, 2021. The dividend, which is subject to

By Adedapo Adesanya The Naira depreciated against the US Dollar on Tuesday by 52 kobo or 0.12 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market. At the spot market, the exchange rate of the Naira to the greenback was N415.07/$1 in contrast to N414.55/$1 it was traded at the previous session. The Nigerian currency suffered the loss yesterday despite a reduction in the value of transactions at the investors’ window, according to data from the FMDQ Securities Exchange. Data obtained by Business Post showed that the turnover for the session went down by

By Aduragbemi Omiyale A Child Education Plan aimed to provide parents and guardians with an easy and appropriate way to handle the burdens of tuition payment through efficient planning and long-term investments has been launched by DLM Asset Management, a DLM Capital Group subsidiary. The initiative aligns with the firm’s commitment to providing opportunities for parents/guardians to secure the education of their children or wards through effective planning and sustainable investments. The product is a suitable and flexible investment plan that enables parents/guardians to plan and fund their children’s education from kindergarten to tertiary levels. The DLM Child Education Plan

By Adedapo Adesanya President Bola Tinubu has ordered the suspension of the Import Tax Adjustment levy on certain vehicles in the country, a move that will provide a breath of fresh air for vehicle importers. This was one of four executive orders signed into law to curb burdensome taxation policy, according to the Special Adviser, Special Duties, Communication and Strategy, to the President, Mr Dele Alake, on Thursday. Among the Executive Orders signed into law by the President includes the change in the date of the implementation of the Finance Act, 2023. The President also deferred the commencement date of

By Ashemiriogwa Emmanuel The external reserves of Nigeria, the largest economy in Africa, grew by 1.7 per cent in one week to $35.4 billion from $34.8 billion, data obtained by Business Post has revealed. The Central Bank of Nigeria (CBN), which publishes the amount left in the nation’s account, disclosed that on Thursday, September 9, 2021, the foreign exchange (FX) buffers stood at $34.8 billion but expanded to $35.4 billion on Thursday, September 16. The week-on-week growth happened few days after the Organization of the Petroleum Exporting Countries (OPEC) release its latest report which showed that the nation’s crude oil