Investors Pump N29.299bn Into Stock Market in One Week

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Dipo Olowookere The board of Medview Airline Plc will hold a crucial meeting today, Thursday, July 23, 2020, to discuss how the firm can remain afloat in the present situation. The aviation sector has been badly hit since the deadly Coronavirus disease (COVID-19) broke out in Wuhan, China in December 2019. Early this year, many countries from around the world shut down their airspaces, preventing passengers from other nations to land in their countries except for essentials. In Nigeria, the federal government closed all the airports in March and only reopened them this month to domestic flights. Worried about

By Dipo Olowookere A weak sentiment on the floor of the Nigerian Exchange (NGX) Limited on Tuesday caused portfolios of investors to further deplete by 0.31 per cent. Business Post reports that the stock market ended the trading session with 18 appreciating stocks and 21 depreciating stocks, indicating a negative market breadth. At the close of business, the All-Share Index (ASI) decreased by 146.15 points to 47,057.24 points from 47,203.39 points, while the market capitalisation declined by N78 billion to N25.358 trillion from N25.436 trillion. According to data from the exchange, the banking and industrial goods sectors went down by

The Central Bank of Nigeria (CBN) has announced the extension of registration for the Bank Verification Numbers (BVN) for Nigerian customers living abroad. In a circular released on Tuesday by the Director, Banking and Payment System of CBN, Mr Dipo Fatokun, the apex bank advised all bank customers in the diaspora to ensure that they have attached their BVN to their accounts from January 1, 2017. CBN said it extended the deadline so as to give enough time for such category of customers to get the BVN. Mr Fatokun said in the circular that customers living abroad now have from

By Modupe Gbadeyanka The management of NASD OTC Market has disclosed that it would commence the first review of securities listed on its platform. Last year, the market started a classification of NASD OTC admitted securities into categories that reflect the level of financial disclosure, adherence to corporate governance standards, dematerialisation of shares and liquidity of the 36 securities trading on the OTC Market. At the end of this exercise, 12 securities were ranked in the Blue Category, eight in the Pink Category, and 15 were in the Red Category. In a statement issued last Friday, NASD noted that in

By Dipo Olowookere The Debt Management Office on Tuesday, August 14, 2018 disclosed that as at June 30, 2018, the nation’s Public Debt comprises Domestic and External Debt Stock of the Federal and 36 State Governments and the Federal Capital Territory, stood at N22.38 trillion or $73.21 billion. Addressing newsmen yesterday, the debt office explained that this figure was a marginal increase of 3.01 percent over the Public Debt Stock for December 2017. It said the increase in the Public Debt Stock over the 6 months period was due largely to the $2.5 billion Eurobond issued in February 2018. However,

By Investors Hub European stocks are broadly higher on Monday, with underlying sentiment supported by upbeat U.S. jobs data, easing of political tensions in Italy and Spain and fresh deal-making news. While the U.K.?s FTSE 100 Index has climbed by 0.6 percent, the French CAC 40 Index is up by 0.3 percent and the German DAX Index is up by 0.2 percent. On the data front, Eurozone investor sentiment deteriorated sharply in June, largely reflecting political uncertainties in Italy, survey data from think tank Sentix showed. The investor confidence index slid to 9.3 in June from 19.2 in May. This

By Dipo Olowookere One of Nigeria’s top financial institutions, Access Bank, has announced the sale of its 17.65 percent equity shareholding in Stanbic IBTC Pension Managers Limited (SIPML) to the company’s majority shareholder, Stanbic IBTC Holdings Plc. This followed the directive of Central Bank of Nigeria (CBN) to Access Bank Plc to divest from SIPML in compliance with the apex bank’s regulation on the Scope of Banking Activities and Ancillary Matters, No.3, 2010. In a statement issued on Friday, it was stated that the Board of Directors of Access Bank confirmed receiving all regulatory approvals for the transaction. “Further to

**As Dangote Flour Exits NSE 30 Index, Consumer Goods Index By Modupe Gbadeyanka The composition of indices, which indicate benchmarks for stocks’ groups and sectors at the trading platform, has been reviewed by the Nigerian Stock Exchange (NSE). In the NSE 30 Index (which tracks the 30 largest companies on the NSE), Dangote Flour Mills Plc was removed and replaced with Custodian Investment. The company was also taken away from the NSE Consumer Goods Index and substituted with McNichols. Business Post reports that in the NSE Lotus Islamic Index, Total Nigeria was removed, while Nigerian Aviation Handling Company (NAHCO) was