Market Further Drops 0.02% as Investors Sell-off Honeywell in Panic

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Modupe Gbadeyanka A Nigerian filmmaker, Ms Funa Maduka, has been announced as one of the 16 jurors granting awards at the 2023 Sundance Film Festival. She is one of the three jury members of the World Cinema Dramatic Competition, alongside Shozo Ichiyama and Annemarie Jacir. The jurors of the 2023 edition are Jeremy O. Harris, Eliza Hittman, and Marlee Matlin for U.S. Dramatic Competition; W. Kamau Bell, Ramona Diaz, and Carla Gutierrez for U.S. Documentary Competition; Shozo Ichiyama, Annemarie Jacir, and Funa Maduka for World Cinema Dramatic Competition; Karim Amer, Petra Costa, and Alexander Nanau for World Cinema Documentary

By Adedapo Adesanya The Nigeria Customs Service (NCS) has intercepted 15 sacks of pangolin scales weighing 1,014.5kg with a Duty Paid Value of over N1.7 billion in Lagos. This was disclosed by the Comptroller General of Customs, Mr Hameed Ali, during a briefing to reveal the two suspects arrested in connection with the illegal items. Mr Ali, represented by the National Public Relations Officer, NSC, Mr Joseph Attah, noted that “this criminality was not essentially a Nigerian thing. Sadly, some foreigners with the active connivance of a few Nigerians are bent on using our dear country as a transit route

By Modupe Gbadeyanka Managing Director of the Bank of Industry (BoI), Mr Kayode Pitan, has disclosed that the lender has concluded plans to raise about N3 trillion to further support Micro, Small and Medium Enterprises (MSMEs) across Nigeria. Mr Pitan made this disclosure this week at the inauguration of the 10-member board of the bank in Abuja by the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah. According to the BoI chief, the N3 trillion would be raised in the next 12 months and the Central Bank of Nigeria (CBN) would be brought in as a major partner. “Our

By Modupe Gbadeyanka Indigenous energy company, Forte Oil Plc, has officially changed its name to Ardova Plc after obtaining an approval from the Corporate Affairs Commission (CAC). A statement issued by the company on Tuesday disclosed that the name change was effected following the authorisation of CAC, an agency of federal government saddled with the responsibility of registering organisations in the country. According to Forte Oil, which was formerly owned by billionaire businessman, Mr Femi Otedola, it has now been issued with a new certificate of incorporation to reflect its new identity. “This is to notify the general public and

By Modupe Gbadeyanka Considered as the gold standard in germ protection, Dettol has been committed towards spreading the awareness around hand hygiene amongst children across the globe. As a part of the Global Hand washing Day celebrations, Dettol has launched a global campaign which aims to reach out to millions of people across 19 countries and educate them about importance of hand washing. Led by digital, the campaign emphasises on creating a big impact of saving lives by taking small steps like inculcating good hand washing habits. Global Hand washing Day is an annual global advocacy day dedicated to increasing

By Adedapo Adesanya Oil prices continued in the low territory on Thursday, March 26, as the market reacted negatively to news that oil surplus could reach as much as 20 million barrels per day (mb/d) in the next few weeks. With the deal signed by the now disbanded Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ set to expire on Tuesday, March 31, it means oil producing countries can now pump at will. This is, however, threatening not only to fill up storages in the world but will do that with cheap oil. In their bid for

By Dipo Olowookere The treasury bills market was bearish on Friday as bears took over the market, with tight system liquidity weighing on the secondary market yields. According to analysts at Zedcrest Research, at the close of transactions today, the yields expanded by 0.21 percent on the average across quoted benchmark T-bills securities. This was a sell-off continued on the short- to mid-end of the curve. However, the long-end of the curve traded flat as yields stood at 17.64 percent for the longest traded T-bills maturity. “We expect the T-bills market to remain bearish in the coming week in light

By Sodeinde Temidayo David Zoho Corporation, an Indian multinational technology company that makes web-based business tools, has launched a new program called Canvas to bring to consumers, a level of simplicity to the customer relationship management (CRM) user experience. Canvas is a one of a kind no-code design studio that empowers users to redesign the user interface of the CRM and create a personalized instance that meets their specific requirements and preferences. This will increase the adoption rate of CRM by various users having hard times on the CRM operations. Canvas enables businesses to create their own CRM interfaces that