Market Gains N4bn on Interest in Consumer Goods Stocks

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Dipo Olowookere The Nigerian stock market succumbed to profit-taking on Wednesday, losing 0.01 per cent as a result of selloffs in GTCO, FBN Holdings, Access Bank, Ecobank and 13 others. The delay in the release of the half-year results of tier-one banks at the Nigerian Exchange (NGX) Limited is still making some investors trade cautiously. They want to see what the numbers are saying before taking an action. At the close of business at the midweek session, the All-Share Index (ASI) slumped by 4.69 points to 39,545.67 points from 39,550.36 points, while the market capitalisation shrank by N2 billion

By Adedapo Adesanya A double-barrelled problem of low demand and oversupply are set to plague the oil market this week again as Black April, the worst month for oil in 25 years, wraps up to welcome a fresh month that promises 10 percent cut off global crude production. The double problem of low demand and oil glut has caused prices of the commodity to fall at the market as the world is running out of places to store excess supplies of crude due to the coronavirus-induced plunge in demand. Last week saw one of the one of the most volatile

By Modupe Gbadeyanka Comptroller-General of the Nigeria Customs Service, Mr Hameed Ali, has disclosed that his agency hopes to make at least N1 trillion to the coffers of Federal Government this year. To achieve this target, the Customs boss has charged all Customs Area Controllers (CAC) to ensure strict compliance with extant laws. According to Mr Ali, Area Controllers must either “shape in or ship out” as there was no place for complacency in a service that plays the crucial roles of revenue collection and border security. The Comptroller-General, who had a strategy meeting with the CACs, said they must

By Dipo Olowookere The board of directors of the Nigerian Aviation Handling Company (NAHCO) Plc has informed its shareholders and the investing public that the auditing of the company’s financial statements for the year ended December 31, 2019 is yet to be completed. In a disclosure sent to the Nigerian Stock Exchange (NSE), the firm explained that the delay in completing the audit of the 2019 earnings was caused by the coronavirus pandemic. Since last week, movements have been restricted in Lagos, Abuja and Ogun State due to COVID-19. The lockdown of these three places was to manage and prevent

By Dipo Olowookere Former President of Nigerian Institute of Public Relations (NIPR), Mr Rotimi Oladele, has disclosed that former Minister of Finance, Mrs Kemi Adeosun, who resigned last Friday for being in possession of a fake NYSC exemption certificate, should not be prosecuted for the crime, but rather be pardoned. In a statement signed by him to SpyeTV, Mr Oladele said, “To the question whether Kemi Adeosun should be prosecuted, my answer is NOT at all because she has commenced repudiation cycle of Reputation management. “She should be guided by a PR coach to complete the cycle and bounce into

If there is any reason that has made our journey smooth and aided our transition to the top as a corporate media organisation within this short period, it is our founder’s shared belief that the function of the press is very high and almost holy. That it must serve as a forum for the people, through whom they may freely know what is going on and to misstating or suppressing information is a breach of trust This belief of our publisher no doubt brought about an in-built consciousness among the staff that, ‘every decision we make as a journalist when

By Modupe Gbadeyanka Organisers of FORTY UNDER 40 awards have nominated founder of Ghana’s most popular online news portal, NewsGhana.com.gh (News Ghana), Mr Roger A. Agana, for two categories. The Forty under 40 Awards is aimed to identify, honour and celebrate a cross-section of the nation’s most influential accomplished young business leaders under the age forty from a wide range of industries. The renowned digital journalist, fondly called in the journalism circles as ‘Label’, secured two nominations in the Media (Digital & Social) category. His nomination is because of his achievements, experience and innovation in the journalism and digital domain.

By Adedapo Adesanya Three companies wreaked havoc on the NASD Over-the-Counter (OTC) Securities Exchange in the third trading week of this year, landing the bourse in the negative territory. The trio of Nipco Plc, Central Securities Clearing Systems (CSCS) Plc, and Niger Delta Exploration and Production (NDEP) Plc depleted the exchange by 0.73 per cent week-on-week, according to data. This means that the NASD Unlisted Securities Index (NSI) slid by 5.48 points to wrap the week at 744.54 points compared with 750.02 points recorded at the previous week, while the market capitalisation declined by N4.64 billion to close at N630.46