Mobil Lifts Stock Market as Investors Gain N92b

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Kestér Kenn Klomegâh Russia and African parliamentarians continue forging solidarity against growing neo-colonial tendencies in Africa. The parliamentarians, far ahead of their symbolic gathering, have intensified political dialogue and support for Russia’s war on neighbouring Ukraine and further expressed readiness to support Africa’s economic development. Russia has come under stringent economic sanctions from the United States and Europe due to the ‘special military operation’ that it began in February 2022, more than a year that has adversely affected Africa. It has also divided Africa’s voting at the United Nations, with some experts arguing that such sharp divisions, in terms

By Modupe Gbadeyanka The former head of the Nigeria Police Intelligence Response Team (IRT), Deputy Commissioner of Police (DCP) Abba Kyari, has been arrested hours after he was declared wanted by the National Drug Law Enforcement Agency (NDLEA). The anti-drug agency had on Monday at a press briefing declared the celebrated cop wanted for his alleged involvement in illicit drug trafficking involving a perpetual transnational drug cartel. In a statement signed by the Deputy Force Public Relations Officer, CSP Olumuyiwa Adejobi, it was disclosed that Mr Kyari was apprehended along with four other police officers accused of tampering with narcotic

The 2017/18 Premier League top scorer and the 2018 PFA Player of the Year, Mohamed Salah, does a lot for his compatriots. With rising unemployment and political unrest in Egypt, the attacker is an icon and an example of a young man who has worked hard to achieve his dreams. Although his life hasn’t always been enviable, he has worked his way into Liverpool’s starting line-up, whose matches you can follow on the 1xBet app with fast bets and withdrawals at any time. Mohamed Salah was born in June 1992 in the small village of Nagrig, located in the Gharbia

By Dipo Olowookere There are unconfirmed reports that Access Bank may soon acquire struggling mid-tier financial institution, Diamond Bank Plc. According to The Nation, talks are ongoing on how to finalise the acquisition, which will make Access Bank, a tier-1 lender, bigger and stronger. However, to make the deal a reality, Managing Director of Diamond Bank, Mr Uzoma Dozie, must surrender his position, most likely by the first quarter of 2019, when the acquisition should be completed. The Nation stated that both financial institutions have reached an agreement in broad terms on the acquisition, what is left is the valuation

By Modupe Gbadeyanka The management of Transcorp Hotels Plc has announced the appointment of two new persons into its Board. In a letter signed by the company’s Secretary, Mrs Helen Iwuchukwu, the company also said it accepted the resignation letter from Mr Omoniyi Fagbemi with effect from October 7, 2016. He Fagbemi was a Non-executive Director at the company. It was stated that at the meeting of the board of Transcorp Hotels Plc held on Friday, October 7, 2016, Mrs Saratu Umar was appointed as an Independent Non-executive Director of Transcorp Hotels Plc, effective from October 7, 2016. Also, at

By Dipo Olowookere C & I Leasing Plc has been downgraded from the medium price stock category to the low price stock level by the Nigerian Stock Exchange (NSE). The action was announced to stockbrokers by the management of the exchange and the lowering of the company’s stock price group became effective Thursday, October 22, 2020. In a circular, the NSE explained that the reclassification followed the drop in the equity price of the firm below the N5 price level on June 10, 2020, till the close of business on October 13, 2020. The stock exchange in Nigeria operates a

By Bliss Okperan The Lagos State Waste Management Authority (LAWMA) has announced the immediate closure of the popular spare parts market, Ladipo Market, over an “unhygienic environment.” In a statement on Friday, the waste management agency said it shut down the market due to the unwholesome environmental practices by traders who refused to pay for waste services alongside the poor waste management. The Commissioner for Environment and Water Resources in Lagos, Mr Tokunbo Wahab, said the market would remain closed until the mandatory conditions of redress have been met by traders and market stakeholders. “It is imperative that markets in

By Dipo Olowookere The remains of chieftain of National Union of Road Transport Workers (NURTW) in Shogunle area of Oshodi, Lagos State, Mr Rasaz Bello otherwise known as Hamburger, would be laid to rest on Friday, June 2, 2017 (today). Mr Bello was murdered on Monday, May 29, 2017, during the local council primaries of the All Progressives Congress (APC) in Lagos State ahead of the council polls next month. He was killed by a rival group allegedly led by one Samson Agbetoye, popularly known as Golden, believed to be loyal to Treasurer of the union in Lagos, Mr Musiliu