N1.02trn Inflow to Spike Excess Liquidity as CBN Sells N207b T-Bills

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 Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Dipo Olowookere One of the best airline operators in Africa, Kenya Airways, has begun a non-stop flight from Nairobi to New York, becoming the first airline to carry out flight operations between East Africa and the United States. Already, the airline operator has started selling tickets for the inaugural flight scheduled for October 28th this year. Kenya Airways at the moment serves Africa, Europe, Middle-East, Indian sub-continent and Asia. The opening of the US destination completes an essential piece for Kenya Airways’ network, cementing its position as one of the leading African carriers. With over 40 American multinationals located

By Investors Hub European stocks are broadly lower on Wednesday after Wall Street stocks sold off overnight on concerns over rising bond yields. Corporate earnings also proved to be a mixed bag, weighing on investor sentiment. While the German DAX Index has slumped by 1.3 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are down by 0.7 percent and 0.6 percent, respectively. Swiss specialty chemicals company Clariant has fallen sharply after posting stagnant profit margins for the first quarter. Germany’s Deutsche Boerse has also dropped after announcing personal and structural changes to its executive board. Meanwhile,

By Precious Olisa The Osun State Government has taken over the disputed land between Ilobu and Ifon communities of the state. The two communities, which share a boundary, have been at loggerheads over a piece of land, leading to the death of at least eight persons on Thursday, including a baby. The Governor of the state, Mr Ademola Adeleke, said the land would now be under the control of the state government. He confirmed this at a public enlightenment programme, Ipade Imole, organised by his administration. “I have given a directive that nobody should be seen on the disputed land.

By Aduragbemi Omiyale Governor Babajide Sanwo-Olu of Lagos State has expressed optimism that the Lagos Commodities and Futures Exchange (LCFE) would create limitless opportunities for investors as the platform will enable them to earn a steady income from electronic trading of receipts of their commodities products on a transparent and well-regulated market. He expressed this view at the launch of the trading exchange on Thursday, noting, “Today, history is being made with the inauguration of Lagos Commodities and Futures Exchange, its dedicated electronic trading of commodities platform and launch of the proof of concept of the first tranche of special

By Adedapo Adesanya Nigeria’s power sector lost about N468.4 billion between January and August 21 this year, the latest documents covering the industry’s performance showed. According to the documents, the loss was caused by a shortage of gas, transmission limitations, distribution restrictions and other constraints. In a breakdown of the details, the report showed that in January, the sector lost N56.4 billion in revenue, while in February, its revenues dipped by N54.9 billion and also plunged by N65.6 billion in March this year. Power sector’s constrained revenues for the months of April were N64.6 billion, and in May N61.6 billion,

By Dipo Olowookere The Nigerian Stock Exchange (NSE) closed on Thursday 0.84 percent lower as the negative investor sentiment continued. The year-to-date returns ended at -16.27 percent after significant losses across the market segments with the exception of the banking index, which slightly appreciated by 0.01 percent. For example, the industrial index shed 3.34 percent yesterday, the consumer goods index fell by 2.31 percent, while the insurance index depreciated by 1.55 percent as the oil and gas index crashed by 0.72 percent. At the close of business, the All-Share Index (ASI) lost 270.56 points to settle at 32,022.23 points, while

By Dipo Olowookere The Nigerian Maritime Administration and Safety Agency (NIMASA) has restated its commitment to partnerships with international institutions for sea time training of Nigerians under the Nigerian Seafarers Development Programme (NSDP). Director General of NIMASA, Mr Dakuku Peterside, said this during the signing of a Memorandum of Understanding between the agency and the Maritime Academy of India in Lagos for on-board sea time training of some graduates of the programme. Mr Peterside disclosed that the agreement between both parties covers the training of 60 cadets in three batches of 20 each. “This MOU will help reduce the amount

Founder of Aim Higher Africa and the 2018 Obama Foundation Africa Leader, Ms Peace Hyde, has joined the list of eminent personalities to be honoured with the African Achievers Awards. The awards came into being in 2010, with the aim to inspire achievement and address the misconceptions of a non-achieving society, and replace those views with accolades from those who are actively and independently contributing greatly towards developing a prosperous and more fruitful social environment bringing about solidarity and community spirit. Since its inception, the likes of Arch. Bishop Desmond Tutu; Nelson Mandela Foundation; H.E. Jakaya Kikwete former President Republic