Naira Feels Effect of $3bn Injection, Gains at Official Market

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Modupe Gbadeyanka The board of Africa Prudential Plc has announced the proposed payment of 40 kobo per share dividend to shareholders of the company. This information was revealed in a notice sent to the Nigerian Stock Exchange (NSE) on Monday and it is for the period ended December 31, 2017. Also, the firm announced the release of its financial statements, posting a profit after tax of N1.72 billion in 2017 against N1.02 billion in 2016. In addition, the firm recorded a 37.10 percent growth in its gross earnings to N3.32 billion from N2.42 billion in the corresponding period of

By FBNQuest Research The hospitality sector, which is classified by the NBS as the accommodation and food services segment, is regarded as one of Nigeria’s vibrant industries. However, it did experience reduced patronage in the recent recession. The national accounts from the NBS show that the sector grew by 0.2% y/y in Q3 2017, compared with a contraction of -4.9% in the corresponding period of 2016. Now that the economy has emerged from the recession, we expect to see a pickup in consumer spending. Although the fx market is now relatively stable, we gather that restauranteurs have turned towards the

By Modupe Gbadeyanka Three policemen attached to the Governor of Delta State and Vice Presidential candidate of the Peoples Democratic Party (PDP), Mr Ifeanyi Okowa, have been killed by some gunmen. The assailants wasted the lives of the security officials when they attacked the Mr Okowa’s convoy in Anambra State. The three security orderlies identified as Inspectors Lucky Aleh, Celestine Nwadiokwu and Jude Obuh of the Department of Explosive Ordinance Device (EoD) from the Delta State Police Command, Asaba, were shot dead on Friday in the Ihiala local government area of Anambra State on Mr Okowa’s way to Abia State

By Dipo Olowookere Nigeria-based aviation company, Caverton Offshore Support Group Plc, has announced a 19 percent growth in the revenue it generated in the first six months of this. On Friday, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, said its turnover for the period under review rose to N16.9 billion from N14.2 billion in the same period of last year. This was mainly buoyed by the amount made from helicopter charter, which was N803.4 million in H1 2019 against N310.9 million in H1 2018. Helicopter/airplane contract also had

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has announced the suspension of trading in the shares of eight firms listed on its platform. A notice to dealing members explained that the action was in “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”).” The suspension, Business Post gathered, took effect from today, Thursday, July 5, 2018. The suspended companies are African Alliance Insurance Plc, Cornerstone Insurance Plc, R. T. Briscoe Plc, Royal Exchange Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, Universal Insurance Company Plc

Nigeria has seen a sharp increase in unemployment over time, with a current estimate of 33%. All age categories in Nigeria are affected by a serious unemployment problem, with young people bearing a disproportionately high share of the burden. When people don’t have work, it makes life difficult for them and their households. Note that this causes labour migration, as people leave the country in quest of better opportunities and income sources abroad. Unemployment is one of the key reasons why its citizens migrate their labour to other countries. Nigeria’s economy has struggled to produce enough jobs to accommodate this

By Modupe Gbadeyanka Contractors handling various projects in rural areas have been charged to put quality above everything so as to make Nigerians enjoy good life and dividends of democracy. Permanent Secretary in the Federal Ministry of Agriculture and Rural Development, Mr Abdulkadir Mu’azu, made this appeal during an interactive meeting with 2019 Department of Rural Development project contractors held in Abuja. He said “contractors nowadays no longer pay strict adherence to quality and standard of project delivery, terms and conditions of a contract, timely submission of all necessary and required documents according to the contract specification and employment of

By Investors Hub European stocks are turning in a lackluster performance on Friday as earnings proved to be a mixed bag and investors kept an eye on multiple speeches from Fed officials due later today for further insight on inflation and interest rates. While the U.K.?s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index is just above the unchanged line and the German DAX Index is up by 0.3 percent. Royal Bank of Scotland shares have tumbled despite the bank posting its first annual profit in a decade. Similarly, British Airways owner IAG has moved