Naira Gains at P2P, Loses at Black Market, Stable at I&E

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to see further upside after moving modestly higher over the course of the previous session. The markets may benefit from recent upward momentum, which has helped propel stocks to record highs amid unshakable optimism about a potential U.S.-China trade deal. Boeing (BA) may help lead the Dow higher after the aerospace giant received orders for 50 of its embattled 737 Max jets at the Dubai Air Show. On the other hand, shares of Home Depot (HD) may come under pressure after

By Nkechi Nnmadi Writing from the perspective of ‘Corper Wee’, a first time traveler and youth Corper to serve her fatherland, carefully perusing the list of applicants for the skills acquisition program, I let my thoughts drift to that exact day I received what I had perceived to be a terrifying news. The NYSC postings had just been released and like the rest aspiring Corpers; I was excited about the new journey, but unlike most of them, I was pretty sure I had a clue where I would be posted to, which explains the raised shoulders I walked with, as

By Dipo Olowookere Today, several important persons in the Nigerian society stormed Sokoto State to honour highly revered Sultan of Sokoto, Mr Sa’ad Abubakar 111, who is marking his 10th year on the throne. The event had in attendance President Muhammadu Buhari and several others, including Senate President, Mr Bukola Saraki; and Speaker of House of Representatives, Mr Yakubu Dogara. A 3000-horse Durbar was also organised to honour the monarch and venue of this assembled the several guests at the event, including Ooni of Ife, Emir of Kanu, Oba of Benin, Alake of Egba, among several others. Here are few

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By Dipo Olowookere The Chairman of Honeywell Flour Mills Plc, Mr Oba Otudeko, says he expects market conditions to remain tough, though he sees the company coming out stronger. Business Post reports that businesses in Nigeria are battling with a tough operating environment as the benchmark interest rate is at 11.5 per cent, with the inflation as of September 2021 at 16.63 per cent, low purchasing power of consumers and foreign exchange (FX) scarcity, which has put the Naira to Dollar exchange rate at N570/$1 at the parallel market, though it traded at N414.07/$1 at the Investors and Exporters (I&E)

By Dipo Olowookere The board of directors of UAC of Nigeria Plc has promised to look into the company’s historical declining performance this year. Chairman of UAC of Nigeria, Mr Dan Agbor, at the firm’s yearly general meeting in Lagos, explained that this move was to ensure shareholders continue to enjoy value for their investment and faith in the company. He said when the board unravels the root causes of the company’s historical declining performance, the next step would be to implement initiatives to drive future profitable growth. In the 2017 financial year, UAC of Nigeria increased its revenue by

By Modupe Gbadeyanka Leading global provider of investment decision support tools, MSCI, has disclosed that it would delay its decision on the potential removal of the MSCI Nigeria Index from the MSCI Frontier Markets Index. In a statement issued on Tuesday, June 20, 2017, the firm said it would now wait till November 2017 before making its decision known. Explaining the rationale behind this, MSCI said it was “to allow more time for international institutional investors to better assess the effectiveness of the new FX trading window introduced by the Central Bank of Nigeria (CBN).” When it finally makes the

By Dipo Olowookere It was another 0.13 per cent growth on the floor of the Nigerian Exchange (NGX) Limited on Thursday as investors intensified their demand for local equities, though the market breadth remained negative. Business Post reports that the exchange ended the trading session with 30 price losers and 14 price gainers, but bargain hunting in Okomu Oil, FBN Holdings and others ensured that Nigerian stocks rallied. According to data harvested from the bourse, the consumer goods counter dropped 1.57 per cent, the banking index fell by 1.30 per cent, the industrial goods space decreased by 0.03 per cent,