Naira Sells for N409.13/$1 at I&E as Crypto Market Recovers

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 The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Investors Hub Asian markets ended on an upbeat note on Monday, with investors indulging in hectic buying amid rising optimism a fresh round of talks between the U.S. and China will help resolve trade disputes between the two countries. Strong U.S. jobs data and the Federal Reserve Chairman Jerome Powell’s remarks last week that the Fed would be patient and flexible in policy decisions also contributed to the gains. Chinese stocks ended the day firmly in positive territory. The Shanghai Composite Index climbed 0.7 percent, while Hong Kong?s Hang Seng Index advanced 0.8 percent. The Japanese benchmark Nikkei 225

By Adedapo Adesanya Nigeria’s foremost interest-free bank, Jaiz Bank Plc, has expressed its commitment to lessening the burden on micro, small, and medium enterprises (MSMEs) and its customers. The lender showed this with the introduction of some of its unique banking propositions that have been tailored to meet the needs of every Nigerian. The bank, known for its Islamic banking foundation, which experienced a very positive performance in the first nine months of this year, said it would not be resting on its oars as it hopes to penetrate the market deeper with its line up of unique services. One

By Dipo Olowookere Four companies trading their shares on the Nigerian Exchange (NGX) Limited have been removed over poor corporate governance. The affected firms; Evans Medical Plc, Nigerian-German Chemical Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc have not been able to abide by the listing rules, including filing their financial results to the exchange. The stock exchange requires companies trading their equities on its platform to regularly file their financial statements to enable shareholders and the investing public to have information that would enable them to make investment decisions. When organisations fail to submit their books for scrutiny,

By Adedapo Adesanya It was another week of loss for investors trading stocks at the NASD Over-the-Counter (OTC) Securities Exchange as their wealth depleted by N4.25 billion in week 12. This caused the market capitalisation of the bourse to close at N597.13 billion compared to N601.38 billion in week 11, though the NASD Securities Index (NSI) increased by 12.93 points or 1.8 per cent to 723.12 points from 710.19 points. Business Post reports that last week’s decline in the total value of the exchange was caused by the removal of Providus Bank from the platform. Also, a drop in the

By Aduragbemi Omiyale The Corporate Affairs Commission (CAC) has been commended for its different reform initiatives despite the disruptions caused by COVID-19 pandemic. The chief executive of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, who gave this commendation, said the agency, under the leadership of its Registrar-General/CEO, Mr Garba Abubakar, has continued to support many businesses in the country. Mr Abubakar was honoured with a digital closing gong ceremony at the exchange on Monday as part of the NSE stakeholder engagement activities. The event provided an opportunity for the CAC to intimate the capital market community on the reform

By Adedapo Adesanya The oil market slid more than one per cent to a two-week low on Thursday on increased worries the US Federal Reserve may go too far with its interest rate hikes to control inflation. Brent futures fell $1.07 or 1.3 per cent to settle at $81.59 a barrel, as the US West Texas Intermediate (WTI) futures dropped 94 cents or 1.2 per cent to settle at $75.72 per barrel. In a short but impactful speech, the US central bank chief, Mr Jerome Powell, set out a new paradigm for how the Fed views its policy path, one

By Dipo Olowookere A further sale of treasury bills via Open Market Operations (OMO) was done on Tuesday by the Central Bank of Nigeria (CBN) with the exercise recording a huge success. It was learnt that the OMO auction was oversubscribed by investors by 153 percent as the apex bank sold N122 billion of the N80 billion offered, with stop rates however maintained at their previous levels. Business Post reports that three tenors were offered for sale during the day’s exercise, with the 3-month and 12-month maturities significantly getting the attention of market players. Of the 10 billion worth of

By Adedapo Adesanya Governor Rotimi Akeredolu of Ondo State will on Tuesday, December 7, 2021, commission a N15 billion cocoa processing plant in Akure built by JohnVents Industries Limited. The factory is expected to boost local cocoa production, drive employment and enhance the country’s economy, according to the Managing Director of JohnVents Industry, Mr John Alamu, at a news conference. He informed newsmen that already, 100 people have been offered direct highly-skilled and unskilled jobs in the company and more are expected to join the organisation, stating that the number of staff will increase to over 300 by the time