Naira Trades Flat Against Dollar Across FX Segments

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 Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere In order to deepen the knowledge of participants in the debt market, the Nigerian Stock Exchange (NSE) is organising a two-day online seminar this week. The webinar is slated for Wednesday, October 7 and Thursday, October 8, 2020, and would be used to engage participants on the various products and services in the fixed income market in Nigeria so as to enhance investors’ knowledge and deepen capital market activity even in these challenging times. According to a statement issued by the exchange, Wednesday is for the dealing member firms while Thursday is for the investing public, who

By Dipo Olowookere One of the tier-two banks operating in Nigeria, Sterling Bank Plc, has released its financial statements for the year ended December 31, 2017. In the results, the lender posted a 65 percent increase in its post-tax profit, closing at N8.5 billion in the period under review against N5.2 billion in the corresponding year. Also, the pre-tax profit of the bank was N8.6 billion in the 2017 business year compared with N6 billion in the 2016 financial year. The financial institution revealed in the financial documents released to the Nigerian Stock Exchange (NSE) on Monday that its gross

By Dipo Olowookere Analysts at FSDH Research have predicted that inflation rate for the month February 2018 will slow further to 14.31 percent from 15.13 percent recorded in January 2018. The drop in the rate for the month is attributed to the base effect of previous year. FSDH said it observed decrease in some major food prices as well as the slowdown in the price movement in some categories of non-food items in the Consumer Price Index (CPI) basket. On March 14, 2018, the National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of

By Dipo Olowookere The issuance of the debut FGN Green Bond worth N10.69 billion has commenced. The exercise kicked off on Monday, December 18, 2017 and will end on Wednesday, December 20, 2017. According to information released by the Debt Management Office (DMO) yesterday on the exercise, the 5-year FGN Green Bond due in 2022 is offered at 13.48 percent. Proceeds from the sale will be used solely for Green projects in the 2017 Appropriation Act already identified and certified. The debt office, which is supervising the exercise on behalf of the Nigerian government, explained that investors can subscribe for

By Jerome-Mario Chijioke Utomi I remember now with nostalgia how about a year ago, precisely on Tuesday, August 10, 2021, Nigeria’s Vice President, Professor Yemi Osinbajo, at a function held in Lagos, among other remarks, told the gathering that President Muhammadu Buhari-led administration is determined to see through the completion of all the critical projects that had been embarked upon in the Niger Delta region. In his words, “We have invested significantly in the Niger Delta as the region that holds the energy resources that have powered our progress for six decades as well as the keys to an emergent

By Dipo Olowookere In 2020, the Nigerian Stock Exchange (NSE) facilitated the restitution and recoveries of shares worth N305.11 million for investors. Also, the exchange assisted not less than 49 investors/claimants who suffered pecuniary losses to get compensation worth N17.02 million in the year. The Chief Executive Officer of the NSE, Mr Oscar Onyema, while speaking Tuesday during the review of the bourse’s performance last year and what to expect in 2021, assured that the exchange will continue to protect investors to deepen the market. He also said reiterated the intention of the exchange to aggressively pursue cutting-edge products and

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Tuesday, with stocks likely to extend the lackluster performance seen over the two previous sessions. Another quiet day on the U.S. economic front may keep some traders on the sidelines as they continue to digest last Friday?s weaker than expected jobs data. The disappointing job growth raised concerns about the economic outlook but also reinforced expectations of another interest rate cut by the Federal Reserve next week. Traders may also be reluctant to make significant moves ahead of the European Central Bank meeting on