Naira Worsens, Sells for N505/$1 at Black Market

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

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Investors Hub Asian stocks turned in a mixed performance on Thursday amid renewed trade tensions after U.S. President Donald Trump said that the current structure used in trade talks with China was ?too hard to get done.? Investor optimism over the dovish Fed minutes was tempered by news reports that the U.S. is considering imposing new duties on automobile imports. Chinese stocks extended losses after falling the most in a month in the previous session. The benchmark Shanghai Composite Index dropped 14.07 points or 0.4 percent to 3,154.89, although Hong Kong’s Hang Seng Index rose 94.77 points or 0.3

By Dipo Olowookere It is another new trading week and as usual, analysts have penned down three stocks they feel could make you laugh all the way to your bank because of the returns they could fetch you at the end of the year. It is no news that the market is not encouraging at the moment, but for wise investors, the best time to buy equities is when the market is down and every one wants to exit. This is because these shares are offered for sale at prices relatively lower than than their normal value and as a

By Investors Hub European stocks have turned higher over the course of the trading day on Wednesday after moving lower earlier in the session. While the German DAX Index has climbed by 0.7 percent, the U.K.?s FTSE 100 Index is up by 0.8 percent and the French CAC 40 Index is up by 0.9 percent. According to data from Nationwide Building Society, U.K. house prices grew 2 percent year-on-year in June following May’s 2.4 percent increase. Nonetheless, the pace of growth was faster than the expected 1.7 percent. Elsewhere, survey results from statistical office Insee showed that French consumer sentiment

By Adedapo Adesanya  Pan-African cryptocurrency company, Yellow Card, has made another significant stride in the industry, becoming the first cryptocurrency company on the continent to be granted a Virtual Asset Service (VAS) Provider licence to operate in Botswana. The licence, in accordance with Section 11 of the Virtual Asset Act, 2022, was issued by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) on September 29, 2022, and will become the standard for crypto operations in the country. Speaking on this, Mr Chris Maurice, CEO and co-founder of Yellow Card, said that this is a monumental moment for the company, its customers,

By Modupe Gbadeyanka Last week was a very busy one at the Nigerian Stock Exchange (NSE) as investors and analysts were engaged in the analysis of results of listed companies for the first quarter of 2019. Though some companies disappointed with their earnings, especially Dangote Cement, which did not excite shareholders with its results, few others were amazing. At the close of transactions last week, the stock market remained underwater, after losing 1.78 percent week-on-week to leave the year-to-date loss to 7.06 percent. But this week, analysts at Cowry Asset said there should be a slight improvement in the market

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 A grant to refine a mobile application (app) that will use artificial intelligence to detect crop diseases and the alert farmers on the diagnosis has been secured. The CGIAR Research Program on Roots, Tubers and Bananas team won $100,000 for this project expected to help millions of African smallholders. The team won the grant during the big data conference held in Colombia on September 21, 2017 as part of the CGIAR Platform for Big Data in Agriculture Inspire Challenges. It is estimated that every year pests and diseases cost billions of Dollars to potential agricultural economy as