NASD Bourse Grows 2.6% in Week 19

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Dipo Olowookere The trading platform for unlisted securities in Nigeria, NASD OTC Exchange, closed on a negative note yesterday. The market recorded a loss of 0.64 percent, reversing the gain posted at the market during the Monday’s session. Business Post reports that at the close of transactions, the Unlisted Securities Index (USI) lost 4.51 points to close at 698.99 points. Also, the market capitalisation, which ended at N476.08 billion on Monday, decreased by N3.05 billion to settle at N473.03 billion. It was also observed that during yesterday’s trading session, the volume of transactions decreased by 93.32 percent, while the

This year’s Workers day is one like no other, especially since it’s happening in the midst of a pandemic. It is an opportunity to celebrate essential workers, who have kept the economy going in spite of the lockdown. This includes health workers who are working tirelessly round the clock to ensure that the curve of this novel virus is flattened. Without them risking it all, we would probably be overwhelmed by this pandemic. While appreciating the health workers, it is also necessary to mention an important sector that most people may not really see as important, these are delivery agents,

By Adedapo Adesanya Conversations in the business world are experiencing a shift with disruptions replacing traditional models which are challenging investors and markets to adopt new innovations. This was the premise around the Nigerian Stock Exchange (NSE) Market Data Workshop 2019 held in Lagos on Wednesday, September 11. The event themed: “Partnership, Products, and the Customer” brought stakeholders from the financial world, the technology sector, and academia together at the one-day event to look at the potentials of data analysis and positions investors to maximize returns at the stock market. The Chief Executive Officer of the stock exchange, Mr Oscar

By Ahmed Rahma A tech training and development hub, Bincom Dev Center, has launched an initiative called eMigr8 and it is aimed to help tech enthusiasts on some opportunities in foreign countries. The center’s Proservices Lead, Ms Olayinka Isimoya, while speaking on the initiative, said more than half of jobs now require some kind of technology skills, according to the United State Bureau of Labour Statistics. “By 2022, more than 77 per cent of jobs will require some kind of technology skills which means that in three years, three out of four jobs will need some level of technology and

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated  by 0.14 per cent on  Wednesday, April 12, following a positive price movement in the stock price of FrieslandCampina WAMCO Nigeria Plc The company, which makes Peak milk, was under fire for its Easter holiday advert material deemed offensive by Christians in Nigeria, performed strongly at the unlisted stock exchange yesterday as its shares grew by N1.19 each to settle at N81.38 per unit compared with the previous day’s N80.19 per unit. The milk maker later apologised for its action. The performance of the firm suppressed the N5 loss posted

By Adedapo Adesanya The NASD Unlisted Securities (NSI) closed last week with a negative return as the bourse fell by 0.25 percent to close the week at 703.01 points against 704.76 points. This happened as investors lost N1.28 billion in value as market capitalization closed at N516.41 billion compared to N517.69 billion in the preceding Friday. There was also a 16.9 percent decrease in the total value traded during the week as a total of N26.5 million were transacted by NASD investors compared to N31.9 million in the previous week. In the same pattern, the volume of the securities traded during the

By Modupe Gbadeyanka It is not the best of times for Evan Medical Plc, a company on the stock exchange battling for survival because of some issues staring at it. To compound its woes, a Lagos Judicial Division of the National Industrial Court has asked the healthcare firm to pay the sum of N71 million within 30 days. The amount, precisely N70.977 million, is outstanding salaries, allowances, gratuity and pension contributions of eight former employees of the company for their years of service. Justice Ikechi Nweneka, who ordered Evans Medical to make the payment, held that the various documentary evidence

By Dipo Olowookere President Muhammadu Buhari has said that the wanton destruction of properties in some parts of the country by hoodlums last week was capable of scaring investors away from Nigeria. Mr Buhari expressed this fear when he held a crucial meeting with all living former heads of state last Friday, a day after he addressed the nation two days after some soldiers opened fire on peaceful protesters in Lekki, Lagos. Some youths in the country had expressed their grievances over police brutality through a nationwide protest tagged #EndSARS but it was hijacked nearly two weeks into it, leading