NASD Exchange Equity Market Size Remains at N510.44bn

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Modupe Gbadeyanka The Bank of Industry (BoI) has opposed the scrapping of the bank and the establishment of National Development Bank of Nigeria (NDBN). At the one-day public hearing organised on Monday by the Senate Committee on Bank, Insurance and Other Financial Institutions in National Assembly on a bill seeking to establish NDBN, the Acting Managing Director of BoI, Mr Waheed Olagunju, described the move as anti-people. He argued that the BoI already handles the responsibilities the proposed institution plans to carry out when granted the approval to operate. “We are of the opinion that BoI as presently constituted

By Modupe Gbadeyanka Jehovah’s Witnesses in Nigeria have opened a historical museum in Igieduma Village, Edo State, documenting activities of the religious group in the country for the past 100 years. The facility was inaugurated recently under an initiative called 100 Years of Courage, highlighting how some people came together to establish the sect in Nigeria in 1921. Nigeria is a diverse country with a rich cultural and historical heritage. The people making up the country have various social, religious and cultural experiences dating back several centuries. The advent of Christianity, with its increasingly various denominations, ushered in a new

By Adedapo Adesanya The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Haitham Al Ghais, has said that the coalition will help Africa achieve its energy transition plan amid market uncertainties. During his address at the African Energy Week in South Africa, the Secretary-General emphasised OPEC’s global outlook and the key challenges faced by the global oil markets, and Africa’s key role in the organisation. He also provided key insight into the organisation’s strategies for driving stability across Africa and the role the recent Declaration of Cooperation plays in improving stability. “With the real potential of a

By Aduragbemi Omiyale The immediate past chief executive of Binance, Mr Changpeng Zhao, otherwise known as CZ, has endorsed his successor, Mr Richard Teng, saying his appointment is good for the crypto industry. CZ was forced to step down from his position on Wednesday as part of a plea bargain to avoid a jail term over some market infractions. He agreed to resign from the position and pay a settlement of over $4 billion to the United States government. Announcing his decision to leave the organisation as the head, he described Mr Teng as a “highly qualified leader (who) will

By Dipo Olowookere Leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and the London Stock Exchange (LSE), Seplat Petroleum Development Company (Seplat) Plc, has announced the successful pricing of its $350 million senior notes due for 2023 offered at 9.25 percent. The firm, in a statement issued yesterday, explained that the “notes will be issued by the company and guaranteed by certa in of its subsidiaries. In the statement signed by its Chief Financial Officer (CFO), Mr Roger Brown, the gross proceeds of the notes would be “used to repay and cancel existing

By Adedapo Adesanya Oil prices fell on Tuesday on new worries that sluggish global economic growth could reduce energy demand. Brent futures fell by 42 cents or 0.6 per cent to settle at $76.29 a barrel, while the US West Texas Intermediate (WTI) crude futures declined by 41 cents or 0.6 per cent to settle at $71.74 per barrel. Prices had risen on Monday after Saudi Arabia said over the weekend it would cut output to around 9 million barrels per day in July from about 10 million barrels per day in May. Saudi Arabia, the world’s top oil exporter,

By Dipo Olowookere The Central Bank of Nigeria (CBN) has upwardly reviewed the loan to deposit ratio for Deposit Money Bank (DMBs) operating in the country “with immediate effect,” Business Post reports. The apex bank had in a circular dated July 3, 2019, with reference letter BSD/D1R/GEN/MDD/01/045, asked financial institutions to increase their LDR to 60 percent on or before Monday, September 2019. In a new circular, the CBN said it was given the banks till December 31, 2019, to improve their loan to deposit ratio to 65 percent, subject to quarterly review. According to the central bank, since it

By Aduragbemi Omiyale The Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) have been restrained from inviting and arresting the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. It was reported earlier that the country’s secret police was making efforts to arrest Mr Emefiele over allegations bordering on terrorism financing. The agency approached a federal high court in Abuja for an ex-parte order to detain the apex bank chief but its prayer was not granted by Justice John Terhemba Tsoho. On Thursday, Justice M.A. Hassan of the Federal Capital Territory (FCT) High