NASD Index Suffers 0.2% Decline in One Week

Image

By Dipo Olowookere

Activities at the trading floor of the NASD OTC Market ended the week on Friday bearish with major indices pointing south.

Specifically, the NASD Unlisted Securities Index (USI) depreciated by 0.2 percent, closing at 705.75 points, lower than the 707.45 points recorded the previous Friday.

Consequently, total market capitalization declined 0.2 percent at the close of business on Friday, finishing lower at N477.60 billion compared with N478.15 billion a week earlier.

The topped losers’ chart was led by Niger Delta Exploration & Production Plc, which lost 10 percent of its share value to settle at N149 per share against N150 per share it ended earlier.

On the flip side, UBN Property Company Plc closed as the topped gainer after appreciating by 0.67 percent to finish at N2 per share versus N1.80k per share it previously traded.

Share
Related Stories
Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

More Stories
Image
07-August-2020

Abuja Court Convicts Naira Marley for Lockdown Violation

By Adedapo Adesanya Music star, Mr Azeez Fashola, popularly known as Naira Marley, has been convicted by an Abuja mobile court for violating COVID-19 protocols in June 2020. The FCT Administration had filed a four-count charge against him for hosting a concert in Abuja, in clear violation of COVID-19 directives. Concerts and event centres have been shut down across the country by the government as part of efforts to contain the spread of coronavirus disease. Magistrate Idayat Akanni, who presided over the court session on Friday, August 7, consequently fined the Lagos-based musician N200,000 after he pleaded guilty to the

Image
21-July-2018

FAAC Shares May Revenue of N668.9b to FG, States, LGs

By Dipo Olowookere The N668.9 billion generated in the month of May 2018 has been shared to the three tiers of government after series of disputes over the funds. The inability of the Federation Accounts Allocation Committee (FAAC) to disburse the revenue the federal, states and local governments has made it impossible for state governments to pay salaries to their workers. There have been disagreements over the amount submitted by the Nigerian National Petroleum Corporation (NNPC) to FAAC with state governments accusing the oil agency of under-remitting revenues. Director of Information at the Federal Ministry of Finance, Mr Hassan Dodo,

Image
26-October-2016

The Initiates Plc Gets Nigerian Stock Exchange Listing

By Modupe Gbadeyanka A waste management company, The Initiates Plc, has been listed on the Nigerian Stock Exchange (NSE). The firm, serving various sectors of the Nigerian economy with significant strides in the Nigerian hazardous waste sub sector, got the listing on Tuesday. Business Post correspondent gathered that a total of 889,981,552 ordinary shares of 50 kobo each of the company were listed at N0.85 per share by introduction on the Alternative Securities Exchange Market (ASEM) of the NSE. Managing Director/Chief Executive Officer of The Initiates Plc, Mr Reuben Ossai, noted that the listing was part of the management’s strategic

Image
02-July-2017

Aisha Buhari Flies to London Again to See Ailing Hubby

By Dipo Olowookere Mrs Aisha Buhari, wife of President Muhammadu Buhari, on Sunday, left the shores of the country to London to see her husband, who has been away for nearly two months for medical treatment. The Nigerian First Lady is travelling to the United Kingdom about three weeks after she made a similar trip to see her husband. When she returned then, she claimed her husband was doing fine and was recuperating fast. But reports later emanated that while in London, she was not allowed by the cabal to see the President. Last week, Governor Ayodele Fayose of Ekiti

Image
12-November-2019

Visa Buys Stake in Interswitch to Raise Value to $1bn

By Modupe Gbadeyanka World leader in digital payments, Visa Incorporated, has invested millions of Dollars in leading technology-driven company in Nigeria, Interswitch Limited to raise the valuation of the valuable African FinTech business to $1 billion. A statement from Interswitch confirmed that Visa is joining its fold as a minority shareholder, with the transactions, expected to close by Q1 2020, subject to relevant regulatory approvals. There had been reports that Visa invested about $200 million in Interswitch to take 20 percent controlling stake in the Nigerian firm, but Interswitch, which did not confirm this, said the strategic partnership between both

Image
28-January-2024

East-West Road: FG Suspends Reconstruction on Eleme Section

By Adedapo Adesanya The Minister of Works, Mr David Umahi, has ordered the immediate stoppage of the ongoing reconstruction of the Eleme section of the East-West road in Rivers State over the alleged sharp practices of the contractor handling the project. Mr Umahi gave the order during a project inspection of the East-West road in Port-Harcourt on Saturday. The Minister, who was accompanied by Mr Barry Mpigi, the Senator representing Rivers South-East, further said the project should stop pending when some irregularities he observed in the project are resolved. He revealed that the contractor, Reynolds Construction Company (RCC), had been

Image
06-August-2016

Minister Tasks Editors On Change Agenda

  The Minister of Information and Culture, Alhaji Lai Mohammed, has commended the Nigerian Guild of Editors (NGE) for being part of the on-going determined efforts to tackle the various challenges facing the country, especially in the area of the economy. Speaking at the All Nigerian Editors Conference (ANEC) 2016 in Port Harcourt on Thursday, the Minister however urged the Editors to do more by becoming the Champions of Change. ”Permit me to start my remarks by commending the Nigerian Guild of Editors for the well-thought-out theme for this 2016 Conference, which is ”Economic Diversification: Agriculture as an option for

Image
24-May-2019

Brexit: Theresa May to Resign as UK Prime Minister June 7

By Modupe Gbadeyanka Mrs Theresa May has announced that she will cease to the Prime Minister of the United Kingdom from Friday, June 7, 2019. The second female Prime Minister in the UK, in an emotional speech on Friday, May 24, 2019, said she was quitting after all efforts to ensure the exit of the region from the European Union failed. She noted that it was time for her to allow another person lead the country. “Ever since I first stepped through the door behind me as prime minister, I have striven to make the United Kingdom a country that

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods