NASD Investors Gain N2.5bn in One Week

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Adedapo Adesanya The Nigerian Ports Authority (NPA) has purchased two new multi-million-dollar tugboats, MT Musawa and MT Ikoro-Ekiti, to improve its capacity. The tugboats were commissioned by Mr Rotimi Amaechi, the Minister of Transport, on Friday. He explained that the Damen’s 2810 model tugboats will aid the manoeuvring of vessels to berth and unberth, improve the turnaround time of vessels as well as the firefighting capacity at the ports. In his address, Mr Amaechi said the federal government places a lot of importance on the ports, adding that the fact that the ports have remained opened in spite of

A fintech venture in digital lending, Yabx, has entered Mexico as part of its expansion strategy in the Latin America region. Also, the company announced the appointment of Javier Chavez-Ruiz as Business Sales Associate for the region. Incubated by Comviva Technologies, a global leader in mobile financial services, Yabx is a part of the $21 billion Mahindra Group. It aims at simplifying financial access to new-to-credit customers and MSMEs in the Latin America region by providing financial access to the under-served. It leverages technology and analytics to reduce the cost of delivering financial services, thereby bringing banking services to the

By Adedapo Adesanya Last week, which was the 38th trading week at the NASD Over-the-Counter (OTC) Securities Exchange, investors lost 2.37 per cent or N23.06 billion of their shares as a result of low appetite for the unlisted stocks. Uncertainties in the macroeconomic environment affected the interest of traders in the bourse and consequently depleted its value to N952.51 billion from the N975.57 billion reported in the preceding week. Business Post reports that this also affected the NASD Securities Index (NSI), which decreased by 17.53 points to settle at 723.56 points as against the 741.09 points it finished a week

By Dipo Olowookere Commercial paper worth N20 billion is being offered for sale to investors in the nation’s capital market by one of the leading brewers, Nigerian Breweries. The brewery giant is selling the paper off its N100 billion commercial paper programme approved by the Securities and Exchange Commission (SEC), the apex regulatory organisation in the Nigerian capital market. Business Post reports that the exercise commenced on Wednesday, January 11, 2023, and would end on Monday, January 16, 2023. The commercial paper sales are in three maturities of 91 days, 120 days and 154 days. Commercial papers are debt instruments

By Modupe Gbadeyanka Leading soap and cosmetic manufacturer, PZ Cussons Plc, has said it is not expecting much from its businesses in Nigeria. A subsidiary of the British firm in the Africa’s largest economy, PZ Cussons Nigeria Plc, is listed on the local stock exchange based in Lagos. In its trading update for the third quarter ended February 29, 2020, PZ Cussons said revenue from its African operations declined overall in the period under review. It further said continued growth in Electricals and in selected premium brands from the continent was impacted by continued decline in its value brands in

By Dipo Olowookere For the fourth time this week, the Nigerian Stock Exchange (NSE) closed in the negative territory as investors continue to take profit from the gains posted last week. The All-Share Index (ASI) consequently declined further on Thursday by 24.88 points or 0.09 percent to 26,913.70 points from 26,938.58 points, while the market capitalisation decreased by N12 billion to N12.990 trillion from N13.002 trillion. However, the volume of shares traded by investors improved in the day by 83.60 percent to 207.3 million from 112.9 million, while the value of the trades rose by 164.26 percent to N2.9 billion

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) will on Friday, February 7, 2020, hold an investment summit at the Stock Exchange House, Lagos from 10am to 1pm. The workshop is a collaboration with Meristem Wealth Management Limited and centred around Smart Ways to Invest, with a focus on Exchange Traded Funds (ETFs). According to information gathered by Business Post, the programme is designed to help investing public appreciate how ETFs can be used as a proxy for investing in the Nigerian capital market. “It will also afford new and prospective investors the opportunity to understand the various smart investing

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the week in a flat territory on Friday, November 12 as the major performance indicators of the unlisted securities exchange remained unchanged at the close of transactions. The NASD Unlisted Security Index was intact at 757.16 points yesterday as the capitalisation retained its previous value of N625.55 billion, according to data from the bourse. It was observed that the market was relatively quiet during the session as not much activity was recorded, going by the activity chart. A total of 20,900 units of securities were transacted by investors at the