NASD Market Closes Positive by 3.4%

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

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Modupe Gbadeyanka The Nigerian Shippers’ Council (NSC) has requested for a legal backing to carry out regulatory activities within ports in the country. This, the association explained, would help tackle irregularities at the nation’s ports and usher in sanity. President of NSC, Mr Jonathan Nicol, in a statement to newsmen in Lagos, stressed that the absence of an enabling legal framework was a setback to many efforts of the Federal Government at the ports. “We believe that the introduction of a port economic regulator will fight irregularities and usher in sanity,” he said. “If our port environment is not

By Dipo Olowookere The Federal Government says it has now released enough funds to start the serving of one hot meal a day to more than one million primary school pupils across seven States in the country, under the National Homegrown School Feeding Programme. This disclosure was made on Monday morning by Mr Laolu Akande, Senior Special Assistant on Media & Publicity to the President, Office of the Vice President, while giving a media update on the Social Investment Programme of the Buhari administration. He said specifically, a total sum of N844,360,550 has so far been released for the commencement

By Aduragbemi Omiyale A majority shareholder in AIICO Insurance Plc, DF Holdings Limited, has acquired additional shares of the underwriting firm. The transaction occurred on Thursday, December 31, 2020, a notice from the company and pasted on the Nigerian Stock Exchange (NSE) revealed. It was disclosed that DF Holdings bought a total of 474,603,596 units of the company’s stocks at N1.17 each, amounting to N555.3 million. DF Holdings is owned by Mr Dele Fajemirokun, a Nigerian businessman, entrepreneur, investor, venture capitalist and philanthropist. The graduate of Business Economics from the prestigious University of Ife (now Obafemi Awolowo University) in Ile-Ife,

By Adeniyi Ogunfowoke Since almost half of the body is made up of water, drinking several cups every day is one of the simplest ways to better your health and lifestyle. Notwithstanding, what you may not be aware of is that there is an easier way to enjoy the amazing benefits of water and improve your general wellbeing. All you have to do is to drink water after you wake up in the morning. It may sound so easy but many people do not do it. Perhaps after reading these benefits of drinking water in the morning shared by Jumia Travel, the

By Modupe Gbadeyanka Nigerian Stock Exchange (NSE) has announced lifting the suspension it place last week on trading in the shares of Equity Assurance Plc. Precisely on Wednesday, July 5, 2017, the stock market regulator suspended trading in the shares of the firm and 16 others for failing to submit their accounts as stipulated. Earlier this week, one of the affected companies, Sovereign Trust Insurance Plc, was pardoned after complying. A statement signed by Mr Godstime Iwenekhai, who is the Acting Head, Listings Regulation Department at the NSE, disclosed that the embargo on Equity Assurance shares was removed on Friday

By Aduragbemi Omiyale The ambience at the Nigerian Exchange (NGX) Limited on Customs Street, Lagos is oozing excitement and the reason is not far-fetched. The local bourse is launching the first Exchange Traded Derivatives (ETD) market in West Africa today, Thursday, April 14, 2022, with Equity Index Futures Contracts. The launch of the NGX ETD market saw the listing of two Equity Index Futures Contracts; NGX 30 Index Futures and NGX Pension Index Futures, with more securities to be added in the future. To promote clearing efficiency, stability, and confidence, the exchange has collaborated with a premier Central Counterparty (CCP)

By Dipo Olowookere There are plans to create a new city within Abuja that will become the industrial hub where forward-thinking entrepreneurs will make their first choice. The main driver of this vision is the Lagos-based luxury real estate company known as Sujimoto Construction, which has made its mark in the commercial capital of Nigeria. Recently, its Managing Director/CEO, Mr Sijibomi Ogundele, held a crucial meeting with the Minister of State of the Federal Capital Territory (FCT), Mrs Ramatu Tijjani Aliyu. At the meeting, which was supposed to last for only 15 minutes but ended after three hours, Mr Ogundele