NASD OTC Bourse Opens Week 0.17% Higher

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Friday, with stocks likely to extend the recovery from yesterday?s early weakness. Renewed optimism about U.S.-China trade talks may generate some early buying interest after a report from CNBC said negotiations are set to resume October 10th in Washington. A person close to the talks said Chinese Vice Premier Liu He will be representing the delegation from Beijing at the meetings. The U.S. and China held deputy-level trade talks last week, although Treasury Secretary Steven Mnuchin called off a trip by Chinese officials to

By Dipo Olowookere The national scale rating of Dangote Cement Plc has been downgraded from Aaa.ng to Aa2.ng. This action was taken by Moody’s Investors Service and it was to factor a weaker Nigerian government rating. Last Wednesday, Moody’s announced a change in the sovereign outlook of Nigeria’s ratings to negative from stable. Consequently, the rating agency took actions on the ratings of Dangote Cement and two other companies operating in the country; IHS Netherlands Holdco B.V. (IHS) and Seplat Petroleum Development Company Plc (Seplat). In a report released on Saturday, Moody’s said it believes that the credit quality of

By Adedapo Adesanya The Kwara State Government has announced the immediate reversal of the pay cut and leave without pay directive to workers on its payroll. Commissioner for Tertiary Education, Science and Technology, Mrs Sa’adatu Modibbo Kawu, made this announcement in a statement on Monday. According to the Commissioner, the present administration under the Governor Abdulrahman Abdulrazak will continue to prioritise the welfare of staff and students, while ensuring accessible and qualitative learning in all institutions. “We recognise that the world is facing serious economic crisis at this time and Kwara is not immune. Even then, the Ministry of Tertiary

By Modupe Gbadeyanka A high-interest hybrid current account with zero bank charges called UnionAccelerate has been created by Union Bank for owners of medium-sized businesses across the country. It is part of the top Nigerian lender’s efforts to give lifeline to the Small and Medium-sized Enterprises (SMEs) sector of the economy, which has always been neglected. UnionAccelerate is a full-featured innovative banking solution that helps manage the challenges of high overhead costs and restrictive bank deductions experienced by businesses across the country. Union Bank’s Executive Director, Commercial Banking, Mr Kunle Sonola, who spoke on this innovation, explained that, “Offering zero

By Adedapo Adesanya A non-governmental organisation, Feed Me, has started an initiative of sharing food items on a monthly basis to the vulnerable and the less-privileged in the society. Mrs Oluwatunmise Mafe, the convener of the NGO, said in a statement that FeedMe and its partners would provide monthly food supplies to families in various communities in Lagos to alleviate their needs and enhance their nutritional level “Our plan for the next two years is to provide 100 families with food items like rice, beans, garri, semovita, vegetable oil and seasoning that will last them for a month. “The strategy

By Dipo Olowookere The Nigerian Nuclear Regulatory Authority (NNRA), the body responsible for regulatory oversight in the country, has received a pat on the back for measures put in place to ensure nuclear and radiation safety. This commendation came from an International Atomic Energy Agency (IAEA), which sent its Integrated Regulatory Review Service (IRRS) team to Nigeria on a 10-day mission to assess the regulatory framework for nuclear and radiation safety in the country. The team said it was impressed that Nigeria has a committed regulatory body that works for the continuous improvement of nuclear and radiation safety, but noted

By Hector Spiff The Business and Maritime Writers’ Association of Nigeria (BUMWAN) has congratulated the newly appointed three Deputy Comptroller Generals of Customs (DCGs) and three Assistant Comptroller Generals of Customs (ACGs) by President Bola Tinubu. Recall that the Nigeria Customs Service (NCS) announced the appointment of DCG Festus Okun, DCG Musa Baba Abdullahi, DCG Albashir Hamisu, ACG Kamarudeen Olumoh, ACG Auwal Baba Mohammed and ACG Adeogun Olajogun as the new management team that would pilot the affairs of the agency following the appointment of acting Comptroller General of Customs and the retirement of some senior officers. This decision was

By Ebitonye Akpodigha Nigeria’s Senate President, Mr Bukola Saraki, has disclosed that the upper chamber of the National Assembly has identified 11 bills to be passed into law to end the present economic recession in the country. Mr Saraki, in an interview with Bloomberg in Abuja on Thursday, noted that the Senate was poised to pass laws to help revive the economy. “We have 11 bills that we have identified as bills that we need to pass to get the economy up and running,” the Senate President told Bloomberg in the interview. “We are looking at how the private sector