NASD OTC Bourse Remains in Red Zone After 0.02% Decline

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The oil market reacted to plans by Russia to deeply cut its crude exports next month, with Brent rising by 2 per cent or $1.61 to trade at $82.21 a barrel, while the US West Texas Intermediate (WTI) rose by 2 per cent or $1.44 to $75.39 a barrel. Prices got an early boost from Russia’s plans to cut oil exports from its western ports by up to 25 per cent in March, exceeding its announced production cuts of 500,000 barrels per day, according to Reuters. Russia had already announced plans to cut its oil production by

By Investors Hub The major US index futures are pointing to a modestly lower opening on Wednesday, with stocks likely to give back some ground after trending higher in recent sessions. Profit taking may contribute to early weakness on Wall Street, as traders cash in on the gains posted over the past few days. Nonetheless, trading activity may be somewhat subdued as traders look ahead to remarks by Federal Reserve Chair Janet Yellen later in the day. Stocks moved mostly higher over the course of the trading session on Tuesday, adding to the gains posted in the previous session. With

By Adedapo Adesanya  Prices of crude oil went down by more than 4 percent at the international market on Friday as a result of reports which fuelled doubt that the extension on production cut that is expected to be made at next week’s meeting of the Organization of Oil Exporting Countries (OPEC) may not follow through. As a result of this, major futures depreciated from gains gathered during the month of November. By implication, Brent crude, the international benchmark which traded up to $64 during the week, fell by 4.39 percent as it shed $2.78 to trade at $60.49 per

By Modupe Gbadeyanka The board of Flour Mills of Nigeria has disclosed that proceeds from its N39.85 billion rights issue would be used to expand its operations to make the firm more competitive as well as used to strengthen its balance sheet. Speaking on Thursday at the Nigerian Stock Exchange (NSE) during its presentation of Facts Behind the Figures on the exercise, Chairman of Flour Mills, Mr John Coumantaros, stressed that this would bring about better returns for shareholders. He noted that the rights issue would be used primarily to pay down some of the company’s outstanding short-term debt in

By Adedapo Adesanya The 2019 Global Multidimensional Poverty Index (MPI) Report has revealed that the number of “multi-dimensionally poor” Nigerians increased by 12 million from 86 million to 98 million between 2007 and 2017. The report, released in New York on Thursday by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative, noted that the proportion of people who “are multi-dimensionally poor” had remained constant at just over 50 percent over the past decade up to 2017. Multidimensional poverty includes the various deprivations experienced people in their daily lives – such as poor health, lack

By Otori Emmanuel Many organizations are seeking ways to offer their products and services to customers in an efficient way in order to save time, ease the processing of the orders and provide the highest quality of delivery at the expected time. One major opportunity that most start-ups are not taking advantage of is the availability of data in the public domain as well as the internal data they are gathering to make business intelligent decisions. Organizations are drowning in an overwhelming amount of data and know little or nothing about gaining insights from the data and turning them into

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) reversed the downward trend recorded yesterday to end on a positive note on Tuesday. The capital market indices improved by 0.12 percent at the close of trading activities today, which brought a little bit of confidence to investors. Business Post correspondent reports that market capitalisation went up by N11 billion to finish at N9.36 trillion in contrast to N9.34 trillion achieved yesterday, while the all-share index grew by 32.39 points or 0.12 percent to close at 27,252.48 points against 27,220.09 points it recorded the previous day. Okumu Oil appreciated by N3.95k to

By Adedapo Adesanya Following a successful rollout of its 5G network in Lagos and Abuja on Wednesday, MTN is set to extend the service to more cities including Port Harcourt, Enugu and Kano. Having won the 3.5GHz spectrum licence for 5G network rollout in December last year, coupled with the issuance of the 5G spectrum licence in May this year, MTN Nigeria Communications Limited was able to successfully kick start the rollout. The Chief Executive Officer of MTN Nigeria, Mr Karl Toriola, had said MTN was ready for rollout, having the required 5G equipment on the ground. MTN kept to