NASD OTC Exchange Suspends VFD Group Amid NGX Listing Plans

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

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 Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Modupe Gbadeyanka Chinese Consul-General, Mr Chao Xiaoliang has revealed that his country has invested $22 billion in some projects in Nigeria, with another $23 billion on-going investment. Addressing journalists on Friday at the Chinese Lagos Consulate, Mr Xiaoliang noted that Chinese investment in Nigeria grew by 27 percent in 2016. According to him, apart from the investment, his country also made available to Nigeria Chinese technology, management and experienced talents, which he said has hugely enhanced the diversification and development of Nigerian economy. “Although, under the world sluggish economy, we witnessed the downward of trade volume between China and

By Adedapo Adesanya The federal government has deployed the two recently acquired N1.7 billion automated mobile air traffic control towers to Lagos and Abuja airports as part of measures to boost air safety in the country. The state-of-the-art equipment will enhance good backup for conventional towers. Mobile air traffic control tower serves for navigation and air traffic control at provisional air stripes and other airports that do not have an air control tower. Speaking at the unveiling ceremony, the Minister of Aviation, Mr Hadi Sirika, disclosed that the Nigerian Airspace Management Agency (NAMA) had been proactive in the matter concerning

By Investors Hub The major U.S. index futures are currently pointing to a modestly higher opening on Monday, with stocks likely to move back to the upside following the weakness seen last Friday. Early buying interest may be generated in reaction to news that a Treasury Department spokeswoman denied reports the Trump administration is considering delisting Chinese companies from U.S. stock exchanges ?The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States,? Treasury spokeswoman Monica Crowley said in a statement. Crowley?s statement comes on the

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to move back to the downside after ending the previous session modestly higher. Profit taking may contribute to initial weakness on Wall Street following the upward trend seen over the past several sessions. A negative reaction to earnings news from several big-name companies may also weigh on the markets early in the trading day. Stocks moved modestly higher over the course of the trading session on Wednesday after initially showing a lack of direction. The Dow reached its best closing level

By Adedapo Adesanya  Brent Crude extended gains on Thursday, December 26, after the Christmas break, affected by data, which showed a weekly decline than expected in US crude inventories. The data by the American Petroleum Institute (API) showed that U.S. crude supplies fell by 7.9 million barrels for the week ended December 20 which was more than analysts’ expectations of 1.83 million barrels. As a result, Brent Crude continued to trade around the $66 mark on Thursday, climbing 59 cents or 0.89 percent to $66.75 per barrel, while the US West Texas Intermediate (WTI) crude was up by 57 cents

A number of Nigerian banks have offered credit facility worth N50 billion to Airtel Nigeria, a telecom company, which plans to list its shares on both the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE) on July 4, 2019. In its offer prospectus, the firm said the loan agreement was signed on June 17, 2019, stating that the banks would allow it to make a repayment in five years, with two-year moratorium. “Airtel Nigeria entered into a bank facility agreement for an amount of N50 billion, which is available for a period of 180 days from the acceptance

By Dipo Olowookere Key stakeholders in the built industry have been assured of strong backing by the Securities and Exchange Commission (SEC) so as to reduce the housing deficit in Nigeria. The agency, through its director-general, Mr Lamido Yuguda, stated that it looks forward to having the players explore the capital market to tackle the issues. Mr Yuguda, while speaking at a meeting with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja on Wednesday, stated that, “There is a renewed focus on Real Estate Investment Trust (REIT) now, we are getting to see how the sector contributes

By Dipo Olowookere A non-executive director on the board of Berger Paints Nigeria Plc, Mr Wole Abegunde, has tendered his resignation letter. A statement issued by the firm disclosed that Mr Abegunde left the company effective Thursday, October 25, 2018. It was explained that Mr Abegunde decided to exit the board as a result of his demanding schedule and other commitments. “This is to inform our stakeholders that Mr Wole Abegunde, a Non-Executive Director of Berger Paints Nigeria Plc. (BPN), has resigned from the board effective October 25, 2018. “Mr Abegunde has been constrained to resign due to his demanding