NASD Sheds 0.32% After CSCS Loses 57 Kobo

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya Amid global tensions spurred by the spat between the United States and Iran, oil prices are expected to keep trading upward this week especially for Brent Crude. On Monday morning, the oil futures hit $70 per barrel. As for the West Texas Intermediate (WTI), it traded to its highest point in seven months following the attack last week, hitting the $64 per barrel mark. This would be the first time since April 2019 that the future had reached that level. Oil prices were already experiencing a good outlook before the news broke out that the United States

**As DataCloud Europe Summit Honours Opeke By Dipo Olowookere Chief Executive Officer of MainOne, Ms Funke Opeke, has been recognised for her role in transforming the data centre and cloud landscape in Europe, the Middle East and Africa (EMEA). At the Data Center Africa Summit, which took place at the DataCloud Europe 2017 conference in Monaco, Ms Opeke was nominated as one of 50 top influencers transforming the sector. The DataCloud Europe conference, which has attracted over 1800 Data Center and Cloud executives from more than 60 countries as well as over 90 exhibiting companies, is the foremost networking event

By Adedapo Adesanya The World Bank has projected a surge in the inflation rate in Nigeria following the removal of fuel subsidy and the floating of the Naira by the administration of President Bola Tinubu. Nigeria’s inflation rose by 22.41 per cent last month, according to a new figures released by the National Bureau of Statistics (NBS) on June 15. It was higher than the 22.22 per cent recorded in April 2023. Speaking at an event organised by the World Bank to assess the nation’s economy in the last six months on Tuesday, the Country Director for Nigeria, Dr Subham

By Investors Hub Asian stocks succumbed to heavy selling pressure on Friday as broad declines on Wall Street and in Europe overnight overshadowed encouraging data from China. Chinese shares bucked the weak trend to end a tad higher as official manufacturing and services sector data added to signs of a stabilizing economy. The benchmark Shanghai Composite Index edged up 3.00 points or 0.1 percent to 3,191.06, while Hong Kong’s Hang Seng Index slid 200.84 points or 0.8 percent to 25,764.58. China’s official manufacturing PMI rose to 51.7 in June from 51.2 in May, indicating the quickest pace of expansion in

By Dipo Olowookere With the February 11, 2018 deadline for registration fast approaching, secondary school authorities across the country are besieging the Cowbellpedia registration portal to enlist their students for the 2018 Cowbellpedia Secondary School Mathematics Television Quiz Show. The qualifying examination is slated for Saturday, February 17, 2018, at designated centres nationwide. According to Abiodun Ayodeji, Marketing Manager of Promasidor Nigeria Limited, makers of Cowbell, Our Milk, and sponsors of the competition, registration for this year’s Cowbellpedia competition is strictly online via the website www.cowbellpedia.ng and it is absolutely free. Each participating school, he further explained, is entitled to

By Adedapo Adesanya Oil prices edged higher on Friday, with the global crude benchmark, Brent, posting a fourth monthly gain as demand is seen growing faster than supply. Yesterday, the oil futures went up by 28 cents or 0.37 per cent at $76.33 per barrel, while the West Texas Intermediate (WTI) crude oil futures closed 19 cents higher or 0.26 per cent at $73.95 per barrel. Prices ended higher for the week on the back of the favourable supply and demand dynamics as concerns over the Delta variant’s impact on global fuel demand ease, supporting oil bulls moving forward. Analysts

By Investors Hub European stocks have moved modestly higher on Tuesday, with hopes for a U.S.-China trade deal that could boost global growth offsetting disappointing earnings news from the likes of Pandora, Adecco Group and Telefonica. While the German DAX Index has inched up by 0.1 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 0.3 percent. Specialty chemicals company Evonik Industries has moved sharply higher after the company reported that its net income for the third quarter surged to 1.48 billion euros from 329 million euros in the same period last year.

By Dipo Olowookere Chairman of Lagos State Independent Electoral Commission (LASIEC), Justice Ayotunde Phillips, has embarked on the tour of the Commission’s offices in the various Local Government Councils to confirm available report on the state of the offices for the electoral officers of the Commission. Speaking during an inspection tour to three councils in the Badagry area of the state, Justime Phillips said the commission had to embark on the on-the-spot assessment tour of its offices because of its desire to make the offices conducive for officers before the next local government elections in the state. In his remarks,