NASD USI Appreciates by 1% in One Week

Image

By Dipo Olowookere

Market metrics of the NASD OTC Market finished positive this week as the major indices appreciated, Business Post is reporting.

At the close of transactions yesterday, the NASD USI increased by one percent, closing at 692.52 points against 668.31 points last Friday.

Consequently, total market capitalization also gained one percent this week, closing higher at N468.7 billion compared with N465.8 billion last Friday.

During the week, Central Securities Clearing System (CSCS) Plc recorded the highest volume of trades, selling 1.8 million units representing 95.03 percent of the total volume of transactions at the market.

CSCS Plc also recorded the highest value of transactions at the market, selling N20.7 million worth of securities during the week, representing 65.58 percent of the total value achieved by the market.

Consequently, CSCS emerged the highest gainer, appreciating by 5.37 percent to close at N10.63k in contrast to N10.06k in the last session.

Share
Related Stories
Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

More Stories
Image
29-August-2016

2016 Cowbellpedia: Abia Cruises Into Semi-Final

By Modupe Gbadeyanka The ‘mental warfare’ among Nigeria’s young inventors in the on-going Cowbellpedia Mathematics Television Quiz Show continued last weekend as Onyedikachi Ukpabi of Britarch Secondary School, Umuahia, got a semi-final ticket for  Abia State. Abia is now the second state from the South East Nigeria to cruise into the semi-final stage. It will be recalled that two weeks ago, Amarachi Imo of Federal Government College, Owerri, secured a semi-final ticket for Imo State, and the first for the zone. Last weekend, 13-year-old Ukpabi who got a perfect score in the qualifying written exam, entered into a preliminary ‘battle’

Image
04-January-2021

Nigerians to Expect Tougher Economic Hardship in 2021—Iginla

By Modupe Gbadeyanka The year 2020 was not good for Nigerians economic-wise as a result of the COVID-19 pandemic but their hopes for a better year in 2021 may have been dashed. This is because Prophet Joshua Iginla, the senior pastor of Champions Royal Assembly, Abuja, has prophesied that Nigeria will witness a tougher economic hardship in the year. In his 34 revelations for the year released on New Year eve, the cleric noted that the government will shut down the economy for a second time because of Coronavirus. In the second quarter of 2020, the federal government imposed a

Image
09-November-2021

Meta Takes Facebook Business Coach to WhatsApp

By Adedapo Adesanya and Sodeinde Temidayo David Meta, formerly Facebook, has launched Facebook Business Coach, an innovative and easily-accessible way for owners of small-and-medium-sized businesses (SMBs) in Nigeria and other English speaking countries in Africa to learn more about how to grow their business online with WhatsApp. The Facebook Business Coach available on WhatsApp is a free-to-use, low data cost educational chatbot tool that users can interact with in a simple, conversational, and convenient way. With the new feature, small business owners have access to automated, self-paced lessons that teach them how to establish a presence in today’s ever-evolving digital

Image
30-July-2019

Naira Appreciates at I&E, Interbank Windows

By Adedapo Adesanya Monday, July 29, 2019, closed at the Investors and Exporters (I&E) segment on a positive note for the Naira, with the local currency appreciating by 10 kobo against the US Dollar as the pressure on the Naira begin to ease. At the market, the local currency traded against the American dollar at N361.87/$ from the previous N361.97/$, with the daily market turnover on Monday at $171.89 million. At the interbank, it was also a similar story as the Naira appreciated against the American Dollar, but this time by 5 Kobo to traded at the close of business

Image
17-November-2019

SEC Proposes Rule to Protect Investors, Stockbrokers from Risks, Losses

By Dipo Olowookere A rule to look into issues associated with stockbroking operations and protect investors in the event of the occurrence of the risk or loss insured is being proposed by the Securities and Exchange Commission (SEC). In a disclosure, SEC said guideline, which will come under Rule 27A is mainly “to exempt capital market experts/professionals from maintaining fidelity bonds and enable the establishment of an insurance product for dealing members of securities exchanges to cover the risks associated with stockbroking operations and protect investors in the event of the occurrence of the risk or loss insured.” The apex

Image
27-October-2022

Nigeria’s One-Year Treasury Bill Clears at 14.5% at PMA Amid Low Demand

By Dipo Olowookere Treasury bills investors got the investment tool at a rate higher than they bought two weeks ago as the Central Bank of Nigeria (CBN) further increased the stop rates across the tenors to retain its demand. However, it was observed that despite this action, the exercise was marred by a low appetite for the asset class, and traders weighed the macroeconomic risks, especially in the foreign exchange (FX) market, as it erodes the gains in Naira investments. At the primary market auction (PMA) held on Wednesday, the apex bank came with high hopes by offering a total

Image
02-November-2018

CBN Mops up N517b to Curb Inflation as Investors Snub OMO Auction

By Dipo Olowookere In order to soak up excess liquidity in the financial system, the Central Bank of Nigeria (CBN) on Thursday conducted an Open Market Operations (OMO). However, this sale of treasury bills via the secondary market by the apex bank was not too successful as investors did not fully participate in the exercise. The central bank had intended to mop up N1 trillion from the system, but could only raise N517.62 billion from market players with the stop rates flat. However, the amount raised by the CBN was able to soak the inflows from about N382 billion in

Image
08-February-2021

Jobberman Chooses Rolake Rosiji as New CEO

By Adedapo Adesanya A popular job searching platform in Nigeria, Jobberman, has appointed Mrs Rolake Rosiji as its new Chief Executive Officer (CEO). In a statement released by the company today and sighted by Business Post, it was stated that the new CEO will take over from Ms Hilda Kragha, who takes on the role of Managing Director of ROAM Africa Jobs. Mrs Rosiji as head of the largest job placement platform in sub-Saharan Africa will continue the work of establishing Jobberman as the primary platform for job searching, talent acquisition, and transforming workplace productivity across Nigeria. According to the statement,

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in