NDEP Pulls Down Unlisted Stock Exchange by 0.08%

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as investors went for Ardova, MRS Oil, Transcorp, UBA, and other stocks. The growth posted by the stock market on the last trading session of the week was supported by most of the sub-sectors of the bourse, with the energy index rising by 1.36 per cent. The insurance sector appreciated by 0.65 per cent, the banking counter improved by 0.22 per cent, and the industrial goods space went up by 0.02 per cent, while the consumer goods sector depreciated by 0.13 per cent. When the

By Modupe Gbadeyanka A trade mission led by the Foreign Agricultural Service Deputy Administrator, Mr Mark Slupek, arrived in Cairo on April 2. Over 40 American business representatives plan to meet with senior Egyptian government and private sector officials to discuss ways to expand agricultural trade between the United States and Egypt. Coordinated by the Embassy’s Office of Agricultural Affairs, the visit will include briefings, one-on-one meetings, and site visits. “The potential for market expansion in Egypt is great,” said Deputy Administrator Slupek. “This is the first time we’ve led a trade mission to North Africa, we’re hoping that we’re

By Hussaini Monguno On November 15, 1884, 14 mainly European countries gathered in Berlin for a meeting which lasted to February 26, 1885. The aim of that conference was to split the continent of Africa and share it to the Europeans who were scrambling over it. The countries represented were; Austria-Hungary, Belgium, Denmark, France, Germany, Great Britain, Italy, the Netherlands. Others included; Portugal, Russia, Spain, Sweden-Norway (unified from 1814 to 1905), Turkey, and the United States of America. Of these 14 nations, France, Germany, Great Britain, and Portugal were the major players in the conference, controlling most of Africa at

By Dipo Olowookere The management of Emerging Markets Telecommunication Services Ltd. (EMTS), trading as 9mobile in Nigeria, has apologised to its numerous subscribers experiencing some disruptions with voice, SMS and data services. The telecommunication firm, which is reputed for quality service delivery, disclosed in a statement on Wednesday that the hiccup was due to a “technical issue.” It was further explained that there was a network outage in one of the company’s data centres which resulted in the service disruption. However, 9mobile’s Vice President in charge of Regulatory & Corporate Affairs, Mr Ibrahim Dikko, said in the statement that, “Our

By Modupe Gbadeyanka The board of directors of Unilever Nigeria Plc has approved the financial statements of the company for the period ended June 30, 2019. This was done at the board meeting, which took place on Thursday, July 18, 2019, at 1, Billingsway, Lagos, a statement issued by the firm disclosed. At the meeting, it was resolved that the unaudited interim financial statements of the organisation for six months ended June 30, 2019 should be released to the perusal of the shareholders and investing public on or before end of this month. “This is to notify the Nigerian Stock

By Adedapo Adesanya The Nigeria National Petroleum Corporation (NNPC) alongside China’s CNOOC Limited and South Atlantic Petroleum (SAPETRO) has signed a preliminary agreement to resolve a dispute over Oil Mining Lease (OML) 130. The disclosure was made by the national oil, which explained that the signing happened on Thursday and was led by the Group Managing Director, NNPC, Mr Mele Kyari, with representatives from both firms. NNPC said on its official Twitter account that it signed a Heads of Terms (a non-binding broad outline of a deal) with the Chinese and Nigerian firms that seek to address disagreements over the

By Adedapo Adesanya It was a winning opening day for the Naira as it gained N1.04 or 0.25 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Monday, December 13. At the spot market yesterday, the local currency was traded at N414.06/$1 compared with N415.10/$1 it was transacted last Friday. During the session, the turnover increased by 43.8 per cent or $37.01 million as forex worth $121.45 million was traded compared with the $84.44 million executed at the previous trading day. However, at the interbank segment of the market,

By Modupe Gbadeyanka The Managing Director of the Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman, has been given another chance to steer the ship of the agency for another term of five years. This followed the approval of her reappointment by President Muhammadu Buhari, who may have been impressed with the handling of the NPA by the Kaduna State-born politician. On Thursday, the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, disclosed that the board of the NPA has been reconstituted with the appointment of non-executive members. This has placed Mr Emmanuel Olajide Adesoye from