Negative Investor Sentiment Persists on NSE as Index Sheds 0.08%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of transactions on Tuesday amid a mixed activity level chart. Business Post reports that the stalemate occurred after the NASD OTC exchange recorded no price gainer or loser, as the prices of stocks on the platform closed flat. Also, the total value of the alternative equity market, measured by the market capitalisation, remained unchanged at N1.138 trillion, and the NASD Unlisted Securities Index (NSI) closed flat at 805.29 points. During the trading session, investors traded a total of 501,437 units of

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Dipo Olowookere Customers of Meristem Securities Limited have been warned not to honour a mail asking them to subscribe to a bitcoin doubling service. In a notice sent to its clients over the weekend, the Securities and Exchange Commission (SEC)-approved stockbroker said it has nothing to do with such. The company said it has from good authority that a mail is being sent to members of the public using one of its business name, Meritrade, to ask them to transfer funds for the cryptocurrency service. “Our attention has been drawn to a certain Meritrade mail claiming that we offer

By Dipo Olowookere Chairman of Dangote Cement Plc, Mr Aliko Dangote, has disclosed that the cement giant plans to increase its production capacity in Nigeria by six million tons by next year. Mr Dangote, who is Africa’s richest man, said at a function in Lagos on Thursday that the firm was working to raise the installed capacity for cement production from the present 29 million tons to 35 million by 2020. “In Nigeria alone, we have 29 million tons installed capacity for cement production and we will be at 35 million by 2020,” Mr Dangote said while speaking at the

By FBNQuest Research The latest inflation report from the NBS shows headline inflation y/y at 16.05 percent in July – the sixth successive slowdown. The rounding off masks a decrease of just 5bps when compared with the previous month. Our expectation shared with wire service polls of analysts was a marginal uptick to 16.2 percent y/y. The growth in the core measure slowed from 12.5 percent to 12.2 percent, its lowest level since March 2016. In contrast, food price inflation accelerated from 19.9 percent to 20.3 percent.  The bureau’s commentary notes higher prices for all staples. Food inflation is now

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has claimed that the parallel segment of the foreign exchange (FX) market only accounts for 5 per cent of the total market share. Mr Emefiele made this claim in Abuja on Tuesday while reacting to a question on the value of the Naira on the black market, which stands at over N480/$1. According to him, the parallel market is an illegal market, wondering why analysts, who he said should know better, are quoting rates from the segment as the standard exchange rate for the local currency.

By Adedapo Adesanya As the year 2020 winds down, the bull made an appearance on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, December 30, causing the market to rise by 0.4 per cent. The day’s favourable outcome was boosted by the Niger Delta Exploration and Production (NDEP) Plc which recorded a rise in its stock price. At the previous session, which was the first trading day after the Christmas holidays, the unlisted securities market closed in a stalemate. But at the midweek session, this changed as the NASD unlisted securities index (NSI) moved up by 2.89

By Dipo Olowookere The N3.234 billion rights issue of C&I Leasing Plc has received the approval of the Securities and Exchange Commission (SEC), the apex regulator in the Nigerian capital market. C&I Leasing considered this option of fund raising so as to recapitalise and expand the business operations of the company so as to give more value to shareholders. This was echoed by the Managing Director/CEO of the firm, Mr Andrew Otike-Odibi, at the 28th Annual General Meeting (AGM) in Lagos in July 2019. According to him, “The business is at a point where we need equity injection and management

Some food items have been donated to several state governments across the country by Ecobank Nigeria. The items were given to the states as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have

By Dipo Olowookere The fight against corruption is no doubt a global one and efforts are being made to ensure the menace is defeated or at best curbed to the barest minimum. Since the inception of the administration of President Muhammadu Buhari in 2015, he has devoted much of his time to go after corrupt officials. However, his government has sought the assistance of international community in giving corruption a hard fight. According to the World Bank, over $20 billion is stolen annually by corrupt officials from African, Asian, South American and European countries. As the world marks the International