NGX Group Excites Shareholders With 25 Kobo Interim Dividend

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Dipo Olowookere Despite some local key stakeholders in the Nigerian economy raising alarm on the rate of the countrys foreign debts, a renowned global rating agency, Standard and Poors (S&P Global Ratings), has said there is no cause for alarm. In a statement issued last Friday, S&P said though Nigeria’s economic performance remains weak, its external debt is moderate. However, the agency said fiscal consolidation would be key in the period ahead as President Muhammadu Buhari remains in office for another four year, noting that this should give him administration another opportunity to strengthen economic policy framework and consolidate

By Modupe Gbadeyanka Efforts would be made to provide protection for the over 9 million unprotected children in Nigeria, the Special Adviser to President Muhammadu Buhari on Social Investments, Mrs Maryam Uwais, has assured. The President’s aide said this category of children, who deal daily with violence, abuse, neglect, exploitation and exclusion, would be supported through the At-Risk Children Project (ARC-P). She explained that the vision of ARC-P is to comprehensively address cross-cutting concerns of at-risk children and provide them with a life of dignity. “In the family and communities, children should be fully protected so they can survive, grow,

By Adedapo Adesanya There are strong indications that the gridlock being experienced in the Apapa axis of Lagos State will not see any improvement this year. This is because the Presidential Task Team (PTT) on the Restoration of Law and Order has faulted stakeholders for sabotaging its efforts. The Vice-Chairman of PTT, Mr Kayode Opeifa, declared recently that his team has no control over the delay in transit ranging from three to six weeks for trucks to reach the ports from Mile-2, a distance of about 10 kilometres. Mr Opeifa, during a media tour of the Apapa port environment, said

By Dipo Olowookere The decision of the National Assembly to appropriate N13 billion for ‘refreshments, travels and welfare’ in the recently passed 2017 budget has infuriated the Centre for Anti-Corruption and Open Leadership (CACOL). Executive Chairman of CACOL, Mr Debo Adeniran, described this as “insensitive, gluttonous and selfish.” Mr Adeniran said, “The demonstration of insensitiveness to the sufferings and very pressing needs of the people is made very manifest by the budget of N13 billion for ‘refreshments, travels and welfare’ for NASS. “These are legislators that are too ‘embarrassed’ by the humongous remunerations such that they have to shroud it

Beginners who are interested in investing might find it extremely beneficial to learn about the basics of stock trading for various reasons. For starters, the term stocks trading is not accurate since the whole process does not involve any sort of actual “trading”. The whole process depends on buying and selling. This might seem pretty straight forward, but it’s actually quite intricate. Without understanding the basics of stock marketing, tilting the odds in your favour would be impossible. Here are some more reasons why it’s essential to learn everything you need to know before embarking on this adventure. Making the

By Adedapo Adesanya A new digital platform designed to deliver a wide range of investment products directly to individuals and other investors, M36, has launched in Nigeria. Through an innovative, user-friendly app, M36 offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers, local and foreign-denominated bonds, treasury bills and other fixed-income products. M36 also offers bespoke solutions for both new and experienced investors as well as a 24-hour lifestyle concierge service to meet the needs of discerning customers. In a rapidly evolving environment with changing consumer behaviour fueled by technology and growing access

By Modupe Gbadeyanka The first trading day of the week was positive for the local currency at the black market segment of the foreign exchange market. The Naira recorded a marginal gain of N2 against the Dollar, closing at N365 to the American currency. On the last trading day at the market last Friday, the Nigerian legal tender was sold at N367 per Dollar at the parallel market. Traders told Business Post that it would be very difficult for the Naira to exchange around N300 to the Dollar at the black market anytime soon. They said no matter the intensity

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has said the closure of eight oil terminals between August and October this year led to the loss of 17.86 million barrels. According to analysis, this loss was valued at about N556 billion at the official exchange rate of N411.95 to the Dollar. The collated data revealed that the affected eight terminals included Forcados, Bonny, Odudu, Brass, Yoho, Urha, Ajapa and Aje. The amount recorded in August was the highest as an equivalent of 6,680,620 barrels were lost. Further analysis of the report from the NNPC showed that 20 incidents