NGX Group, Food Concepts Rescue NASD Exchange by 0.07%

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya BUA Group has lambasted the Coalition Against COVID-19 (CACOVID) for disowning its claims on the purchase acquisition of a million doses of AstraZeneca vaccine for Nigeria. After reports went viral on Monday that the conglomerate had acquired the vaccines, the coalition quickly remarked that “no individual or company can purchase vaccines directly from any legitimate and recognized manufacturer.” But the company has warned the coalition not to play politics with Nigerian lives. It also went ahead to release details of what transpired at the CACOVID steering committee where the Central Bank of Nigeria (CBN) governor, Mr Godwin

By Dipo Olowookere The average yields of treasury bills at the secondary market in Nigeria yesterday increased by 0.46 percent to 13.13 percent in the absence of an OMO auction by the Central Bank of Nigeria (CBN). During the midweek session, yields rose across the four maturities tracked by Business Post, with the shorter end of the curve recording the highest increase at the close of business. It was observed during the trading session that the yields moved higher during the trading session as a result of a sustained bearish activity in the secondary treasury bills market. An analysis of

By Adedapo Adesanya The Brent crude dropped below $65 at the global market on Monday, extending losses brought about by the ease in tension between the United States and Iran last week. Brent crude, the international benchmark, which had shed over 4 percent in total since the announcement of no attack by the US, further depreciated by 1.42 percent equivalent to 89 cents to trade at $64.20 per barrel on Monday night. Also last night, the United States West Texas Intermediate (WTI) crude further moved down below $60, shedding 1.63 percent or 96 cents to trade at $58.08 per barrel.

By Modupe Gbadeyanka One of the most capitalised banks in Nigeria, Zenith Bank Plc, has released its financial statements for the third quarter of 2017. Zenith Bank released its Q3 earnings to the Nigerian Stock Exchange (NSE) on Thursday, October 19, 2017. In the financial statements, the lender grew its gross earnings to N531.3 billion in the third quarter of this year from N380.4 billion in the third quarter of last year. Also, its net interest income stood at N201.5 billion as at September 30, 2017 in contrast to N189.8 billion as at September 30, 2016. However, Zenith Bank’s operating

By Modupe Gbadeyanka Statistician-General of the Federation, Dr Yemi Kale, has disclosed that Nigeria was supposed to rebase its economy this year, but as things stand, such may never happen. Dr Kale told Economic Confidential in an interview in Abuja that money was not released by the Federal Government to carry out this exercise. He said in the interview that, “We are supposed to have to done it (rebase) this year, but no allocation to that effect. “Every country does it maximum five years. The United States of America does it once a year. Those ones have more money, so

By Dipo Olowookere The 2021 edition of the Africa International Film Festival (AFRIFF) may have gone and gone, but the memory of the prestigious lingers in the minds of participants. It was a moment African filmmakers had the rare opportunity to hear directly from key stakeholders from the make-believe industry on the continent, including Mr Theo Ukpaa, an award-winning filmmaker and contract lawyer, who moderated one of the panels. From Sunday, November 7 to Saturday, November 13, 2021, people from different parts of the continent converge on Lagos for the global event. This year programme was themed Africans for Africa

By Dipo Olowookere A former Chief of Naval Staff, Dele Ezeoba, has forfeited about N1.8 billion to the Federal Government. The money was said to have been embezzled by the ex-naval chief while he was in charge of the Nigerian Navy between 2012 and 2014. Mr Ezeoba was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside Mr Chukwuka Onwuchekwa and Aquila Leasing Ltd. At the Federal High Court in Lagos last week, Justice Muslim Hassan ordered the temporary forfeiture of the N1.8 billion, which was allegedly diverted from the coffers of the Nigerian Navy by Mr Ezeoba. According

By Adedapo Adesanya The Naira recorded a marginal 0.02 per cent or 6 kobo appreciation against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday. Business Post reports that during the session, the Naira was sold to forex users at N414.67/$1 in contrast to N414.73/$1 it was traded at the previous session, which was on Wednesday. It was observed that one of the factors that caused the gains achieved by the domestic currency was the ease in pressure as the demand for FX waned at the market segment. Data showed