NGX Holds Webinar to Deepen Savings Culture Among Retail Investors

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

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 secondary market for treasury bills in Nigeria was relatively flat on Monday, with yields marginally going down by 0.03 percent. According to analysts at Cowry Asset, this followed the mopping up of surplus liquidity in the money market as the Central Bank of Nigeria (CBN) auctioned wholesale forex to banks. Business Post reports that apart from the 3-month maturity, which recorded a 0.13 percent rise in yields to settle at 11.31 percent, every other tenor closed negative. The one-month bill declined by 0.12 percent to finish at 9.96 percent, the 6-month bill went down by 0.05

By Dipo Olowookere Yamaha Motor Company Ltd has announced that in the first half of its fiscal year ending December 31, 2018, consolidated net sales of 851.3 billion yen were up 2.8% from the previous year. The company achieved all-time highs in operating income of 82.2 billion yen (up 0.1%), however saw a 5% decrease in ordinary income to 79.3 billion yen and 6.3% decrease in net income for the period attributable to parent company shareholders to 57.0 billion yen. Net sales increased thanks to healthy results in the emerging markets motorcycle business, the marine business, and the industrial machinery

By Modupe Gbadeyanka Operating conditions in the Nigerian private sector were better in July 2022 as businesses increased their purchasing activity at the strongest rate for five months while stocks increased sharply. According to the Purchasing Managers’ Index (PMI) of Stanbic IBTC Bank, in the month under consideration, the headline point was 53.2, higher than the 50.9 recorded in June, signalling an improvement in business conditions in Nigeria’s private sector. The latest figure rose from June’s 17-month low but was still muted compared to the historical average. This improvement was boosted by a return to growth in output and stronger

By Kestér Kenn Klomegâh Zimbabwe is a landlocked country located in Southeast Africa and shares borders with South Africa, Botswana, Zambia and Mozambique. It is very rich in mineral resources and is the largest trading partner of South Africa on the continent of Africa. Russia maintains very friendly relations with Zimbabwe, thanks to ties which evolved during the struggle for independence. Since then, Russia has had a very strong mutual sympathy with and friendly feelings toward the southern African people, government and the country. Brigadier General Nicholas Mike Sango, Zimbabwean ambassador to the Russian Federation, has held his position since

By Ebitonye Akpodigha Nigeria’s President, Mr Muhammadu Buhari, is presently having a closed-door meeting with leaders of Niger Delta region of the country. The meeting is aimed at finding a lasting solution to the restiveness in that part of Nigeria, which has led to drop in the volume of crude oil produced from the region. Nigeria relies heavily on oil from the Niger Delta and its production is still below 2 million barrels per day. The price of the commodity still hovers around $50 per barrel. At the moment, Nigeria is struggling with forex issue due to shortage in Dollar

By Adeniyi Ogunfowoke The importance of travel insurance cannot be overstated whenever you travel. Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while travelling. Despite the many advantages of travel insurance, only a handful of travellers buy a travel insurance policy. Imagine this scenario: you have exited your office and you are on your way to your long-planned vacation. Everything is going smoothly and you are excited and looking forward to it. However, your baggage disappears. To make matters worse, all your travel documents are in your

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has called on financial institutions in the country to provide adequate support to agro-processing companies. According to him, the decline in the foreign exchange earnings from crude oil is a clear pointer that attention must be shifted to the agriculture sector. Mr Emefiele, who spoke at the 13th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN), stressed that the agriculture industry has the tendency of withstanding external shocks better than its oil counterpart. In view of this, he called on

Organisers of the prestigious Africa Netpreneur Prize Initiative (ANPI) have selected top 10 finalists for its grand finale event taking place in Accra, Ghana on November 16, 2019. Four of the persons chosen are four Nigerian netpreneurs, who are Ayodeji Arikawe, co-founder, Thrive Agric; Temie Giwa-Tubosun, founder and CEO, LifeBank; Dr Tosan Mogbeyiteren, founder, Black Swan and Chibuzo Opara, co-founder, DrugStoc. The diverse group of 10 finalists represent a range of industries and experience. Apart from the Nigerians, the other finalists include Waleed Abd El Rahman, CEO, Mumm (Egypt); Mahmud Johnson, founder and CEO, J-Palm (Liberia); Kevine Kagirimpundu, co-founder and