NGX RegCo to Amend Cross-Border Listing, Free-Float Rules

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Quantitative Financial Analytics Nigerian pension funds continue to show resilience and strength so far in 2017 as they gather improvements in performance but it seems that no matter how hard they try, they are lagging the performance of pure equity portfolios. All the major indexes in Nigeria are recording mouth-watering performances in the upper double digits except NSE Insurance and NSE Oil and Gas Index whose performance is of single digits. While NSE Banking index has generated a YTD return of 64.07%, NSE Pension index is showing its strength at 58.48% YTD return. Not to be out done, the

By Modupe Gbadeyanka Mr Eric Jones Odhiambo has been appointed as the Chief Risk Officer and Group Head, Risk Management of Ecobank Transnational Incorporated (ETI). ETI, the parent company of the Ecobank Group, made this announcement yesterday in a notice to the Nigerian Stock Exchange (NSE). According to the letter signed by the bank’s Senior Communications Officer, Mireille Bokpe, Mr Odhiambo will formally join the firm on September 22, 2017 and will be based in Lome, Togo, reporting to Mr Ade Adeyemi, Group Chief Executive Officer. His appointment follows a reorganization and roll out of a new Corporate Strategy at

By Modupe Gbadeyanka The board of African Business Coalition for Health (ABCHealth) has unanimously agreed to appoint Ms Mories Atoki as the new Chief Executive Officer of the company. ABCHealth is a not-for-profit advocacy driven organisation established by the Aliko Dangote Foundation and the Global Business Coalition for Health. The firm, founded in 2019 and registered in Nigeria, is an African-led coalition of business leaders and companies to improve the health and wellbeing of the African population. It was formed on the margins of the 32nd African Union Summit in Addis Ababa, Ethiopia during the Africa Business; Health Forum convened

By Adedapo Adesanya Against all odds, the Naira came back stronger against the US Dollar at the parallel market on Wednesday, December 9, gaining N5 at the session to trade at N478/$1 compared with N483/$1 it was sold on Tuesday. But against the British Pound Sterling and the Euro, the local currency traded flat yesterday at the black market at N620/£1 and N570/€1 respectively. The volatility seen lately in the FX market could be blamed on hoarding amid speculation that the value of the Naira could further drop. But the ability of the Central Bank of Nigeria (CBN) to supply

By Dipo Olowookere The stock market in Nigeria maintained its upward movement by 0.22 per cent on Wednesday on the back of sustained positive investor sentiment. Business Post reports that the market breadth further closed positive yesterday with 13 price losers and 23 price gainers as the buying interest intensified. Unlike the previous sessions, all the five key market sectors closed bullish, with the insurance index rising by 0.61 per cent. The banking sector appreciated by 0.49 per cent, the energy counter rose by 0.35 per cent, the consumer goods space grew by 0.14 per cent, while the industrial goods

By Dipo Olowookere A disturbing video on Friday afternoon emerged online showing two policemen assaulting two young men in the premises of Fidelity Bank Plc in Lagos. The said video was first posted on the popular blog, Instablog9ja. It was gathered that the incident precisely happened at the Kola Bus Stop branch of the financial institution. From the video, an official of Fidelity Bank was seen watching how the policemen believed to be guarding the bank were kicking and slapping the victims. The incident angered some people who witnessed the assault as they were heard underground condemning the action of

By Dipo Olowookere A 19 percent decline was recorded in the net profit of Ecobank Transnational Incorporated (ETI) in the first quarter of 2020, its financial statements have revealed. The profit aftertax of the company went down to N24.7 billion from N30.6 billion in the corresponding period of last year. In the same vein, the profit before tax dropped to N33.0 billion from N37.1 billion. An analysis of the financial statements of the lender by Business Post revealed that the gross earnings of the organisation decreased by 2 percent to N194.9 billion from N199.5 billion However, the revenue increased by

By Investors Hub The major U.S. index futures are once again pointing to a lower opening on Wednesday, with stocks likely to move to the downside following the strength seen in the previous session. The downward momentum on Wall Street comes after General Motors (GM) and Boeing (BA) provided disappointing guidance. GM reported better than expected second quarter results but lowered its full-year earnings forecast due to rising steel and aluminum costs as a result of the tariffs imposed by President Donald Trump’s administration. Aerospace giant Boeing also reported second quarter results that exceeded analyst estimates but warned of lower