NGX Upswing Slows to 0.06% as Investors Think Through Tinubu’s Policy Direction

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

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 Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Adedapo Adesanya OVH Energy Marketing Limited has proffered that customer satisfaction remains one of the major drivers that will help Nigeria benefit from the deregulated oil and gas sector. This was one of the key points raised at the recently concluded maiden edition of the Nigerian Content Midstream – Downstream Oil and Gas Stakeholders Summit, theme, Maximizing Potentials in the Midstream and Downstream Oil and Gas Sector – A Local Content Perspective. The event, organised by the Nigerian Content Development and Monitoring Board (NCDMB), engaged stakeholders within the industry in top-level dialogue articulating the agenda for actualizing the full

By Adedapo Adesanya The value of the NASD over-the-counter Securities Exchange increased in the 12th week of trading last week for the fifth straight week by N49.17 billion or 5.1 per cent to N1.01 trillion from N961.12 billion in the previous week. This was influenced by the admission of Purple Real Estate Income Plc into the OTC stock market and it made it the second time the bourse was hitting the N1 trillion mark after Access Bank Plc pushed the market to that region last year. Business Post observed that the inclusion of Purple Real Estate Income into the platform caused

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted consignments of illicit drugs, including cocaine, methamphetamine, and its precursor chemical, ephedrine going to the United Kingdom, Saudi Arabia, New Zealand and Cyprus. The interceptions were made at the Murtala Muhammed International Airport (MMIA), Lagos; the Nnamdi Azikiwe International Airport, Abuja; and at the offices of some courier companies. At least three traders at the Trade Fair Complex in the Ojo area of Lagos, with Mr Nwudele Basil Christopher, Mr Chiedu Ezenwani Francis and Mr Donatus Nwojiji arrested in connection with attempts to export the 52.10

By Roger A. Agana After decades of efforts, a standard document to regulate the activities of the building and construction industry in Ghana has been instituted. The comprehensive Building Code, GS1207 of 2018, encompasses requirements and recommendations for efficiency and standards for Residential and Non-Residential buildings and as well cover planning, management and practices in the construction of buildings. The document also covers the smooth and safe operation of the building and construction industry such as Occupancy Classification and Use, Site Development and Land Use, General Building Heights and Areas. It also includes types of Construction, Fire and Smoke Protection

By Dipo Olowookere One of the old generation financial institutions in the country, Union Bank of Nigeria Plc, has recorded a 17 percent growth in its profit after tax in the first quarter of 2018. In its audited financial statements for the quarter ended March 31, 2018 announced on Thursday, the lender said its PAT appreciated to N5.3 billion from N4.5 billion in the corresponding period of last year, just as the profit before tax closed at N5.4 billion as at March 31, 2018 in contrast to N4.7 billion in Q1 2017. Also, the gross earnings went up by 15

By Dipo Olowookere After recording gains in the past trading sessions, investors at the Nigerian Stock Exchange (NSE) felt it was time the right time to book profit and on Wednesday, it happened. The profit-taking depleted the nation’s stock market by 0.26 per cent at the midweek session, reducing the All-Share Index (ASI) by 90.80 points to 35,056.82 points from 35,147.62 points. It also deflated the market capitalisation yesterday by N42 billion to N18.323 trillion from N18.365 trillion. Business Post reports that the consumer goods sector was the worst hit on Wednesday as it went down by 1.81 per cent

By Modupe Gbadeyanka Data released by the Central Bank of Nigeria (CBN) has revealed that the foreign exchange inflow into the country from January to May 2017 rose to $14.53 billion. This, it said, represents 121 percent increase when compared with $6.57 billion recorded from January to May in 2016. Vanguard analysis of the monthly economic reports of the apex bank revealed that foreign exchange outflow through the CBN, however, increased marginally by 5.8 percent to $9.09 billion within same period this year, compared to the $8.59 billion recorded as outflow same period last year. Consequently, the apex bank recorded

By Dipo Olowookere The management of Abbey Mortgage Bank has promised to put up strategies to increase the earnings of the company as it repositions for growth. The organisation operates in the mortgage sector in Nigeria, which is still not fully explored because of several factors frustrating the growth of the industry, including government policies on land acquisition, the low purchasing power of Nigerians, double-digit high-interest rate, amongst others. However, in the midst of these headwinds, Abbey Mortgage Bank believes it has the capacity to deliver and ensure that citizens get the financial support to own a house of their