Nigeria Won’t Be In Recession For Long—Atiku

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange finished in the bearish zone as it lost 0.02 per cent on Wednesday, May 18. The woes of the NASD OTC bourse were further compounded by the decline in the price of Capital Bancorp Plc by 34 kobo or 9.86 per cent to N3.11 per unit compared with the N3.45 per unit it traded in the previous day. In the absence of securities to upturn the weak sentiment, the market capitalisation of the exchange closed relatively flat at N1.06 trillion, while NASD Unlisted Securities Index (NSI)

By Adedapo Adesanya Crude prices pointed north on Wednesday, December 30 with the Brent futures gaining 25 cents or 0.49 per cent to trade at $51.34 per barrel and the West Texas Intermediate (WTI) crude futures rising by 0.83 per cent or 53 cents to trade at $48.33 per barrel. The bullish outcome was buoyed by the United States coronavirus fiscal aid package and a decline in crude oil inventories. These developments helped the oil market yesterday. The Democrat-led US House of Representatives voted to meet President Donald Trump’s demand to increase direct COVID-19 aid payments to Americans impacted from

By Dipo Olowookere More details are beginning to emerge on the newly launched national carrier for the nation, Nigeria Air. According to reports, federal government, which announced having five percent stake in the new company, Nigeria Air Limited, said it would run the firm for one year before listing the shares through an Initial Public Offering (IPO). Nigeria Air is expected to finally begin operations by December 2018 after obtaining at least five airplanes of the 30 it plans to have. It was earlier disclosed by the Minister of State for Aviation, Mr Hida Sirika, that about $300 million would

By Dipo Olowookere The management of Morison Industries Plc has expressed its decision to raise fresh capital through rights issue. To achieve this, the firm has written an application to the Nigerian Stock Exchange (NSE) to seek approval to carry out the exercise. Revealing this on Friday was the Acting Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai. The stock market regulator disclosed that the application for the rights issue was submitted by the company’s broker, GTI Securities Limited. The issuing, the stockbroker said, is 836,983,125 ordinary shares of 50 Kobo each at 60 Kobo per share

By Adedapo Adesanya Oil prices rose more than $2 on Wednesday as caution over tightening supply countered the negative impact of uncertain demand, with Brent chalking up $2.38 or 2.6 per cent to trade at $92.41 a barrel as the West Texas Intermediate climbed higher by $2.73 or 3.3 per cent to trade at $85.55 a barrel. Amid many bearish factors, prices have rallied since the Organisation of the Petroleum Exporting Countries agreed to reduce its production target by roughly 2 million barrels a day, though that is expected to only include about 1 million barrels of actual output declines.

By Dipo Olowookere Chairman of the Senate Committee on Local and Foreign Debts, Mr Clifford Ordia, has accused 10 Ministries, Departments and Agencies (MDAs) of the federal government of failing to appear before the panel to defend what they intend to get from the almost $30 billion loan request of President Muhammadu Buhari. The President had sent a letter to the upper chamber of the National Assembly (NASS) to seek its approval for a borrowing from external sources of up to $29.96 billion. He had informed the parliament that this was part of the 2016-2018 borrowing plan of his administration.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange failed to register a third consecutive bullish closure as it was pulled into the negative territory following a marginal 0.01 per cent drop on Thursday, March 31. The defeat came on the back of a loss recorded by Afriland Plc as the equities of the company went down by 4 kobo or 3.7 per cent to close at N1.09 per unit compared with N1.13 per unit it closed at the previous session. As a result of this, the NASD unlisted securities index (NSI) moved down by 0.04 points to 733.30 points

By Adedapo Adesanya The Uruguayan Football Players’ Association (AFU) has requested that the English Football Association overturn the suspension of Manchester United striker, Edinson Cavani. This was contained in a press statement seen by Business Post on Monday. The Uruguayan was hit with a three-match ban and told to pay a fine of £100,000. The former PSG goal poacher, who joined the Red Devils on a free transfer this season, was also told to complete a face-to-face education course after using the word “negrito” while talking to a friend on Instagram back in November. The statement released via captain Diego