Nigerian Exchange Ponders Rule Amendments to Attract Listings

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya ***Seek Senate’s Intervention The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called on the Senate to intervene with Liquefied Petroleum Gas (LPG) terminal owners, which it claims is responsible for the current high price of cooking gas. Cooking gas prices are currently sold at an average of N1,200 per kg in retail, and with the festive season approaching, there are indications that the prices will rise further due to prevailing macro conditions. Following the development, the President of the NALPGAM, Mr Oladapo Olatunbosun, said the price of cooking gas should not have skyrocketed to that

By United Capital Research The OPEC meeting that held on Friday, June 22, 2018 aroused a significant bout of uncertainties. The impressive conformity with production cut has provided significant support for oil prices but conflicting interests within OPEC itself and cries for fair pricing from consuming economies raised the possibility of a production hike with its potential impact on prices too real to ignore. Beyond the announcement of a new member, Congo, at the OPEC+’s 174th meeting, focus was more on the over-conformity level of the resolution reached by the cartel to curb falling prices in 2016. As at May

By Aduragbemi Omiyale The Investment and Securities Bill 2022 before the National Assembly, when passed and signed into law, would enhance the economic diversification plan of Nigeria, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has submitted. At a public hearing on the ISB 2022 and the Chartered Institute of Stockbrokers Bill 2022 in Abuja, he said this would be achieved through a robust capital market, which the law intends to make possible. According to him, the passage and enactment of the bill will be a pivotal step in revamping the economy and, therefore, urged key

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E) of the foreign exchange market on Wednesday, July 26, as the Central Bank of Nigeria (CBN) said it was intervening in the market, adding that the volatility in the market would soon be moderate. In the official market, the domestic currency gained N51.34 or 6.5 per cent against the greenback to close at N740.08/$1 compared with the preceding session’s N791.42/$1. “We have started intervening, and we’ve been doing it for a while, and we will continue to intervene to bring the markets to the

By Modupe Gbadeyanka The presidential candidate of the Peoples Democratic Party (PDP), Mr Atiku Abubakar, has been told to do everything possible within his power to mend fences with the Governor of Rivers State, Mr Nyesom Wike. The Governor contested the party’s ticket a few months ago but lost out after his counterpart from Sokoto State, Mr Aminu Tambuwal, urged delegates at the primary to support the former Vice President of Nigeria. Mr Wike had believed that the ticket would be his until the last-minute uppercut by Mr Tambuwal, who the Rivers Governor supported for the 2019 presidential primary. After

By Dipo Olowookere All is now set for the maiden edition of what should be the continent biggest Fintech Africa Brands Awards taking place in Lagos, Nigeria. According to the organisers of the award ceremony, Africa Brands Magazine, the celebration of players in the financial technology industry in Africa will hold at the prestigious Sheraton Hotel & Towers, Ikeja on Friday, August 28, 2020. Publisher of the leading financial technology and brands marketing publication in Africa, Mr Desmond Esorougwe, stated that in compliance with government directives, the invited guest will be made to observe the COVID-19 protocols. Explaining the rationale

By Adedapo Adesanya The Lagos State Government said it will increase fish production by at least 60,000 metric tonnes next year to bridge the huge deficit in the sector and meet the state’s demand for fish. The state Commissioner for Agriculture, Ms Abisola Olusanya, said this at a news conference on Thursday in Lagos to unveil the forthcoming Lagos Seafood Festival scheduled for December 13 at Muri Okunola Park, Lagos. Ms Olusanya said that the state was currently producing about 174,000 metric tonnes of fish annually, while the current demand stood at over 400,000 metric tonnes, hence the need to

By Dipo Olowookere Lagos State government has insisted that whistle blowing is the surest way to tackle the incessant building collapse in the State, adding that Lagosians must be willing to assist Government by raising alarm whenever they see any illegal development in any area of the state. Commissioner for Physical Planning and Urban Development, Mr Wasiu Anifowoshe, gave the charge at the site of the collapsed building at No 9, Daddy Alaja St. Idumota, Lagos Island, which was a defective three storey building under illegal renovation with occupants still residing in it. Mr Anifowoshe said: ” This is one