Nigerian Stocks Crash as Polls Postponement Triggers Fresh Fears

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

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 The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Dipo Olowookere As a show of support for the growth of African culture and heritage, the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi Ojaja II, has thrown his full weight behind the maiden edition of Hollywood and African Prestigious Awards (HAPAwards). The paramount Yoruba traditional ruler is set to attend the awards ceremony, which is scheduled for November 18 at the Legendary Alex Theater in Glendale, California. The event would be used to honour American and African community leaders, international political figures, dignitaries and celebrities in the movies, music and comedy categories. Organisers of the ceremony said this year’s

By Modupe Gbadeyanka A foremost underwriting company, Prudential Africa Plc, has become the official insurance partner of the ongoing 33rd edition of Africa Cup of Nations (AFCON) 2021 in Cameroon. This followed the sponsorship deal signed by the organisation with the Confederation of African Football (CAF), the highest football governing body on the continent. Speaking at a press conference to announce the sponsorship, the Chief Representative Officer, Prudential Northern Africa Region, Mr Eric Mboma, noted that the partnership underscores the company’s commitment to the African continent. “As we grow our business in Africa, we also want to support the passion

By Adedapo Adesanya A telecommunications service provider, Airtel Africa Plc, has announced that one of its subsidiaries, Airtel Mobile Commerce Nigeria Limited, has been given a super-agent licence by the Central Bank of Nigeria (CBN). Business Post understands that this final approval followed an earlier approval-in-principle which was given by the apex bank back in November 2021. Following the final approval, Airtel said it will be able to create an agency network that will service both customers of banks and other mobile money operators in the country. According to its filing with the Nigerian Exchange (NGX) Limited, where the company’s

By Dipo Olowookere A few days ago, there were reports in a section of the media that the Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, was allegedly involved in a N41 billion fraud, with respect to the defunct Nigeria Telecommunication Company (NITEL). According to the reports, Mr Elumelu was indicted for the alleged scam alongside some of the principal officers of the financial institution. But in a statement, the lender said the reports were “untrue, misleading, malicious, libellous and should be disregarded in its entirety. In the statement signed by the company secretary, Bili Odum, UBA

By Adedapo Adesanya A Nigerian firm, LoftyInc Allied Partners Limited, has received a grant of N592 million from the United States Agency for International Development (USAID) to enhance investment in Africa. This was disclosed by Mr Michael Oluwagbemi, the Executive Partner of LoftyInc, who explained that the money was a co-investment grant by the USAID-funded West Africa Trade and Investment Hub (Trade Hub). The Trade Hub is a USAID-funded initiative designed to catalyse economic growth by collaborating with the private sector to generate new investment, create new jobs, and increase the value of regional and international exports in West Africa.

By Investors Hub European stocks have turned mixed over the course of the session. While the German DAX Index has fallen by 0.5 percent, the U.K.?s FTSE 100 Index is just above the unchanged line and the French CAC 40 Index is up by 0.4 percent. Traders also digesting the European Central Bank?s latest monetary policy decision, with the ECB leaving rates unchanged, as widely expected. The ECB?s accompanying statement removed a phrase indicating a willingness to increase its asset purchase program if necessary. ?The change is arguably the ECB?s first cautious step along a path of gradual policy normalization,

By Dipo Olowookere Founder of BUA Group, Mr Abdul Samad Rabiu, has disclosed that he plans to list his company on the floor of the Nigerian Stock Exchange (NSE). Mr Rabiu made this known while speaking with Channels Television on the sidelines of the just-concluded Africa CEO Forum held in Ivory Coast. In the interview, which was monitored in Lagos by Business Post, the Kano-born businessman said he would list the cement segment of BUA Group on the stock exchange as soon as the necessary parameters are met. According to him, “We are definitely going to list the cement business

By Adedapo Adesanya Oil prices on Wednesday held on to gains from the previous session despite increase in crude inventories in the United States, hitting a record high. Brent Crude, international benchmark, rose 2 cents or 0.02 percent to trade at $41.19 per barrel. Brent has more than doubled since falling to a 21-year low below $16 in April. The US West Texas Intermediate (WTI) Crude was up 11 cents or 0.28 percent at $39.05 per barrel. US crude stocks rose by 5.7 million barrels in the week ended June 5 to 538.1 million barrels, according to a US Energy Information