Nigerian Stocks Record 0.34% Loss as H1 Earnings Trickle in

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The World Bank and the African Development Bank (AfDB) have provided $550 million for the Rural Electrification Agency (REA) to support the implementation of its off-grid solution projects. This was disclosed by Mr Ahmed Abubakar on behalf of REA in Abuja. He noted that out of the amount, $213 million was for the mini-grid components of both lenders while $75 million was for standalone solar home systems component of the World Bank. It was further explained that $205 million was for Energizing Education Programme (EEP) Phases II and III components of both institutions, while $20 million is

By Dipo Olowookere Manchester United conformed on Saturday night that their former manager, Sir Alex Ferguson, underwent a surgery today. The 76-year-old former United manager was first taken to Macclesfield district hospital this morning from his Cheshire man before being transferred to the Salford Royal Hospital. In a statement issued on Saturday night, Manchester United said on its website and official Twitter handle that Sir Ferguson had a successful brain haemorrhage surgery at the hospital today and was responding well to treatment. “Sir Alex Ferguson has undergone surgery today for a brain haemorrhage. “The procedure has gone very well but

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday following the mixed performance seen in the previous session. Early buying interest may be generated amid optimism about the outlook for tax reform after Senate Republicans cleared a key procedural hurdle. The Senate voted 52 to 48 along party lines to begin formal debate on the GOP tax reform bill after negotiations convinced Republican holdouts to vote for the legislation. The approval of the procedural motion sets the stage for a final Senate vote on the tax reform bill later this week, although some

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to extend the upward move seen over the previous session. The markets may continue to benefit from recent upward momentum, which has lifted the major averages to their best levels in two months. Optimism about U.S.-China trade talks has contributed to recent buying interest along with indications the prolonged government shutdown did not have a significant impact on the U.S. economy. Traders are also reacting to fourth quarter results from Google parent Alphabet (GOOGL), which exceeded analyst estimates on both the top and

By Adedapo Adesanya The Alumni Association of Maritime Academy of Nigeria (AMANO), Oron, Akwa-Ibom, has advised the federal government to put in place a 100-year port development plan that will continue to respond to the dynamic nature of the nation’s port industry. In a statement signed by the president of the group, Mr Emmanuel Maiguwa, it was explained that if such a port development plan is put in place, it will move the industry forward for growth. Mr Maiguwa also said that a system of incentive on port fess suitable to operate coastal and inland container cargo vessel must be

By Kestér Kenn Klomegâh In late August, the US government donated 1.3 million doses of the Pfizer COVID-19 vaccines and plans another 3.5 million more doses in the coming weeks in tremendous and recognizable efforts to support the goal of vaccinating approximately 5 million children between the ages of 12-17 in the Republic of Mozambique. This donation obviously marks a significant expansion in Mozambique’s COVID-19 effort by extending protection from adults to adolescents. Critical to ensuring the safe preservation of these vaccines, UNICEF and the Government of Germany via COVAX, supported the Ministry of Health to establish the necessary ultra-cold

By Modupe Gbadeyanka The management of AIICO Insurance Plc has disclosed that a meeting of its board of directors will take place on March 14, 2017. This information was contained in a statement signed by the company’s Secretary, Mr Donald Kanu, which was obtained by Business Post. It was explained in the statement that during the meeting, the board will “review and approve the Audited Financials for the period ended December 31, 2016 and also, dividend payment.” It was noted that any decision reached as it affects the Accounts approval and dividend payment for the year ended December 31 2016

By Aduragbemi Omiyale The trial of Dantata Success and Profitable Company and four others was stalled on Wednesday at the Federal High Court in Abuja. The company and its promoters are in court over a suit filed by the federal government through the Securities and Exchange Commission (SEC), accusing them of operating in the nation’s capital market without being duly registered. The apex regulatory agency in the capital market dragged them before Justice A. I Chikere for committing an offence contrary to Section 54 of the Investments and Securities Act 2007 and punishable under the same section. The SEC specifically