Nigerian Stocks Tumble by 0.24% as Market Sentiment Wanes

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Dipo Olowookere Poultry farmers in the country have been advised to be very careful of the recent re-emergence of bird flu in Nigeria. This call was made by President of the Nigerian Veterinary Medical Association (NVMA) at a programme held on Wednesday in Abuja. According to NVMA leader, Dr Godwin Abonyi, stakeholders must tackle the issue of the Avian Influenza virus commonly called bird flu with caution. He said government must treat the menace like a national emergency devoid of bottlenecks or bureaucracies. Dr Abonyi said the havoc the virus can wreck is better imagined than experienced. The veterinary

The founder of Slum2School Africa, Mr Orondaam Otto, has had a day with CNN International for his dedication to ensuring underprivileged children in Nigeria can go to school. In July, Mr Otto launched Nigeria’s first virtual learning classroom to help underprivileged communities across Nigeria access education during COVID-19 lockdown. So far, his initiative has reached around 1,000 children and the goal is to reach 10,000. In a chat, he told CNN, “We believe that every Nigerian child deserves the best. This is what inspires us to do what we do…I work with volunteers across the world to provide access to

By Jerome-Mario Utomi It is in the public domain that the members of the Ekiti State House of Assembly, recently, endorsed the 2023 presidential ambition of Dr Kayode Fayemi, despite that he has not openly declared his intention for the top seat. Speaker of the House, Mr Funminiyi Afuye, who spoke on behalf of the 26-member Assembly, gave the endorsement verdict at the Assembly Complex while receiving a group under the auspices ‘Our Belief Project’. Expectedly, the resolutions by the lawmakers coupled with similar positions in the past have elicited reactions. To many, the development did not come as a

By Modupe Gbadeyanka Six Africans, including a Nigerian, have been selected for a youth coaching programme organised by Arsenal Football Club of England and a leading digital money transfer platform, WorldRemit. The six young coaches were chosen by a panel of judges from Arsenal FC and WorldRemit across Africa as finalists in the new Future Stars coaching scheme. They will now compete in a public vote on www.FutureStars.WorldRemit.com from September 28, 2018 for the chance to attend an exclusive training programme with Arsenal Soccer Schools in London, fully sponsored by WorldRemit. The finalists facing a public vote are Adegun Shola

By Dipo Olowookere There are strong indications that shareholders may consider going to court to stop the Securities and Exchange Commission (SEC) from moving unclaimed dividends of 12 years to the proposed Nigerian Capital Market Development Fund (NCMDF). The SEC had said some days ago that it was planning to amend the law to make it mandatory for unclaimed dividends to be transformed to the NCMDF. According to ThisDay, some shareholders are already planning to get a court order to stop the move. The Companies and Allied Matters Act (CAMA) provides that unclaimed dividends for 12 years are statute barred

By Modupe Gbadeyanka Emerging filmmakers with either some industry experience or a relevant post-school qualification in filmmaking who intend to upgrade their skills can apply to be part of the class of 2024 of the prestigious MultiChoice Talent Factory (MTF). A statement from the school said intending students have till July 14, 2023, to submit their applications to be part of the world-class film and television training programme. Students will also get enhanced training experience from the Academy’s partnerships, including the New York Film Academy (NYFA), the Henley Business School, Dolby, and Canon. Previous cohorts have also worked with the

By Dipo Olowookere Applications have been filed by BUA Cement for the listing of its debut N115 billion bond exercise, a statement from the cement maker has disclosed. This followed the successful completion of the bond sale under its N200 billion bond issuance programme launched a while ago. The corporate debt instrument would be listed on two exchanges, the firm stated. The first tranche of the paper is with a maturity of seven years and was sold at a competitive fixed rate of 7.5 per cent, with bids worth N137.8 billion received from subscribers. The bond has a 3-year moratorium

By Modupe Gbadeyanka Latest data released by the Central Bank of Nigeria (CBN) has revealed that the country’s external reserves improved by 16 percent in the first half of 2017. As at Thursday, June 29, 2017, when the apex bank last updated amount left the in reserves, it stood at $30.27 billion. But at the beginning of this year, Nigeria’s foreign reserves stood at $26.09 billion, but closed the first half at $30.27 billion, representing a gain of $4.18 billion or 16.02 percent growth. Last Wednesday, Business Post reported that the country’s external reserves have been recording a steady improvement