Nigeria’s Crude Oil Export Falls by 0.34m Barrels in Nov

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Modupe Gbadeyanka The management of Nigerian Stock Exchange (NSE) has announced the introduction a Derived Data Policy. In a statement signed by the exchange’s Acting Head of Trading Business Division, Mr Ade Ewuosho, it was explained that this was part of “our ongoing efforts to align with market data global best practices.” However, Mr Ewuosho disclosed in the statement issued last Thursday that the new policy will not take effect until Monday, July 2, 2018. He said as a result, all End User clients will be contacted by their respective Data Vendors to ensure compliance to the revised policies

By Dipo Olowookere The rights issue proposed by the board of Wapic Insurance Plc for the raising of fresh capital from its shareholders has been approved by the Nigerian Stock Exchange (NSE). Business Post confirmed that the application filed by Wapic Insurance through its stockbroker, Coronation Securities Limited, was approved on Monday September 23, 2019 after satisfying the requirements. Wapic Insurance plans a rights issue of 15,613,194,623 ordinary shares of 50 Kobo each at 38 Kobo per share on the basis of seven new ordinary shares for every six ordinary shares held as at the close of business on September

By Adedapo Adesanya Nigeria’s dollar bonds rallied after President Bola Tinubu was officially conferred as the 16th president of Nigeria, a day that he announced plans to scrap the fuel subsidy programme, unify the exchange rate regime, as well as reduce high interest rates. Bonds with a maturity date of 2047 jumped 3.3 per cent to 66.750 cents on the Dollar. The debt instrument due in 2049 gained 2.9 per cent, and those maturing in 2051 advanced 3.5 per cent. The gains came as markets in London and the US reopened following national holidays as well as a day after

By Destiny Ugorji A youth group, under the aegis of the Niger Delta Youth Movement (NDYM) has alleged that there is massive corruption in the running of the Niger Delta Development Commission (NDDC), even as it threatened to expose it in the coming weeks. NDYM, the umbrella youth organisation in the Niger Delta region made the allegation in a communiqué issued at the end of a National Executive Council meeting of the body in Port Harcourt, weekend. The communiqué, signed by the group’s National President, Joe Jackson, Secretary, Amakuro Isaac and 23 others, blamed corruption for the underdevelopment in the

By Modupe Gbadeyanka Commissioner for Finance in Kwara State, Mr Demola Banu, disclosed on Friday that the state government was yet to receive a second tranche of the London-Paris club loans refund from the Federal Government. While briefing journalists in Ilorin after the meeting of the State Joint Accounts Allocation Committee (JAAC), Mr Banu stated that although President Muhammadu Buhari has authorized the release of the funds to the 36 states of the federation, the Federal Ministry of Finance was still processing the payment. “There has been no official commitment from the Federal Ministry of Finance as regards when the

By Investors Hub Asian stocks turned in a mixed performance on Monday as investors waited for progress in talks to end the U.S. government shut down that began at midnight on Friday after the Senate failed to reach agreement over a short-term funding bill. Investors also kept an eye on political developments in Europe after Germany’s Social Democrats voted to enter coalition talks with Chancellor Angela Merkel’s government and French President Emmanuel Macron said it would be possible for Britain to secure a bespoke trade deal if the U.K. accepts certain “preconditions”. China’s Shanghai Composite index rose 13.50 points or

By Dipo Olowookere President Somalia, Mr Hassan Sheikh Mohamud, has promise to ensure journalists in the country are protected from various attacks Mr Mohamud, during a meeting with media practitioners ahead of today’s commemoration of the International Day to End Impunity for Crimes against Journalists, reassured them on his government’s commitment to end impunity for crimes against journalists. The President commended them for their tremendous sacrifices to provide news and information to the public. Last night, Somali President hosted in Villa Somalia a dinner ceremony for media representatives and encouraged them to continue their tremendous sacrifices in delivering vital services

By Dipo Olowookere No fewer than 250 manufacturers from different sectors are expected to display over 200,000 products at the Nigeria-China Trade Fair taking place at the Eko Convention Centre, Lagos from May 16 to 18, 2019. Organisers of the event said customers will have a chance to purchase the best Chinese and Nigerian products at competitive prices. These products will include furniture, appliances, leather goods, cosmetic, sporting goods, auto-parts, electrical and electronics, agriculture and food equipment, textile and garment. Organising coordinator for Nigeria, Mr Jude Chime, informed newsmen that, “These products have been sourced from over 250 manufacturers from