Nigeria’s OTC Stock Market Witnesses 0.04% Depreciation

By Adedapo Adesanya Oil prices fell about 2 per cent on Monday as the US Dollar strengthened and traders took profits while the market remained concerned about rising crude supplies and pressure on demand from high-interest rates. Brent crude lost $1.49 or 1.6 per cent to finish at $90.71 a barrel while the US West Texas Intermediate crude (WTI) depreciated by $1.97 or 2.2 per cent to settle at $88.82 per barrel. Analysts said some traders took profits after crude prices rose nearly 30 per cent to 10-month highs in the third quarter, which wrapped up last week. Prices are

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

Traders Union (TU) experts know that every investor has their own special way of investing that sets them apart from the rest. A famous investor, Carl Icahn, is one of those exceptional figures who did things differently and achieved a lot. Understanding what he did and how he did it can be really helpful for new traders. It’s like having a practical guide that can turn a beginner into a pro trader quickly. Discover Carl Icahn trading strategy by reading on. Biography of Carl Icahn Born on February 16, 1936, in Far Rockaway, Queens, New York, Carl Icahn grew up

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere Nigeria-based company engaged in processing of oil palm, Okomu Oil Plc, has been accused of deceiving members of the public by falsely saying it has the Roundtable on Sustainable Palm Oil (RSPO) certificate. RSPO certification is an assurance to the customer that the standard of palm oil production is sustainable. Palm oil producers are certified through strict verification of the production process to the stringent RSPO Principles and Criteria for Sustainable Palm Oil Production by accredited Certifying Bodies, and can be withdrawn at any time in case of infringement of the rules and standards. At a press

By Dipo Olowookere The federal government has described the current debt levels of Nigeria as comparatively good, noting that the major worry, for now, is how to diversify the economy to increase the revenue sources. Last week, the Governor of Edo State, Mr Godwin Emefiele, shocked many Nigerians when he said the nation was currently undergoing a huge fiscal crisis. He said the federal government printed N60 billion to share to the state governments in March 2021 when the revenue generated in February was not enough to meet the demands of the other tiers of government. This sparked reactions from

By Adedapo Adesanya FMDQ Securities Exchange recorded a decline in its total turnover for the first time in 29 months, executing transactions worth N11.8 trillion in fixed income and currency (FIC) markets in May 2020. This was contained in the company’s latest FIC reports, which showed that the turnover in the month showed a disparity of 29.5 percent equivalent to N4.9 billion when compared to N16.7 trillion realised in the heavy lockdown month of April. The FMDQ data showed that this was the first month the market was recording such a low turnover in the FIC markets since it recorded

By Aduragbemi Omiyale Business owners in the Small and Medium Enterprises (SMEs) sector have been urged to develop the habit of monitoring their expenditure and make adjustments where necessary. This advice was given by the CEO of Stanbic IBTC Bank Plc, Mr Wole Adeniyi, at a webinar themed Scaling Your Business in Challenging Economic Times. He argued that the COVID-19 crisis and the economic situation in Nigeria have not been friendly to the sector, noting that for the survival of any business, it was the best thing to do now. However, he said Stanbic IBTC Bank will continue to support

By Dipo Olowookere A leading player in the fast-moving consumer goods (FMCG) sector in Nigeria, Rite Foods Limited, has expanded its footprint across Africa, with its products selling in other African countries. According to the Managing Director of the company, Mr Seleem Adegunwa, this development has necessitated a change in the organisation’s slogan from Proudly Nigerian to Proudly African. In a recent interview with a leading independent and international brand valuation consultancy publication, Mr Adegunwa explained that the decision to change its slogan was to reflect its current status, pointing out that the firm remains a world-class and global brand.

One thing that the pandemic has shed light on, ever since it struck us from the middle of nowhere, is that our society shall always depend on cash despite having access to a hoard of self-serving banking technology. We are gradually inching towards assuming the shape of a cashless society, and this transformation has come in handy in a number of situations. It reduces the dependence on cash, reduces the act of transferring cash from one hand to another and also makes for quick payment. However, all that said, one thing that we have realized in this pandemic is that

By Adedapo Adesanya The Brent crude rose by 1.24 per cent or 98 cents on Tuesday to settle at $79.96 per barrel after the Organisation of the Petroleum Exporting Countries and allies (OPEC+) stuck to its planned increase in oil production in February as energy investors weigh the potential impact of soaring omicron cases. This development also pushed the price of the United States West Texas Intermediate (WTI) higher yesterday by 1.17 per cent or 89 cents to $76.97 per barrel. The group at its meeting on Tuesday agreed to raise its output target by 400,000 barrels per day from

By Dipo Olowookere As part of its expansion plans, Jumia, one of the biggest e-commerce platforms in Nigeria, has introduced the country’s first e-commerce Bot called the Jumia Bot. The innovation was introduced on Monday, October 2, 2017 and the Jumia Bot will allow shoppers order food, find fashion or electronic items and book hotels and flights by simply having an online conversation with the bot. This innovation, powered and hosted by Facebook Messenger, will offer Nigeria’s 18 million Facebook users the ability to get their own personal Jumia shopping assistant directly on Facebook Messenger. The Jumia Bot works by