NSE: 25 Equities Crash Stock Market by 0.05%

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Adedapo Adesanya The federal government has said that it will not legalize artisanal refining of crude oil in the Niger Delta, describing it as criminal activities. This was one of the many talking points made by the Minister of State for Petroleum Resources, Mr Timipre Sylva while inspecting the ongoing rehabilitation of the Port Harcourt Refining Company in Eleme, Rivers State recently. There have been several calls by stakeholders in the Niger Delta region for the government to legalize artisanal refineries in the region, just the same way the government legalized artisanal gold mining in the North, under the

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) has reacted to allegations of corruption levelled against it by Nigerian Wailers, saying that the Wailers are paid agents and would fail in their bid to distract the government from its focus. Acting Director of Corporate Communications, Mr Isaac Okorafor reacted to the allegation in a conversation with the Economic Confidential. The Nigerian Wailers had, in a statement, alleged wide-spread corruption in the administration of foreign exchange and illegally lending money to President Buhari’s administration to support the budget. But the CBN spokesperson said, “The allegations are totally false and fabricated. Such

By Modupe Gbadeyanka A brand new telenovela that will take viewers into the alluring yet treacherous world of music, The Price of Fame, is set for premiere on Monday, October 16, 2017, at 8 pm exclusively on Telemundo (DStv channel 118). The musical drama series follows the story of two brothers who, at the peak of their success in the music industry, found themselves torn apart by envy, revenge and ambition. The Price of Fame introduces a host of new faces to the channel, with Daniel Elbittar starring as the hugely popular musician Julio Cesar Solar and Alberto Guerra taking

By Adedapo Adesanya The crude oil market was bullish on Tuesday as major producers like Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly, further propelling a tight market. Brent crude futures gained $1.19 or 1 per cent to trade at $116.28 per barrel while the United States’ benchmark, West Texas Intermediate (WTI) crude gained 96 cents or 0.9 per cent to sell at $110.53 per barrel. The UAE and Saudi Arabia’s oil production is nearing their limit, French President Emmanuel Macron told his US counterpart, Mr Joe Biden during the G7 meeting

By Adedapo Adesanya Oil prices continued pointing up for both benchmarks on Friday, May 1 as oil producers embark on record output cuts to tackle glut due to the coronavirus crisis. This led to the first weekly gain for the market in four weeks. The international benchmark, Brent crude, was up by 0.64 percent or 17 cents to $26.65 per barrel, while the American West Texas Intermediate (WTI) went up by 85 cents or 4.51 percent to sell at $19.69 per barrel. Friday marked the first effective day of the output ceiling deal signed by members of the Organization of

By Adedapo Adesanya The foreign exchange (forex) market in Nigeria on Friday reacted negatively to the directive of President Muhammadu Buhari to the Central Bank of Nigeria (CBN) on Thursday ”not to issue a kobo” of the country’s reserves for the importation of food items and fertilisers. This directive means importers of food and fertiliser will no longer get forex at discounted rates from the government but will have to buy at the black market to bring in their goods into Nigeria. Business Post observed that at the Bureau De Change (BDC) segment of the FX market yesterday, the Naira

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries Fund for International Development (the OPEC Fund) has extended four loans totalling $115 million to support COVID-19 response efforts in four countries – Bangladesh, Benin, Dominica and Guyana. The loans form part of the OPEC Fund’s $1 billion commitment to collective and coordinated COVID-19-related assistance for developing countries. Bangladesh will get $70 million budget support loan which will help provide social safety net programs for the poor and vulnerable, day labourers and informal workers, as well as healthcare staff. The loan will also contribute to economic packages to protect Bangladesh’s

By Dipo Olowookere The secondary market for treasury bills traded bullish on Wednesday as investors renewed their demands for the debt instrument. Business Post reports that yields fell across the tenors at yesterday’s session, with the exception of the 12-month maturity, which closed flat. At the close of business transactions on Wednesday, the average yields went down by 0.07 percent to settle at 12.06 percent. An analysis of the yield trend indicated that the one-month bill lost 0.13 percent to settle at 10.71 percent, the three-month instrument went down by 0.12 percent to finish at 11.61 percent, the six-month bill