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Economy

NSE, Access Bank Partner on Financial Inclusion

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NSE, Access Bank Partner on Financial Inclusion

NSE, Access Bank Partner on Financial Inclusion

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) has partnered with Access Bank to commemorate the 2017 Global Money Week, which promotes financial inclusion and literacy.

In view of this, both bodies have agreed to organise an event next week tagged ‘Learn, Save, Earn’ and would hold across all NSE offices in Nigeria.

At the programme, employees of NSE would mentor young people on how money works, saving, investing, creating livelihood, gaining employment and entrepreneurship.

A statement issued by the NSE in Lagos on Monday disclosed that the main aim of the event is to raise awareness and improve capabilities of youths to make sound financial decisions.

The event is slated for March 27 to March 31 and would also include a closing gong ceremony of the NSE, excursions to the trading floor, interactive session with executive management of the NSE.

The Acting Head of Corporate Services Division of the NSE, Mrs Pai Gamde, was quoted by the statement as saying that Exchange was playing its part in building a financially savvy generation of future leaders.

“We believe that as a nation, children and youths are important component of building a secured future and we must train these future leaders on how to make sound financial decisions” Mrs Gamde said.

Also, the NSE Head of Corporate Communications, Mr Olumide Orojimi, was quoted as saying that “the Global Money Week initiative is fully consistent with our vision to promote a market place where investors are well educated to make sound investment decisions.”

“For the past two years, the Exchange has been able to directly reach over 3,033 students and pupils from over 54 secondary and primary schools with an indirect effect on about 10,000 young people across its operating environment”, he said.

The Global Money Week, a global movement to raise awareness on the importance of financial education and financial inclusion for children and youths, is led by Child and Youth Finance International (CYFI), a non-profit organization based in Amsterdam.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

Oil Prices Rise as Earthquakes Hit Turkey, Syria

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oil prices cancel iran deal

By Adedapo Adesanya

Oil prices rose on Monday, buoyed by supply concerns following earthquakes in Turkey and Syria.

Brent crude futures rose 46 cents or 0.6 per cent to $80.40 a barrel, as the United States West Texas Intermediate (WTI) crude futures jumped by 20 cents or 0.3 per cent to $73.59 a barrel.

Massive earthquakes that struck Turkey and Syria on Monday halted operations at Turkey’s major oil export hub in Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan, officials said.

It has been regarded as the worst tremor to strike Turkey this century and was followed in the early afternoon by another large quake of magnitude 7.7.

The Tribeca shipping agency said in a notice that the BTC terminal at Ceyhan that exports Azeri crude oil will be closed through Wednesday pending damage assessments. Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub, with a flow of about 650,000 barrels per day.

According to Reuters, following Monday’s earthquake, Iraq’s Kurdistan Regional Government (KRG) also halted flows through the pipeline it operates that runs from Iraq’s northern Kirkuk fields to Ceyhan, the region’s ministry of natural resources (MNR) said.

The KRG had been pumping 400,000 barrels per day, and Iraq’s federal government was pumping 75,000 barrels per day through the pipeline.

It was also reported that oil exports would resume after a “careful inspection of the pipelines is finalised,” the MNR said in a statement.

Also supporting prices was the prospect for China’s recovery after the relaxation of COVID-19 restrictions continued to drive the value of the commodity.

The International Energy Agency (IEA) expects half of this year’s global oil demand growth to come from China. The agency’s chief, Mr Fatih Birol, disclosed this on Sunday, adding that jet fuel demand was surging.

“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Mr Birol said, referring to a call of action for the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+.

The 23-man group decided to cut output by 2 million barrels a day from November through 2023 instead of pumping more to cut fuel prices and help the global economy, as the US advised.

Also, price caps on Russian products took effect on Sunday, with Group of Seven (G7) nations, the European Union and Australia agreeing on price limits of $100 a barrel on diesel and other products that trade at a premium to crude and $45 a barrel for products that trade at a discount, such as fuel oil.

The price ceilings, together with an EU ban on Russian oil product imports, are part of a broader agreement among the Group of Seven (G7) countries. It follows a $60 per barrel cap on Russian crude that G7 countries imposed on December 5 as the G7, the EU and Australia seek to limit the country’s ability to fund its war in Ukraine.

Both caps prohibit Western insurance, shipping and other companies from financing, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price caps.

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Economy

NGX Upgrades Price Stock Group of Eterna

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price stock group of Eterna

By Dipo Olowookere

The price stock group of Eterna Plc has been moved upward by the Nigerian Exchange (NGX) Limited, Business Post reports.

In a regulatory notice on Monday, the bourse noted that it upgraded the stock category of the energy company from a low-price stock group to a medium-price stock group.

This action, according to the exchange, was necessitated after the stability in the price of the company’s equities within four of the last six months in the new price category, in line with its price methodology framework.

“Equity securities of quoted companies on the exchange (NGX) are classified into three stock price groups or categories; high-priced, medium-priced, and low-priced stocks, based on their market price.

“In this regard, securities must have traded for at least four out of the most recent six-month period within a stock price group’s specified price band to be classified into the category.

“Accordingly, a review of Eternal Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group.

“This reclassification also necessitates the attendant change in the tick size change from N0.01 kobo to N0.05 kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the exchange, 2015 (trading license holders’ rules),” the statement from the platform stated.

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Economy

Unlisted Securities Investors Gain N18.29bn in Five Days

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unlisted securities investors

By Dipo Olowookere

It was another positive week for unlisted securities investors in Nigeria as they smiled home with N18.29 billion last week on the floor of the NASD over-the-counter (OTC) Securities Exchange.

This was buoyed by the 1.98 per cent week-on-week growth recorded by the alternative bourse in the country during the five-day trading week, which had five stocks closing on the gainers’ chart, with none on the opposite table.

Data harvested by Business Post indicated that FrieslandCampina Wamco Nigeria appreciated by 10.44 per cent to settle at N69.00 per unit. UBN Property Gain 7.14 per cent to trade at 75 Kobo per share, Niger Delta Exploration and Production improved by 6.95 per cent to N200.00 per unit, Geo-Fluids rose by 6.12 per cent to N1.04 per share, and Central Securities Clearing System (CSCS) increased by 3.85 per cent to N13.50 per unit.

In the week, the volume of trades declined by 35.51 per cent to 24.5 million units from 62.6 million units, the number of deals went down by 12.82 per cent to 66 deals from the preceding week’s 71 deals, while the value of transactions increased by 122.48 per cent to N96.6 million from N87.6 million.

The most active security for the week by volume was Geo-Fluids, with the sale of 20.0 million units, followed by UBN Property with 3.4 million units. FrieslandCampina traded 581,021 units, CSCS transacted 375,512 units, and VFD Group exchanged 111,104 units.

However, the most active equity by value for the week was FrieslandCampina, with a sale of N38.5 million. VFD Group recorded N27.2 million, Geo-Fluids traded N20.7 million, CSCS transacted 5.1 million, and UBN Property traded N2.6 million.

Data showed that the NASD unlisted securities index (NSI) increased in the week by 13.92 points to 717.15 points from 703.23 points, as the market capitalisation grew by N18.29 billion to N942.35 billion from N924.06 billion.

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