NSE Index Drops 0.16% as Investors Mop up Banking Stocks at Cheap Prices

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

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 Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya The Nigerian Naira eased recent pressure against the US Dollar in the Investors and Exporters (I&E) arm of the foreign exchange (FX) market on Wednesday, August 30. The Naira appreciated against the greenback by 4.8 per cent or N37.16 to sell for N738.18/$1, in contrast to the preceding day’s N775.34/$1, according to data obtained from the FMDQ Securities Exchange. Data showed that the value of forex transactions in the spot market surged by 138.6 per cent or $98.83 million to $170.15 million from the $71.32 million recorded in the preceding session. However, in the Peer-to-Peer (P2P) window,

By Modupe Gbadeyanka All things being equal, federal government of Nigeria will next week auction bonds worth N150 billion to investors in the local market. The exercise will be conducted by the Debt Management Office (DMO) precisely on Wednesday, February 20, 2019, Business Post learned. It was gathered that the bonds would be offered in three different maturities; 5-year, 7-year and 10-year, with all re-opening. The DMO said on Thursday that the five-year N50 billion worth of bonds maturing in April 2023 would be offered at 12.75 percent; the seven-year N50 billion worth of the bonds maturing in March 2025

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

By Adedapo Adesanya The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s gas reserves currently stand at 208.83 trillion cubic feet, offering potential investors a huge potential. According to the Chief Executive of NUPRC, Mr Gbenga Komolafe, following the declaration of the year 2020-2030 as Nigeria’s decade of gas, the country became ripe for more investment. He said Nigeria has a proven reserve of 36.966 billion barrels of oil and condensate, opening a large opportunity for investments in the upstream oil and gas sector. Mr Komolafe spoke at the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF

By Adedapo Adesanya The Naira appreciated against the Dollar at the Investors and Exporters (I&E) segment of the Nigerian foreign exchange (forex) market on Monday by 0.25 per cent or N1.03 to settle at N417.30/$1 compared with the previous exchange rate of N418.33/$1. Equally, the local currency appreciated against the Pound Sterling at the spot market by N6.04 to N530.54/£1 from N536.58/£1 and also gained N2.98 against the Euro to close at N447.30/€1 in contrast to the previously quoted rate of N450.28/€1. However, the domestic currency depreciated against the greenback at the peer-to-peer (P2P) FX market segment by N1 or

By Modupe Gbadeyanka As part of its efforts to deepen mobility, the leading auto tech platform, Autochek Africa, has launched a loan services platform to allow users to get the credit facility to acquire brand new vehicles. A statement issued by the firm said users can access the loans for the purchase of the new cars and trucks through a dedicated brand new cars section on the Autochek website and mobile app. It was stated that through this digital financing package, customers can make repayments in 60 months at the lowest interest rates in the market from regional partners such

By Modupe Gbadeyanka Mr Muhammadu Buhari Dasuki has been appointed as the new Managing Director of Sokoto Investment Company Ltd. Mr Dasuki was appointed to head the firm by the Governor of Sokoto State, Aminu Waziri Tambuwal, after the death of the former MD of the company, Mr Aliyu Bala Sokoto, who lost his life in a fatal motor accident on July 29, 2017. A statement issued in Sokoto on Tuesday by the Governor’s spokesman, Mr Imam Imam, said the new appointee comes into service with wealth of experience in investment and business portfolio. He holds a Bachelor of Science

By Modupe Gbadeyanka For the first time in about two months, the Nigerian Stock Exchange (NSE) recorded a week-on-week growth at the close of business last Friday following the gains recorded on Thursday and Friday during the three-day trading week. Investors had taken advantage of the low prices of stocks at the market following huge selloffs in the past weeks. However, as market resumes for another trading week today, analysts differ in their outlook for the equities market. For those at Cowry Asset, they believe the bears will resurface this week as a result of selloffs by foreign portfolio investors.