NSE Index Sheds 0.23% as 7up Leads 21 Losers

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Dipo Olowookere The management of the Nigerian Stock Exchange (NSE) has announced that the exchange will close of business on Tuesday, December 24, 2019, by 12:30pm instead of the usual 2:30pm. A notice to stockbrokers on Monday confirmed this development. The decision to shut down its doors earlier is because of Christmas, which is celebrated every December 25. The stock market regulator also said it would close for business by 12:30pm on Tuesday, December 31, 2019 ahead of the New Year day celebration slated for Wednesday, January 1, 2020. “Please be informed that market will close for trading at

By Dipo Olowookere The premises of some banks in Makurdi, Benue State capital, were sealed on Thursday by officials of the Benue Internal Revenue Service (BIRS). The affected financial firms were shut down by the revenue agency over alleged tax default to the tune of N1.43 billion. The enforcement team, led by the Executive Chairman of BIRS, Mrs Mimi Adzape-Orubibi, sealed the branches of Fidelity Bank, Skye Bank, Unity Bank and Zenith Bank in Makurdi. She said the companies failed to pay their assessed PAYE taxes/liabilities after being notified about this. Mrs Adzape-Orubibi claimed Skye Bank Plc in Makurdi owed

By Dipo Olowookere The big boys of the Nigerian Stock Exchange (NSE) reduced the value of the market on Friday as investors booked profit on them because of the price appreciation they have recorded in the past days. Business Post reports that when activities were brought to an end yesterday, the market was down by 1.46 per cent as a result of the sell-off in the blue-chip stocks. Consequently, the All Share Index (ASI) shrank by 506.83 points to 34,136.82 points from 34,643.65 points, while the market capitalisation went down by N264 billion to close at N17.838 trillion as against

By Investors Hub Asian stocks rose on Monday despite conflicting signals from the U.S. and China on the trade front and a landslide victory by the pro-democracy camp in the Hong Kong district council election. China’s Shanghai Composite Index surged up20.88 points, or 0.7 percent, to 2,906.17 after a tabloid run by the ruling Communist Party discounted “negative” media reports and said both countries were “very close” to a phase one trade deal. China also remains committed to continuing talks for a phase two or even a phase three deal with the United States, the state-backed Global Times said on

By Dipo Olowookere SERMO, the largest global social network for physicians with 650,000 members worldwide has announced the ground-breaking new “Drug Ratings” tool. Drug Ratings is the first and only global peer-to-peer prescription drug review system sourced exclusively from verified licensed physicians. With more than a quarter million ratings and 20,000 comments from doctors worldwide to date in the beta release, the Ratings platform is quickly becoming the largest global database of physician feedback on drugs. Integrated into the SERMO social network, Drug Ratings gives physicians a clinical decision support tool where they can research, rate, and share their direct

By Jerome-Mario Utomi ‘The easy accessibility individuals have to publish ideas on the Internet has led to the emergence of a new meritocracy of ideas that is similar in some ways to the public forum that existed during the time of America’s founding. It has several structural characteristics that make it particularly useful and powerful as a tool for reinvigorating representative democracy,’ AL-Gore, former Vice President in the United States, once said. If there is a single factor/occurrence that has redefined information management and promoted citizen Journalism across the globe, it is the dawn of Internet/social media. As citizens participate

By Adedapo Adesanya There was a 3.02 per cent week-on-week at the NASD Over-the-Counter (OTC) Securities Exchange in Week 23, buoyed by five companies, causing the NASD Unlisted Securities Index (NSI) to increase by 22.73 points to 775.32 points from 752.59 points of Week 22. Also, the value of securities on the trading platform expanded in the week by N29.92 billion to N1.020 trillion from the preceding week’s value of N990.72 billion. FrieslandCampina Wamco Nigeria Plc was the biggest price gainer last week as its share price rose by 18.3 per cent to N104.59 per share from N88.40 per share,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal drop of 0.02 per cent on the last trading day of this week, Friday, June 30. Upon the resumption of the market yesterday, following Wednesday and Thursday’s hiatus due to the Eid-el-Kabir holiday, the OTC stock exchange witnessed a significant increase in trading activities. The volume of securities traded at the bourse during the session surged by 24,638.3 per cent to 1.08 billion units from the 4.4 million units transacted in the preceding session. Also, the value of shares traded at the session rose by 4,045.5 per cent