NSE Index Stays Down Despite Positive Macroeconomic Indicators

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Aduragbemi Omiyale To achieve its logistics services expansion goal in Africa, UPS has partnered with Jumia, giving it access to the e-commerce giant’s infrastructure on the continent. Jumia delved into the last-mile business after conquering the online shopping landscape in Africa and because of the success it is already recording, UPS felt it was necessary to join forces with the organisation to achieve its expansion goal. With the delivery services growing on the continent, UPS will leverage the Jumia infrastructure to offer its customers an extended range of delivery solutions, including door-to-door package delivery and collection, with a variety

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss on Tuesday and it was the fourth consecutive time this was happening. During the trading session, the unlisted securities market ended in negative territory as a result of the 0.49 per cent slide it closed with. This battered the NASD Unlisted Security Index (NSI) by 3.48 points to 707.24 points from the 710.72 points recorded at Monday’s trading session. It equally depleted the market capitalisation of the bourse by N2.50 billion to N507.45 billion from N509.95 billion achieved the preceding day. The bearish environment was activated by a

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 Seaport Terminal Operators Association of Nigeria (STOAN) has donated funds amounting to N700 million to the federal government in support of the effort to curtail the spread of COVID-19. In addition, the terminal operators also donated various personal protective items such as face masks, hand gloves, coveralls, hand sanitisers and infrared thermometers to the NPA, Nigeria Customs Service (NCS) and other government agencies at the various ports across the country. Chairman of the body, Mrs Vicky Haastrup, made the disclosure on Monday, April 27, adding that no effort should be spared towards curtailing the pandemic that

By Modupe Gbadeyanka No fewer than 10 artisans in Osun State have been rewarded with N3 million grant to boost their businesses. The funding package was given to the entrepreneurs by Goldberg lager beer, Nigeria’s leading culture-centric beer brand, through its Isedowo youth empowerment initiative in the Southwest region of Nigeria. The initiative, which is aimed at supporting young Yoruba men and women to grow their businesses, was launched at the palace of the revered monarch, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II last week Thursday in Ile-Ife, Osun State. The 10 artisans from different skilled crafts

By Adedapo Adesanya The average retail price for refilling 5kg and 12.5kg cylinders of Liquefied Petroleum Gas, known as cooking gas, further increased in January 2023, the latest data from the National Bureau of Statistics (NBS) showed. In the Liquefied Petroleum Gas (Cooking Gas) Price Watch for January 2023 data, it was disclosed that the cost of the 5kg cylinder jumped to N4,588.75 on average while that of its 12.5kg equivalent jumped to N10,277.17. The data showed that the cost of refilling a 5kg cooking gas cylinder increased by 0.51 per cent on a month-on-month basis from N4,565.56 recorded in

By Aduragbemi Omiyale The Managing Director of the Nigerian Aviation Handling Company (NAHCOe) Plc, Mrs Tokunbo Fagbemi, has said the N70 million given to her company by the federal government is not enough when compared with what the firm lost to the COVID-19-induced lockdown. The government had approved N5 billion bailout for the aviation sector in the country to cushion the effects of the pandemic. For more than six months, the nation’s airspace was shut down to control the spread of the virus in the country. During this period, airlines were not allowed to operate except for essential services, including

By Dipo Olowookere Leading research minds in South Africa are frantically placing finishing touches on to their research papers in anticipation of the 2nd Economic Research Advisory Network (ERAN) conference that will be held in Bloemfontein, Free State Province from 8 – 10 March 2017. The Annual Conference which is in its second instalment, will be hosted by the Department of Trade and Industry (the dti) in partnership with the Free State Department of Economic Development, Small Businesses, Tourism and Environmental Affairs (DESTEA). The conference, steered under the theme of ‘Driving South Africa’s Industrial Development Agenda’ aims to bring-together a