NSE: Investors Gain N242b on Renewed Buying Interest

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disassociated itself from the trending 2019/2020 Annual Chemistry Competition, emphassing that the programme was fictional and the works of fraudsters. The corporation in a statement issued by the Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji, stated that the online circulated advert, which said the competition was organized to improve the standard of Chemistry education in the country, was phony and advised applicants to be wary of fraudsters. The advert had stated various fictitious monetary values to the categories of winners, listing eligibility of participants to include

By Adedapo Adesanya Brent crude appreciated by $2.69 or 3.5 per cent, its biggest daily gains, to settle at $80.68 per barrel on Tuesday after data pointed to slowing inflation in the United States. Also, the US West Texas Intermediate (WTI) crude futures improved by $2.22 or 3 per cent during the session to quote at $75.39 per barrel. US prices rose less than expected in November, the latest sign that the runaway inflation that has been gripping the economy is beginning to loosen up. The consumer price index, which measures a wide basket of goods and services, rose just

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the flat territory on Monday as the major performance indicators remained unchanged at the close of transactions. During the trading session, the market capitalisation of the unlisted securities exchange closed flat at N604.88 billion, while the NASD Unlisted Security Index (NSI) remained at 732.15 points. However, the activity chart was in red yesterday as investors stayed away from the market, trying to monitor happenings in the macro-economic environment. According to data, the volume of transactions went down by 67.9 per cent to 127,140 units from 392,727 units as the

By Adedapo Adesanya The selloff in the stocks of FrieslandCampina WAMCO Nigeria Plc on Thursday left a cut of about 0.16 per cent deep in the NASD Over-the-Counter OTC Securities Exchange. This was the first decline suffered by the unlisted securities market this week and it decreased the NASD Unlisted Security Index (NSI) by 1.2 points to 728.74 points from 729.94 points of the last trading day. Also, it reduced the market capitalisation of the bourse by N880 million to N535.31 billion from N536.19 billion it ended at the previous session. Business Post reports that shares of the milk producer,

By Dipo Olowookere Transactions at the nation’s stock market remained bearish on Wednesday, with profit taking activities by investors weighing on the market. The local bourse has been in severe pain for some days now, calling for help, which is nowhere in sight. The market is seriously expecting a positive trigger that will take it out of the dungeon. One of these triggers is the appointment of ministers by President Muhammadu Buhari, which should send a positive signal to investors that the present government was serious about making the economy better. Unfortunately, there are no strong indications that the President

By Ahmed Rahma The COVID-19 pandemic hit many businesses, countries and individuals in 2020 by surprise and till now, the effect is still being felt. Nigeria, which is one of the countries hit by the virus, though mildly when compared with countries in Europe and the United States of America (USA), slipped into a recession as a result of the contagion. When the country, which is Africa’s largest economy, recorded its first case of coronavirus in late February, some people knew trouble was lurking around. In March, President Muhammadu Buhari was forced to take the harsh decision of locking down

Amid the electric vehicle (EV) revolution reshaping the automotive industry by providing eco-friendly alternatives to traditional gasoline-powered cars, one crucial aspect has taken the spotlight: charging with DC fast chargers. Adopting EVs has become imperative as the world redoubles its efforts to combat climate change and reduce carbon emissions. EV owners grapple with various challenges, from range anxiety to limited charging options and the struggle to maintain a consistent charging routine. With the EV market surging, the need for an accessible, reliable, and efficient charging solution has never been more critical. The frustration of encountering subpar charging infrastructure and enduring

By Dipo Olowookere The fastest growing aviation services provider in the emerging markets, National Aviation Services (NAS), has been awarded the IATA Safety Audit for Ground Operations (ISAGO) certification for its Abidjan operations. The NAS Abidjan ISAGO certification highlights the company’s ongoing commitment to safety and security across its network. This is the most recent certification received by the company from IATA. In 2008, NAS was among the first ground handling providers in the world to receive an ISAGO certification for its Kuwait operation. Since then this certification has been renewed five times. Speaking on the development, CEO of NAS,