NSE Market Indicators Down By 0.70% Friday

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

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 Sodeinde Temidayo David The total turnover at the Investors and Exporters (I&E) window of the foreign exchange (FX) market declined by 13.9 per cent week-on-week, according to a Business Post analysis. The forex market recorded a weekly FX turnover of $677.4 million in the first week of August, representing a decrease of $109.1 million from the $786.5 million achieved in the previous week (last week of July), official data showed. According to data tracked from Monday, July 26 to Friday, August 6, by this newspaper on the FMDQ Securities Exchange, last Monday, (August 2), the total transactions stood at

By Adedapo Adesanya  Brent Crude fell below $50 per barrel during trading on Friday as oil recorded its worst loss since 2016, caused by the coronavirus that is affecting the global economy. The virus, which has affected oil prices for majority of February, has now spread to over 50 countries, including Nigeria, crippling demand for crude oil due to restriction on movements in some countries as part of efforts to curb its spread. It has also affected the global stock market, resulting in the loss of over $6 trillion. As at yesterday night, the Brent crude fell $2.06 or 3.98

By Dipo Olowookere Investments in Nigerian stocks last week waned N5.2 billion from N10.9 billion achieved in the preceding week. This was caused by the two-day holiday declared by the federal government in the week on Tuesday and Wednesday to mark Eid-el-Kabir. Business Post reports that the market only opened for business for only three days and this affected the weekly turnover, which slumped to 896.2 million units from the previous week’s 1.0 billion units. Also, the number of deals depreciated last week to 11,714 deals from 17,297 deals. It was observed that financial equities dominated the activity chart with

By Aduragbemi Omiyale The sum of N6.405 trillion was collected from tax revenue in 2021 in Nigeria by the Federal Inland Revenue Service (FIRS), Business Post reports. A statement from Johannes Oluwatobi Wojuola, the Special Assistant to the Executive Chairman of the FIRS, Mr Muhammad Nami, on Media and Communication on Monday disclosed that this was more than the target set by the agency last year. The large chunk of the earnings was made possible by some tax-compliant companies, according to the FIRS and they were Nigeria National Petroleum Company (NNPC), Mobil Producing Limited, Star Deep Water Petroleum, MTN Nigeria

By Jerome-Mario Utomi The Independent National Electoral Commission (INEC), the nation’s electoral umpire, recently, in furtherance of its powers conferred on it by the Constitution, the Electoral Act and all other powers enabling it in that regard, fixed November 6, 2021, as the date for the conduct of the Anambra governorship poll. Unlike other communication from public offices which are ‘self-undermining and often always reputed for encouraging complacency, there are some interesting instincts and reactions in Anambra State about the latest release by INEC. Out of many, two are considered significant to the present discourse. First, as a complex state

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reassigned two pre-shipment inspection agents; Carmine Assayer and Cobalt International to inspect all non-oil exports emanating from northern and south-western parts of Nigeria. This was disclosed by Director, Trade and Exchange Department of the CBN, Mr Ozoemena Nnaji, in a circular titled Notice of Re-assignment of Pre-Shipment Inspection Agents for Non-oil Exports on Thursday. According to the CBN Director, Carmine Assayer has been re-assigned from the northern zone to serve as PIA for non-oil export for the south-west zone, comprising Lagos, Ondo, Osun, Ekiti and Ogun states. On the other

By Investors Hub Asian stocks finished mostly lower on Wednesday as global growth worries persisted and Italy’s populist government escalated a dispute with the European Commission over the country’s spending plans. The Italian government told the European Union on Tuesday it would maintain its deficit and economic growth forecasts for 2019 despite calls from the bloc’s authorities to revise its draft budget. Chinese shares fell after the release of mixed economic data. The benchmark Shanghai Composite Index dropped 22.64 points or 0.9 percent to 2,632.24, while Hong Kong’s Hang Seng Index ended down 138.44 points or 0.5 percent at 25,654.43.