Oil Extends Growth, Hits 11-Month High

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 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 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 Modupe Gbadeyanka The Chief Financial Officer (CFO) of Seplat Petroleum Development Company Plc, Mr Roger Brown, will from August 1, 2020, be the new Chief Executive Officer (CEO) of the energy firm. A statement from the company said Mr Brown will take charge of day-to-day activities of Seplat upon the retirement of the present CEO, Mr Austin Avuru, who steps down on July 31, 2020, For a decade, Mr Avuru piloted affairs of the company, making it a strong organisation, with the deployment of agile systems, processes and stakeholder relationships that allowed the firm to grow rapidly from  a

By Modupe Gbadeyanka A mobile insurance service has been introduced into the country by Zenith General Insurance Company Limited (commonly known as Zenith Insurance) in partnership with MTN Nigeria, a telecommunications giant. The service will enable users to have access to product through the use of the USSD code *5966#. Some of the products offered include Third Party Motor Insurance and Personal Accident Insurance. Speaking at the launch of the product at the Civic Centre, Victoria Island, Lagos on Wednesday, March 18, 2020, the Chief Operating Officer, MTN Nigeria, Mr Mazen Mroue, said, “Financial Inclusion is imperative for economic development

By Modupe Gbadeyanka The board of Nigerian Aviation Handling Company (NAHCO) Plc has proposed the payment of dividend of 25 kobo per ordinary share of 50 kobo each, amounting to N406 million. This information was revealed in the financial statements of the company released today for the period ended December 31, 2018. In the results, NAHCO recorded a rise in the revenue generated in the year, which stood at N9.8 billion against N7.9 billion achieved in 2017 financial year. However, the operating costs incurred by the firm increased to N6.7 billion from N5.6 billion, reducing the gross profit to N3.2

By Dipo Olowookere The decision of investors to offload Cadbury Nigeria and 14 other stocks at the Nigerian Exchange (NGX) Limited on Friday had a negative impact on the market. Yesterday, the exchange depreciated by 0.47 per cent despite recording an improvement in the level of activity as market participants preferred to book profit rather than do bargain hunting. As a result, the All-Share Index (ASI) decreased by 187.21 points to settle at 39,483.08 points compared with the previous day’s 39,670.29 points. In the same vein, the market capitalisation went down at the close of transactions by N98 billion to

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has revealed that the foreign exchange inflow through it rose by 42.9 percent above the level in the first half of 2016 to $12.45 billion. This, it explained, was as a result of increases in crude oil and non-oil export earnings. In its Financial Stability Report, the apex bank said further that receipts from crude oil sales rose by 22.7 percent to $5.66 billion, in the first half of 2016. This, it added, was due to the gradual increase in domestic production and international crude oil prices, pointing out that the

By Modupe Gbadeyanka The Oluwo of Iwo land in Osun State, Oba AbdulRasheed Adewale Akanbi, has declared that President Muhammadu Buhari must return for second term to complete his 8-year tenure as leader of Nigeria. The Iwo monarch made this known at a special prayer session he organised for Mr Buhari, who returned to the country over a week ago from a 3-month medical vacation in the United Kingdom. The prayer session had in attendance over 3000 people from different religion, ethnic group, and areas. The attendees prayed together at the palace of the Oluwo of Iwo with over 200

By Modupe Gbadeyanka A total of 49,465,731 ordinary shares of 50k each have been distributed to shareholders of Stanbic IBTC Holdings. The addition ordinary shares were listed on the trading platform of the Nigerian Stock Exchange (NSE) last Friday. It was gathered that the additional shares arose from the Scrip Dividend Scheme offered by the firm to its eligible shareholders, who chose to receive new ordinary shares in exchange for cash dividends with respect to the 5 kobo final dividend declared for the year ended December 31, 2016. Also, the newly listed shares came from the 60 kobo interim dividend

By Dipo Olowookere The Nigerian Stock Exchange (NSE) recorded a marginal growth on Wednesday. This was the second growth achieved on the floor of the NSE this week and it also came a day after the Workers’ Day celebration marked on Tuesday, which resulted into the closure of the market for that day. Business Post reports that there was an increased buying pressure across most counters in the bourse yesterday, indicating an improved investor confidence on the market. At the close of business, the stock market appreciated slightly by 0.09 percent with the year-to-date returns increasing to 8.01 percent. Also,