Oil Prices Drop on US Inflation Data, Weak China Outlook

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Dipo Olowookere A weak sentiment on the floor of the Nigerian Exchange (NGX) Limited on Tuesday caused portfolios of investors to further deplete by 0.31 per cent. Business Post reports that the stock market ended the trading session with 18 appreciating stocks and 21 depreciating stocks, indicating a negative market breadth. At the close of business, the All-Share Index (ASI) decreased by 146.15 points to 47,057.24 points from 47,203.39 points, while the market capitalisation declined by N78 billion to N25.358 trillion from N25.436 trillion. According to data from the exchange, the banking and industrial goods sectors went down by

The United Nations Habitat Programme for women and youths has paid a courtesy visit to wife of Abia State Governor, Mrs Nkechi Ikpeazu to seek her partnership towards specific programmes that would solve the need for shelter for indigent people. Speaking at her office during the visit, Mrs Ikpeazu expressed hope that the partnership would bring about intervention in housing, infrastructure and major developmental need of the state. She noted that Abia is an industrial and transportation hub in Nigeria, bordered by nine states, and as such, developments in Abia cascades into such other states. The Governor’s wife enlightened them

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has said its trading surplus dropped 4.1 per cent to N28.4 billion in September 2020. The national oil corporation disclosed this in its latest Monthly Financial and Operation Report (MFOR) for the month of September, released in Abuja recently. The trading surplus was N1.22 billion lesser than the amount of N29.6 billion surplus recorded in August 2020. The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to extend the pullback seen over the course of the previous session. The downward momentum on Wall Street may partly reflect concerns about the global economic impact on the ongoing trade dispute between the U.S. and other major economies. Negative sentiment may also be generated in reaction to a Commerce Department report showing weaker than previously estimated U.S. economic growth in the first quarter. After failing to sustain an early move to the upside, stocks turned lower over the course of

By Dipo Olowookere Reports from South Africa show that the country’s economy, the second largest in Africa, has again dropped into a technical recession. This was after the nation’s Gross Domestic Product (GDP) for the second quarter of 2018 compressed further by 0.7 percent, according to figures released on Tuesday by Stats SA. This marks two consecutive periods of contraction the country was recording, which therefore equates to a recession. Business Post reports that in the first quarter of this year, South Africa’s GDP contracted by 2.6 percent. “Real gross domestic product (measured by production) decreased by 0.7 percent in

By Modupe Gbadeyanka The Minister of Labour and Employment, Mr Chris Ngige, has charged the new board of the Nigeria Social Insurance Trust Fund (NSITF) to abhor corruption as the era of looking at the agency was gone for good. Mr Ngige, while inaugurating the board on Tuesday in Abuja, said the new team must live down the past and lead a rewarding change in the fortunes of the NSITF. He also charged the members to work to reposition and revitalise the organisation to fulfil its mandate in accordance with the Act establishing it. The Minister also directed that procurement

By Investors Hub The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to see further upside after ending the previous session mostly higher. The upward momentum on Wall Street comes as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations. Democrats are projected to retake control of the House for the first time since 2010, as Democratic candidates managed to flip a number of suburban districts across the country. Control of the House will give Democrats subpoena power, potentially leading to numerous investigations of President Donald

By Modupe Gbadeyanka Leading African investment banking group, United Capital Plc, has entered into partnership with global financial and corporate institutions to set up a Franco-African Investment Fund (FFA), with investible funds of €77 million. According to a statement issued by the firm on Tuesday, the aim of the fund is to accelerate the growth of innovative and entrepreneurial African and French small and medium scale enterprises (SMEs) with development projects on both continents. It is important to note that this is the first cross border investment fund dedicated to the development of African and French SMEs, and will have