Oil Rises on Positive US Debt Deal Signals

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 Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday. In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1. In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1. During the Independence Day

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

Traders Union (TU) experts know that every investor has their own special way of investing that sets them apart from the rest. A famous investor, Carl Icahn, is one of those exceptional figures who did things differently and achieved a lot. Understanding what he did and how he did it can be really helpful for new traders. It’s like having a practical guide that can turn a beginner into a pro trader quickly. Discover Carl Icahn trading strategy by reading on. Biography of Carl Icahn Born on February 16, 1936, in Far Rockaway, Queens, New York, Carl Icahn grew up

By Dipo Olowookere The first trading session of a new week at the Nigerian Stock Exchange (NSE) ended bearish on Monday as a result of sustained profit-taking by investors. The market depreciated by 0.35 per cent despite the gains posted by 23 equities but these stocks were unable to overpower the 16 shares that recorded a decline in value. Business Post reports that GTBank was the heaviest price loser as it went down by N3.15 to settle at N32.85 per share and was trailed by PZ Cussons, which fell by 55 kobo to sell at N5.10 per unit. Flour Mills

By Dipo Olowookere The local bourse weakened by 0.09 per cent on Wednesday due to profit-taking by investors after the Central Bank of Nigeria (CBN) increased the key interest rate by 100 basis points to 17.5 per cent at the end of the first Monetary Policy Committee (MPC) meeting of 2023. It was observed that blue-chip stocks like GTCO, Nigerian Breweries and others were battered during the session, contributing to the downfall of the market. From an analysis of the market data, the consumer goods sector went down by 1.21 per cent, the insurance counter dropped 0.13 per cent, the

By Sodeinde Temidayo David Nigeria’s leading first generation bank, First Bank of Nigeria Limited, has strengthened its commitment to youth empowerment and entrepreneurship by sponsoring a new documentary series produced by Linda Ikeji Television titled The First-Class Material. The first edition of the programme was sponsored by First Bank and based on the impact it had, the lender considered it necessary to further use the platform to contribute to the development of the nation. Season 2 of the show is expected to commence in the third week in August. The First-Class Material is a documentary aimed to celebrate Nigerians who

By Olubori Oduntan On Tuesday, July 31, 2017, the Nigeria Interbank Settlement Systems Ltd (NIBSS) relaunched the mCash platform, which allows easy mobile money transfer for customers to pay for services and products directly to the account of the merchant using a mobile device. The launch took place at the Eko Convention Centre, Eko Hotel and Suites, Victoria Island with the support of banks and telecommunications companies operating in Nigeria. Speaking at ceremony, the chief executive of NIBSS, Mr Adebisi Shonubi, explained that the cashless service was created to make it easier to replace the use of physical cash in

By Jerome-Mario Chijioke Utomi Taken objectively, there is no doubt that as a people, we derive more comfort, protection and security from our ethnic identity than from our common sense of nationhood. It is equally a statement of fact that during the forthcoming elections, most people will vote along sectional lines, be it religion or ethnicity, corporate world, the academia and other sectors of our national life. Under this condition, can Nigerians truly say in both concrete and moral terms that they are united in all aspects of nationhood? If not, what is holding the nation back? Is it leadership

By Modupe Gbadeyanka Nigeria’s overnight interbank lending rate rose sharply on Friday despite the Central Bank of Nigeria (CBN) not conducting an Open Market Operations (OMO) auction. This, Business Post reports, may be due to the banks’ funding for CBN forex auction earlier in the day. Our correspondent reports further that the overnight rate jumped to 12.17 percent on Friday from 4.67 percent on Thursday. Also, the Open Buy Back (OBB) rate increased to 11.60 percent yesterday from 3.83 percent recorded the previous day. As market players anticipate the resumption of OMO sale next Monday, the system liquidity is expected

By Tarik Sfendla The energy markets are undergoing a massive transformation as governments around the world transition away from fossil fuels towards the integration of renewable energy. This trend is clearly visible in the mining industry as demonstrated by recent power projects in South America and in Australia. According to Bloomberg New Energy Finance, in 2018, mines purchased 1 GW of renewable energy generation assets; this amount tripled to reach approximately 3.5 GW in 2019, 90% of which consists of hybrid solutions. Electricity demand for the mining industry is expected to increase significantly in the coming years as increased mine

By Jerome-Mario Chijioke Utomi One recent occurrence that typifies the nation’s education sector as an area in urgent need of help is the current shoddy state of Ologbo Primary and Secondary Schools, Ologbo, Obarentin community in Ikpoba-Okha Local Government Area of Edo State, formerly called Rubber Research Institute of Nigeria Primary and Secondary School, Ologbo. In addition to signalling the gory tale of poor leadership, neglect and outright abandonment of responsibility by the Edo State government, the pictures and accompanying commentaries diverted attention from real threat deserving of healthy and appropriate fear, the federal government’s protracted inability to resolve their