Oil Slides After Russia Bans Fuel Exports

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Modupe Gbadeyanka There are plans by the European Union (EU) to invest about €820 million in Nigeria’s digital economy through the Gateway Initiative. A statement issued on Monday by Mrs Uwa Suleiman, spokesperson to the Minister of Communications and Digital Economy, Mr Isa Ali Pantami, disclosed that the investment comprises €160 million in grants and €660 million in loans. She said the funds would be pumped into the sector by the European bloc over the next three years, according to the Executive Vice President of the EU, Ms Margrethe Vestager. Mrs Vestager, while extolling the leadership style of the

By Dipo Olowookere The zoo section of Omu Resort in Lagos has been boosted with the arrival of two Zebras, making the facility become one of the few zoos in Africa to have the animal in their collection. The black and white-striped Zebras have now increased the numbers of animals in the zoo section of the resort, giving fun-seekers the opportunity to see more animals. Business Post reports that Omu Resort, located at Bogije, Ibeju Lekki, Lagos State, is well-known for wildlife conservation and captive breeding. It boasts of several wild animals like the lion, hyena, monkey, crocodile, ostrich, amongst

By Dipo Olowookere Renewed bargain hunting at the Nigerian Stock Exchange (NSE) on Friday lifted the market capitalisation by 0.57 percent. The total value of stocks on the exchange increased by N67 billion yesterday to N11.778 trillion from N11.711 trillion. Also, the All-Share Index (ASI) increased at the trading day by 128.59 basis points to 22,599.38 basis points from 22,470.79 basis points. Furthermore, the market breadth closed positive with 16 price gainers over 14 prices losers, with MTN Nigeria the biggest price gainer, appreciating by N4 to close at N104 per unit, while Cadbury Nigeria gained 55 kobo to sell

By Dipo Olowookere Nigeria’s interbank lending rate declined at the first trading day of the week on Wednesday after the central bank drained Naira liquidity from the market. Specifically, the overnight rate dropped on Wednesday to 5.75 percent from 6.33 percent recorded in the last trading session. Similarly, the open buy back (OBB) rate depreciated to 5 percent yesterday from 5.67 percent. Meanwhile, Business Post reports that the treasury bills market traded flat yesterday with few buys on some short and medium tenured maturities. The Central Bank of Nigeria (CBN) offered a total of N200 billion worth of treasury bills

By Dipo Olowookere The NASD OTC Market maintained its week-on-week positive momentum, as the NASD USI advanced by 3.7 percent, closing at 655.96 points as against 632.52 points last Friday. Consequently, total market capitalisation increased by 3.7 percent this week, closing higher at N443.90 billion compared to N428.05 billion last Friday. A look at the top traded securities by volume showed that CSCS Plc led the chat after trading 2.05 million shares, while FrieslandCampina WAMCO Nigeria Plc followed with 0.905 million units exchanged during the week. The top gainer was CSCS Plc, which closed at N8.89k per share against its

By Modupe Gbadeyanka Investors at the Nigerian stock market lost N11 billion on Thursday following decisions by some of them to sell-off their holdings. This further deepened the Nigerian Stock Exchange (NSE) in the negative territory and made it the third consecutive time this week that the market was closing bearish. At the close of transactions yesterday, the stock market was down by 0.09 percent with the year-to-date loss standing at 15.22 percent. Specifically, the All-Share Index (ASI) went down by 30.46 points to close at 32,423.57 points, while the market capitalisation decreased by N11 billion to finish at N11.837

By Dipo Olowookere Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) working at ExxonMobil Nigeria have commenced an industrial action. Officials of the oil and gas union said it plans a total shutdown of the firm’s operations by Friday midnight. “Final shutdown will be with the withdrawal of our members in Qua Iboe Terminal with about 14 locations and many well ends by Friday midnight,” PENGASSAN threatened in a statement. Already, the union has begun a gradual withdrawal from all oil and gas installations across the country belonging to Mobil Producing Nigeria Unlimited, a subsidiary

By Dipo Olowookere Average yields of treasury bills slightly increased on Tuesday on the back of selling pressure witnessed at the secondary market during the session. Business Post reports that the yields rose across the four maturities tracked in the day, closing 0.66 percent higher to 5.52 percent from 4.86 percent it finished at the previous session. Recording the highest rise was the one-month tenor, which grew by 1.57 percent to 5.71 percent to 4.14 percent and was followed by the three-month bill, which increased by 0.79 percent to 5.02 percent from 4.23 percent. The six-month instrument appreciated by 0.23