Positive Investor Sentiment Pushes NSE Index Higher by 0.71%

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The federal government has announced signing bilateral air service agreements (BASA) with four countries; the United States of America, India, Morocco, and Rwanda. This was announced by the Minister for Aviation, Mr Hadi Sirika, on Tuesday, explaining that President Muhammadu Buhari had appended his signature to the instruments of ratification on September 30. He wrote on Twitter, “I am glad to announce that Mr President, on behalf of Nigeria, has signed the instruments of ratification of the bilateral air service agreement between Nigeria and USA, India, Morocco as well as Rwanda.” The Aviation Minister also shared the

By Dipo Olowookere The last trading day of the week ended positive on Friday as equities extended the positive momentum of the previous session. This was mainly influenced by the impressive third quarter earnings that came in during the week, which gave investors the appetite to pick up some shares that could yield good returns in the next few weeks. At the close of transactions yesterday, the Nigerian Stock Exchange (NSE) was facing north by 0.70 percent, shrinking the year-to-date loss to 14.59 percent. While the All-Share Index (ASI) increased by 227.28 points to settle at 32,664.63 points, the market

By Modupe Gbadeyanka Report released by the Central Bank of Nigeria (CBN) says Nigeria’s foreign exchange reserves fell to $24.59 billion as at September 28, 2016. This showed a 3.37 percent slump from the previous month. The CBN, which released this figure on Friday, September 30, 2016, noted that it was stepping up its intervention to boost the free-falling Naira. In August 2016, Nigeria’s reserves remained at $25.45 billion.

By Dipo Olowookere The Nigerian Army has announced putting an end to its Crocodile Smile II exercise in the southern part in the country. A statement issued by the Deputy Director Army, Public Relations, Colonel Aminu Iliyasu, said the exercise has greatly achieved its main objectives in the areas of training, operations, inter-agency as well as civil-military cooperation. According to him, the exercise has been adjudged as one of the most successful military exercises conducted by the Nigerian Army in recent times. He said the Crocodile Smile II can in existence in line with the Nigerian Army Training Directives 2017,

By Dipo Olowookere The Debt Management Office (DMO) will be expected to issue bonds amounting to N90 billion this week, Business Post is reporting. A breakdown of the anticipated exercise showed that the debt office will sell the 12.75 percent FGN APR 2023 paper (5-Yr Re-opening) worth N25 billion, 13.53 percent FGN MAR 2025 note (7-Yr Re-opening) worth N25 billion and 13.98 percent FGN FEB 2028 paper (10-Yr Re-opening) worth N40 billion. According to analysts at Cowry Asset, “We expect the bonds to be issued [by the DMO] at higher stop rates.” Also at the secondary market, “we expect FGN

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the negative territory on Tuesday, February 15 following a marginal 0.01 per cent drop at the close of transactions. The defeat came on the back of loss recorded by NASD Plc as the shares of the company went down by 8 kobo or 0.9 per cent to close at N8.80 per unit compared with N8.88 per unit of the previous session. As a result of this, the NASD unlisted securities index (NSI) moved down by 0.04 points to settle at 751.92 points as against 751.96 points it ended on

By Adedapo Adesanya  Investors’ activities at the Investors and Exporters (I&E) segment of the foreign exchange market drove the Naira/Dollar exchange rate higher on Friday, December 20, 2019. The huge demand for Dollar at the investors window, which is associated with the festive season, contributed to the poor performance of the local currency at the market window. This drove the market turnover higher by 175.6 percent or $172.84 million during the session to $271.27 million from the $98.43 million worth of transactions recorded the previous day. It was gathered that the demand for forex at the market category crashed the

By Adedapo Adesanya The Lagos State Government through Lagos State Physical Planning Permit Authority (LASPPPA) has promised a further cut in the turnaround time of processing permits from its present 12 to 13 days to 10 working days. This was disclosed by Mr Kehinde Osinaike, General Manager, LASPPPA during a courtesy visit of the National Chairman, Nigerian Institute of Town Planners (NITP), Mr Olutoyin Ayinde, to the authority’s officer in the state. He said the essence of the reduction was to make the collection of physical planning permits less cumbersome, less time-consuming and seamless in Lagos. Others on the visit