Profit-Taking in Tier-One Banks Weakens Stock Market by 0.09%

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

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

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By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere More girls are gradually regaining their freedom after being abducted by Boko Haram in 2014 at a school in Chibok, Borno State. On Saturday, November 5, 2016, troops of 121 Battalion of the Nigerian Army rescued one of the kidnapped girls. The teenager identified as Maryam Ali Maiyanga, was found while soldiers deployed to Pulka, Gwoza Local Government Area, Borno State, for Operation LAFIYA DOLE were screening some escapees from Boko Haram terrorists hideout in Sambisa forest. During the screening, which took place at about 6am, Maiyanga was discovered with her 10-month-old son named Ali. She has

By Steve Brice We maintain a bullish outlook for global equities in general for 2021. However, we are switching our bias from a preference for the so-called quality and growth stocks to an increasingly optimistic outlook for value equities. At a high level, growth stocks are companies with a high expected earnings growth rate. Value stocks are companies that are cheap relatively to the rest of the market. While valuations for all areas of the market look expensive relative to their own history, growth equities appear to have discounted a lot more good news and, therefore, there is scope for

By Dipo Olowookere The interbank rate on Tuesday went down by 6.48 percent to close at 10.83 percent from 17.31 percent as the Central Bank of Nigeria (CBN) conducted an OMO exercise to soak up excess liquidity in the system. Also, during trading yesterday, the Open Buy Back (OBB) rate fell by 5.90 percent to settle at 10.17 percent from 16.07 percent. This came on the back of inflows from FAAC payment of N310 billion, which boosted system liquidity to N290 billion from N60 billion. During the OMO sale, the apex bank mopped up N77.8 billion from the sale of

By Dipo Olowookere Ms Josephine Anan-Ankomah has been announced as the Group Executive, Commercial Banking, of Ecobank Transnational Incorporated (ETI). A statement issued by the pan-African financial institution disclosed that the appointment is with immediate effect. The position of Group Executive, Commercial Banking became vacant following the appointment of Laurence do Rego to the position of Senior Advisor in the Group CEO’s Office. It was disclosed in the statement that the appointment of Ms Anan-Ankomah followed an internal recruitment process. As a member of the Group Executive Committee, Ms Anan-Ankomah, who before now was the Managing Director of Ecobank Gambia,

By Adedapo Adesanya The International Monetary Fund (IMF) has warned that Sub-Saharan Africa, which includes Nigeria, could stand to lose the most if the world were split into two isolated trading blocs centred around China or the United States and the European Union (EU). Sub-Saharan Africa refers to countries of the African continent that are not considered part of North Africa. According to estimates released on Monday, sub-Saharan African economies could experience a permanent decline of up to 4 per cent of the real gross domestic product after 10 years, which is larger than what many countries experienced during the

By Aduragbemi Omiyale Professor Michael Obadan and six others have been confirmed as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). Prof Obadan, an existing member of the committee, was nominated with the others by President Muhammadu Buhari and on Wednesday, the Senate approved their nominations. The others confirmed were Professor Mohammed Adaya Salisu, Dr Mo’Omamegbe (new members), Professor Festus Adeola Adenikinju, Professor Aliyu Sanusi Rafindadi, Dr Robert Asogwa and Mr Aliyu Ahmed (old members). At the plenary today, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Uba

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By Ashemiriogwa Emmanuel For the second week, the foreign exchange (FX) reserves of Nigeria, Africa’s largest economy, shrank last week and this time, it was by $192.1 million or 0.5 per cent. A week earlier, the external reserves of the country declined for the first time in eight weeks, precisely since August 2021 and last week, this decrease was sustained. Data harvested by Business Post from the Central Bank of Nigeria (CBN) showed that the nation’s Dollar savings account plunged to $41.5 billion on Thursday, November 11 from $41.7 billion published a week earlier. On Thursday, November 4, the FX