Renault, UBS Group Pull Down European Stocks

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

One of the airline operators in Nigeria, AZMAN Air, has commenced flight services in Imo State. Aircrafts of the company will make use of the Sam Mbakwe International Cargo Airport, Owerri, the state capital. The airport is reportedly the third busiest airport in the country because of the high traffic it records, overtaking Enugu International Airport. This feat is part of efforts of the administration of Governor Emeka Ihedioha towards improving the Ease of Doing Business in the state since he assumed office in May 2019. Last week, Mr Ihedioha received the management of the airline at the Government House.

By Investors Hub European stocks have moved mostly lower Monday on global growth worries and amid lack of fresh catalysts after the U.S. midterm elections. While the German DAX Index has tumbled by 1.4 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are down by 0.5 percent and 0.4 percent, respectively. Semiconductor solutions firm Infineon Technologies has moved sharply lower in Frankfurt after reporting weak net profits in its fiscal fourth quarter. Funeral services provider Dignity Plc has also come under pressure in London after reporting a sharp drop in third quarter earnings. British American Tobacco

By Adedapo Adesanya   The prices of food rose globally for the third consecutive month in August, led by coarse grains, vegetable oils and sugar, the United Nations food agency, the Food and Agriculture Organisation (FAO), revealed on Thursday. The FAO food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 96.1 points last month versus 94.3 points in July. The Rome-based agency also said in a statement that worldwide cereal harvests remained on course to hit an annual record in 2020. In a breakdown, the agency noted that cereal price

By Modupe Gbadeyanka The board of Fidelity Bank Plc has announced the retirement of its Deputy Managing Director, Mr Muhammed Balarabe, effective December 31, 2019. Mr Balarabe was appointed to the board of Fidelity Bank, a mid-level bank in Nigeria, on April 01, 2012 and became the bank’s Deputy Managing Director on May 02, 2016. From the end of this year, he will vacate the position. At the moment, apart from being the DMD, he is in charge of Commercial and Consumer Banking (North), with responsibilities covering the management of Fidelity Bank’s locations in Northern Nigeria and the Federal Capital

By Dipo Olowookere The interim manager of Tottenham Hotspur, Mr Cristian Stellini, has left his role in the football club along with his coaching staff, a statement signed by the club’s chairman, Mr Daniel Levy, has confirmed. The Italian football coach, who replaced his fellow countryman, Mr Antonio Conte, about a month ago, was removed a day after his team lost to Newcastle United 6-1 in an English Premier League match at St James’ Park. In the statement on Monday, Mr Levy disclosed that Tottenham would now be led to an EPL game against Manchester United at home on Thursday

By Adedapo Adesanya The African Development Bank (AfDB) and the Eastern and Southern African Trade and Development Bank (TDB) have united to launch a unique financial instrument to catalyze financing for sustainable development on the continent. At the ongoing global climate summit, COP27, the bank announced an investment commitment of $15 million in TDB’s Class C Green+ Shares. This is the first equity instrument of its kind to provide a pathway for institutional investors to support climate action with risk capital, with each dollar invested being leveraged four times into qualifying projects and transactions. More broadly, the shares are designed

By Modupe Gbadeyanka The name of Mr Modibbo Hamman Tukur has been forwarded to the National Assembly for confirmation as Director of the Nigerian Financial Intelligence Unit (NFIU). Mr Tukur was nominated for the position by President Muhammadu Buhari and he wants the Senate to approve him as the head of the unit. The NFIU was taken away from the control of the Economic and Financial Crimes Commission (EFCC). A statement issued by the presidency explained that the nomination of Mr Tukur was “In accordance with the provision of Section 5(1) of the Nigerian Financial Intelligence Unit (NFIU) Act 2018.”

By Adedapo Adesanya The National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange opened the week on a bearish note as it lost 0.39 per cent on Monday on the back of a slip in the price of Central Securities Clearing System (CSCS) Plc. The share price of CSCS Plc went down by N1.23 or 7.8 per cent during the session to N15.72 per unit from the previous session’s N16.95 per unit. The decline posted by the stock outshone the gains printed by FrieslandCampina WAMCO Nigeria Plc and NASD Plc at the unlisted securities market yesterday. FrieslandCampina recorded a