SEC Capital Market Institute Expands Operations

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 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 NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Modupe Gbadeyanka Africa’s leading edtech platform, GOMYCODE Nigeria, has opened a bigger office space in Lagos at 230 Herbert Macaulay, Alagomeji-Yaba. Comprising 5 floors, the new GOMYCODE hackerspace has a capacity five times larger than the old one, about 600 students compared with the 120 students the previous hackerspace accommodated. In a statement, the firm disclosed that the new space is remarkable, with unique colours that stand out from the other buildings around it and can accommodate even more students in a more comfortable environment where they can learn. GOMYCODE is pushing the limits on students’ experience to the

By Dipo Olowookere The importance of the Exchange Traded Products (ETPs) market to the nation’s economy and the capital market has been emphasised by the Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema. In his address on Wednesday at the 2018 Exchange Traded Products Conference in Lagos, Mr Onyema said since the introduction of ETPs in1993, they have gained widespread acceptance in most developed markets. According to him, ETPs are one of the most significant financial innovations in recent decades and have shaped the financial markets. At the event tagged Exchange Traded Products: Evolving Investment

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has laid out steps to tackle the menace of pipeline vandalism and crude oil theft in the nation’s oil and gas industry. Group Managing Director of NNPC, Mr Mele Kyari, said at the inaugural Nigeria Extractive Industries Transparency Initiative (NEITI) Policy Dialogue on Tuesday that oil theft remains one of the biggest challenges still facing the sector despite previous interventions to curb it. He lamented that NNPC had suffered severe attacks on its facilities and assets, noting that between 2001 to half year 2019, the agency recorded a total of 45,347

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bearish on Friday, shedding 0.15 per cent on the back of profit-taking in banking stocks and others. The banking space lost 0.63 per cent, the insurance counter declined by 0.48 per cent, while the oil/gas sector depleted by 0.23 per cent, with the consumer goods index rising by 0.07 per cent and the industrial goods sector closing flat. At the close of business, the All-Share Index (ASI) depreciated by 70.55 points to 47,282.67 points from 47,353.22 points, while the market capitalisation went down by N38 billion

By Adedapo Adesanya The portfolios of Investors at the NASD Over-the-Counter OTC Securities Exchange reduced last week by 2.24 per cent as appetite waned because of happenings in the country. This shrank the market capitalisation of the 49th week of trading by N12.23 billion to N534.8 billion compared to N547.06 billion it ended the preceding week. In the same vein, the situation affected the NASD Unlisted Security Index (NSI), which depreciated by 16.46 points to settle at 719.53 points as against 735.99 points of the earlier week. Business Post observed that the unlisted securities market was battered in the five-day

By Adedapo Adesanya Nigeria is expected to continue facing a weakening Naira amid tightening global financial conditions, says a new report from the African Development Bank (AfDB). This will be a worse-case scenario as African economies remain resilient with a stable outlook in the 2023-2024 fiscal year. The report, Africa’s Macroeconomic Performance and Outlook (MEO) 2023, estimates Africa’s average GDP to stabilize at 4 per cent in the next two years, up from 3.8 per cent in 2022. In a statement from the bank on Wednesday, this was presented on the sidelines of the recently concluded 36th African Union Assembly

By Dipo Olowookere Consumers will have the opportunity to save money in the 2020 Black Friday campaign of Jumia Nigeria, the CEO of the e-commerce giant, Mr Massimiliano Spalazzi, has assured. He also said the yearly event is expected to close the revenue gap created by the COVID-19 lockdown for most businesses in the country. “The Black Friday campaign has been a success year-on-year, hence the reason we’re hosting it for the 8th time. As it has always been, this year’s campaign will focus on providing support for MSMEs, seeing that it’s been a rather tough year for a lot

By Modupe Gbadeyanka Emerging filmmakers with either some industry experience or a relevant post-school qualification in filmmaking who intend to upgrade their skills can apply to be part of the class of 2024 of the prestigious MultiChoice Talent Factory (MTF). A statement from the school said intending students have till July 14, 2023, to submit their applications to be part of the world-class film and television training programme. Students will also get enhanced training experience from the Academy’s partnerships, including the New York Film Academy (NYFA), the Henley Business School, Dolby, and Canon. Previous cohorts have also worked with the