September PMI: Nigeria’s Business Activity Improves

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

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 World Health Organisation (WHO) has said that so far, Africa has administered just over 25 million doses of the COVID-19 vaccines which are about 1.5 per cent of the doses given worldwide. This was disclosed by the head of the organisation, Dr Tedros Adhanom Ghebreyesus on Saturday at a meeting of the Peace and Security Council of the African Union on access to vaccines against the COVID-19 pandemic for the African continent. He noted that, “And this is tragic. In the past two weeks, we are seeing some progress, with a good number of countries committing

By Modupe Gbadeyanka A total turnover of 1.101 billion shares worth N17.082 billion were traded on the floor of the Nigerian Stock Exchange (NSE) last week by investors in 15,431 deals. This was higher than the 713.141 million equities valued at N13.295 billion transacted a week earlier in 16,237 deals, data from the NSE disclosed. During the week, the financial services industry led the activity chart by volume with 752.4 million shares valued at N9.9 billion traded in 8,519 deals, contributing 68.34 percent and 57.96 percent to the total equity turnover volume and value respectively. The conglomerates sector followed with

By Adedapo Adesanya The Central Bank of Nigeria (CBN) appears not to be backing down on its decision to restrict cryptocurrencies trading in the country as the Governor of the bank, Mr Godwin Emefiele, has described digital currencies as “money created out of thin air.” Mr Emefiele, while appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, maintained that the ban on digital currencies in the country was in the best interest of Nigerians. In a video circulating online and seen by this media organisation, while addressing the Senate committee, Mr Emefiele remarked

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further 0.22 per cent appreciation on Wednesday, May 31, extending investors’ confidence after Nigeria’s new president, Mr Bola Tinubu, promised to make the country attractive for investments. Investors gained an additional N2.21 billion to raise the market capitalisation of the OTC bourse to N1.008 trillion from the N1.006 trillion it closed in the preceding session, as the NASD Unlisted Securities Index (NSI) grew by 1.6 points to wrap the session at 728.98 points compared with 727.38 points recorded at the previous session. The growth was inspired by two stocks

By Dipo Olowookere The Debt Management Office (DMO) has lowered the interest rates it is offering for the March edition of the monthly FGN Savings Bonds, Business Post has observed. Every month, the debt office, on behalf of the federal government, sell the savings bonds to investors, with proceeds use to develop the country. The bond is tailored and targeted at retail investors with guaranteed quarterly interest payment and repayment of the principal at maturity. The sole aim of the savings bond is to promote the savings culture in Nigeria while giving retail investors the opportunity to earn income from

By Modupe Gbadeyanka Hilton and King Faisal Corniche Development (KFCD) have agreed to work together to make a $66 million hotel a reality at The Avenues in Manama, Bahrain. Recently, a meeting was held in Dubai attended by Hilton CEO, Mr Chris Nassett, and Mohammed Alshaya, Chairman of KFCD and Mabanee Company S.A.K. The parties confirmed an agreement to open Bahrain’s first Hilton Hotels & Resorts property. The 210 room Hilton Bahrain Bay Hotel & Residences will be located at The Avenues in Manama, a major retail and leisure destination scheduled to open later this year. The announcement strengthens a

By Dipo Olowookere Federal Government on Thursday described Lagos State as a true model of the vision of improving on the ease of doing business and turning Nigeria into one of the easiest and most attractive places for investors in the world. Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, who stated this in Lagos after a meeting with Governor Akinwunmi Ambode, said the state, as the commercial capital of the country, stands in a vantage position to drive the goal of government to improve World Bank ranking of Nigeria on the ease of doing business. Speaking with Government

By Dipo Olowookere Global Credit Ratings has upgraded the national scale claims paying ability rating of NEM Insurance Plc to A(NG) from A-(NG), with the outlook accorded as Stable. A statement issued by GCR explained that the rating, which remains valid until June 2019, was accorded based on the fact that NEM’s risk adjusted capitalisation is considered to be strong, supported by a sizeable capital base catering for the quantum of insurance and market risk exposures. In this regard, the ratio of shareholders’ funds to net earned premium (NEP) rose to a review period high of 99.5 percent at FY17.