Sovereign Trust Insurance Rights Issue Closes Wednesday

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

The intricacies of the foreign exchange market, which commands a staggering daily trade volume of over $5 trillion, have long intrigued traders. Recognized as the world’s most expansive financial playground, its decentralized nature stands in contrast to conventional stock exchanges. Instead of a physical trading floor, forex operates over the counter through interconnected global computer networks. This system grants traders from every corner of the globe, including the Philippines, unrestricted access. Yet, while it remains open 24/7, analysts at Traders Union point out that it’s a misconception that profitability remains constant throughout. This comprehensive guide from TU will shed light

 By Adedapo Adesanya **As Egypt Gets First AstraZeneca-Oxford Vaccine South Africa has secured an additional 20 million coronavirus vaccines manufactured by Pfizer. Business Post confirmed this from a South African newspaper, The Sunday Times on Sunday, which got its information from an interview with the country’s health minister. “These vaccines are secured and awaiting manufacturers to submit final agreements with details of delivery dates and exact amounts”, Mr Zweli Mkhize was quoted as saying in the interview. The extra doses would potentially push the total supply secured by the continent’s worst-hit country above 40 million. South Africa has recorded more

By Modupe Gbadeyanka At the end of last week, the Open Buy Back (OBB) and Overnight (O/N) rates rose w/w, closing at 11.3% and 11.8% respectively vs. 9.5% and 10.0% in the previous week. Also, the Nigerian equities market rebounded in the past week, breaking the previous week’s bearish performance to chalk up its first monthly gain of the year (+0.74%m/m). Performance was largely driven by speculative trading amid weak macroeconomic backdrop and thin trading volumes. At 25,516.34 points, the ASI closed the week 0.2% higher, trimming YTD and Q1-17 return to –5.1%. The money market opened N197.3bn long; however,

By Dipo Olowookere Transactions at the foreign exchange (forex) market in Nigeria closed mixed amid further drop in the external reserves. At the Investors & Exporters Forex Window (I&E FXW), the Naira declined by 0.11 percent to close at N362.67 per Dollar amid a 0.42 percent week-on-week decrease in external reserves to $47.1 billion as at Friday, August 2, 2018. However, the local currency remained unchanged against the US Dollar at the Bureau De Change segment and the parallel market to close at N357/$ and N360/$ respectively as the Central Bank of Nigeria (CBN) sustained its special intervention. Also, according

By Rahma Ahmed The Nigerian Bar Association (NBA) has filed a suit to challenge the extension of the tenure of the Inspector-General of Police (IGP), Mr Mohammed Adamu, by President Muhammadu Buhari. The NBA in a statement on Friday signed by its President, Mr Olumide Akpata, said it is seeking a judicial determination of the constitutionality of the President’s extension of Mr Adamu’s tenure as the Inspector-General of Police for three months after the police chief had on February 1, 2021, attained 35 years of service as a member of the Nigeria Police Force. The suit with number FHC/L/CS/214/2021 was

By Modupe Gbadeyanka Efforts to bolster digital financial inclusion in Tanzania and indeed other countries in Africa have received a shot-in-the-arm following a productive conference organized by FINCA Micro-Finance Bank Tanzania in partnership with the MasterCard Foundation. Bringing in experts, institutions and other players in the financial sector, the conference, held in Tanzania’s commercial capital, Dar es Salaam, culminated in a pledge by the participants to work more closely in collaboration with governments, telecoms and other financial sector players to come up with innovative and effective means of providing financial services to the base of the pyramid at scale and

By Dipo Olowookere On Tuesday, the average treasury bills yields depreciated by 0.07 percent as the market traded positive. A slight demand by investors was observed at the market yesterday in the absence of an OMO auction by the Central Bank of Nigeria (CBN). According to analysts at Zedcrest Research, yields are expected to remain relatively stable on Wednesday on the back of the robust system liquidity and expected OMO maturities on Thursday. Market players would however begin to price in anticipated funding for a likely OMO Auction Thursday, and retail FX bids on Friday. This is expected to place