Stock Exchange up 0.66% as Traders Recover N180bn

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Adedapo Adesanya There was a 0.01 per cent fall at the NASD Over-the-Counter (OTC) Securities Exchange at the final trading session of the week. The unlisted securities market moved down as a result of the 14 kobo or 1.1 per cent loss made by the Nigerian Exchange (NGX) Group as its share price ended at N12.84 per unit compared to the previous session’s closing price of N12.98 per unit. The loss pulled down the bourse’s market capitalisation by N80 million as it ended the week at N639.47 billion compared to N639.55 billion it closed on Thursday. Equally, the NASD

By Adedapo Adesanya New sports betting firm, BetBonanza, on Thursday unveiled ex-Super Eagles striker and former Assistant Manager of the Nigeria National Football Team, Daniel Amokachi A.K.A “The Bull” as its brand Ambassador. Mr Amokachi was introduced at the official press conference to a group of newsmen, bloggers and influencers during the brand launch in Lagos. The new brand ambassador, a former Everton Football Club of England player, informed journalists at the event that, “I am glad to join a company that believes in getting better. This is because getting better at whatever one does is a continuous process. My

By Dipo Olowookere Managing Director of Continental Reinsurance Plc, Mr Femi Oyetunji, has been dragged before Justice Mohammed Idris of the Federal High Court sitting in Lagos by a shareholder of the company. The aggrieved shareholder identified as Mr Maduka Kanma Okafor alleged that the Managing Director has been running the firm without following due process. Mr Okafor, who claimed to have 19,890,013 shares in Continental Reinsurance Plc, said he was relieved of his position as Deputy General Manager, in charge of Information and Communication Technology (ICT) Department of the insurer in August 2016 by Mr Oyetunji. In the suit

By Modupe Gbadeyanka Last week, the Nigerian Stock Exchange (NSE) finished in the green zone, closing 0.08 percent higher despite closing weak for three consecutive days in the four-day trading week. All other indices finished lower during the week with the exception of the NSE Premium, NSE Consumer Goods, NSE Lotus II and NSE Pension Indices that appreciated by 1.15%, 1.73% 1.58% and 0.34% respectively. During the week, the Financial Services Industry (measured by volume) led the activity chart with 1.024 billion shares valued at N10.946 billion traded in 11,019 deals; thus contributing 66.44% and 65.75 % to the total

By Modupe Gbadeyanka The mass vaccination campaign launched by Federal Government to prevent the spread of yellow fever on Thursday, January 25, 2018, has entered the second day. During the exercise, which is supported by the World Health Organization (WHO) and partners, aims to vaccinate more than 25 million people in four states. The vaccination will hold throughout 2018 and is the largest yellow fever vaccination drive in the country’s history. The immunization plan is part of efforts to eliminate yellow fever epidemics globally by 2026. The preventive campaign will use vaccines funded by Gavi, the Vaccine Alliance, and will

By Dipo Olowookere In the third quarter of 2020, Lafarge Africa Plc posted an impressive performance, with double-digit growth and a strong balance sheet. In the financial statements for the period ended September 30, the cement firm grew its recurring EBIT by 7.2 per cent despite the significant devaluation of the Naira. In the period, the revenue increased to N179.9 billion from N163.1 billion, while the cost of sales rose to N123.8 billion from N112.7 billion, leaving the gross profit at N56.1 billion as against N50.4 billion of the same period of 2019. In the results released last week to

By Dipo Olowookere The share price of Nigerian Aviation Handling Company (NAHCO) Plc depreciated by 33.73 per cent last after the qualification date for the 41 Kobo dividend payment and bonus share of one to five proposed by the board. Business Post reports that in the five-day trading week, the value of the company’s equities declined to N5.50 per unit compared with the preceding week’s N8.30 per unit. It was one of the 36 stocks that depreciated in price in the week, higher than the 32 stocks of the previous week as Caverton lost 16.79 per cent to trade at

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