Stock Market Gains N4bn to Open Week Bullish

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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.

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Modupe Gbadeyanka Trading resumed on Monday on the floor of the Nigerian Stock Exchange (NSE), but by the time transactions ended, the market depreciated by 2.77 percent despite gain as some companies released their half year financial statements today with more expected to be posted this week. The major market indicators pointed south with the All-Share Index (ASI) shedding 1020.71 points to close at 35,844.00 points, while the market capitalisation declined by N351.8 billion to settle at N 12.4 trillion. In addition, the year-to-date returns trimmed to 33.39 percent, while the market breadth closed negative with 27 decliners versus

By Investors Hub Asian stocks ended mixed on Thursday after China announced retaliatory tariffs against the United States, raising concerns over the escalation of the trade war between the world’s top two economies. A slump in oil prices overnight and the U.S. announcement that it would soon impose new sanctions on Russia also kept investors nervous. Chinese stocks rallied after a government report showed consumer inflation in the country rose an annual 2.1 percent in July, exceeding expectations for 2.0 percent and up from 1.9 percent in June. The producer price index climbed 4.6 percent from last year – beating

By Modupe Gbadeyanka The first international cargo flight landed at the Akanu Ibiam Airport Enugu State on Tuesday amidst funfair. During the historic event, Governor Ifeanyi Ugwuanyi, who was on ground to witness it, expressed his joy over the development. In his address, Mr Ugwuanyi said the event marks yet another very significant milestone in the history of aviation in Enugu State and indeed, the entire south east region. He reminded the gathering that three years ago, precisely on August 24, 2013, the first ever international passenger flight to Enugu operated by the Ethiopian Airlines landed at the same airport.

By Dipo Olowookere The Centre for Human Rights at the University of Pretoria, South Africa, in collaboration with the Office of the United Nations High Commissioner for Human Rights and other partners, is organizing the 9th Nelson Mandela World Human Rights Moot Court Competition at the Palais des Nations in Geneva from 18 to 21 July 2017. The competition, which is held in English, is open to undergraduate and masters law students from universities around the world. Students are invited to argue a hypothetical human rights case before a panel of top international lawyers. The competition is expected to bring

By Modupe Few weeks ago, the World Health Organization (WHO) began distributing much-needed anti-retroviral (ARV) drugs to patients living with HIV in Libya, following the country’s collapse in medical services and inability to provide life-saving drugs. After the start of the country’s civil war in 2011, rates of HIV have continued to rise. A recent WHO analysis of the country’s health system indicates a general collapse in medical services, including a lack of drug availability. Severe shortages of ARV drugs are threatening the lives of those with HIV and have even led to public protests demanding that the Ministry of

By Adedapo Adesanya Almost a month after the Nigeria Railway Corporation (NRC) announced the proposed resumption of the Abuja-Kaduna passenger train service, the facility will start running on Monday, December 5, 2022, with only two return services. The announcement by the Managing Director of the NRC, Mr Fidet Okhiria, said the first train would depart Rigasa train station in Kaduna State to Abuja by 8:00 in the morning while from Abuja, the first train will depart Idu train station to Kaduna State by 9:45 in the morning. The NRC management also revealed that as part of the new security measures,

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has disclosed that payment of tax by citizens will strengthen government’s accountability, especially at the state level. Mrs Adeosun made this disclosure yesterday while on Channels TV to speak on the recently launched tax evasion amnesty programme of the Federal Government tagged the Voluntary Assets and Income Declaration Scheme (VAIDS), which commenced on July 1, 2017. The Minister said it was natural for citizens to avoid paying taxes to the government, but stressed that when they eventually do, they ask questions on how their taxes are being utilised, which she said

By Adedapo Adesanya Oil steadied on Thursday on mixed data about the state of the economy in the United States and looming sanctions on Russian energy products, which fell Brent crude futures by 5 cents to $82.79 a barrel, with West Texas Intermediate crude (WTI) rising by 3 cents to $76.44 per barrel. An indicator of slowing in the US economy came as new orders for US manufactured goods rose broadly in December, while orders for industrial equipment and other machinery fell, according to the latest data from the Commerce Department. The department said on Thursday that factory orders increased