Stock Market Rebounds by 0.40% as Investors Gain N78bn

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 African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

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 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Ashemiriogwa Emmanuel The federal government said it has set aside a total of N59 billion for the construction and development of rural roads. This was disclosed by the Minister of State for Budget and National Planning, Mr Clem Agba, who further revealed that N34 billion was specifically earmarked for rural roads development. He added that an additional N17 billion is for sustainability planning, with N8 billion from the 2021 budget for rural development. Mr Agba, while speaking at the 7th Biennial Retreat 2021  in Benin City, Edo State, stated that the development of the community solely rests on the

By Dipo Olowookere The anticipation of an Open Market Operations (OMO) auction by the Central Bank of Nigeria (CBN) on Thursday (today) pushed the average yields of treasury bills higher at the secondary market yesterday (Wednesday). Business Post observed that during the midweek trading session, profit-takers mounted pressure on the market, selling off the debt instrument to prepare for today’s exercise by the apex bank. This was done in expectation of higher rates during the OMO sale. At the close of transactions yesterday, the secondary market for treasury bills closed bearish, with yields rising across the four maturities tracked at

By Modupe Gbadeyanka Chief Executive of PZ Cussons, Mr Christos Giannopoulos, has said contrary to reports making the rounds on social media, the company is not planning to exit Nigeria. Mr Giannopoulos said rather, the leading homecare product maker intends to continue to expand its operations in the country. Speaking at the Alex-Ekwueme Federal University, Ndufu-Alike Ikwo (AE-FUNAI) Ebonyi, during the inauguration of institution’s upgraded chemical laboratory, the PZ Cussons’ top shot urged members of the public to disregard the rumours. “I am stating categorically that we are still in Nigeria, investing and growing together with the country. “Quote me

By Investors Hub European stocks have moved mostly lower on Friday on renewed trade worries after President Donald Trump announced plans to impose a 25 percent tariff on $50 billion worth and China pledged to retaliate with tariffs of its own. While the French CAC 40 Index is nearly flat, the German DAX Index is down by 0.5 percent and the U.K.?s FTSE 100 Index is down by 0.9 percent. Novartis has moved higher after its unit Sandoz has announced the presentation of two long-term, Phase III studies: one each for biosimilar Zessly or infliximab and biosimilar Erelzi or etanercept.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange further closed unchanged on Thursday like the previous trading day as both the NASD Unlisted Security Index (NSI) and market capitalisation remained remaining at their previous levels. However, there were changes in the other market indicators yesterday. At the close of business on Thursday, the market capitalisation of the NASD Exchange closed at N502.64 billion, the same amount it recorded on Monday and Wednesday, while the NSI also stayed flat at the 699.63 points it recorded previously on Wednesday. However, the volume of trades which had been declining in the past

By Dipo Olowookere The Nigerian stock market was bearish last week as it depreciated by 0.68 per cent in the five-day trading week, thanks to 27 equities, which suffered losses at the close of business, though lower than 49 stocks in the preceding week. The poor performance recorded by the Nigerian Exchange (NGX) Limited weakened the All-Share Index (ASI) and market capitalisation to 41,882.97 points and N21.854 trillion respectively. Data from the exchange showed that all other indices finished higher with the exception of NGX 30, NGX premium, Lotus II and industrial goods indices, which depreciated by 0.54 per cent,

By Ebitonye Akpodigha The trial of a former Governor of Plateau State, Mr Joshua Dariye, before Justice Adebukola Banjoko of the FCT High Court sitting in Gudu, Abuja was stalled on Thursday, October 20, 2016, as Dariye’s counsel, Mr Nantok Joshua, asked for an adjournment to enable the defence produce a ruling purportedly delivered by a Kaduna State High Court, which it intended to tender and build on with its next witnesses. The ruling, according to Mr Joshua, deals with the ecological funds, which is the crux of the case, couldn’t be tendered because the Registrar of the Kaduna State