Stock Market Witnesses N30.379 billion Transactions in Four Days

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 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 Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Investors Hub European stocks were flat to slightly higher on Tuesday to hover near 3-month highs as a sell-off in Spanish markets eased and upbeat U.S. economic data bolstered investor optimism about global economic growth. Spanish Prime Minister Mariano Rajoy on Monday said the government will seek a joint response with other political parties to the “pro-independence challenge” in Catalonia. The pan-European Stoxx Europe 600 index was marginally lower at 390.05 in late opening deals after rising half a percent on Monday. France’s CAC 40 index was moving up 0.2 percent and the U.K.’s FTSE 100 was marginally higher

By Adedapo Adesanya Nigeria’s oil production could drop by 35 percent in the next 10 years as regulatory uncertainty and costs may delay companies’ investments in key oilfields across the country. This was disclosed in a research carried out by consultancy company, Wood Mackenzie, recently where it warned that three deep offshore fields, which would generate $2.7 billion per year for the government at peak production, will likely be delayed. According to Mr Lennert Koch, the principal analyst of sub-Saharan Africa upstream with Wood Mackenzie cited by Reuters, in the face of this, it was necessary for the country to

By Modupe Gbadeyanka Customers and distributors of BUA Cement Plc have expressed their anger over what they described as a betrayal of trust on the part of the cement maker. Their anger was triggered after the management of BUA Cement reportedly unveiled the new ex-factory price of its cement product over the weekend. The firm increased the price of the product by N200 per bag, pushing the value higher to N3,000 per bag from N2,800 per bag despite weeks of promise not to increase the price. Recall that a few months ago, when it was reported that the company was

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By Modupe Gbadeyanka As a result of her hard work and dedication to the company, Mrs Ngozi Ola-Israel has been appointed as the Chief Financial Officer (CFO) of Axa Mansard Insurance Plc. This information was made known by the firm in a statement issued recently. The appointment of Mrs Ola-Israel followed the promotion of the erstwhile occupier of the position, Mrs Rashidat Adebisi, as the company’s new Divisional Head in charge of Retail Business. Before joining AXA Mansard Insurance Plc in 2014 as Head of the Financial Control Group, Mrs Ola-Israel spent seven years at PriceWaterHouseCoopers (PwC) as team lead

By Dipo Olowookere Activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday, but when the market closed for the day, it was pointing south. The poor performance of the NSE yesterday, which was in contrast to the gains of last session on Friday, was caused by profit taking by investors in the later part of the day. The market was looking like it would sustain the rally of Friday until it succumbed to selling pressure. By the time the closing gong was hit, the NSE was down by 0.40 percent, expanding the year-to-date loss to 11.52

By Ahmed Rahma Oyo State Governor, Mr Seyi Makinde, has assured that his administration will complete the 32-kilometre-stretch Ibadan circular road before his tenure ends on May 28, 2023. In a statement released on Wednesday in Ibadan, the capital of the state, by his Chief Press Secretary, Mr Taiwo Adisa, the Governor was quoted as giving the assurance during a tour of some road projects, on Tuesday evening. Mr Makinde explained that the former company working on the project, ENL Consortium Construction Company, was sacked due to unsatisfactory slow pace of work and will be paid for part of the

By Modupe Gbadeyanka The launch of Exchange Traded Derivatives (ETDs) on the Nigerian Stock Exchange (NSE) is getting nearer and according to the NSE, the first set of equity-linked products will soon be introduced. These products such as index-futures or single-stock futures/options will meet global financial structuring standards, allowing global and domestic investors and investment managers to appropriately hedge against downside risk, the exchange assured. Business Post reports that recently, the NSE obtained an approval-in-principle from the Securities and Exchange Commission (SEC) for the registration of NG Clearing as a premier Central Counterparty Clearing House (CCP). The NG Clearing is