Stock Watch: Recommendations for the Week (September 25)

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

Stanbic IBTC, a member of Standard Bank Group, has reiterated its readiness to support the Nigerian agricultural sector with the aim of boosting food production in the country. Dr Demola Sogunle, Chief Executive, Stanbic IBTC Bank, disclosed this at the 2019 edition of the Lagos Farm Fair. The Lagos Farm Fair is an initiative of the British American Tobacco Nigeria Foundation in partnership with the Lagos State Government to commemorate the World Food Day which is celebrated on October 16, annually. The Stanbic IBTC Bank Chief Executive was represented by Sam Ocheho, Head, Global Markets, also of Stanbic IBTC Bank.

By Investors Hub European stocks have fallen on Monday as renewed uncertainty around the timing and nature of Brexit as well as weak data from China have prompted traders to book some profits after a three-day rally. Britain and the European Union said over the weekend that a lot more work would be needed to secure a Brexit agreement. Chinese import and export figures for September both came in worse than expected, adding to concerns about slowing economic growth. While the U.K.’s FTSE 100 Index has fallen by 0.4 percent, the German DAX Index and the French CAC 40 Index

By Modupe Gbadeyanka It was a mixed performance for the Naira against the three major foreign currencies at the foreign exchange market on Tuesday. While the local currency depreciated against the American Dollar, it appreciated against the British Pound Sterling and remained relatively stable against the Euro throughout the day today. Business Post correspondent reports that the Naira was sold at N388 per Dollar at the parallel market against N385 to the Dollar it went for on Monday. However, the Nigerian currency exchanged for N490 to the Pound Sterling at the same market in contrast to N495 it traded the

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 Adedapo Adesanya Earnipay has partnered with OnePipe to ensure that financial transactions that characterize offerings, of on-demand financing for employees to access their earned salary instantly without interest, are done friction-free and at lightning speed. The development is part of efforts by the financial technology company’s commitment to improving staff productivity and financial well-being by enabling employees to get flexible and on-demand access to their earned salaries ahead of payday. Speaking on the collaboration, Earnipay founder and CEO, Mr Nonso Onwuzulike said; “We are constantly improving the way that we serve our primary customers; employers and employees, and our

By Modupe Gbadeyanka One of the insurance companies trading its securities on the floor of the Nigerian Stock Exchange (NSE), Great Nigeria Insurance (GNI) Plc, has received an approval to delist its shares on the platform. Recall that shareholders of the insurer had earlier approved a proposal by the company’s board for immediate delisting of the firm from the NSE. Great Nigeria Insurance opted for this option in order to avoid recurring non-compliance with rules and regulations. Relying on information from sources, The Nation said Council of the Exchange had earlier last week approved the application for voluntary delisting filed

By Itumeleng Mukhovha On July 1, 2018, South Africa, along with five other countries, became party to the African Continental Free Trade Area agreement (AfCFTA), joining the 44 existing signatories to the agreement. AfCFTA is a treaty between consenting countries whereby a free trade area is constituted which allows member countries to conduct trade with each other without tariffs or other hindrances. The African Union Summit that took place in July this year, saw South Africa, Namibia, Sierra Leone, Lesotho and Burundi take the total signatories to 49 of the 55 member states. However, there is still a long way

By Dipo Olowookere The Nigerian Senate has vowed to look into the trading of cryptocurrencies (digital currencies) in the country. The upper parliament, while debating yesterday on a motion on the proliferation of digital currencies like BitCoins and others in the country, said there was need for the necessary agencies to advise Nigerians on the new phenomenon. Senator Benjamin Uwajumogu, who called the attention of his colleagues to this, said the Senate must ascertain the worthiness of dame as a form of investment in Nigeria. On his part, Senator Isah Misau emphasised that, “The Senate needs to advise Nigerians and