Stocks Gain N83b as Q3 Results Impress Investors

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Modupe Gbadeyanka Guaranty Trust Bank (GTBank) Limited has informed its customers that it would close its branches across the country for business earlier than expected. On Saturday, February 25, 2023, Nigeria heads to the polls for the presidential and National Assembly elections. The level of participation in the build-up to the exercise has increased, with several youths and upwardly mobile Nigerians deciding to take back control of the political space. This has heightened the 2023 elections, and the decision of President Muhammadu Buhari to approve the Naira redesign policy of the Central Bank of Nigeria (CBN) to frustrate vote

By Adedapo Adesanya The House of Representatives has called on the Nigeria National Petroleum Corporation (NNPC) to review the status of each of the licences issued to 38 modular refineries. The lower chamber on Tuesday called on the state oil company to revoke and re-issue them to competent and reliable operators. The House resolution followed the adoption of a motion moved by Mr Alex Egbona, where he recalled that sometime in 2018, the federal government, through the NNPC, issued 38 licences to indigenous firms to set up modular refineries in different parts of the country. He said the decision to

By Dipo Olowookere The election of association of butchers in Yola, Adamawa State on Saturday caused scarcity of fresh meat in the city, the News Agency of Nigeria (NAN) reports. The butchers did not slaughter any animal on that day because they were holding election at Lamido Cinema into various executive offices. It is believed that over 150 cattle, goats and sheep are slaughtered daily at the Yola abattoir. But the exercise left residents of Yola looking for meat to buy, which reportedly turned to a blessing for fish sellers in the city on Saturday. Some of the residents expressed

By Adedapo Adesanya Jobberman, the single largest job placement platform in Nigeria, has partnered with the world’s leading online learning platform, Coursera, to offer its widely recognized soft skills training to empower young people with the skills required for career success. This means Jobberman will be the first recruitment firm in Nigeria to have this unique private partnership with Coursera, allowing its authored courses to be accessible on the platform. Jobberman will offer six courses on Coursera, which equip workers with skills in business etiquette, emotional intelligence, personal effectiveness, creativity, effective communication and take an average of 13 hours to

To commemorate this year’s pan-African Women’s Day and in line with the global theme which addresses maternal and neonatal mortality in Africa, the female staff of Jumia Nigeria have rallied support for new mothers and other patients who couldn’t meet the discharge requirement as a result of unpaid medical bills at the Ikorodu General Hospital by helping them to offset their outstanding bills. As a result, the patients have now been discharged and equipped with financial support to cater for the new babies. The contributions were channelled through the ‘Visit A Hospital Today’ non-governmental organisation (NGO) in Lagos. The African

By Dipo Olowookere The Nigerian stock market rebounded on Thursday by 0.40 per cent after it recorded a significant loss on Wednesday as a result of profit-taking. Yesterday, a bit of bargain hunting was witnessed, especially in large-cap equities like Zenith Bank, the newly listed GT HoldCo, BUA Cement, amongst others. As a result, the All-Share Index (ASI) moved up by 149.89 points to 37,954.35 points from 37,804.46 points, while the market capitalisation increased by N78 billion to N19.781 trillion from N19.703 trillion. Data showed that only the insurance sector closed lower during the session and this was by 0.30

By Modupe Gbadeyanka Customers of Airtel Nigeria will now have the opportunity to enjoy the best deals on Konga whenever they shop on the leading composite online and offline retail chain in Africa. This followed the strategic partnership sealed between the two organisations on Thursday, March 31, 2022, at the headquarters of the telecommunications services provider in Banana Island, Ikoyi, Lagos. According to a statement issued by the telco, Airtel customers will get items at the best prices at their fingertips and delivered to their doorsteps regardless of their location through Konga. The Chief Commercial Officer of Airtel Nigeria, Mr

By Modupe Gbadeyanka The foremost European Union (EU) journalism award, the Lorenzo Natali Media Prize, is asking journalists to submit applications for this year’s event for a chance to be honoured. The Prize, named after Lorenzo Natali, a former European Commissioner for Development and staunch defender of the freedom of expression, democracy and human rights, was first launched by the European Commission in 1992 to recognise bravery and excellence in reporting on sustainable and inclusive development. This year, it enters its 30th anniversary and would reward journalists reporting on themes such as inequality, poverty, climate, education, migration, employment, digital, healthcare,