Stocks on NASD Gain N6.63bn in Week 44

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Quantitative Financial Analytics NIFEX Spot The FMDQ NIFEX Spot remained unchanged at N315.125 at the end of business on November 21, 2016. This is about the first time the rate ended unchanged since the introduction of currency futures. Open Interest and Volume Analysis Open interest in currency futures increased by 0.92%, (35.45) from 3,844.69 to 3,880.14 arising from additional notional purchases. Mark to Market Analysis and Attribution The estimated Mark to Market (MTM) of open interest now stands at N211.38 billion, an increase of 0.98%, (N2.05 billion) over previous day’s Mark to Market value of N209.33 billion. Change in

By Adedapo Adesanya Crude oil prices returned to positive territory on Friday after a string of bearish news including fears that fuel demand recovery may suffer some setbacks. At the trading session, the price of the Brent crude gained $1.25 or 1.98 per cent to trade at $64.53 per barrel, while the West Texas Intermediate (WTI) crude moved up by 2.37 per cent or $1.42 to trade at $61.42 per barrel. Oil prices had plunged over renewed demand worries as fresh lockdowns to contain the new wave of COVID-19 infections sprung up in European countries. While fresh lockdowns are being

By Dipo Olowookere The voluntary delisting of the entire shares of First Aluminium Nigeria Plc has been approved by the Nigerian Stock Exchange (NSE). Business Post confirmed at the weekend that the approval was given by the stock market regulator on Thursday, May 9, 2019. First Aluminium Nigeria had sent an application to the NSE for delisting of its entire shares from the daily official list. The reason for this move, according to the company, was due to the low trading of the shares of the company at the equity market. Last month, the board of aluminium firm explained that

By Dipo Olowookere Three fleet management companies have been enlisted by Ecobank Nigeria to handle its transport services on Pay As You Go basis for its Lagos operations. The partnering companies include Uber, AA Rescue, and Car4U. Under the new arrangement, the bank has concessioned its pool car services and its erstwhile outsourced drivers numbering about 300 are taking possession of the cars as part of its commitment to empower the drivers. The drivers have also been given the option of either joining the fleet management companies or utilizing their newly acquired vehicles as they desire. Relevant training programmes in

By Dipo Olowookere Last week, the Nigerian Stock Exchange (NSE) closed the week on negative note, losing 0.39 percent to further trim the YtD returns to 8.4 percent. However, the market breadth remained positive with 33 price gainers and 24 price losers. The market sentiment remained much better than earlier sessions last week and there are strong indications that today, the huge renewed appetite for banking stocks will remain positive. Last week, UBA released its FY’17 results with top and bottom line up 20 percent to N462 billion and 9 percent to N79 billion. The lender proposed a final dividend

By Adedapo Adesanya The Catholic Bishop of Sokoto Diocese, Mathew Kukah, has said it is unacceptable that Nigerian universities are still closed many months after lecturers embarked on industrial action. Bishop Kukah stated this during the signing of a peace accord ahead of the Osun State gubernatorial election, asserting that the prolonged strike does not speak well of the democracy we profess to be practising. “This is unacceptable especially as these things are happening in a democracy,” the cleric insisted. The clergyman said it was quite sad that the strike has lasted this long particularly because democracy has always given

By Modupe Gbadeyanka The Nigerian Naira, on Friday afternoon, depreciated further to N405 to the Dollar at the parallel segment of the foreign exchange market. The Naira had gained N1 against the Dollar on Thursday to finish at N397, but it lost N8 this afternoon to go for N405. Some forex traders at the Olugbede Modern Market in Egbeda, Lagos, told Business Post in anonymity that the recent free-fall was caused by the inability of some customers to easily access forex through the banks. They said this has forced the customers to resort to the black market to get forex.