Stocks Shed N38bn Despite Positive Investor Sentiment

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Kestér Kenn Klomegâh Russia and African parliamentarians continue forging solidarity against growing neo-colonial tendencies in Africa. The parliamentarians, far ahead of their symbolic gathering, have intensified political dialogue and support for Russia’s war on neighbouring Ukraine and further expressed readiness to support Africa’s economic development. Russia has come under stringent economic sanctions from the United States and Europe due to the ‘special military operation’ that it began in February 2022, more than a year that has adversely affected Africa. It has also divided Africa’s voting at the United Nations, with some experts arguing that such sharp divisions, in terms

By Modupe Gbadeyanka The United States said it will support Sokoto government’s efforts to modernise agricultural processes and implements so as to enhance productivity and ensure food security. US Ambassador to Nigeria, Mr Stuart Symington, gave the assurance when he paid a courtesy visit to Governor Aminu Waziri Tambuwal at the Sokoto Government House. He said policies put in place so far to improve the sector by the Sokoto government are encouraging and deserve support. The envoy said he was in Sokoto as part of his familiarisation visits to various parts of Nigeria. According to him, he has been impressed

By Dipo Olowookere Host of the popular morning programme on TVC, Your View, Morayo Afolabi-Brown, has left the media outfit. Morayo was reported to have resigned from the national television from May 1, 2019 for family reasons. While at TVC, Morayo was the Deputy Director in charge of Programmes and was the main anchor of Your View, which has gained huge followership in the country. Few months ago, the media personality welcomed a child, but returned to work some weeks after her childbirth. Last year, she was in the eye of the storm over comments she made on the show

The race to rebuild the global economy after the lockdowns is gathering pace. The spike in inflationary trends, disturbing food insecurity levels, failing channel management systems, the sharp increase in the number of businesses going bust, and alarming infrastructure deficit form the recent consequences of the COVID-19 outbreak. Hence, development agencies and state economic managers on global and regional scales have sprung into action to revive the hailing economies. Recovery aids, financing instruments are being sourced to balance up the intervention policies developed across markets to stimulate quick recovery from the various shocks of the viral outbreak. Africa, home to

By Adedapo Adesanya After a two-day hiatus, the Naira returned stronger as it appreciated by 0.24 per cent or N1 against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Wednesday, May 4. According to data from the FMDQ Securities Exchange, FX users exchanged their local currency for the greenback at N418.00/$1 compared with N419.00/$1 it closed last Friday. Business Post reports that the forex turnover during the trading session stood at $162.70 million. The local currency closed stronger as traders were able to meet the demand of their customers, who

By Dipo Olowookere Mid-tier financial institution, Heritage Bank Plc, has reaffirmed its support for the development and growth of the Nigeria’s creative industry. Chief executive of the lender, Mr Ifie Sekibo, gave this assurance in a statement issued at the weekend by Heritage Bank’s Divisional Head of Corporate Communications, Mr Fela Ibidapo. He said the bank was committed to the development and growth of the entertainment industry because one of the easiest ways to solve the unemployment issue in the country is to get as many people as possible involved in the entertainment industry, because manufacturing, banking and other sectors

By Adedapo Adesanya Amid an increase in trading value and volume, the NASD Over-the-Counter (OTC) Securities Exchange ended in the positive territory on Thursday, January 26, as it shot up by 0.34 per cent. This was buoyed by the increase in the share price of Central Securities Clearing Systems (CSCS) Plc by 50 Kobo to N13.00 per unit from N12.50 per unit, and the surge in the price of FrieslandCampina Wamco Nigeria Plc by 30 Kobo to N62.48 per unit from the preceding session’s N62.18 per unit. This jerked the total value of the unlisted securities market by N3.09 billion

By Adedapo Adesanya On Monday, October 4, 2021, transactions on the floor of the NASD Over-the-Counter (OTC) Securities Exchange returned to the bullish zone with a 0.12 per cent growth. This was mainly influenced by the positive price movement in the share value of Nigerian Exchange (NGX) Group Plc as the close of the first day of the 40th trading week of this year. The equity price of the company went up by 38 kobo or 2.8 per cent as it closed at N13.55 per unit compared to N13.13 per unit it finished at the preceding trading session. This pushed