Unexpected Drop in Retail Sales May Weigh on Wall Street

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

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 FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Dipo Olowookere Lagos Commandant of the Nigeria Security and Civil Defense Corps (NSCDC), Mr Tajudeen Balogun, has pledged his unflinching support to the new Commissioner of Police in Lagos State, Mr Imohimi Edgal. The NSCDC boss said his agency was ready to work hand in hand with the police force in other to combat crime in the state. Speaking during a courtesy call to the police boss in his office at the Lagos Police Command Headquarters, Ikeja, Lagos, Mr Balogun said, “Because of the fact that the security situation in Lagos is huge and needs an intelligence led policing,

By Dipo Olowookere Shareholders of Prestige Assurance Plc may soon have additional shares of the company issued to them, but few things are yet to be finalised concerning this. At the 88th board meeting of the firm held on Monday, March 2, 2020, this matter was discussed by those present at the gathering. According to a disclosure to the Nigerian Stock Exchange (NSE) on Wednesday, March 4, 2020, it was stated that the board agreed to reward shareholders with a bonus issue. However, the procedure for this, especially the ratio for the issuance, is yet to be concluded as further

By Modupe Gbadeyanka Managing Director of Dangote Sugar Refinery Company, Mr Abdullahi Sule, has disclosed that the firm plans to set up a sugar refinery plant worth $450 million in Niger State. Mr Sule said already, locations for refinery have been sighted, pointing out that underground works were underway. He also said the company was in talks with the state government. The firm’s boss, who paid a visit to the Niger State Governor, Mr Abubakar Sani Bello, at the Government House in Minna, stated that, “The group will be investing $450 million on sugar alone and this is explicitly stated

By Adedapo Adesanya Major oil futures prices are positive ahead of today’s meeting among nations that make up the Organisation of the Petroleum Exporting Countries (OPEC) to discuss a possible end to the oil price war between Saudi Arabia and Russia that has tanked oil prices since last month. The emergency meeting, which will be held via videoconference, could bring about the largest oil production cut deal ever made in history as OPEC states and its allies in addition to Brazil, Norway, and Canada, could cut oil production by 10 million barrels per day. On Thursday morning, Brent crude, the

By Dipo Olowookere An heir to the Samsung Empire, Mr Jay Y Lee, has been found guilty of a bribery allegation against him by a South Korean court. The court, on Friday, August 25, 2017, ruled that the Samsung chief should be put behind bars for five year. However, Mr Lee has denied any wrongdoing and his lawyers have vowed to appeal the judgement. Jay Y. Lee is the co-Vice Chairman of Samsung Electronics and was found guilty by the court of giving bribes to receive backing from the ousted South Korean President, Park Geun-hye. He was also convicted of

By Okechukwu Keshi Ukegbu The Chinese would prefer to teach people how to fish to giving people fish. This informs the popular adage: “Don’t give me fish rather teach me how to fish. The moral here is that the person who you give fish will always come asking for fish. So, instead of turning people to Oliver Twist, who come asking for more, teach them how to fish because this is more sustainable. The wife of Abia State governor, Mrs Nkechi Ikpeazu since the assumption of duties by his husband as the Governor of Abia State, has aptly demonstrated Mother

By Adeniyi Ogunfowoke Making the decision to become an entrepreneur is a fearless step from being an employee of a business to the leader of your own business. One of the first challenges they are likely to face is that they no longer have line managers to set goals and deadlines for them. Therefore, the responsibility of inspiration and motivation becomes their personal task. This is where some entrepreneurs fall short. As such, these insights shared by Jumia Travel, the leading online travel agency, will help them stay motivated. Set goals and values Entrepreneurs must have personal goals and core

By Dipo Olowookere The process of sourcing for N3.7 billion to increase the capital base of Abbey Mortgage Bank Plc has commenced and on Monday, the firm signed a deal with Kairos Capital Limited. Abbey Mortgage Bank intends to inject fresh capital into the company through a rights issue and this is where the expertise of Kairos Capital, an issuing house, comes into play. A total of N3,692,307,692 is expected to be raised from the exercise with proceeds to be used to grow the firm’s core business, which is lending for mortgages. The funds would also be used for construction