Unlisted Securities Market Closes 0.59% in Positive Territory

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

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 Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Dipo Olowookere Preparations are already at an advanced stage for the commencement of oil drilling activities in Bauchi State. Speaking in Abuja last week, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, said very soon, oil exploration would commence in the state. While welcoming the state Governor, Mr Mohammed Abubakar, to his office in Abuja, the state-owned oil firm chief said when the exploration begins, Bauchi State would join the oil producing states in Nigeria. Governor Abubakar, who was at the NNPC headquarters to apprise the GMD of the ongoing oil exploration in

By Ahmed Rahma In order to meet the current demand of its consumers, Nigerian Breweries Plc has expanded its manufacturing footprint with the acquisition of a new ultra-modern automated PET bottling line worth N5.1 billion. According to a statement by the brewing company, the PET bottling line launched at the Ijebu Ode plant is designed with the latest technology that meets world-class safety and quality standards and is expected to produce 24,000 bottles per hour. Speaking at the event, the Chairman of Nigerian Breweries, Mr Kola Jamodu, stated that, “The construction of the production line was conceived in order to

By Adedapo Adesanya Crude oil moved closer to $95 per barrel on Monday as expectations of a supply deficit stemming from extended output cuts by Saudi Arabia and Russia overshadowed concerns about demand. Data obtained from the market yesterday showed that Brent crude appreciated by 76 cents to sell at $94.70 a barrel, while the United States West Texas Intermediate crude futures rose by 71 cents to $91.48 per barrel. On Friday, oil had its third consecutive week of weekly gains, lifted by the growing imbalance between demand and supply and by China’s latest industrial output report, which showed faster-than-expected

By Adedapo Adesanya The Naira recorded a positive movement against the American Dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday, February 7, appreciating by 0.14 per cent or 67 Kobo to close at N461.50/$1 compared with Monday’s value of N462.17/$1. This occurred as the value of FX transactions at the official market window depreciated by 39.1 per cent or $47.85 million. At the close of trades, the turnover for the session stood at $74.58 million compared with the $122.43 million recorded at the previous session. Also, in the parallel market wing of

On Thursday, September 26, 2019, accountants, financial analysts and communication practitioners gathered at the Stock Exchange House in Lagos for a capacity development workshop on sustainability value proposition and reporting. The event was organized by the trio of the Nigerian Stock Exchange (NSE), Dangote Cement Plc and Global Reporting Initiative (GRI). The workshop, driven by the need to demonstrate the relationship between financial and non-financial functions and the strong synergy between the two in achieving business continuity, brought together over 70 participants from the media, accounting and investment communities. Speaking at the event, Bola Adeeko, Divisional Head, Shared Services, NSE,

By Dipo Olowookere The Central Bank of Nigeria (CBN) has been urged not to heed to calls for the devaluation of the nation’s currency, the Naira, warning that such step will hurt Nigerians and the economy. President of Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadebe, at a meeting with directors and chief executives of BDC operators in Lagos recently, stressed that devaluing the local currency at this critical time will add salt to injury because of the present high cost of living. During the group’s sensitisation meeting, Mr Gwadabe said, “We are not in support

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has said the new tax regulations on rents and leases should not be any basis for increment by landlords because they are not collection agents. This was disclosed in a statement by Mr Abdullahi Ismaila Ahmad, the director of FIRS communications and liaison department. In the notice, he quoted the Executive Chairman of the tax agency, Mr Muhammad Nami, as saying in an interview on Nigeria Info in Abuja that rents should not be raised because of the stamp duty charge. The FIRS chief explained that tenants would be the parties