Unlisted Securities Market Grows 1.92% Monday

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Dipo Olowookere In the second quarter of 2019, the Gross Domestic Product (GDP) of Nigeria recorded a year-on-year growth of 1.94 percent in real terms. This is according to data released on Tuesday morning by the National Bureau of Statistics (NBS). In the GDP figures of the stats office, the Q2 2019 growth was higher than the 1.50 percent rise achieved in the second quarter of 2018, indicating increase of 0.44 percentage points. According to the NBS, when compared to 2.10 percent (revised from 2.01 percent due to oil output revisions) recorded in the first quarter of 2019, however,

The term “globalization” gained popularity in the early 1990s; with technological advancement, it has continued to shape modern everyday life, making it a global village whilst growing interdependence of the world’s economies, cultures, and populations. Countries have built economic partnerships to facilitate the continued surge in cross-border trade in goods and services, technology, and flows of investment, people, and information. With a long history of producing high-quality leather products, Nigeria has a rich heritage of leather production, and to build a sustainable ‘Made-in-Nigeria’ brand, it is essential to promote Nigerian leather products in the global market. Globalisation has made the

By Adedapo Adesanya The Corporate Affairs Commission (CAC) has disclosed that it exceeded its revenue target for 2020 by 4.4 per cent as it raked in N19 billion as Internally Generated Revenue (IGR) in the period under review. This was disclosed by the CAC Registrar-General, Mr Garba Abubakar, on Wednesday. According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded an increase in the registration of businesses and other corporate entities during the year. “The year 2020 was one of our best years in terms of revenue generation as we recorded a surge in

By Adedapo Adesanya The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said Nigeria’s debt service to revenue ratio is currently 80.7 per cent. She disclosed this during her presentation of the breakdown of the 2023 budget in Abuja on Wednesday, revealing further that the country spent N5.2 trillion for debt service in the first 11 months of 2022 out of a total revenue of N6.49 trillion. The debt service to revenue ratio looks at the ability of a country’s revenue to cover its debt service obligations. The ratio has been on the rise in recent years

By Ashemiriogwa Emmanuel The N150 billion worth of Federal Government of Nigeria (FGN) bonds auctioned to investors for August on Wednesday recorded N360 billion worth of subscriptions, details of the exercise analysed by Business Post showed. The papers were on Wednesday, August 18, offered by the Debt Management Office (DMO) for sale at the local debt market in three maturities of 10 years, 20 years, and 30 years at N50 billion each, all re-opening. The result of the sale of the FGN bonds released by the debt office indicated that the papers were oversubscribed by investors by 140 per cent.

By Adedapo Adesanya The Naira exchanged at N400 per Dollar at the parallel market segment of the foreign exchange market on renewed panic on Thursday, March 12, 2020. The Naira/Dollar rate, which stood at N375 on Wednesday, spiked to N400 yesterday after a depreciated of N25 amid worries surrounding the future of the domestic currency over global outcomes like dwindling oil prices and the spread of the coronavirus. At the same segment, the local currency depreciated by N5 against the British pound sterling to sell at N490/£1 compared with N485/£1 a day earlier, while on the Euro, it depreciated by

By Dipo Olowookere The foreign reserves of Nigeria shrank in one week by $224 million or 0.58 per cent to $38.571 billion from $38.795 billion, data obtained by Business Post from the Central Bank of Nigeria (CBN) revealed. Analysis indicated that the forex coffers of the nation, which prides itself as the largest economy in Africa, closed at $38.571 billion on Thursday, May 26, 2022, compared with the $38.795 billion it finished on Thursday, May 19, 2022. On the penultimate Friday, Nigeria’s FX reserves shrank to $38.751 billion. Last Monday, it increased to $38.652 billion but depleted to 38.625 billion

By Dipo Olowookere The suspension earlier place on the shares of FTN Cocoa Processors Plc by the Nigerian Stock Exchange (NSE) has been lifted. The embargo was removed last Friday after the company adhered to the listing rule it earlier violated that led to the suspension in the first place. FTN Cocoa was one of the six companies suspended from the trading floor of the exchange on September 1, 2020, for failure to file their financial statements. The latest development has now given investors to begin trading the shares of the company at the stock market after two months. Confirming