Unlisted Stock Investors Grow Market to N1.105trn

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

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 Dipo Olowookere Nigerian stocks had a bearish start to the week on Monday on the floor of the Nigerian Exchange (NGX) Limited, losing 0.10 per cent. Profit-taking in equities like Zenith Bank, GTBank, UBA, Cadbury, Lafarge Africa and 23 others weakened the market during the session as they outweighed the bargain-hunting in Stanbic IBTC, FBN Holdings, Ardova and 10 others. As a result of this selling pressure, which cut across most of the sectors, the All-Share Index (ASI) was trimmed by 39.70 points to 38,686.40 points from 38,726.10 points, while the market capitalisation was slashed by N21 billion to

By Investors Hub Asian stocks recovered from early weakness to end Thursday’s trading mixed following a Reuters report that the United States and China are outlining agreements on the stickiest trade issues. Dovish signals from the U.S. Federal Reserve also lent some support. Chinese shares gave up early gains to end modestly lower after a spokesman for China’s Ministry of Foreign Affairs said the country would not use the yuan’s exchange rate as a bargaining chip to deal with the trade dispute. Investors also bet that Beijing will not resort to aggressive interest rate cuts to spur the slowing economy, despite stronger

***Suicide Bombing Becoming Rare By Ebitonye Akpodigha President Muhammadu Buhari has assured foreign investors of safety of their lives, properties and investments in the country, noting that terrorism was now being defeated by his government. Mr Buhari gave this assurance on Monday while speaking with his South African counterpart, Mr Jacob Zuma in New York, on the sidelines of the 71st Session of the United Nations General Assembly. During the bilateral meeting between the two African leaders, Mr Buhari pointed out that advances being made against Boko Haram insurgents go beyond degradation through just force of arms, explaining that de-radicalization

By Adedapo Adesanya  FrieslandCampina Wamco Plc’s performance further took a worse turn on Friday, November 29, 2019 at the NASD over-the-counter Securities Exchange just as the trading platform for unlisted securities suffered another loss for the third consecutive day this week. The losses posted by FrieslandCampina WAMCO at the exchange have occurred as the company continue to celebrate a Memorandum of Understanding (MoU) signed with Niger State for 10,000 hectares of land at the Bobi Grazing Reserve in the state under FrieslandCampina WAMCO’s Dairy Development Programme (DDP) on Tuesday. At the Friday’s trading session, share price of the food processing

By Dipo Olowookere InnerScope Hearing Technologies Inc. (INND) has announced that Walmart has successfully launched the company’s FDA-Registered Hearing Aids and its Personal Sound Amplifier Products (PSAPs) to be sold Direct-To-Consumer to Walmart’s online customers. A statement issued by INND disclosed that as a contract supplier and a direct ship vendor aka drop ship vendor (DSV) for Walmart, it has been preparing for the launch by ramping-up multiple skews of its PSAPs and hearing aid device inventory, ready to be shipped directly to Walmart customers upon order. The company prides itself on continuing to deliver on its mission by providing

By Aduragbemi Omiyale The Securities and Exchange Commission (SEC) has warned Nigerians to be cautious of transacting any financial business with four companies. In a notice signed by the management of the agency, the four organisations blacklisted are Broker Capitals Limited, Tetris Group Limited, MTinvesting, and NBIMarkets. SEC, in the circular, explained that the reason for raising this alarm against the firms was because of a report from the Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB), the Italian securities regulator, which blacklisted the e-commerce companies and blocked their websites for fraudulent e-trading and unauthorized offering of financial services.

By Adedapo Adesanya The headline inflation rate in Nigeria increased to 11.24 percent (year-on-year) in September 2019 from the 11.02 percent it recorded in August 2019, data from the National Bureau of Statistics (NBS) revealed on Tuesday. Business Post reports that the inflation jumped by this higher margin as the effect of the border closure by federal government as well as stringent economic policies continue to bite hard on the nation, causing prices of goods and food items to rise at the market. According to the stats office, the consumer price index (CPI), which measures inflation, rose in the period