Unlisted Stocks in Nigeria Lose 1.6% in First Trade of the Month

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Dipo Olowookere Transactions worth N30.379 billion were recorded at the Nigerian Exchange (NGX) Limited last week, which had four trading sessions due to the public holiday observed last Wednesday for Eid-el Maulud. Data obtained by Business Post showed that the stock market posted these trades from the sale of 3.911 billion shares in 38,536 deals. When compared with the preceding week, which had five trading days, the value of transactions weakened by 36.00 per cent, as investors bought and sold 2.933 billion shares valued at N47.449 billion in 44,654 deals. A breakdown indicated that the financial services industry led

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Modupe Gbadeyanka Any new company intending to obtain a licence to operate as a stockbroker in the Nigerian capital market may have its request turned down by the regulator. This is because the Nigerian Stock Exchange (NSE) has stopped issuing new licences to brokers. It has instead asked newcomers into the business to either buy dormant licences or merge with an existing operator. According to Bloomberg, the stock exchange said in an emailed response that, “Interested parties have been advised to purchase existing licenses [because] the exchange stopped issuing licenses as it progresses with its intention to demutualise.” Members

By Investors Hub Asian stocks ended on a mixed note Tuesday as weak commodity prices pulled down resource stocks and investors waited for cues from the G-7 summit in Canada later this week as well the June 12th summit in Singapore between U.S. President Donald Trump and North Korean leader Kim Jong Un. Gold held steady after three sessions of declines and the dollar held near a two-week high against the yen, while oil edged higher after falling nearly 2 percent in the previous session on concerns over growing U.S. production and expectations of higher OPEC supplies. Chinese shares rose

By Dipo Olowookere Nigeria’s Debt Management Office (DMO) has disclosed that the nation’s total debt profile increased to N22.7 trillion or $74.3 billion in the first quarter of 2018. According to the debt office, this increase was by 4.52 percent when compared to the figure as at December 31, 2017. The DMO attributed the increase to the rise in the Domestic Debts of States and the Federal Capital Territory (FCT), as well as, the $2.5 billion Eurobond issued in February 2018 whose proceeds were still being deployed to redeem maturing Domestic Debt. The DMO also said a total of N643.6

By Adedapo Adesanya Dufil Prima Foods Plc, makers of Indomie noodles, has rewarded some exemplary children as part of its Indomie Independence Day Awards (IIDA) initiative. The IIDA is a corporate social responsibility (CSR) initiative of Dufil aimed at recognising and celebrating children below the age of 15, who have exhibited extraordinary acts of heroism in the face of danger or societal challenges. The initiative has so far benefited 42 Nigerian children who have shown exemplary character and bravery. For this year’s edition, Joshua Agboola, Elijah Daniel Emenka and Favour Sunday won the Intellectual, Physical and Social Bravery categories of

By Olubori Oduntan The business community has gained a deeper understanding of the workings of the currency swap agreement between Nigeria and China as a forum organized by Stanbic IBTC Bank PLC, a member of Standard Bank Group, put into perspective the growing economic ties between the Asian giant and Africa. Stanbic IBTC said the forum was meant to provide critical insight into how best to help clients and businesses leverage the opportunity as well as assess the impact of the Chinese economy on trade in Africa. The interactive session tagged ‘A night of Africa-China Connection’ also provided a veritable

By Adedapo Adesanya The Naira gained a whopping N15.95 or 3.89 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Monday, January 4, coming back from the rush around the New Year holidays that saw the Naira dip by more than 4 per cent. At the first trading session of the year, the local currency strengthened to N394.30/$1 from N410.25/$1 it was exchanged at the last session on Thursday, December 31, 2020. The appreciation came from the drop in the demand for the greenback yesterday as the daily market turnover

By Investors Hub Asian stocks closed mixed in thin holiday-trade on Friday even as Chinese markets came under selling pressure after data showed China’s private sector expanded at the weakest pace in sixteen months in October. Underlying sentiment remained supported somewhat after the release of U.S. tax reform bill as well as the announcement of Jerome Powell as the next Federal Reserve Chair. Investor attention shifted to the all-important U.S. jobs report due tonight, with U.S. employment expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September. The unemployment rate is expected to hold

By Dipo Olowookere As part of efforts to advance market transparency, and enhance access to information about business and finance, policies and practices that impact inclusive economic growth and human development, the Bloomberg Media Initiative Africa (BMIA) and the Ford Foundation have awarded grants to 10 non-governmental organizations across Kenya, Nigeria and South Africa. A statement made available to Business Post on Thursday explained that the funds, awarded over two years, aim to elevate voices from local communities and further the development of citizen journalism and community reporting on financial and economic issues. It was stated further that the funding