US Stocks To Bounce Back After Tuesday

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 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 Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Modupe Gbadeyanka The former Governor of Kwara State, Mr Abdulfatah Ahmed, has been arrested by the Economic and Financial Crimes Commission (EFCC). Mr Ahmed, who was the Governor of the state from 2011 to 2019, was apprehended by the anti-money laundering agency in Nigeria on Monday. According to reports, the former Governor, who is a chieftain of the opposition Peoples’ Democratic Party (PDP), is being investigated over allegations of diversion of funds belonging to the state government to the tune of N9 billion. It was gathered that the EFCC is looking into how Mr Ahmed handled the funds of

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) started the first trading day of the week on a positive note. This was mainly influenced by buying pressure witnessed on large cap stocks in the Industrial Goods and the Oil and Gas sectors. At the close of business activities, the local bourse appreciated by 1.49 percent, expanding the year-to-date return to 13.78 percent. In addition, the market breadth closed positive with 32 price gainers and 25 price losers. The biggest price gainer was Seplat, which added N59.90k to its share value to settle at N760 per

Many people would like to get rich with sports betting. If that’s the case also for you, you may be looking for the best opportunities when it comes to bonuses that betting sites offer to their players. Today, we will talk about one of the best choices: the popular 22Bet betting site, and its bonuses. 22Bet, One of the Best Sites for Sports Betting 22Bet is one of the best betting sites all over the world because this site has a huge selection in sports betting and offers a huge welcome bonus for new players. Plus, the platform accepts players

By Modupe Gbadeyanka Acting Chairman of the Investments and Securities Tribunal (IST), Mr Jude Udunni, has said from Wednesday, May 27, 2020, the tribunal will only attend to urgent capital market disputes. Mr Udunni made this disclosure in a statement issued on Monday by the Corporate Affairs Department of the panel established by law to hear and resolve rows from the country’s capital market. He said the court sittings will be physical and not virtual, with the guidelines issued by the National Judicial Council for resumption of court sittings under COVID-19 strictly adhered to. He has directed all relevant departments

By Dipo Olowookere Lafarge Africa Plc has announced the “voluntary retirement” of its Chairman, Mr Mobolaji Balogun, after five years on the position. Mr Balogun joined the board company over 15 years ago precisely in March 2005 and served for the first 10 years as a non-executive director before his appointment as Chairman in May 2015. In a statement on Thursday, the cement manufacturer said Mr Balogun would be succeeded by Mr Adebode Adefioye, a non-executive director on the board, as Chairman effective June 4, 2020 and then step down from all board committees of the company on assumption of

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has announced that the implementation for the new rules governing free float requirements of companies listed on its platform will begin on Thursday, January 2, 2020. The NSE made this announcement in a circular to the investing public on Tuesday, December 24, 2019 and signed by Abimbola Babalola on behalf of the Executive Director in charge of Regulation at the exchange. Business Post reports that the Rules Governing Free Float Requirements for issuers listed on the exchange were approved by the Securities and Exchange Commission (SEC) on Monday, May 6, 2019. Under

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has vehemently kicked against the granting of access to unauthorised persons to its trading facilities by some brokerage companies. In a circular to stockbroking firms on Monday, the stock exchange reminded those allowing this unlawful act that there is a rule against such, warning them to desist from it or be sanctioned. The NSE said only authorised employees of stockbroking companies are allowed to use its trading platforms and are not permitted to share their log-in details and passwords with any other person. “Further to the circular referenced NSE/LARD/BDR/CIR5/15/03/06, dealing members are

By Dipo Olowookere About N596 billion was used to import Premium Motor Spirit (PMS), commonly called petrol of fuel, into the country in the first six months of 2016. This is according to data from the National Bureau of Statistics (NBS). According to the NBS, Nigeria, which is currently battling declining economic fortunes, spent N276.226 billion on petrol import in the first quarter of 2016, while N319.28 billion was spent in the second quarter. The figure showed that in the second half of 2015, N561.2 billion was spent to import petrol into the country, indicating that the amount appreciated by