US Stocks May Extend Seesaw Trend of Past Few Sessions

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 Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya The FCMB Group and AIICO Insurance Plc have confirmed holding discussions for the sale of 96 percent stake jointly held by the latter in AIICO Pensions Managers Limited to FCMB Pensions Limited. The parties confirmed the negotiations in separate notifications to the Nigerian Stock Exchange (NSE) on Friday, June 26, 2020. The proposed transaction is, however, subject to the approvals by the appropriate regulatory agencies, namely the National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC). The statement by the FCMB Group, which was signed by Mr Kayode Adewuyi, Chief Financial Officer and

By Adedapo Adesanya The Naira depreciated at against the American Dollar at the Peer-2-Peer (P2P), the black market, and the Investors and Exporters (I&E) windows of the foreign exchange market on Friday, October 21, amid a strain in the supply of FX. This weakened the Nigerian Naira by N2 against the US currency at the P2P window to N758/$1 in contrast to the N756/$1 it was transacted on Thursday. In the spot market, the domestic currency suffered a loss of 54 Kobo or 0.12 per cent against the greenback yesterday to trade at N441.67/$1 compared with the preceding day’s rate

By Dipo Olowookere The board of FBN Holdings Plc has announced a change in the date of qualification date for the payment of the dividend proposed by the decision making organ of the company. Last week, the board of directors of FBN Holdings recommended the payment of a cash dividend of 26 kobo per share to shareholders of the company. It was disclosed that the dividend payment, which amounts to N9.3 billion, was for the 2018 financial year. The board had then disclosed that the qualification date for the dividend was April 22, 2019, while the register of shareholders would

The football club of the Economic and Financial Crimes Commission (EFCC FC), has been promoted to the Professional League in Nigeria. The promotion of EFCC FC came after the Abuja-based sporting outfit defeated KJ UTD 2-0. The club had earlier in the year won the 2016 Challenge Cup. The team Chairman, Halilu Dauda, has, however, promised that the best is yet to come. Management and staff of the Commission have wished the club hearty congratulations for the feats and urged the club to strive for more laurels in the years ahead. The team gained the promotion on Wednesday, August 17,

By Modupe Gbadeyanka President Muhammadu Buhari is taking time off his presidential duties to embark on a vacation in the United Kingdom. This information was disclosed in a statement issued in Abuja on Thursday by Special Adviser to the President on Media and Publicity, Mr Femi Adesina. Mr Adesina revealed that his boss was leaving for the “United Kingdom today on a short leave, which is part of his annual vacation.” According to the President’s spokesman, Mr Buhari is “expected to resume work on February 6, 2017.” He explained that during the vacation, “the President will also undergo routine medical

By Modupe Gbadeyanka Guinness Nigeria, manufacturers of Guinness Foreign Extra Stout and the nation’s leading total beverage company, has announced its results for the half year ended December 31, 2016. The results, which were released via a statement to the Nigerian Stock Exchange (NSE), show that the company grew its topline by 19 percent year-on-year. Mr Peter Ndegwa, Managing Director/CEO of Guinness Nigeria Plc, while commenting on the results, said there are many bright spots for the company but that the challenging economic environment and high finance charges impacted results. “We now have both International Premium Spirits (IPS) and locally

By Aduragbemi Omiyale A passenger train on Thursday collided with a BRT bus at the PWD junction in the Ikeja area of Lagos State. It was gathered that the bus was conveying some passengers when the unfortunate incident happened. The accident has caused apprehension as there are reports that some people died from the collision, while several persons are believed to have sustained injuries. According to reports, the train was coming from Agege and met a BRT vehicle with the Lagos state government workers on board crossing the rail to link Ikeja GRA. It was reported that the train derailed

By Modupe Gbadeyanka In order to achieve $25 billion Foreign Direct Investment (FDI) by 2020, surpassing the Nigeria’s Economic Recovery and Growth Plan (ERGP) set target, Federal Government has assured American investors that they would get highest returns on investments if they come to Nigeria. Minister of Trade, Industry and Investment, Mr Okechukwu Enelamah, and his Foreign Affairs counterpart, Mr Geoffrey Onyeama, gave this assurance this week at the Nigeria-US Business and Investment Forum held in New York on the sidelines of the 72nd United Nations General Assembly. The forum was attended by Minister of Solid Minerals, Mr Kayode Fayemi;