US Stocks May Move Downside in Early Trading

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Dipo Olowookere Trading on the Nigerian Stock Exchange (NSE) ended on a bad not on Thursday due to a loss recorded by the market capitalisation. The market lost N16 billion at the close of trading after sliding to N9.675 trillion from N9.691 trillion. Also, the All-Share Index (ASI) dropped to 28,166.42 points from 28,21.57 points. The highest index point attained in the course of trading was 28,214.57 basis points, while the lowest and average index points closed at 27,839.93 and 28,057.87 basis points, respectively. From the NSE daily statistics, a total of 22 stocks made the losers’ chart, while

Gozem, Africa’s transport app, and Total Togo, the leading oil distributor in Togo, have announced a strategic partnership to enable Gozem​’s partner​-drivers in Togo ​to have access to Total cards linked to their Gozem digital wallets. With this, drivers ​can directly use their Gozem earnings to buy fuel and related products, and professionally service their vehicles at all Total Togo service stations without cash. Every day, thousands of ​trips are completed by hundreds of drivers on the Gozem platform via motorcycles, ​auto-rickshaws and cars. With this agreement, Gozem and Total create value in Togo’s transport sector by facilitating driver access

By Modupe Gbadeyanka The office of Galba Nigeria Plc in Rivers State was on Tuesday locked by aggrieved workers protesting their unpaid salaries for 19 months. The demonstrators alleged that management of the firm has failed to pay them despite getting jobs from multinational oil and gas firms in the country. The workers, under the aegis of the Nigerian Labour Congress (NLC), Trade Union Congress (TUC), the United Action for Democracy and staffs of Automobile, Boatyards, Transport Equipment and Allied Senior Staff Association (AUTOBATE), stormed premises of the company, carrying placards conveying various messages. They cried to members of the

By Modupe Gbadeyanka The entire 23.160 billion ordinary shares of 50 kobo each of Diamond Bank have been delisted from the trading platform of the Nigerian Stock Exchange (NSE). The shares, which were before now suspended from being traded on the stock exchange, were removed from the market on Monday, April 01, 2019 (today). This action followed the merging of Diamond Bank Plc with Access Bank Plc after a federal high court in Lagos approved the transaction between both lenders. In the deal, Access Bank agreed to offer Diamond Bank shareholders N3.13k per share, comprising of N1.00 per share in

By Kestér Kenn Klomegâh Kazakhstan, one of the Russian neighbours and former Soviet republics, opens its doors to a broader external expansion. Given its geographical location and combined with current political reforms aimed at transforming its economy from the Soviet system to a more modernized system infused with a western culture of life, President Kassym-Jomart Tokayev has chosen multi-vector policies. Reforms began to be implemented after the election of Kassym-Jomart Tokayev in June 2019. Tokayev has consistently advocated for more openness and improving necessary conditions for attracting foreign business and investors to participate in the various economic sectors, including the

By Modupe Gbadeyanka The Nigerian currency yesterday performed well at the parallel market by recording a slight appreciation against major foreign currencies at the market. Specifically, the Naira gained N2 at the market on Wednesday against the Dollar to close at N366 in contrast to N368 per Dollar it traded on Tuesday. Business Post recalls that on Monday, the Central Bank of Nigeria (CBN) intervened at the foreign exchange (Forex) market with the release of $250 million. This seems to have had a positive effect on the market as the local currency also chalked up N2 against the Euro to

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded its first gain for the week on Thursday, appreciating by 0.16 per cent. This marginal growth was influenced by FrieslandCampina WAMCO Nigeria Plc, which recorded a positive price movement, gaining 81 kobo or 0.7 per cent to settle at N122 per share compared with N121.19 per share it traded on Wednesday. This expanded the market capitalisation of the bourse by N790 million to close at N513.11 billion as against the N512.32 billion it finished the previous session. Equally, the NASD Unlisted Security Index (NSI) rose by 1.11 points to end

By Adedapo Adesanya The federal government has extended the closure of airports across the country by another two weeks beginning from Thursday, April 23, 2020. This was made public by the Minister of Aviation, Mr Hadi Sirika, via his official Twitter handle on Monday. He said the extension was due to the recent lockdown order of President Muhammadu Buhari in order to tackle the coronavirus outbreak in the country. In March, the federal government ordered the closure of Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, and some other airports nationwide. The initial closure was supposed