US Stocks Open Higher Amid Upbeat Earnings News

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Modupe Gbadeyanka A total of 50 young African entrepreneurs from nine countries are competing for a place in the 26 spots for the 2021 Anzisha Prize fellowship programme. For the past 10 years, the scheme has supported young business owners between the ages of 15 and 22 through an initiative that builds business acumen skills and provides access to business coaching and offers cash prizes. This year, the organisers are coming up with a four-episode vlogumentary special called The Quest and will allow the audiences, for the first time, to get a glimpse into the selection process. At the

By Dipo Olowookere New-age financial solutions powerhouse, Zedcrest Capital Group, has been announced as the Proprietary Investment Company of the Year. The Lagos-based firm was bestowed with this honour on Tuesday, April 2, 2019 at the International Standard Leadership Summit & Excellence Awards organized by the World Quality Alliance. It was gathered that Zedcrest Capital was nominated by World Quality Alliance standards panel after their 2018 industry review. Group Managing Director of Zedcrest Capital, Mr Adedayo Amzat, while commenting on the award, said the recognition will push the company to do more. “We are delighted by this recognition and are

Organisers of the prestigious national science competition in Nigeria, InterswitchSPAK, have opened the registration portal for the 2020 edition, the third in the series. InterswitchSPAK is an annual Pan-African competition aimed at re-igniting STEM (Science, Technology, Engineering, and Mathematics) subjects among secondary school students. A statement issued by the producers of the highly followed and watch programme said students from Senior Secondary Schools across the country can now begin to register for the educational contest on the InterswitchSPAK portal till the closing date, Sunday, April 26, 2020. For the registration, each school is required to present its best six science

By Modupe Gbadeyanka Recently, some African countries agreed to be part of African Continental Free Trade Area (AfCFTA), but Nigeria, the continent’s largest economy, declined, raising some issues concerning the initiative meant to make Africa economically viable. As world leaders prepare for the 73rd Session of the United Nations General Assembly in New York this week, the United Nations Industrial Development Organization (UNIDO) is organising an event on the sidelines of the 73rd UNGA to address AfCFTA. A statement issued by the organisation said to further foster the implementation of the Third Industrial Development Decade for Africa (IDDA III), the

By Dipo Olowookere The MasterCard Foundation and MicroSave have entered into a partnership agreement with the launch of a new program to develop tailored training courses in digital financial services (DFS) in francophone markets of Africa. The program is expected to benefit over 250 DFS providers and will focus on the WAEMU region, the Democratic Republic of the Congo, and Madagascar. Additionally, a DFS knowledge portal in French will be launched as the “go-to” place for information on digital financial services. Shifting from cash-based transactions to formal financial services provides economic benefits and stability not only for poor individuals but

By Dipo Olowookere The Lagos Chamber of Commerce and Industry (LCCI) will on Thursday, November 1, 2018 hold its International Investment Conference in Lagos. A statement from the agency disclosed that the theme for the confab is Promoting Investment, Connecting Businesses. The 2018 edition of the Investment Conference, which starts by 9am at the Shell Hall, Muson Centre, Onikan, Lagos, will provide participants with the investment opportunities in Nigeria, insight into factors that impede foreigners from leveraging on the investment opportunities and challenges faced by indigenous investors and proffer solutions. It would also provide a veritable platform for a mutually

By Steve Brice Income investing has just been getting harder and harder. The long-term downtrend in interest rates and bond yields means investors must be more creative and accept a higher level of risk to achieve income (or yield) close to 4%. We believe the Fed’s slightly more hawkish tone will make life a little easier, but not by much. Go back to the late 1990s, when the Singapore government first started issuing bonds. It was relatively easy for income investors – the 10-year bond yield was hovering over 4% and therefore this could play a significant anchor role in

By Modupe Gbadeyanka The need for data in making sound investment decisions in the financial world, especially in the capital market, can never be overemphasised. This is because data actually makes investors take the right investment moves, especially in a challenging period the country and the world are presently going through. It is because of this that the Nigerian Stock Exchange (NSE) has partnered with InfoWARE Limited to organise the fifth edition of the NSE Market Data Workshop. The event is expected to take place on Friday, October 23, 2020, virtually in compliance with guidance around physical distancing occasioned by