Verve Card Scheme Plans Press Launch Friday

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Modupe Gbadeyanka The decision of some elders of Kogi State extraction living in Kaduna State to endorse the candidacy of Mr Attai Aidoko to represent Kogi East Senatorial District in the 2019 at the National Assembly has brewed a fresh crisis in the region. The elders, under the aegis of Kogi Christian Elders Forum in Kaduna State, said the Senator should be given another chance to represent his people at the red chamber of the parliament for another four year, a decision some Christian elders in Kogi State are vehemently against. Mr Aidoko is presently at the National Assembly

By Dipo Olowookere The local stock market appreciated by 0.17 per cent on Friday on the back of sustained bargain-hunting in the key sectors of the bourse. It was observed that investors showed interest in the banking, insurance and consumer goods counters as they rose by 1.09 per cent, 0.56 per cent, and 0.08 per cent, respectively. Traders cherry-picked stocks in the segments and hope that their prices would rise next week as the Nigerian Exchange (NGX) Limited prepares for Christmas break. Business Post reports that in the midst of the buying pressure, some investors sold off some shares, especially

By Dipo Olowookere Shares of LASACO Assurance Plc appreciated by 6.45 percent this week, closing at 33 kobo per unit on Friday against the 31 kobo per share it traded on Monday. The company had been under suspension until the Nigerian Stock Exchange (NSE) removed it after the insurer adhered to one of the listings rules. Trading in the stocks of LASACO had been suspended by the NSE alongside 10 others on July 2, 2019 for failing to file their financial statements for the year ended December 31, 2018. But days later, the insurance firm released the results, which prompted

By Modupe Gbadeyanka Residents of Kano have received free pre-paid metres installed into their homes by the Kano Electricity Distribution Plc (KEDCO). This, KEDCO explained, is in line with its determination to deliver free meters to all customers in its franchise area of Kano, Katsina and Jigawa States. In a statement issued by the company’s spokesperson, Mr Mohammed Kandi, KEDCO said it plans to move to Nassarawa district soon, having metered about 6, 947 in the ongoing meter deployment exercise. It also recalled that the exercise precedes the launch of pole/wall mounted meter deployment plan in Kabuga by the minister

By Investors Hub European stocks have risen on Tuesday as investors express hopes for a trade deal between the U.S. and China and the Italian government approved a decree aimed at shoring up troubled lender Banca Carige. While the French CAC 40 Index has jumped by 1.6 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 1.2 percent and 1.1 percent, respectively. Shares of Carrefour have rallied in Paris after Bank of America Merrill Lynch upgraded its rating on the company?s stock to buy. Rolls- Royce Holdings has also jumped in London after Britain’s Serious

By Henry Ovie A leader of the All Progressives Congress (APC) in Lagos State, Mr Adeyinka Adedoyin, over the weekend extolled the Speaker of the House of Representatives, Mr Femi Gbajabiamila, for his unassailable character, visionary leadership and selfless service to humanity. “Femi Gbajabiamila is a selfless, pragmatic and humble leader,” Mr Adedoyin said. He also praised the presiding officer of the House of Representatives for seeking higher values such as justice, discipline and patriotism. In his message of congratulation on Mr Gbajabiamila’s birthday, the politician commended the National Assembly for making ministries and agencies in Nigeria to behave more

By Adedapo Adesanya Niger Delta Exploration and Production (NDEP) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.08 per cent on Thursday, June 1, rubbing off the gains posted by three other stocks on the platform. The share price of NDEP Plc went down by N9.09 to N245.05 per unit from the N254.14 per unit it closed a day earlier. As earlier stated, it suppressed the growth printed by the trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and Acorn Petroleum Plc. FrieslandCampina Wamco Nigeria Plc grew by 20 Kobo to N70.20 per share from