Would Markets Blow off Good Q3 Earnings?

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya Crude oil prices pointed north on Tuesday, April 6 as the market overlooked bearish sentiments to focus on strong economic data from China and the United States. As a result of this, the value of the international oil benchmark, Brent crude futures, gained 54 cents or 0.87 per cent to trade at $62.69 per barrel, while the US benchmark, West Texas Intermediate (WTI) crude futures, went up by 1.16 per cent or 68 cents to sell at $59.33 per barrel. Business Post reported that both futures fell by more than 4 per cent on Monday, pressured by

By Dipo Olowookere The market capitalisation of the Nigerian Exchange (NGX) Limited closed below N28 trillion on Monday as a result of heavy selloffs in banking stocks and MTN Nigeria. The local equity market depreciated by 1.49 per cent on the first trading session of the week on the back of sustained profit-taking, which started some days ago. Business Post reports that the stock market’s value depleted by N421 billion yesterday to N27.847 trillion from N28.268 trillion as the All-Share Index (ASI) decreased by 773.00 points to 51,120.94 points from 51,893.94 points. Data showed that the banking index depreciated during

By Modupe Gbadeyanka A state-of-the-art Experience Centre has been launched by Jumia Nigeria to make shopping experience hassle free. Jumia explained that it established the new centre having in mind that shopping can be a chore, but becomes easy when there is a personal shopper to assist navigate the puzzle of purchasing and returning products. Located centrally at 11B, Commercial Avenue, Yaba, Lagos, the Jumia’s Experience Centre is expected to serve as an additional touchpoint for customers to interact with the Jumia’s Ecosystem- Jumia Mall, Jumia Food, Jumia Travel and Jumia One. They will have access to the store to

By Modupe Gbadeyanka Illegal structures in the Akanran are of Ona-Ara Local government of Oyo State would be pulled down by the state government, the Commissioner for Lands, Housing and Urban Development, Mr Williams Akin-Funmilayo, has said. In a statement, the Commissioner said the properties would be demolished because they were built on government land, warning encroachers to vacate the area with immediate effect. According to him, these structures have distorted the state’s master plan and must be pulled down. He said the decision of the demolition by the government brings an end to the long-awaited realization of the proposed

By Aduragbemi Omiyale The Nigerian and the United Kingdom governments are currently exploring ways to improve trade relations between them to fortify their respective economies. The British Deputy High Commissioner in Lagos, Mr Ben Llewelyn-Jones, informed the News Agency of Nigeria (NAN) in a recent interview that this would raise the current trade volume from £5.5 billion. A breakdown showed that the value of exports from the UK to Nigeria in 2022 stood at £3.3 billion, while the value of exports from Nigeria to the UK stood at £2.2 billion. For the British diplomat, this figure can be improved if

By Modupe Gbadeyanka Security guards on duty on Tuesday prevented the founder and chairman of Arik Air, Mr Johnson Arumemi-Ikhide, from entering the airline’s premises in Lagos. The Chief Security Officer of Arik Air, identified as D Tom-West, said his team was acting on an order from above, as he was not answerable to Mr Arumemi-Ikhide but only to the receiver manager. “The receiver manager gave an instruction not to allow you in. I am not aware of the court order. We cannot give you access to get into the compound. This is the instruction from above. I’m very sorry

By Adedapo Adesanya The costs of production and distribution of products increased by 31 per cent in the last quarter of 2020 in contrast to the 27 per cent rise recorded in the third quarter. This information was revealed by the Manufacturers Association of Nigeria (MAN), which attributed the jump to the coronavirus pandemic. In the MAN CEOs Confidence Index (MCCI), the organisation said “in the fourth quarter of 2020, manufacturing investment declined by 19 per cent from 18 per cent recorded in the third quarter of the year.” In the current survey (Q4’20 MCCI), most manufacturers also reported not

By Modupe Gbadeyanka The 2021 edition of Felabration, a one-week annual festival of music and art commemorating the late Afrobeat legend, Fela Anikulapo Kuti, will be bigger and better with Rite Foods Limited as the sponsor, taking into cognizance the legacy the music icon has left behind for posterity. Felabration, which holds yearly from October 11 to 17 at the New Afrika Shrine in Ikeja, Lagos, was conceived in 1998 by Yeni Anikulapo-Kuti in celebration of life and times of her late father, Fela, who was also a human rights activist. According to the organisers, this year’s theme is Viva