Based on the analysis of data obtained from the Debt Management Office of Nigeria, Lagos state, Nigeria’s economic hub leads other states in the country in debt per population as Nigeria’s total debt profile increased further in the first quarter of 2021 to N33.11 trillion. The 36 states of the federation plus the federal capital territory has a cumulative domestic Read More
Equity price declined marginally yesterday as market correction and profit taking continued in the second trading day of the week. the Market Capitalisation of listed equities went down slightly by N338 million or 0.002 per cent to N19.724173 trillion from N19.724511 trilion reported on Monday. The Nigerian Exchange NGX All Share Index also dipped by 0.65 basis points to 37857.24 Read More
There is indication that the naira may be devalued again from the current N420.86 to N460, effectively an 8.5 percent devaluation following a memo to travel agencies to adjust their exchange rates effectively from Tuesday, July 13th. Recall that the Central Bank of Nigeria in May, 2021 adopted the Nafex rate as the government’s official exchange rate for the naira, Read More
Bullish sentiment continued yesterday on the floor of Nigerian Exchange, with the market capitalisation appreciating by N44 billion. The market closed the day on higher traded volume and positive breadth that revealed increased buying interest, especially in the financial service sector and dividend paying stocks. The expectation of likely having positive corporate earnings as reported in the previous quarter scorecards Read More
Nigerian Fintech and lending startup Lidya day announced that it has completed its $8.3 million pre-Series B funding round. Alitheia Capital led the investment via its Munthu Fund. Other investors that participated include Bamboo Capital Partners, Accion Venture Lab and Flourish Ventures. In addition to the $1.3 million seed round secured in 2017 and $6.9 million Series A a year Read More
The federal government has assured prospective power investors that the five National Integrated Power Plants (NIPPs) put up for sale will go on as planned. The assurance is coming as the President Muhhamdu Buhari’s administration is determined to resuscitate the power plants to put them to full use for the much needed power needs of the people and growth of Read More
After weeks of residing in the red, and falling below the N20 trillion sacred line, the stock market last week saw the pendulum swung back to the red zone, adding N292.4 billion to investors’ wealth. Performance of the Nigerian equities market was mixed last week as the All Share Index (ASI) closed in the green on three of five trading Read More
Stanbic IBTC Stockbrokers, a subsidiary of Stanbic IBTC Holdings has urged new investors in the nation’s equity market to take advantage of informative platforms to learn and research before trading in stocks. The Head, Sales Trading at Stanbic IBTC Stockbroker, Deji Aluko who made the statement during a Webinar training , held virtually through the Bank’s Blue Talks platform listed Read More
After a period of the equity market lurking around in the woods, the bulls sustained its dominance last week, favoring investors with additional N244.2billion to raise market capitalisation to a high of N20.4 trillion. Domestic Equities Market: Bullish Run Sustained as Investors Hunt for Bargains Last week, the NigerianStock Exchange(NSE) All-Share Index (ASI) rose 1.1per cent week-on-week (w/w) to settle Read More
Governor of Ogun state Dapo Abiodun has urged investors and inhabitants of the state to take full advantage of the Lagos /Ibadan railway project which is to be commissioned on today. The governor also added that the railway project is an opportunity for modern means transportation. Abiodun noted this during final inspection the Lagos/ Ibadan railway project expressed excitement over Read More
The Nigeria Liquefied Natural Gas (NLNG) Ltd supplied about 370,000 metric tonnes (MT) of Liquefied Petroleum Gas (LPG) to the domestic market in 2020, the Managing Director, NLNG, Tony Attach has said. Attach, who disclosed this during a panel session at the ongoing 2021 Nigeria International Petroleum Summit (NIPS) on Tuesday in Abuja, said the consumption of the domestic LPG Read More
A growing number of investors in the crypto verse have seen their trading accounts record considerable losses amid the sudden drop in Bitcoin. On Tuesday, about 149,015 crypto traders had their account worth about a billion dollars wiped off momentarily in the Crypto derivative market. The largest single liquidation order happened on Bybit-ETH valued at $7 million. At press time, Read More
Nasarawa state governor, Engr. Abdullahi Sule has taken step to reduce the level of unemployment in the state, therefore partnering a private firm even to boost state economy. Speaking Tuesday in Abuja during a visit to Halibiz industries, Idu industrial area, Abuja, the governor said his administration will do everything possible to ensure that the organisation set up additional facility Read More
Former presidential aide to ex-President Olusegun Obasanjo Senator Andy Uba, has declared that consensus arrangement being advocated for by some governorship aspirant of the All Progressives Congress (APC) won’t work. Speaking with newsmen Tuesday in Abuja after submitting his nomination forms at the national secretariat of APC, Uba assured that Anambra state will be different once he is sworn in Read More
The exchange rate between the naira and the US dollar closed at N411.50/$1 at the Importers and Exporters window, where forex is traded officially, moving closer to the N500/$1 mark at the black market after CBN’s devaluation of the local currency despite a 262 percent increase in dollar supply. While the Naira appreciated against the US dollar in the early Read More
Activities on the floor of Nigerian Exchange yesterday sustained declining profile , shedding N16 billion, amid slowdown in profit taking and selloffs Specifically, market Capitalisation of listed equities declined by 0.08 per cent to N19.940 trillion from N19.956 trillion reported the previous day. The NSE All Share index also depreciated by 30.82 basis points to 38256.76 points from 38287.58 traded Read More
The local bourse reversed last week’s gain as sell pressure dominated the market on all trading days of the week. The All-Share index declined by 3.0 per cent week-week (w/w) to 38,324.07 points. The result is that market capitalisation fell by N603.5 billion to N20.0 trillion while Year-to-Date (YTD) loss worsened to -4.8 per cent. Activity level reduced as average Read More
Trading activities on the floor of Nigerian Exchange yesterday opened in negative note, declining by N65 billion as investors await for inflation rate and PMI for the month of April. Capital.market operators said that the release of Consumer Price index by National Bureau of Statistics as well as out come of Monetary policy this week will give direction for stock Read More
Leading investors in Nigerian Free Trade Zones have threatened to commence divestment from the zones following what they called an attempt by the federal ministry of Industries, Trade and Investment to transfer supervision of the Zones from Nigeria Export Processing Zones Authority (NEPZA) to the Oil and Gas Free Trade Zones (OGFZA). In a statement signed by Director, Snake Island Read More
The Securities and Exchange Commission (SEC), has said it would register and actively monitor brokers selling stocks for foreign companies. The Executive Commissioner Operations of the SEC, Mr. Dayo Obisan, who disclosed this weekend during an interview with Bloomberg, said the move is in furtherance of its mandate of ensuring investor protection and market transparency especially for retail investors. Obisan Read More
MTN Nigeria has issued a N100 billion ($263 million) fixed rate bond in the first quarter of 2021, due in seven years, under a N200 billion bond programme to refinance existing debt and support network expansion. Yields in Nigeria are at historic lows after the central bank cut rates twice last year to lower borrowing costs for the government, creating Read More
The Lagos Chamber of Commerce and Industry (LCCI) is seeking direct and effective engagements between Small and Medium Enterprises (SMEs) and regulatory agencies for enhanced transactions, communication and responsive feedback mechanism. Muda Yusuf, Director-General, LCCI, made this known in a press statement made available to the media following a study by the Chamber and the Center for International Private Enterprise Read More
Equity price at the close of transactions on the floor Nigerian Stock Exchange drclinded shedding N17 billion,after publc holiday declared by government to celebrate works day. Specifically, Market Capitalisation of listed equities declined 0.081 per cent to N20.830 trillion from N20.847 trillion reported last week Friday. The NSE All Share Index also depreciated by 32.64 basis points to 39801.78 points Read More
The Nigerian Agricultural Insurance Corporation (NAIC) has paid a total of N1.7 billion claims to over 5,000 farmers in the past two years. A breakdown of the paid claims showed that it paid N856 million to insured farmers in 2019 and N848 million in 2020. Commenting on the development, NAIC Managing Director, Mrs. Folashade Joseph, said the claims were paid Read More
The Ondo state government in conjunction with Culturepreneur Clusters Limited and other partners will on June 7 and 8, 2021 hold a stakeholders’ roundtable on the benefits and opportunities of cannabis plant and CBD Oil in Nigeria. In a statement Monday in Abuja by the Senior Special Assistant to Ondo state governor on Agric and Agricultural Business, Mr. Akin Olotu, Read More
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