CAPITAL MARKET
Foreign stock investors withdraw N99.94bn in four months
A total of N99.94bn was pulled out by foreign investors from the Nigerian stock market in the first four months of this year as foreign involvement plunged to a four-year low in April. The foreign portfolio investors injected N 78.31bn into the market from January to April this year, according to data from the Nigerian Exchange Limited. Foreign portfolio investment outflow includes sales transactions or liquidation of portfolio investments through the stock market, while the FPI inflow includes purchase transactions on the NSE (equities only), Punch
NGX All-Share Index Rises 0.2% as Market Extends Gains
The Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.2 per cent to close higher at 38,548.24 as the market extended its recovery for the second day. The appreciation was supported by gains recorded by MTN Nigeria Plc, FCMB Group Plc and Lafarge Africa Plc. Market capitalisation added N34.3 billion to close at N20.1 trillion. Similarly, the volume and value of trading improved 59.1 per cent and 41.2 per cent to 249.7 million shares and N1.9 billion respectively. This Day
Okomu Oil Palm makes N7.78b profit, okays N7 dividend payout
Okomu Oil Palm Company Plc has posted profit after tax (PAT) of N7, 780,519 for the year ended December 31,2020. The figure is 40 per cent better than the N5, 049,637 tally of 2019. On account of the impressive scorecard amid the CCOVID-19 pandemic, the board of directors has approved a N7 dividend for every 50k ordinary share payable from May 26,2021 to shareholders whose names appear on the register of members at the close of business on Thursday, May 13,2021. The Guardian
BANKING
Standard Chartered to launch crypto exchange services
Standard Chartered Plc has said it is set to launch a cryptocurrency exchange and brokerage service. The bank said its innovation arm, SC Ventures, would establish the platform. The move will be a joint venture between SC Ventures and BC Technology Group, a Hong Kong-based investment company specialising in digital assets, according to Bitcoin.com.BC Technology operates OSL, the first cryptocurrency exchange to be licensed by Hong Kong’s Securities and Futures Commission. Punch
ECONOMY
Emefiele Guarantees Manufacturers Steady Supply of Forex
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday reiterated the bank’s commitment to ensuring steady availability of foreign exchange for manufacturers. Emefiele also urged banks as well as Nigerians to strive to end environmental pollution and ensure sustenance of banking principles. Speaking alongside the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, at an interactive session with a business team from the United Kingdom. This Day
Nigeria, others need $15.7bn to upgrade refineries’
Nigeria and other African countries will need about $15.7bn to upgrade the existing 36 refineries on the continent, the African Refiners and Distributors Association has said. ARDA said the fund would be needed for the refineries to be able to produce petroleum products that would conform to a planned level of sulphur content. It said in a statement on Thursday that the $15.7bn would be needed for the engineering, procurement and construction processes for the upgrade of the facilities. Punch