CAPITAL MARKET
Oando’s Share Price Jumps Following Settlement with SEC
The share price of Oando Plc has since joined the Nigerian Exchange Limited’s top gainers with a 9.87 per cent increase in its share price from N3.97 on July 23, 2021, to N4.36 as of Monday. The share price appreciation was attributed to the recent settlement which saw Adewale Tinubu and his Deputy, Omamofe Boyo remain at the helm of affairs in the organisation. This followed the amicable settlement of the long-standing dispute between the Securities and Exchange Commission (SEC) and the management of Oando Plc. Following the settlement news, investors poured into the stock helping it top the gainer’s chart. This Day
Foreign investment in gold-backed ETF hits 99.6 per cent
Foreign transactions in gold-backed Exchange Traded Funds (ETFs) grew by 99.64 per cent, as 10 stockbrokers drove 99.9 per cent of total transaction value and 97.3 per cent of total volumes of ETFs in the second quarter (Q2) of 2021. The NGX quarterly report for Q2 2021 as of June 30, 2021, revealed that NewGold emerged as the most active ETF with its value rising by 99.6 per cent to N4.41 billion, taking the lead in both value and volume traded in the ETF space. Guardian
FBNQuest Lists Series 19 Commercial Paper on FMDQ Securities Exchange
FBNQuest the investment banking and asset management business of FBN Holdings Plc, has announced the listing and acceptance of the FBNQuest Merchant Bank Series 19 Commercial Paper (CP) on the FMDQ Securities Exchange Limited platform. FBNQuest Merchant Bank acted as the Arranger, Dealer and Sponsor of the transaction. The issue was approved by the FMDQ Securities Exchange Limited and has been listed on its platform. This Day
BANKING
Ecobank, Microsoft to upskill African SMEs in digital economy
Ecobank Group, the leading pan-African banking group has partnered with Microsoft, LinkedIn, GitHub and Ecobank Academy to provide training to equip Small and Medium-sized Enterprises across sub-Saharan Africa. The organisation in a press statement said the training would provide SMEs with digital skills and knowledge to succeed in today’s digital world. Punch
ECONOMY
IMF Raises Nigeria’s Growth Forecast for 2022, retains Growth Projections for 2021
The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2022 by 0.3 per cent to 2.6 per cent compared to its earlier projection in its April edition while it retained its growth forecast for 2021. Division Chief, Research Department, IMF, Malhar Nabar, revealed the growth projections while responding to a THISDAY question, during a virtual media briefing on the World Economic Outlook (WEO) yesterday. This Day
Oil price dips to $74.18, Russia rallies OPEC on market stability
Brent, the oil against which Nigeria’s crude is priced, dropped marginally on Tuesday, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time. Industry figures showed that the commodity dipped in price by 0.43 per cent when compared to its cost the preceding day. This came as the Deputy Prime Minister of the Russian Federation, Alexander Novak, in a letter addressed to the Secretary-General of the Organisation of Petroleum Exporting Countries, Sanusi Barkindo, emphasised the need for continued work by OPEC and its allies to maintain market stability. Punch
Power: Egbin decries N388bn NBET debt, idle capacity
Egbin Power Plc, the biggest power station in Nigeria, has said it is owed N388bn by the Nigerian Bulk Electricity Trading Plc for electricity generated and fed into the national grid. The company disclosed this on Tuesday during an oversight visit by the Senate Committee on Privatisation, led by its Chairman, Senator Theodore Orji, to the power station, located in Ikorodu, Lagos. The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells to the distribution companies, which then supply to the consumers. Punch