CAPITAL MARKET
BUA Foods lists 18 billion shares on stock exchange
BUA Foods Plc was on Wednesday listed on the Main Board of the Nigerian Exchange Limited, with its total issued capital admitted to trading. A total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the consumer goods sector of the NGX, with the trading symbol ‘BUAFOODS’. The company said in a statement that it had satisfied the listing requirements of the Exchange and obtained relevant regulatory approvals. “The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange,” the company said. Punch
Airtel Africa, Oando others lead NGX N450 billion gain
Following gains recorded by many blue-chip companies, especially Airtel Africa and Oando, the equities market sustained a rising profile yesterday, as market capitalisation appreciated further by N450 billion. At the close of trading yesterday, the All-Share Index (ASI), which measures the performance of quoted companies, rose by 450.52 points or 1.0 per cent to 43,476.75 from 43,026.23 at which it closed on Tuesday. Similarly, market capitalisation of listed equities increased by N450 billion from N23.183 trillion to N23.426 trillion. Guardian
ECONOMY
Osinbajo panel to meet NLC over subsidy removal, transport palliative
The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the Federal Government is determined to remove subsidy on Premium Motor Spirit, commonly known as petrol. She also said a panel chaired by Vice President Yemi Osinbajo would meet with the Nigeria Labour Congress and other stakeholders to consider the proposed N5,000 transport palliative and other options aimed at ameliorating the effects of the planned subsidy removal on Nigerians. Punch
Crude oil dip on profit-taking after OPEC+decision
Crude oil futures edged lower in mid-morning trade in Asia on Wednesday amid investor profit-taking after Brent crude overnight settled at its highest level since late November on an affirmation of firm oil market fundamentals by the OPEC+ producer group. At 10:05 am Singapore time (0205 GMT), the ICE March Brent futures contract was down 27 cents/b (0.34 per cent) from the previous close at $79.73/b, while the NYMEX February light sweet crude contract was down 24 cents/b (0.31 per cent) at $76.75/b, according to S&P Global Platts. OPEC and its Russia-led partners on Tuesday approved another hike in production quotas, betting the market can absorb more oil in the coming months despite surging COVID-19 infections worldwide. Punch
Tax on carbonated drinks: We’ll react appropriately –Labour
Nigeria’s Organised Labour yesterday, warned Federal Government that it would not accept the 10 percent increase slammed on carbonated drinks as it would lead to the collapse of the sector and create massive job losses. The two unions in the sector, Food Beverage and Tobacco Senior Staff Association (FOBTOB) and National Union of Food Beverage and Tobacco Employees (NUFBTE) said they are mobilising their organs’ meetings to take appropriate action on government new decision. The Sun
CPPE advises Buhari’s new economic adviser on forex, others
The Centre for the Promotion of Private Enterprise has advised the new Chief Economic Adviser to the President, Dr Doyin Salami, to ensure a revamp of the nation’s economy for accelerated recovery and growth. The organisation, in a statement on Wednesday, set a 10-point agenda for the new CEA. It stressed the need for the institution of a market-based foreign exchange policy framework to correct current distortions bedevilling the foreign exchange market. Punch