CAPITAL MARKET Stock market reopens upbeat as capitalization rises by N60 billion Following gains recorded by most blue-chip stocks, the Nigerian Exchange Limited (NGX) reopened in uptrend yesterday, as market capitalization gained N60 billion. Yesterday, the All-Share Index (ASI) increased by 113.99 absolute points, representing a growth of 0.29 per cent to close at 39,312.74…
SEC steps in as more Nigerians buy foreign stocks
Capital Market SEC steps in as more Nigerians buy foreign stocks The Securities and Exchange Commission has said it will register and actively monitor brokers selling stocks for foreign companies in furtherance of its mandate of ensuring investor protection and market transparency, especially for retail investors. The Executive Commissioner Operations, SEC, Mr Dayo Obisan, was…
FG to Raise $250m for National Carrier
Capital Market FG to Raise $250m for National Carrier The federal government has said it expects to raise about $250 million from the private sector to float it proposed national carrier, which is now at the stage of procurement phase. This was disclosed by the Ministry of Aviation in a publication titled, ‘Status of the…
Business News Headlines: Foreign Direct Investment declined by $30m in January – CBN
Thursday May 6, 2021 Capital Market Sell-off in Stanbic IBTC, others trigger loss in equities market Sell-off in Stanbic IBTC Holdings and 21 other stocks dragged transactions on the Nigerian Exchange (NGX), extending the bearish trend to close on a downturn yesterday as the all-share index (ASI) depreciated by 0.92 per cent. ASI declined by…
Business News Headlines: External reserves lost $350m in two weeks, says CBN
Wednesday May 5, 2021 Capital Market Nigerian Breweries posts 39.5% increase in Q1 profit Nigerian Breweries Plc has said its profit after tax for the first quarter of 2021 financial year rose by 39.5 per cent to N7.73bn from the N5.54bn recorded for the corresponding period in the previous year. The brewing company reported N105.7bn…
FG offers May savings bonds for subscription
Capital Market FG offers May savings bonds for subscription The Federal Government has, through the Debt Management Office, opened the May savings bond offer to investors. The DMO announced on Monday on its website the two-year and three-year savings bonds offer for subscription. According to the debt office, the two-year FGN bonds are due on…
Gains in highcap stocks lift capitalization by N356 billion
Capital Market Gains in highcap stocks lift capitalisation by N356 billion Following gains recorded by most highly capitalised (highcap) stocks, transactions on the Nigerian Exchange Limited (NGX) reversed negative sentiments to close in an upbeat yesterday as market capitalisation appreciated by N356 billion. At the close of trading, the All-Share Index (ASI) gained 679.72 absolute…
United Capital reports N3.12bn quarterly revenue
First Bank appoints five new directors, Shobo now MD First Bank of Nigeria Limited has announced the appointment of Mr Gbenga Shobo as the Managing Director and Chief Executive Officer designate of the bank. According to a statement issued on Wednesday by the chairman of the bank, Mrs Ibukun Awosika, prior to his appointment, Shobo…
Business News Headlines: Ecobank Group Grows Profit after Tax by 23% to N30 Billion
Wednesday April 28, 2021 Great Nigeria Insurance Plc (GNI) said it paid a total of N501.6 million claims in the first quarter of this year. Great Nigeria Insurance spokesperson and corporate communications/brand manager, Oyinkansola Sobande, in a statement on the total claims so far paid by the company this year, stated that claims experienced so…
Business News Headlines: Oil drops to $65 as India’s COVID-19 cases surge
Tuesday, April 27, 2021 Elumelu Explains $120m Investment in Transcorp Hotels, Assures Shareholders of Better Days The Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, yesterday explained the company’s decision to commit over $120 million to the rehabilitation of Transcorp Hotels, saying it was meant to lay an investment, “foundation for a better…