Business Capital Market Capital Market News

Again, CBN Weakens Naira To 307 Per Dollar

Ihesiulo Grace 5 December 2017 0

The Central Bank of Nigeria is on its way to systematic convergence in the foreign exchange market. On Monday, the apex bank weakened the Naira marginally, selling dollars at 307 Naira each for the first time on the official interbank market. The bank has sold $500,000 almost on daily basis on

Capital Market

Access Bank strategising towards becoming best Nigerian bank come 2022

Ihesiulo Grace 5 December 2017 0

*Rolls out 5-year plan Access Bank, a full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa, the UK, Asia and the Middle East, has announced a new five-year strategy with an ambitious plan to become the number one Nigerian bank by the year 2022, and create a Universal Payments Gateway to […]

Capital Market

ASEA President, Onyema, charges financial markets on foresight, risks

Ihesiulo Grace 5 December 2017 0

The President of the African Securities Exchanges Association (ASEA), Mr. Oscar N. Onyema OON has urged the players in the African financial markets to make a deliberate effort to map a way out of the traditional assumptions of the continent. Presenting his opening remarks at the 21st Annual ASEA conference hosted by the Egyptian Exchange […]

Capital Market

Lasaco faults office closure by FIRS

Ihesiulo Grace 1 December 2017 0

…says ‘we doesn’t owe taxes’ Nigerian composite insurance and financial services company, LASACO Assurance Plc has faulted the closure of its Corporate head office by the Federal Inland Revenue Service (FIRS) on Tuesday. The insurance firm in a statement made available to the DailyTimes on Wednesday said the government agency acted wrongly on a wrong […]

Capital Market

Lafarge Africa urges shareholders to key into ongoing Offer

Ihesiulo Grace 1 December 2017 0

Shareholders of Lafarge Africa Plc have been urged to demonstrate their commitment towards ensuring that the company is well positioned to achieve strategic growth objectives, by taking in full, their Rights, in the ongoing Rights Issue. Such would ensure Investors in Lafarge Africa will continue to benefiting from sordid growth in company’s profitability and returns […]

Capital Market

CUTIX Plc grows Q2 profit by 63.03 % to N242.85m

Ihesiulo Grace 1 December 2017 0

Cutix Nigeria Plc continues to challenge the prevailing harsh operating environment, as it closed second quarter 2017 on profitable note, The company’s result for the Q2 2018 financial year period ended 31 October ,2017, showed improvement in earnings, just as the prospects remains brighter and good for the remaining quarters to record better earnings consecutively, […]

Capital Market

Oando shareholders insist on interim management …. faults 19-year structure

Ihesiulo Grace 28 November 2017 0

Shareholders of Oando Plc has advised the current management under the leadership of Mr. Wale Tinubu to step down in the interest of all stakeholders. A Federal High Court sitting in Lagos had last week dismissed a case filed by Oando PLC against the Securities and Exchange Commission (SEC), seeking to stop SEC from conducting […]

Capital Market

All-Share Index will grow by 40% in 2017- Operators

Ihesiulo Grace 27 November 2017 0

  NSE’s trading floor Some capital market operators on Monday predicted that the Nigerian Stock Exchange (NSE) All-Share Index(ASI) would likely close 2017 with over 40 per cent growth. The operators told the News Agency of Nigeria (NAN) in Lagos that the nation’s bourse would likely emerge as number one in frontier markets and emerging […]

Capital Market

Equities open week bearish as market cap relapses into N12trn range

Ihesiulo Grace 27 November 2017 0

The market capitalisation of the equities market that crossed the N13 trillion mark last Friday, has relapsed, as the equities’ market closed Monday on a negative note. The market, which ended four of last week’s five trading days in the green with the All -Share Index (ASI), expanding 1.8 per cent to settle at 37,365.9 […]

Capital Market

Waning operating climate challenges FDI…Report

Ihesiulo Grace 27 November 2017 0

The seeming unfriendly business environment crated by revocation of resident permits, by the oil and Gas free Zones Authority (OGFZ), of few companies, which has led to withdrawal of at least 16 companies in from the Onne free trade Zone, reflects harsh operating environment. A report by the SBM intelligence released at the weekend, noted […]

Capital Market

N174bn OMO auction raises money market rates

Ihesiulo Grace 27 November 2017 0

…as Bond market remains bearish As the Nigeria’s government continued its quest to continually raise funds to finance its operations and check liquidity, the auction of N174 billion last Friday raise rates of key instruments. Money market rates, which share relationship with liquidity position, rose significantly driven by the N174bn OMO auction conducted by CBN […]

Capital Market

Court throws out Oando’s suit to sop SEC’s audit

Ihesiulo Grace 27 November 2017 0

The federal High court in Lagos on Thursday threw out a suit by Oando Plc, to stop the Securities and Exchange’s commission (SEC) from conducting forensic audit into its activities, in response to a petition filled by one of its stakeholders, Alhaji Mangal.             Bonny Amadi

Capital Market

Lafarge trading in rights on NSE commences today

Ihesiulo Grace 27 November 2017 0

The ongoing rights issues of Lafarge Africa Plc, which acceptance of rights opened on Friday, 24 November, will close on 17th December, 2017, will commence trading of rights on the Nigerian Stock Exchange (NSE), today ,27 November. This was coming as the building material and sustainable environment expert has listed supplementary shares on the NSE. […]

Capital Market

Finance, Consumers good, services sector lift turnover with 143.82m shares

Ihesiulo Grace 26 November 2017 0

A total turnover of 2.182 billion shares worth N22.795 billion in 17,019 deals were traded last week ended Friday, 24 November, 2017, by investors on the floor of the Exchange in contrast to a total of 2.804 billion shares valued at N54.776bn that exchanged hands in the preceding week in 17,792 deals. The Financial Services […]

Capital Market

Mangal, Oando petitioner’s son resigns from MRS oil board

Ihesiulo Grace 22 November 2017 0

The Nigerian business environment may have been kept thinking going by developments in Oando Plc, as the board of MRS Oil Plc, has announced the resignation of Alhaji Dahiru Barau Mangal, as non-executive director, from its board. A release from Mrs. Oil signed by Mrs. Jafojo, the company’s secretary, titled: “Notification of resignation of our […]

Capital Market

FIRS places tax defiant companies’ property for sale

Ihesiulo Grace 22 November 2017 0

In compliance with Nigeria’s tax rules, the Federal Inland Revenue Services (FIRS), has placed choice property of some identified tax defiant companies, for sale. A statement released by Taxaid to Daily Times, FIRS stated that, “In a bid to increase compliance with regards to payment of Companies’ Income Tax (CIT or income tax), the FIRS […]

Capital Market

CBN raises N18bn out of N70bn OMO auction Tuesday

Ihesiulo Grace 22 November 2017 0

Market liquidity on Tuesday, opened negative at N97billion, which manifested in Wednesday’s transactions, as this reflected on the debt instrument market, Treasury bills and the REPO instruments. Interbank rates traded at a range between 25per cent and 35 per cent levels. At an OMO auction on Tuesday, the CBN offered N70bn, but raised N18bn from […]

Capital Market

Experts support reforms to lift private sector, attract FDI

Ihesiulo Grace 22 November 2017 0

Experts in Nigerian economy has called on the government to enhance erase of doing business through enthroning private sector driven policy regime, friendly monetary policy and harmonized foreign exchange rate, to spur market driven economic development. The trio of Mr. Ike Chioke, Group Managing Director, Afrinvest West Africa Limited, Mr. Muda Yusuf, Director General,

Capital Market

NSE-ASI gains 0.02% as investors’ pessimism persists

Ihesiulo Grace 22 November 2017 0

The Nigerian Stock Exchange on Wednesday, posted slight boost in its [performance indices as the markets’ NSE-ASI closed virtually flat, gaining 0.02 per cent in trading session. This was a result of mixed movement in some large and mid-cap stocks such as Nestle, Zenithbank, Unilever, NB, Glaxosmith, among others. At the close of trade, the […]

Capital Market

Emerging challenge triggers NSE’s minors custodian account updating

Ihesiulo Grace 21 November 2017 0

Sets December 18 deadline for submission of inputs The Nigerian Stock Exchange (NSE) has intensified effort in bettering rules for minors’ custodian accounts in the bourse. This is aimed at ensuring that people of different age brackets are not left out of its wealth creation prowess and financial empowerment. This was however, further driven by […]