C&I Leasing secures N3.24bn rights issue approvals from SEC
Businessam StaffNovember 8, 2019
By Omobayo Azeez C&I Leasing Plc’s proposed rights issue to raise about N3.24 billion has been approved by the Securities and Exchange Commission (SEC). This is according to the company’s plan to raise and inject fresh capital into its operations to boost future performance. According to disclosure, the company plans to make the right issue […]
Capital market: Reps probe N126bn unclaimed dividends, unremitted tax
Businessam StaffNovember 6, 2019
The House of Representatives has begun the investigation of unclaimed share dividends in the capital market valued at over N126.03bn. The move followed the adoption of a motion moved by Babangida Ibrahim at the plenary on Wednesday, entitled, ‘Need to Investigate the Rising Value of Unclaimed Dividends, Unremitted Withholding Tax on Dividends and their Attendant […]
Buhari seeks more US capital for infrastructure
Businessam StaffNovember 1, 2019
President Muhammadu Buhari has met with the United States’ Treasury Secretary, Steven Mnuchin, to request for additional capital from the US development finance institutions to upgrade critical infrastructure in Nigeria. A statement yesterday by a presidential spokesman, Garba Shehu, said both men, who met on Wednesday in Riyadh, Saudi Arabia had positive discussions on investments […]
IMF urges policymakers to avert imminent economic downturns
Businessam StaffOctober 31, 2019
By Omobayo Azeez The International Monetary Fund (IMF) has called on policy makers across the world to urgently tackle financial vulnerabilities that could exacerbate the next economic downturn. According to the IMF, an economic downturn is imminent and policymakers should be proactive with their policy pronouncements to cushion the effect. The IMF, in its […]
ECB holds rates at historic lows as Mario Draghi waves farewell to Frankfurt
Businessam StaffOctober 24, 2019
The European Central Bank (ECB) kept rates unchanged on Thursday, in what marked President Mario Draghi’s last monetary policy meeting at the institution. The central bank also kept its forward guidance unchanged, suggesting that its main interest rates will remain at their current or lower levels until there’s strong evidence of a pick up in prices. The euro traded […]
Investors recoup N16bn in equities gain as index uptick 0.12%
Omobayo AzeezOctober 24, 2019
By Omobayo Azeez After several sessions of negative results, the bulls dared to resurface at the Nigerian stock market on Wednesday to return stock index northward, leading to a 0.12 per cent rise in the market value. With the weak recovery, investors recouped N16 billion at the end of midweek trading to see market capitalisation […]
African nations are building deeper and more transparent financial markets, OMFIF research says
Businessam StaffOctober 23, 2019
African countries are making substantial progress in developing their financial markets on the back of new products, regulatory improvements and more responsive economic policy, according to new research from OMFIF (Official Monetary and Financial Institutions Forum). The third iteration of the Absa Africa Financial Markets Index showed that 13 of 20 countries evaluated across the continent now […]
Equities shed N12bn as investors push shares worth N7.83bn
Omobayo AzeezOctober 23, 2019
By Omobayo Azeez Amidst continue risk off sentiment by investors, the domestic equities market on Tuesday shed N12 billion as investors traded 694.02 million shares valued at N7.827 billion in 2,780 deals. With recorded declined in the market, the All-share index (ASI), which is the benchmark instrument tracking upward and downward flow of […]
NSE moves 310.56 million shares worth N4.99 billion
Businessam StaffOctober 18, 2019
The Nigerian Stock Exchange (NSE) on Friday moved 310.56 million shares worth N4.99 billion in 2,825 deals. News Agency of Nigeria (NAN) reports that this was against 147.09 million shares valued at N2.89 billion traded in 2,347 deals on Thursday. Guaranty Trust Bank dominated trading activities with 75.22 million shares worth N1.98 billion. It was […]
Inflation hits 11.24% as food prices rise
Businessam StaffOctober 16, 2019
The consumer price index, that measures the rate at which the prices of goods and services in increase, stood at 11.24% in September. This is a 0.22 percentage point increase from the 11.02% recorded in August. All the indices that measure inflation recorded an increase. “The urban inflation rate increased by 11.78 percent (year-on-year) in […]