NSE raises N63m to support cancer causes across Nigeria- Onyema
Adesola Afolabi
July 24, 2019
Oscar Onyema, CEO of the Nigerian Stock Exchange (NSE) has disclosed that a total of N63 million has been raised by the local bourse through its Cancer awareness and fundraising campaign that started in 2014. According to Onyema, the money was raised through sponsorship and participation of several companies. “We are pleased that NSE Corporate […]
Extend VAT exemption on stock market transactions, investors urge FG
Businessam StaffJuly 24, 2019
Some investors in the Nigerian capital market have called on the federal government to extend the exemption of value added tax (VAT) charges on transactions on the Nigerian Stock Exchange (NSE) so as to attract more patronage to the market. The federal government, had in 2014 exempted brokerage commission and transactions fees charged by Securities […]
Naira gains marginally against dollar at parallel market
Businessam StaffJuly 23, 2019
The naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday. The pound sterling and the euro closed at N458 and N403 respectively. The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while […]
SEC cautions dealing members against corrupt practices
Adesola AfolabiJuly 21, 2019
Nigeria’s Securities and Exchange Commission (SEC), have cautioned dealing clerks of the Nigerian Stock Exchange (NSE) against engaging in corrupt practices. The SEC in a statement issued Sunday said it “does not tolerate infractions.” Due to this, the commission noted that, steps are taken to ensure that regulatory oversight is more effective. Adding that, these […]
SEC unveils 46 commodity exchange warehouses across Nigeria
Adesola AfolabiJuly 21, 2019
The Securities and Exchange Commission (SEC) has unveiled commodity exchange warehouses across 17 different states in the country. The warehouses are 46 in number. Warehouses and storage infrastructure according to the SEC, are necessary for the commodity sector and commodities futures trading. The move is in a bid to facilitate rapid growth of the commodity […]
NY Fed clarifies Williams speech that market took as signal of a rate cut
Businessam StaffJuly 19, 2019
New York Fed President John Williams’ assertion that policymakers need to “act quickly” as economic growth slows was drawing from research, not hinting at what may happen at this month’s Federal Open Market Committee meeting, a spokesperson for the central bank said. “This was an academic speech on 20 years of research. It was not […]
How Nigeria’s wealth agency invests its capital — MD
Businessam StaffJuly 18, 2019
The Nigeria Sovereign Investment Authority (NSIA) invested its $1.5 billion seed capital in the development of key infrastructures to create wealth and grow the economy, Uche Orji , the managing director, has said. From the initial $1.2 billion capital provided by the Federal Government at inception in 2012, Orji said the only additional monies the […]
OVN rises by 250bps as OMO depletes liquidity levels
Afolabi OluwaseunJuly 18, 2019
The overnight lending rate increased by 250 basis points to 7 percent, as liquidity levels in the market declined following the PMA and OMO auctions held Wednesday and Thursday respectively. At the OMO auction, the Central bank offered a total of N107 billion, and saw a 22.06 percent oversubscription to the tune of N473.5 billion, […]
Sterling hits lowest level since April 2017 as disorderly Brexit fears grow
Adesola AfolabiJuly 16, 2019
The pound plunged to new lows Tuesday after lackluster U.K. data compounded growing fears of a haphazard Brexit outcome at the end of October. Sterling versus the U.S. dollar weakened 0.7% Tuesday, reaching $1.2418 by late-morning London trade. It hit a 27-month low against the greenback and a new six-month low versus the euro. Against […]
NSE inducts 46 dealing clerks
Adesola AfolabiJuly 16, 2019
The Nigerian Stock Exchange (NSE) on Monday inducted 46 qualified dealing clerks. A statement by the NSE said out of the 53 candidates who passed the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical automated trading system (ATS) training at the NSE, only 46 passed the final oral examination at the […]