Nigeria’s equity market resumes upward trend as oil and gas stocks rally

Niyi JacobsJune 7, 2017

The Nigerian equities recouped Tuesday loss by closing Wednesday on a positive note, with NSE ASI appreciating by 1.51% to close at 32,686.72 basis points against 1.16% depreciation recorded previously. The bourse’s year-to-date (YTD) returns expanded to 21.63%. Wednesday market was majorly driven by a rebound in market heavyweight DANGCEM (+4.8%) and rally in Oil […]

European bank bailout soothes anxious markets

Businessam StaffJune 7, 2017

The smoothly executed rescue of Spain’s struggling Banco Popular prodded European banking stocks higher on Wednesday in financial markets dominated by caution ahead of a trio of major events on Thursday, Reuters reports. The absorption of Popular by Spain’s biggest bank Santander for a nominal one euro was the first use of a regime to […]

Nigerian stocks drop by 1.16% in 2 wks as investors take profit

Businessam StaffJune 6, 2017

Nigerian stocks slipped for the first time in two weeks after some investors decided to book profits from a rally that had pushed the market index to a 23-month high. The index dropped 1.16 percent to 32,200 points as Dangote Cement and First Bank shed some of their gains made in the last week. The […]

RBS investors to settle 2008 legal claim against state-backed lender

Businessam StaffJune 6, 2017

The group representing thousands of RBS investors in a long-running legal claim over its 2008 rights issue indicated on Tuesday that it would settle its claim against the state-backed lender, dampening the prospect of its former chief standing trial. Sky News has learnt that lawyers for, and directors of, the RBoS Shareholder Action Group informed […]

Wall St. slightly lower as fall in oil weighs

Businessam StaffJune 5, 2017

U.S. stocks were slightly lower in early trading on Monday as oil prices fell after Arab states cut ties with Qatar over alleged support for Islamists and Iran, while markets mostly shrugged off the weekend attacks in London. Investors feared that the cutting of ties could hamper a global deal to reduce oil production. [O/R] […]

Philip Green fashion empire hit by 16% fall in profits

Businessam StaffJune 5, 2017

Sir Philip Green’s fashion empire suffered a 16% fall in profits last year as the billionaire’s Topshop to Miss Selfridge group struggled with difficult trading on the high street. The drop in profits caps a torrid 12 months for the Monaco-based businessman, who was hauled before MPs following the collapse of BHS, which he sold […]

China sovereign fund acquires European warehouse company

Businessam StaffJune 3, 2017

China’s sovereign wealth fund is expanding its presence in Europe by acquiring a warehouse company in a 12.25 billion euro ($13.8 billion) deal, AP reports. China Investment Corp.’s purchase of Logicor from U.S. investment firm Blackstone Group adds to a multibillion-dollar string of Chinese acquisitions in Europe. Logicor operates in 17 countries including Britain, Germany […]

Toyota sells all shares in Tesla as their tie-up ends

Businessam StaffJune 3, 2017

Toyota Motor Corp said on Saturday it had sold all shares in Tesla Inc by the end of 2016, having cancelled its tie-up with the U.S. luxury automaker to jointly develop electric vehicles. Japan’s biggest automaker had bought around a 3 percent stake in the Palo Alto-based automaker for $50 million. Toyota spokesman Ryo Sakai […]