Nigerian stocks dip 0.62% on sustained sell pressure in bellwethers
Adesola Afolabi
< 1 min
Nigerian stocks closed negative Wednesday as sustained sell pressure in bellwethers continued for the 8th consecutive trading session. The benchmark index, the NSEASI, fell 62bps to 35,074.82 points while year-to-date (YTD) return contracted further to -8.3 percent. As a result, market capitalization decreased further by N77.9 billion to N12.8 trillion. The day’s bearish performance was […]
BoI steps in with N400m quarterly finance to aid Nigeria’s Aba leather products manufacturers
Temitayo Ayetoto20 min
The Bank of Industry (BoI) has introduced a non-collateral loan scheme and a capacity building framework designed specifically to eliminate the challenge of financing faced by the Leather Products Manufacturers Association of Abia State (LEPMAAS). In partnership with Fidelity Bank, the BoI will disburse about N400m quarterly to 300 new target beneficiaries and facilitate trainings […]
Nigeria’s debt office says debt rebalancing has reduced interest rate, improved private sector lending
Adesola Afolabi4 hrs
Nigeria’s Debt Management Office (DMO) has explained that its decision to rebalance its debt portfolio has resulted in lower interest rates for the benchmark FGN Securities from about 18.5 percent in January 2017 to 11-14 percent in the first half of 2018, this is just as it has freed up space for more private sector […]
Nigeria’s inflation trends further down to 11.14% y/y in July
Adesola Afolabi4 hrs
Nigeria’s inflation continued its downward trend in July as headline consumer price index fell to 11.4 percent in July, the 18th consecutive month of deceleration, according to the National Bureau of Statistics (NBS) data released Wednesday. Specifically, headline inflation contracted to 11.14 percent year-on-year (y/y) in July from 11.23 percent y/y in June. The statistical […]
Nigeria equities’ market cap down N600bn in 9-day bearish trade
Adesola Afolabi17 hrs
The bearish trend at the Nigerian equities market continued Tuesday, recording a 9-day consecutive dip to pare market capitalisation by N600 billion. The market, which last closed on a positive note August 2nd, saw market cap rise to N13.4 trillion, but as at Tuesday August 14th market cap closed at N12.8 trillion. The downward trend […]
Nigeria’s national oil company, NNPC, plans two 100,00bpd brownfield private refineries from Turkey
Bukola Odufade21 hrs
State oil company, the Nigerian National Petroleum Corporation (NNPC), on Tuesday said private investors had already begun relocating a refinery from Turkey to Nigeria to be installed near the state oil company’s Port Harcourt refinery, however it did not name any companies or provide a timeline. According to a statement released by the company, NNPC […]
Seplat, NNPC sign pacts to expedite ANOH gas project
Businessam StaffAugust 14, 2018
Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have signed five agreements to accelerate the development of the Assa North and Ohaji South (ANOH) gas field in Imo State. The ANOH gas development scheme, which is aimed at producing around 3.4 billion standard cubic feet of gas per day by 2020, is […]
Oil edges up on Saudi output cut and Iran sanctions
Agency ReportAugust 14, 2018
Oil prices rose on Tuesday after Saudi Arabia said it had cut production in July, though concerns over a slowdown in global economic growth kept a lid on markets. Benchmark Brent crude oil LCOc1 was up 50 cents at $73.11 a barrel by 0855 GMT. U.S. light crude CLc1 gained 55 cents to $67.75. Saudi […]
Samsung may halt operations in China on rising labour cost, slumping sales
Justice Godfrey OkamgbaAugust 14, 2018
Leading smartphone manufacturer, Samsung Electronics Co Ltd., might stop producing mobile phones this year at Tianjin Samsung Telecom Technology, located in the northern Chinese city of Tianjin, Electronic Times reported. The South Korean newspaper described the move under consideration as a potential withdrawal and is due largely to the rising labor costs and slumping sales. […]
Bears maintain grip on Nigerian stocks as benchmark index dips 0.13%
Businessam StaffAugust 13, 2018
The bears at the Nigerian equities market maintained a firm grip in Monday’s trading session as benchmark index, the NSEASI declined 13bps to settle at 35,399.28 points while year-to-date (YTD) loss further dipped to -7.4 percent. As a result, market capitalization lost N17.0 billion in value to close at N12.9 trillion. The day’s negative performance […]