Global stocks shrug off chaos in Washington
Hussein SayedJanuary 7, 2021
By Hussein Sayed, Chief Market Strategist at FXTM The world was shocked by Wednesday’s US Capitol insurrection. For many, such scenes can only be seen in Hollywood movies, but Trump supporters turned it into reality after invading the US Capitol in Washington. One would expect the violent and chaotic scenes that temporarily interrupted the […]
Buying interests in Zenith, UBA, InterBrew swing equities market northward in midweek
Charles AbuedeJanuary 7, 2021
By Charles Abuede Despite the lull witnessed at the start of the trading session midweek, the bulls picked up momentum favouring stocks in the banking and consumer goods space as the market gained 0.17 per cent on Wednesday. On Tuesday the market had witnessed a loss, but it rebounded Wednesday with a positive performance […]
Oil hits 11-month high as Saudi Arabia, OPEC+ allies negotiate production cut
Onome AmugeJanuary 6, 2021
By Onome Amuge Oil prices soared to their peak in 11 months following the decision of Saudi Arabia, the world’s highest exporter, to make output cuts of one million barrels per day in February and March during talks between the Organisation of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) led by Russia. The decision, […]
Goldman Sachs explains why Saudis made shocking oil production cut decision
Zerohedge.comJanuary 6, 2021
By Zerohedge.com The first monthly OPEC+ meeting to decide on the group’s production ended with an unexpected, in fact shocking two-month agreement: Saudi announced an unexpected and unilateral production cut of 1 mb/d in February and March, Russia and Kazakhstan will instead increase output modestly to meet seasonal needs while other producers will remain at […]
Access Bank continues African expansion with acquisition of Zambia’s Cavmont Bank
Charles AbuedeJanuary 6, 2021
By Charles Abuede Access Bank Plc, Nigeria’s Tier-1 financial institution, says it has completed the acquisition of Cavmont Bank Limited through its Zambia subsidiary, Access Bank (Zambia) Limited, following the fulfilment of key conditions precedent to the full acquisitions and regulatory approvals. Access Bank made this disclosure on Wednesday in a filing to the […]
Nigeria bourse’s demutualisation sees Onyema emerge Group CEO, Popoola new CEO
Charles AbuedeJanuary 6, 2021
By Charles Abuede Awe to head independent regulatory arm The mutualisation of The Nigerian Stock Exchange has moved a notch further with the announcement of major appointments of new entities created in the wake of the exercise. Oscar Onyema, current chief executive of the operating bourse, has been appointed the new group chief executive […]
World Bank predicts 4% global economic growth on widespread Covid-19 vaccine rollout in 2021
Charles AbuedeJanuary 6, 2021
By Charles Abuede Says deployment of vaccines, investment key to sustaining recovery A new World Bank forecast for the global economy says growth in world output will be by 4 per cent in 2021, on the back of widespread deployment of the first covid-19 vaccine throughout the year. It noted that recovery in […]
World Bank says Nigeria to grow 1%, SSA moderate 2.7% in 2021
Charles AbuedeJanuary 6, 2021
By Charles Abuede Rising government debt, natural phenomenon pose downside risks to recovery Banks may face sharp increases NPLs in 2021 The World Bank says Nigeria is to grow by 1.1 per cent this year and 1.8 per cent in 2022. The forecasts are contained in the bank’s latest 2021 global economic outlook just […]
Bears stage comeback as selloffs in BuaCem, MTN, Zenith Bank drive market into red
Charles AbuedeJanuary 6, 2021
By Charles Abuede Sentiments were dampened in the Nigerian equities market on Tuesday owing to profit-takings on top stocks that posted their biggest wins in the previous year, forcing the local bourse to retreat to a bearish stance on the second trading day of the week and the year. It offered strong indications that […]
Sugar strengthens price gain, low demand weakens cocoa
Onome AmugeJanuary 5, 2021
By Onome Amuge Raw sugar futures on ICE surged higher on Tuesday as it edges towards the preceding season’s peak with the market being buoyed by short-term supply tightness and an unrelenting demand. March raw sugar gained 0.3 cents (0.2 per cent) at 15.79 cents per Ib while March white sugar was up $1.80 […]