Stock prices’ free fall widens investment opportunities
Businessam Staff
August 16, 2019
The Nigerian equity market is offering long-term investors opportunities to invest as most of the stock prices have declined significantly below their opening values. The bear run in the stock market, which has depressed the benchmark Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 13.1 percent so far, has cut the prices of many stocks […]
Lawan urges Buhari to present 2020 budget by September
Businessam StaffAugust 16, 2019
Ahmad Lawan,, president of the senate, Thursday urged president Muhammadu Buhari to lay before the national assembly the 2020 Appropriation Bill latest by September ending for its passage by December. He also appealed to the executive arm of government on the need to be on the same page with the legislature to reverse “the undesirable […]
RMAFC inaugurates panels on new revenue formula
Businessam StaffAugust 16, 2019
The Revenue Mobilisation Allocation and Fiscal Commission on Thursday inaugurated 18 standing committees including one that would give the nation a new revenue sharing formula. The standing committees, which comprise 12 constitutional committees and six in-house committees, have a total of 139 members. Membership of the committees, according to the list that was made available […]
Nigeria Customs, NNPC, CBN summoned for shunning Reps public hearing
Businessam StaffAugust 15, 2019
An ad hoc committee of the House of Representatives has summoned heads of four government agencies to appear before it on August 19. This followed the ruling of the chairman of the committee, Yusuf Buba, at a public hearing on Thursday in Abuja. The agencies ordered to appear are the Nigerian Custom Service (NCS) Nigerian […]
Sell pressure persists on NSE, investors lose N15bn
Businessam StaffAugust 15, 2019
The Nigerian equities market maintained a negative session on Thursday with the market capitalisation dipping further by N15 billion. Specifically, the market capitalisation lost N15 billion to close at N13.183 trillion compared with N13.198 trillion on Wednesday. In the same vein, the All-Share Index shed 30.18 points or 0.11 percent to close at 27,052.93 in […]
WTO says quarterly trade growth could weaken further
Businessam StaffAugust 15, 2019
The World Trade Organization (WTO) said on Thursday that its latest economic barometer showed that the growth in merchandise trade was likely to weaken further in the third quarter. Its quarterly trade growth indicator showed growth in global goods trade was likely to weaken, with a reading of 95.7. In its previous quarterly report in […]
Osinbajo: DisCos underperforming… we need a new strategy
Businessam StaffAugust 15, 2019
Yemi Osinbajo, Nigeria’s vice president, has faulted electricity distribution companies (DisCos), accusing them of performing below expectation. Speaking at the inauguration of some transmission lines at in Abeokuta, Ogun state capital, on Thursday, Osinbajo said the 11 DisCos are only able to distribute 4,000MW or less out of 7,000 generated. The vice-president, who said there […]
Oil falls further on recession fears, China’s trade threats
Businessam StaffAugust 15, 2019
Oil prices fell more than 1% on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories. In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on […]
CBN’s PMI report shows rise in employment
Businessam StaffAugust 15, 2019
The Central Bank of Nigeria (CBN) purchasing managers index (PMI) report for July shows employment level index on the rise for the 27th consecutive month. The index stood at 57.6 points. Of the 14 sub-sectors covered, 10 reported increased employment level, one reported unchanged employment level while three reported decreased employment in the review month. […]
Fuel subsidy removal will add 4% to global GDP, IMF tells Nigeria, others
Businessam StaffAugust 15, 2019
The International Monetary Fund (IMF) Wednesday reiterated the need for Nigeria and other countries that still retain the policy of subsiding fossil fuel to put an end to the policy. Precisely, the IMF said eliminating the policy which it pointed out, “typically benefit the rich more than the poor, could gain up to four percent […]