Stock market rebounds 0.12% on gains in high caps

Adesola AfolabiFebruary 14, 2019

Nigeria’s equities market rebounded Thursday following price appreciation in Unilever (+6.8%), Dangote Cement(+0.5%) and UBA (+1.3%). As a result, the All Share Index (ASI) rose 0.12%  to 32,453.7 points, year-to-date gain improved to 3.4 percent and market capitalisation increased by N14.0 billion to N12.1 trillion. On the flip side, activity level weakened as volume and […]

Oil prices traded higher amid sanctions on Venezuelan oil

February 14, 2019

Crude oil futures traded higher Thursday as market participants remained concerned about global oil supply tightness as a result of the loss of Venezuelan crude barrels despite a build reported in US crude and product inventories. Brent crude futures were up 21 cents/barrel from Wednesday’s settle at $63.82/barrel, while the WTI was also up 21 […]

FG to auction  N150bn bond next week

February 14, 2019

The Debt Management Office (DMO) has said the federal government would auction N150bn worth of bonds by subscription on February 20. According to a circular by the DMO  showed the breakdown of the figure to include a N50bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent and […]

JPMorgan to use cryptocurrency for corporate-payments business

February 14, 2019

JPMorgan Chase & Co. successfully tested a cryptocurrency it plans to use in trials for clients of its wholesale-payments business. Dubbed JPM Coin, it’s based on blockchain technology, a decentralized public ledger of cryptocurrency transactions that’s seen as a way to track transactions without central record-keeping, the bank said Thursday in a presentation on its […]

Investors see more Nigeria gains if opposition wins election

February 14, 2019

The recent rally in Nigerian assets may pick up steam if there’s a change in government after this weekend’s presidential election, according to money managers and banks including AllianceBernstein LP and Citigroup Inc. Bloomberg says the main equity index in Africa’s biggest oil producer is heading for its best month in more than a year. […]

Stock market retreats, as investors begin profit taking in big caps

Adesola AfolabiFebruary 13, 2019

Equity trading  on the Nigerian Stock Exchange (NSE) closed negative on Wednesday after an eight-day bullish run as investors began taking profit in highly capitalised stocks such as Guaranty Trust Bank which lost 2.6 percent of its share price, Access Bank which dropped 6.3 percent and Seplat that fell 3.3 percent. This dragged the All […]

Shell, Imo inaugurate cluster boards for multi-billion-dollar Assa North Gas project with N1bn commitment to communities over 5 years

Ben EguzozieFebruary 13, 2019

Shell Petroleum Development Company (SPDC) and Imo State government on Tuesday inaugurated cluster development boards (CDBs) for the multi-billion-dollar Assa North Gas development project in Ohaji-Egbema Imo LGA of Imo State, a major game-changer in Nigeria’s quest for energy sufficiency for power generation and industrialization. The event, which held in Owerri, the Imo capital, was […]