FDC predicts Q2 GDP to remain relatively flat as output indicators contract
Afolabi Oluwaseun
August 7, 2018
In an early Q2 gross domestic product growth (GDP) call, analysts at Financial Derivative Company (FDC) are predicting that based on the performance of output indicators, Nigeria’s GDP will be relatively flat when the numbers come in from the national statistics office. In their LBS executive breakfast report, the financial think-tank predicted GDP to come […]
Nigerian exchanges launch ASEN for greater global competitiveness
Adesola AfolabiAugust 7, 2018
The Nigerian capital market will Wednesday, August 8, 2018 launch the Association of Securities Exchange of Nigeria (ASEN), Nigeria’s first association of domestic securities exchanges at the Nigerian Stock Exchange (NSE) event centre in Lagos. According to the NSE, the ASEN is a non-profit industry association established to accelerate the development of domestic securities exchanges […]
Israeli foodmaker Strauss posts 14 pct increase in Q2 profit
Agency ReportAugust 7, 2018
Food company Strauss Group reported a 14 percent rise in second quarter net profit, boosted by growth in Israel and in its international dips and spreads business. Strauss, a maker of snacks, fresh food and coffee, said on Tuesday it earned an adjusted 112 million shekels ($30.3 million) in the quarter, up from 97 million […]
Benin, Nigeria and Niger meeting will end smuggling of rice – envoy
Agency ReportAugust 7, 2018
The Benin Republic Ambassador to Nigeria, Mrs Paulette Yekpe, has said that the proposed tripartite meeting by Nigeria, Niger and her country, will establish a framework to address rice smuggling. Yekpe said this while briefing Journalists on Monday in Abuja on sideline of activities marking the 58th Independence anniversary of the country. She said that […]
Nigeria’s SEC notifies market community of second 2018 CMC meeting
Adesola AfolabiAugust 7, 2018
Nigeria’s Securities and Exchange Commission (SEC) has announced that the second Capital Market Committee (CMC) meeting to be held in 2018 has been scheduled for Thursday August 9th to Friday August 10th 2018 at the Federal Palace Hotel, Victoria Island, Lagos. During the meeting, the SEC said issues bordering on implementation of the ten year […]
Nestlé grows half-year profit after tax by 30% pledges increased promotion initiatives for H2
Adesola AfolabiAugust 7, 2018
Nestlé Nigeria Plc has announced a 30 percent profit after tax increase in its financial results for the half year ending 30 June 2018. During the period, the company recorded a profit of N21.5 billion, which was 5 billion or 30 percent higher than the profit of N16.5 billion recorded in the same period of […]
Free float deficiency: NSE grants extension to erring listed companies
Businessam StaffAugust 6, 2018
The Nigerian Stock Exchange (NSE) has once again extended the deadline of compliance for companies that have free float deficiencies. The NSE requires that companies listed on its ASEM Board maintain a free float equivalent to 15 percent of market capitalization, while the requirement for Main Board listed companies is 20 percent of market capitalization. […]
Transcorp targets contributing a quarter of Nigeria’s grid power by 2027
Steve OmanufemeAugust 6, 2018
*Records 58% growth in Group revenue for H12018 *To kick-start its oil and gas business in 2019 *To position its hospitality business as number one on the continent Transcorp Power, a subsidiary of Transnational Corporation of Nigeria (Transcorp), says it is targeting 800MW available capacity and generated power of 600-650MW in the near term and […]
Currency traders look to UK growth data release in hope for pound rebound
Businessam StaffAugust 6, 2018
Currency traders are on the watch for UK growth data release due this week in the hope that evidence of a strong economy will help boost the currency. This is just as analysts see the ailing pound needing a dose of positive UK data to help it recover from a losing run against the dollar […]
AfDB loans €20m to Cabo Verde to boost local economic development
Businessam StaffAugust 6, 2018
The African Development Bank and Cabo Verde have signed a €20 million euro loan agreement to revitalize the economy of the West African coastal island. The loan, signed 2 August 2018 in Abidjan, is part of a two-year programme of up to €40 million euros to be disbursed in two equal installments in 2018 and […]