Bears resurface at Nigeria’s equities market as NSE ASI declines 0.70%
Adesola Afolabi
July 24, 2018
Bearish sentiments resurfaced at the Nigerian Stock Exchange as the all share index fell by 0.70 percent on Tuesday to close at 36,455.24 points as against an appreciation of 0.30 percent recorded on Monday, bringing its year-to-date performance 4.68 percent lower. The performance was mainly as a result of the decline recorded in the share […]
Nigeria’s First Bank to redeem $300m 8.25% notes two years ahead of maturity
Adesola AfolabiJuly 24, 2018
FBN Finance company B.V. is exercising its option to call the $300,000,000 8.25 percent subordinated notes raised in the international debt markets due August 2020. The decision by the firm is coming on the heels of First Bank of Nigeria (FBN) decision to redeem the fixed rate subordinated note held by FBN Finance Company B.V. […]
7 Nigeria MPC members vote to retain monetary policy rates for 11th consecutive time
Adesola AfolabiJuly 24, 2018
Seven out of nine members of the Central Bank of Nigeria’s (CBN) monetary policy committee (MPC) on Tuesday voted to leave the monetary policy rate unchanged at 14 percent on the back that tightening of the MPR could help keep investors in the country. Godwin Emefiele, the CBN governor announced the decision of the committee […]
NACCIMA allays OPS fears over AFCFTA, charges FG to sign agreement
Temitayo AyetotoJuly 24, 2018
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has allayed the fears of Nigeria’s organised private sector (OPS) over the African Continental Free Trade Area (AfCFTA), charging president Muhammadu Buhari to immediately sign the agreement before the August deadline. President of NACCIMA, Alaba Lawson, said at the association’s conference in Lagos […]
U.S. dollar over-valued, Chinese yuan in line with fundamentals, says IMF
Businessam StaffJuly 24, 2018
The International Monetary Fund (IMF) said on Tuesday that the U.S. dollar is over-valued, that China’s yuan is in line with fundamentals and nearly half of global current account balances are now excessive, adding to growth risks and trade tensions. The IMF, in its annual External Sector Report, which assesses exchange rates and current account […]
Russian billionaire Alisher Usmanov explores sale of his 30% Arsenal stake
Businessam StaffJuly 24, 2018
Russian tycoon Alisher Usmanov is exploring a sale of his 30 per cent stake in English football club Arsenal, the Financial Times reported on Tuesday. The Russian billionaire has grown frustrated that the club’s majority owner, Stan Kroenke, is unwilling to engage in takeover talks. The newspaper also said Usmanov has given up all hope […]
Philips, Asus, two other companies fined 111 million euros for price fixing
Businessam StaffJuly 24, 2018
Philips (PHG.AS), Pioneer (6773.T), Asus (2357.TW) and Denon & Marantz on Tuesday have been fined 111.2 million euros ($130.1 million) European Union antitrust regulators for fixing online resale prices, Reuters reported. The European Commission opened an investigation into the four companies in February last year as part of its crackdown against curbs on online sales […]
Trump company to invest £150m in Scottish golf resort
Businessam StaffJuly 24, 2018
U.S. President Donald Trump’s company has submitted £150 million ($196 million) investment plan for the development of his golf course in Scotland. The company plans to build 500 residential homes, 50 hotel cottages, sports centre, retail, equestrian and commercial spaces at his Aberdeen resort, along with other leisure facilities. In 2008, the development was first […]
Buy interest in Guaranty, NB, DANGCEM pushes Nigeria benchmark index higher by 0.30%
Businessam StaffJuly 23, 2018
Nigerian stocks Monday traded higher as buy interest in bellwethers – GUARANTY (+2.1%), DANGCEM (+0.6%), NIGERIAN BREWERIES (+0.5%) and FBNH (+1.1%) helped pushed benchmark index, the NSEASI, by 0.3 percent to 36,711.96 points. Consequently, year-to-date (YTD) loss at the bourse declined to -4.0 percent and market capitalization gained N39.3 billion to close at N13.3 trillion. […]
Long-term funds catalyst to drive economic growth, says Osinbajo as he assures investors on Nigerian economy, capital market
Adesola AfolabiJuly 23, 2018
Yemi Osinbajo, Nigeria’s vice president has said that for investors to take advantage of government’s incentives and improved business environment, there needs to be availability of medium to long-term capital in the form of bonds, equity and loans. Osinbajo disclosed this Monday while speaking in Abuja at the 2nd capital market stakeholders’ forum organised by […]