Nigeria equities start week positive as benchmark index advances 0.5%
Adesola Afolabi
June 11, 2018
The Nigerian equities market, having recorded an uptick from a 5-week losing streak last week to record its highest weekly gain in the last 10 weeks, began the second week of June on a positive note with the benchmark index, the NSEASI advancing 0.45 percent to close at 38,844.32 points on Monday. Consequently, year-to-date (YTD) […]
Adidas looks to Russia 2018 to boost sales after revenue from country plummeted on sanctions, weak currency
BusinessamJune 11, 2018
Adidas is looking to Russia 2018 to boosts sales after closing 50 percent of its retail outlets over sanctions and weakened currency in the country. According to Bloomberg, the company’s business boomed in the country but sanctions in recent years have caused revenue there to plummet. Adidas’ faith in the country goes back to the […]
EXCLUSIVE! Innovate or die: Banks caught between a rock and a hard place
Businessam StaffJune 11, 2018
The macroeconomic and policy environments are putting banks on horns of a dilemma. They either increase risk assets creation or mark up investment in securities to earn incomes. Whichever way they choose they would be faced with challenges of maintaining healthy interest margins. The macroeconomic environment where businesses are struggling to run as going concerns […]
Oil prices mixed amid Russian production output rise, strong demand in Asia
Businessam StaffJune 11, 2018
Oil prices were mixed Monday amid rising Russian production and strong demand in Asia. Crude Oil WTI Futures for July delivery were trading at $65.7 a barrel at 04:02 GMT, down 0.11 percent. Brent Oil Futures for August delivery, traded in London, were up 0.05 percent at $76.50 per barrel. Shanghai Crude Oil WTI Futures for […]
Inflation to slow further in May as analysts’ position mixed on rate cut
Adesola AfolabiJune 10, 2018
Financial Derivatives Company (FDC), an economic think tank and financial advisor led by Bismark Rewane, has projected that headline inflation in Nigeria is expected to slow further in May by 68bps to 11.8 percent from 12.48 percent in April. The forecast, if accurate, is expected to increase the possibility of a rate cut at the […]
Nigeria’s new excise duties not targeted at local manufacturers, says finance ministry
Businessam StaffJune 10, 2018
Nigeria’s ministry of finance said the new excise duty rates recently approved by the government on alcoholic beverages and tobacco were not targeted at local manufacturers The ministry in a statement released Sunday, June 10 said it was reacting to media reports on the issue, which seem to suggest local manufacturers are affected by the […]
Analyst sees silver prices hitting $18 by Q3
Temitayo AyetotoJune 9, 2018
Silver prices will likely reach $18.50 an ounce in the third quarter of 2018, and perhaps even hit 2016 highs of $21.50 an ounce by the fourth quarter, based on a combination of technical, sentiment, seasonal, and fundamental factors, according to Florian Grummes, an analyst at Midas Touch Consulting in a monitored report. The white […]
Nigeria’s president Buhari appoints Shonubi as CBN deputy governor
Businessam StaffJune 9, 2018
President Muhammadu Buhari has appointed Folashodun Adebisi Shonubi, managing director of the Nigeria Inter-Bank Settlement System Plc (NIBSS), as deputy governor of the country’s apex bank, CBN. Shonubi, who heads the financial payments, facilitation and settlement platform, was appointed Friday, according to a statement by the presidency, which also notes that the appointment is subject to […]
IMF projects economic growth in sub-Saharan Africa at 3.4% in 2018 on improved global growth
Businessam StaffJune 8, 2018
The International Monetary Fund (IMF) has projected that economic growth in sub-Saharan Africa at 3.4 percent in 2018 from 2.8 percent in 2017, as the recovery gradually strengthens in the continent’s largest economies. Papa N’diaye, chief of IMF’s regional studies division, stated: “Growth is expected to rise to 3.4 percent in 2018, from 2.8 percent […]
Chinese investment helps Egypt top Africa’s FDI inflows
Adesola AfolabiJune 8, 2018
Egypt emerged Africa’s most preferred investment destination in 2017 as a large increase in Chinese investment across light manufacturing industries, supported inflows from investors, to make the country first in Africa in terms of foreign direct investment (FDI) flows. According to the ‘World Investment Report 2018: Investment and Industrial Policies’ released recently by the United […]