Nigeria equities in longest two-year bull-run, extend gains for 16 consecutive trading sessions
Steve Omanufeme
July 27, 2017
Nigerian stocks extended gains for the 16th consecutive trading session Thursday to post its longest winning streak in more than two years due to improving sentiment following strong half-year earnings from several listed mid-sized caps. Traders are betting on good corporate half-year earnings releases and on the economy emerging from recession, as well as foreign […]
FBN Holdings sees progressive improvement in non-performing loans, posts N35.6bn H1 profit
Businessam StaffJuly 27, 2017
A strategic curbing of non-performing loans by FBN Holdings is progressively helping its banking arm to reduce its NPL levels from 24.4 percent to 22 percent year-to-date, according to its half year financial report released Thursday and seen by Businessamlive. The company announced gross earnings of N288.8 billion, up 7.8 percent from N267.9 billion recorded […]
Nigerian senate passes bill granting financial intelligence unit autonomy
Businessam StaffJuly 27, 2017
The Nigerian senate Thursday passed the Nigeria Financial Intelligence Agency (NFIA) bill, which grants the agency autonomy and removes it from the control of the Economic and Financial Crimes Commission (EFCC). The bill, which was introduced last Thursday by Chukwuka Utazi, chairman committee on anti-corruption, followed the suspension of Nigeria by the Egmont Group, an […]
Higher cash flow helps Shell pay down debts, boost profit to $3.6bn in Q2
Businessam StaffJuly 27, 2017
Higher cash flows amounting to $11.3 billion in the second quarter enabled Royal Dutch Shell Plc to pay down debts and boost its profit to $3.6 billion, according to the company’s financial result for the quarter released Thursday. The rise in cash flow from operations was the highest since the oil price slump started in […]
London listed Nigeria Seplat curbs losses by 35.8% in half year operating results
Businessam StaffJuly 27, 2017
Seplat Petroleum Development Company Plc., a leading Nigerian indigenous oil and gas company listed on both the Nigerian and London Stock Exchanges, has announced an operating after tax loss of N8 billion, down 35.8 percent from the N13 billion loss reported in the corresponding period of 2016. In its consolidated half-yearly financial results for the […]
Kuwait joins Saudis, U.A.E. assuring more OPEC oil cuts
Businessam StaffJuly 27, 2017
Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut, Bloomberg reports. Kuwait Petroleum Corp. has agreed with customers in the U.S. to reduce contractual sales volumes of oil for 2017, state-run KPC said. The […]
Nigeria’s equities surge to 31-month high on H1 earnings expectations
Businessam StaffJuly 26, 2017
Nigerian stocks Wednesday sustained a two-week long uptrend as all-share index surged 3.4 percent to a 31-month high of 36,740.77 points, nearing the 37,000 points recorded in late 2014. Year-to-date gains settled at 36.7 percent, making the Nigerian bourse one of the best in terms of gains According to traders, improving sentiments in the market […]
Nigeria policy rate retention may worsen capacity underutilization, as businesses avoid borrowing due to high interest
Steve OmanufemeJuly 26, 2017
Financial and economic analysts in Nigeria, offering a postmortem of the central bank’s Tuesday monetary policy decision to retain benchmark monetary policy rate at 14 percent, say they fear a possible adverse effect on capacity utilisation, with its attendant consequence of fueling unemployment. Many businesses they further said have become averse to borrowing following what […]
Nigeria 9Mobile seeks concessional foreign exchange access, others to meet financial obligations
Businessam StaffJuly 26, 2017
9Mobile, the rebranded Etisalat and Nigeria’s number four mobile phone company, has tabled a list of regulatory concession demands, including foreign exchange access, before industry regulator, the Nigerian Communications Commission (NCC), according to a report by Technology Times. The phone company is said to have made the request when the chief executive officer, Boye Olusanya, […]
Nigerians getting poorer as wealth per capita declines 20% in 2016, says new AfrAsia Bank report
Steve OmanufemeJuly 26, 2017
The average wealth per person (wealth per capita) in Nigeria declined 20 percent in 2016 from about $2000 to $1,600, according to AfrAsia Bank Africa Wealth Report 2017. Wealth per capita, which refers to the average wealth of a person living in each country (excluding government held wealth), however, improved for most African countries except […]