Nigeria’s stocks end week positive as index rises marginally by 0.08%
Businessam Staff
February 16, 2018
Nigeria equities market closed Friday positive as benchmark index, the NSEASI, rose marginally by 34.43 points or to settle at 42,638.83 points from the 42,604.40 points previously. Also, market capitalisation grew by N12 billion to close at N15. 301 trillion against N15.289 trillion posted previously. The day’s performance was majorly influenced by price appreciation in […]
Dangote revives 8-year-old interest in London Stock Exchange IPO seeking $1bn for DangCem
Businessam StaffFebruary 16, 2018
Dangote Cement Plc might have revived plan to raise fresh capital of $1 billion through the London Stock Exchange. An ally of Africa’s richest man, Aliko Dangote, who does not want to be named, is reported by the Bloomberg news service as saying Dangote has approached investment bankers to discuss a potential U.K. listing. Once […]
Nigeria, biggest loser of Africa’s $50bn yearly illicit financial outflows
Businessam StaffFebruary 16, 2018
Nigeria is the biggest loser of the $50 billion annual illicit financial flows out of Africa, according to Kemi Adeosun, minister of finance. She disclosed this Thursday while speaking as panelist at a tax conference organized by the Organisation for Economic Cooperation and Development (OECD) in New York, United States. Adeosun, spoke on the issue […]
OPEC targets longer non-member alliance partnership in 2018- UAE energy minister
Businessam StaffFebruary 16, 2018
Oil cartel, Organization of the Petroleum Exporting Countries (OPEC), aims to agree on a longer-term partnership with non-member producers by the end of the year, Suhail al-Mazrouei,United Arab Emirates energy minister told local media Thursday. Mazrouei, who currently holds the rotating OPEC presidency on behalf of UAE, says putting a “draft charter” in place by the […]
Nigerian banks’ market-based reporting of FC exposure may impair capital adequacy, says Fitch
Steve OmanufemeFebruary 15, 2018
Fitch Ratings has said that if Nigerian banks adopt a more market-based presentation of foreign-currency (FC) assets, liabilities and profit-and-loss items, small banks would not be able to meet their capital adequacy requirements as specified by the regulatory authorities. In a statement released Thursday, the international rating agency noted that financial statements with FC items […]
GE, Shell seal deal to rev up output at Afam VI power plant with additional 30MW
Ajose SehindemiFebruary 15, 2018
General Electric’s Power Service has signed a Multi-year Service Agreement (MYA) with Shell Petroleum Development Company for its 650MW Afam VI combined cycle power plant located in Nigeria’s Rivers State. With the agreement, Afam VI plant which provides enough electricity equal to power over three million Nigerian homes at peak performance is expected to improve […]
FBNH, Guaranty, Dangote Cement power Nigerian equities to record 1.0% gain
Businessam StaffFebruary 15, 2018
The Nigerian equities market sustained gains Thursday as benchmark index, the NSEASI, grew 1.0 percent to 42,604.40 points while YTD return improved to 11.4 percent. Consequently, market capitalisation increased by N155.2 billion to N15.3 trillion. The day’s performance was majorly driven by price appreciation in FBNH (+8.2%), GUARANTY (+2.0%) and DANGCEM (+0.6%). Similarly, activity level […]
Shoreline, Seplat join other producers to pump more oil as Nigeria plans to raise output to 2.5mbpd
Businessam StaffFebruary 15, 2018
Nigeria’s indigenous oil producers are itching to pump more oil as part of a wider plan to lift the nation’s output to 2.5 million a day far beyond the 1.8 million barrels a day agreed with the Organisation of Petroleum Exporting Countries (OPEC), according to reports. The country’s total planned increase is 700,000 barrels a […]
Amazon now world’s third most valuable company, to add 2,000 jobs in France
Businessam StaffFebruary 15, 2018
With a market cap of $702.5 billion, Amazon has become the third most valuable company in the world, racing past Microsoft, which has a market cap of $699.2 billion. This is just as it plans to add 2,000 jobs in its operations in France. According to a report in The New York Post, Amazon stock […]
Crude oil prices continue to rise on Saudi commitment to curtail output
Businessam StaffFebruary 15, 2018
Crude oil prices continued to rise on Thursday, still supported by news in the previous session of a lower than expected rise in U.S. inventories and after Saudi Arabia reaffirmed its commitment to curtail production. The U.S. West Texas Intermediate crude March contract was up 70 cents or about 1.16% at $61.89 a barrel by […]