Pension assets in Nigeria bonds surge 54% in Q4 2017
Businessam
February 7, 2018
Pension assets in Federal Government of Nigeria (FGN) bonds rose to 53.81 percent in the fourth quarter of 2017, according to data released Wednesday by the country’s statistical agency, the National Bureau of Statistics (NBS). The NBS stated that of the 7.515 trillion pension fund assets under management about 54 percent were in FGN bonds […]
U.S. crude oil inventories decrease again as oil prices rise
Businessam StaffFebruary 7, 2018
Oil prices rose Wednesday amid a share market recovery and supported by a report that U.S. crude inventories fell last week, although analysts warned that soaring U.S. output and a seasonal demand drop could soon weigh on crude. Brent crude futures were at $67.44 per barrel at 0235 GMT, up 58 cents, or 0.9 percent, […]
Nigerian Stock Exchange investors net worth further drops N138bn
Businessam StaffFebruary 6, 2018
Trading on the Nigerian Stock Exchange for the second consecutive day on Tuesday maintained bearish posture with the market capitalisation losing N138 billion following profit taking. The market capitalisation lost N138 billion or 0.87 percent to close lower at N15.745 trillion against N15.261 trillion on Monday. Also, the All-Share Index which opened at 44,261.72 dipped […]
Oil prices slip more than 1% amid global market rout
Businessam StaffFebruary 6, 2018
Oil prices slipped by more than 1 percent Tuesday, extending falls from the previous session as global financial markets tumbled lower in the wake of one of the biggest intra-day falls ever registered on Wall Street. Brent crude futures were at $66.91 per barrel at 0530 GMT, down 71 cents, or 1.1 percent, from the […]
AfDB approves $10m loan to support African local currency bond fund
Businessam StaffFebruary 5, 2018
The Board of the African Development Bank (Afdb) has approved about $10 million to the African Local Currency Bond Fund (ALCB Fund) to further enhance the Fund’s portfolio and promote the development of domestic capital markets across the continent. The senior loan with a seven-year tenor including a two-year grace period will support opportunities for […]
Nigerian stocks shed 0.45% in a day global stocks saw red
Businessam StaffFebruary 5, 2018
The Nigeria equities market Monday was off to an ugly start in the week shedding 0.45 percent just as global stocks saw red. The Nigerian benchmark index, NSEASI shed closed at 44,261.72 points while year-to-date (YTD) return moderated to 15.7 percent. Accordingly, market capitalization fell by N71.2 billion to settle at N15.8 trillion. The day’s […]
Foreign reserves mere accounting item, not savings – Chike-Obi
Steve OmanufemeFebruary 5, 2018
Mustapha Chike-Obi, the immediate past managing director of the Asset Management Company of Nigeria (AMCON) has told business a.m. exclusively that the current fixation of Nigerians, especially the government, about rising foreign reserves is misplaced, saying that foreign reserves are not savings but mere accounting item, and therefore, not a credible indicators to measure the […]
Nigerian equities fall 1.98% week on week despite surge in financial services stocks
Andy NssienFebruary 2, 2018
Nigerian equities traded lower in the week ending January 2, 2018 as benchmark index fell 1.98 percent despite surge in financial services stocks. The NSEASI, the benchmark index, and market capitalization depreciated by 1.98 percent and 2.09 percent to close the week at 44,639.99 and N16.02 trillion respectively. Similarly, all other indices finished higher during […]
Higher call tariffs imminent as NCC mulls new interconnect rate
Businessam StaffFebruary 2, 2018
Nigerians could be forced to talk less on their phones as the Nigerian Communications Commission (NCC) mulls new interconnect rate, which would jack up call tariffs effective March 1, 2018. The NCC at a stakeholders’ forum held in Lagos Thursday indicated that it would announce and begin the implementation of a new interconnect rate for […]
FSDH calls downward trend on January inflation numbers on slower growth in food index
Andy NssienFebruary 1, 2018
Inflation rate (year-on-year) is expected to drop further to 15.04 percent in January 2018 from 15.37 percent recorded in the month of December 2017. The expected decrease in the inflation rate is as a result of a slower growth in the year on year food index in January 2018 than what was recorded in December […]