Nigeria equities market consolidates gains as benchmark index firms by 0.64%
Jerome UshakangJanuary 5, 2018
Equities trading on the floor of the Nigerian Stock Exchange (NSE) maintained its gaining streak for the second day running Friday to end the week bullish. On back of the day’s positive trade, the bourse All-Share Index (ASI) appreciated by 0.64 percent to close at 38,923.26 points compared to 1.28 percent achieved in the previous […]
IOSCO publishes use of financial benchmarks for appropriate pricing, risk allocation
Jerome UshakangJanuary 5, 2018
The Board of International Organization of Securities Commissions (IOSCO) Friday published a statement setting out matters for users of financial benchmarks (benchmarks) to consider in selecting an appropriate benchmark, which include considerations of appropriateness and contingency planning, particularly for scenarios in which a benchmark is no longer available. The IOSCO said the objective of the […]
Portfolio investments in stellar recovery in Q317 as financial inflows up 156% y-o-y to $4.1bn
Businessam StaffJanuary 5, 2018
Foreign investment inflows into the country more than doubled in Q317 to $4.1billion as against $1.6 billion a year earlier, according to an economic note by Renaissance Capital seen by Businessamlive. The resurgence in inflows, according to available data was largely due to portfolio investment, which tripled to $2.8 billion with about 70 percent of […]
Gaps in software laws, fragmented regulation seen downsides to self-driving finance
Businessam StaffJanuary 5, 2018
Finance analysts say the increasing computing revolution in finance and markets could turn awry, into a runaway train in the long run due to gaps in software laws and regulatory fragmentation. They noted that software laws, as they are crafted today, could be a major area of concern as no one knows who’s liable if […]
Global debt climbs to $233trn in Q3 despite strong economic growth
Bukola OdufadeJanuary 5, 2018
Global debt soared to over $230 trillion in Q3 2017, about $16 trillion higher than its end-2016 level, according to the Institute of International Finance (IIF) in its “Global Debt Monitor – January 2018” released Thursday. The IIF indicated that despite strong economic growth and declining debt to GDP ratios, the total debt increased by […]
Nigeria’s Petroleum minister says petrol price remains N145 amid speculations of new hike
Businessam StaffJanuary 5, 2018
Emmanuel Ibe Kachikwu, minister of state for petroleum, has denied news reports that the Federal Government was planning to jack up the pump price of petrol, at present fixed at N145 per litre. Idang Alibi, the Director of Press in the ministry in a statement on Thursday night, clarified the minister’s submission made to the […]
January buy pressure pushes Nigeria equities market index 1.3% northward
Jerome UshakangJanuary 4, 2018
The Nigerian equities market rallied Thursday, reversing prior negative performance as benchmark index rose 1.28 percent to settle at 38,676.12 points. The market year-to-date gain thus expanded to 1.1 percent. The rally in the market, according to analysts, is largely driven the “January effect”- a period in which there is increased buying activity at the […]
Nigeria’s renewable energy mini-grid market has $10bn annual revenue opportunity – Branson
Businessam StaffJanuary 4, 2018
Richard Branson, billionaire business magnate, investor and founder of the Virgin Group, is bullish about Nigeria’s alternative energy sector, especially off-grid power solutions. In a blog post-December 28, 2017 Branson specifically indicated that off-grid power solutions in Nigeria could yield an estimated $9.2 billion revenue annually. Branson, quoting a report by the Rocky Mountain Institute, […]
Tax seen major constraint on SMEs growth in Nigeria
Businessam StaffJanuary 4, 2018
Nigeria’s current rules for taxation, which subject profit-making companies to multiple taxations in their first three years of commencement, are increasing the risk of failures of small and medium enterprises, according to Ani Chizoba, manager tax & regulatory services at Deloitte & Touche In an article “Tax policy on SMEs in Nigeria – How fair?” […]
Treasury bill supply slowdown may hurt Nigerian bank profits- Fitch
Businessam StaffJanuary 4, 2018
Fitch Ratings said Thursday that Nigerian banks may find it more difficult to sustain profitability given the decline in net treasury bill (T-bill) issuance of country’s 1Q18 issuance programme. The slowdown in T-bill issuance, according to the rating agency, marks a change of strategy as the government looks to increase its financing from external sources […]