January buy pressure pushes Nigeria equities market index 1.3% northward
Jerome Ushakang
January 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 […]
Oil at 3-year high as OPEC production remains unchanged in last month
Businessam StaffJanuary 4, 2018
Brent crude oil rose above $68 a barrel for the first time since 2015 on Thursday, closing in on its highest level since prices tanked 3.5 years ago and as OPEC production held steady last month. Futures rose 0.9 percent to above $62 a barrel in New York after adding 2.1 percent on Wednesday. Inventories […]
Nigerian stocks dip after positive opening in the New Year as benchmark index fell 0.2%
Businessam StaffJanuary 3, 2018
The Nigerian equities market, which began the year on a positive note closed negative Wednesday despite rally in small and mid-cap stocks. Specifically, sell-offs in DANGCEM dragged the all-share index 0.2 percent lower to settle at 38,187.28 points from 38,264.79 points previously. To this end, market year-to-date gain retreated to -0.1 percent while market capitalization […]
Oil trades near highest level since 2015 amid political unrest in Opec’s third-biggest producer
Businessam StaffJanuary 3, 2018
Oil traded near the highest close since 2015 on Wednesday, having risen above $67 a barrel during the previous session. The sustained strength came, according to FT, after hedge funds placed a record bet that Brent crude’s near 35 percent rally over the past six months will continue into the new year, with protests in […]
Russia-China oil relationship makes crude costlier for Europe
Businessam StaffJanuary 3, 2018
Europe’s set to be stuck with a higher oil bill as Russia shifts more of its supply to the Chinese oil market, Bloomberg reports. As the world’s second-biggest economy buys more, crude shipments from the Baltic Sea port of Primorsk will be cut, according to industry consultant FGE. The reduction will push up the price […]
Oil rises toward $61 after yearly gains as Russia tightens grip with China’s second pipeline
Businessam StaffJanuary 2, 2018
After capping its second annual gain, oil started 2018 by advancing toward $61 as U.S. drilling activity remained at a standstill following a slip in production and as protests continued in Iran. Futures climbed 0.4 percent in New York after a 3.3 percent increase last week. U.S. drillers targeting crude kept the rig count unchanged […]
Make reforms while sun shines on world economy- Christine Lagarde
Businessam StaffJanuary 1, 2018
Christine Lagarde, International Monetary Fund chief, has urged France and other countries to push through reforms “while the sun is shining” on the global economy. In an interview with France’s, Le Journal du Dimanche published Sunday Lagarde said the strength of the global economic recovery had taken the IMF by surprise. “In 2017, for the […]