Nigeria’s exchange traded fund, ETF NGE, returns 21% year-to-date on equities rally
Businessam Staff
September 4, 2017
The Global X MSCI Nigeria ETF (NGE), which invests in among the largest and most liquid companies in Nigeria, has a year-to-date return of 21.07 percent as at close of business September 1, 2017, according to data gleaned by businesamlive. An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. […]
Fresh threat on Nigeria’s fragile economy in Niger Delta agitators’ planned attacks on oil installations
Businessam StaffSeptember 4, 2017
Trouble is brewing in the Niger Delta swamplands, home to oil, the mainstay of the Nigerian economy, as the Coalition of Niger Delta Agitators has said it will renew its attacks on oil installations in the region September 10, according to reports. The coalition is miffed that government has never inaugurated a committee to handle […]
Nigeria’s state oil company says it has crashed petrol, cooking gas prices nationwide
Businessam StaffSeptember 3, 2017
Nigeria’s state oil firm, the Nigerian National Petroleum Corporation (NNPC) says its sustained strategic intervention in the efficient supply and distribution of petroleum products has led to significant fall in the prices of premium motor spirit (PMS), also known as petrol, and liquefied petroleum gas (LPG), also known as cooking gas, nationwide. In a statement […]
Nigeria likely out of recession in Q2 but needs business confidence via single FX policy for growth sustainability – Poll
Businessam StaffSeptember 3, 2017
Nigeria and South Africa, Africa’s two biggest economies, have been projected to likely emerge from recession in the second quarter of the year but strong growth won’t show up until business confidence is restored, a Reuters’ poll suggested at the weekend. The poll, which comes ahead official growth data expected Tuesday this week for both […]
Texas refineries begin restart after hit from Hurricane Harvey as market awaits IEA release oil data
Businessam StaffSeptember 3, 2017
Reports say a number of key Texas refineries are working to reopen or resume normal operations a week after Hurricane Harvey knocked out nearly one quarter of the US refining capacity and sent gasoline prices to two-year highs, just as the International Energy Agency (IEA) still sees no need for a coordinated international release of […]
Global market indices rise on big acquisition announcements, landmark new drug approval
Businessam StaffSeptember 2, 2017
Major global market indices rose at the close of business Friday helped by big acquisition announcements and a landmark new cancer drug approval in the United States, just as Nasdaq Composite posts biggest weekly gain of the year. According to reports, the past week saw global investors, while navigating the damage caused by Hurricane Harvey […]
Apple’s new iPhone seen to lead to $180 billion in smartphone sales despite lagging behind Android
Businessam StaffSeptember 2, 2017
Though Apple Inc.’s iPhones may lag Android devices in terms of market share, Apple is expected to bring in $180 billion from its smartphones alone by 2021, according to a report from market intelligence firm IDC. At the moment, Apple holds about a 14 percent to 15 percent share of the smartphone market, with Android […]
Nigeria targets a $15 per barrel oil production, to stop gas flaring by 2020
Businessam StaffSeptember 1, 2017
Nigeria, Africa’s largest oil producer, says it plans to reduce business cost by setting a target of $15 per barrel oil production, just as it hopes to put an end to gas flaring by 2020. Ibe Kachikwu, minister of state for petroleum resources, disclosed this in the mid-term review of the activities of the ministry […]
U.S. businesses canvass free-floating naira for more investment in Nigeria
Businessam StaffSeptember 1, 2017
United States businesses and companies would prefer a free-floating naira for them to invest and do more business in Nigeria, according to Senator Chris Coons, head of a congressional delegation visiting Nigeria, Africa’s largest economy. “I have heard concerns from American companies that before they significantly increase their investment here they would hope they return […]
Nigeria’s manufacturing index expansion slows in August as economy comes out of recession
Businessam StaffAugust 31, 2017
The manufacturing purchasing managers’ index (PMI), an indicator of the economic health of the manufacturing sector, declined marginally to 53.6 index points in August 2017 from 54.1 in the previous month, indicating a slowdown in the expansion rate in the manufacturing sector, which began in the past five months, a Central Bank of Nigeria (CBN) […]