Nigeria’s equity market bubbles, closing the week with N45.8bn shares
Andy Nssien
January 19, 2018
The Nigerian Stock Exchange All-Share-Index recorded 5.11% week-on-week (wow) in the third week of the year at 45092.83 points, while market capitalization sized up to a present close of 15.69 trillion naira. The trading sessions during the week all treaded along a positive lane with 51 basis points (bps), 217bps, 189bps and 55bps respectively save […]
Nigeria’s real estate investment market slows on ambiguous taxes, mispricing
Businessam StaffJanuary 19, 2018
The Nigerian real estate investment trust market is bogged down by a lack of assurance on ambiguous ‘tax pass through’ laws, that have not provided comfort to institutional investors, both local and foreign, as well as a traditionally opaque market, which has resulted in mispricing and undermining confidence in real estate assets. These were the […]
Nigeria seeks to recover $21bn from, Shell, Chevron, ExxonMobil, Eni, Total, Agip
Ajose SehindemiJanuary 19, 2018
Nigeria’s House of Representatives has ordered an adhoc committee to look into recovering $21 billion in oil revenues from international oil companies (IOCs) operating in the country. Ibe Kachikwu, the country’s petroleum minister, in December 2017, said the government had not enforced a provision that entitles it to a higher share of oil revenues when […]
Nigerian bank stocks in stellar performance, gain 154.5% in price appreciation y-o-y
Businessam StaffJanuary 19, 2018
Banking stocks dominated the Nigerian equities market and remained the toast of most investors in 2017, chalking up average price gains of 154.5 percent year-on-year as at January 18, 2018, according to a review of the market by Proshare. The banking stocks led among the stocks listed within the financial services sector in particular and […]
Nigeria, frontier markets climb $700bn in value, set to outpace emerging market stocks
Businessam StaffJanuary 19, 2018
Market and policy reforms in Nigeria, Argentina, and Kuwait are setting the tone for investors’ interest in frontier markets whose combined market value exceeded $700 billion in 2017 for the first time in a decade, according to Bloomberg reports. Although the emerging markets are still capturing much of the attention, the frontier group has begun to […]
U.S to become leader of oil, gas supply as crude to Europe threatens Middle East sales in Asia
Businessam StaffJanuary 19, 2018
The International Energy Agency asserted on Friday that the United States is set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling. IEA wrote in its monthly market report that “this year promises to be a record-setting one for the US,” Crude […]
Nigeria sues JP Morgan for $875m over negligence on Malabu oilfield deal
Businessam StaffJanuary 18, 2018
Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister. However, a spokeswoman for JP Morgan, according to Reuters, dismissed the accusation Thursday, saying the firm “considers the […]
Nigerian equities pare gains as U.S., pan-European markets record lows
Businessam StaffJanuary 18, 2018
Nigerian stocks traded lower Thursday after a 3-day rally in what analysts attributed to profit taking, especially in lag caps. Globally, most U.S and European stocks indices equally traded low. The Nigerian equities market shed gains at the close of trade on the day as the All-Share Index (ASI) closed 0.08 percent lower to settle […]
Swiss Pharma CEO explains temporary closure of Nigeria operations following acquisition by French Biogram
Ajose SehindemiJanuary 18, 2018
A decision by its workers to embark on a long strike to protest an operational restructuring layoff of some staff last year forced Swiss Pharma (Swipha) Nigeria Limited, to temporarily close its Nigeria business, Gaby El Khoury, managing director, said in a statement on Thursday. Khoury said the attitude of the striking workers, which he […]
Morgan Stanley’s profit plummets 59% over new US tax law
Andy NssienJanuary 18, 2018
U.S. investment bank, Morgan Stanley’ fourth-quarter profit fell on a provision related to the new U.S. tax law, but adjusted profit aided by the robust outcome in wealth management helped to offset a drop in trading revenue. Morgan Stanley’s earnings fell 59 percent in the fourth quarter, the company said Thursday, as the investment bank […]