Nigeria equities market edges higher on NB, Stanbic rally as index expands 0.68%
Businessam Staff
November 28, 2017
The Nigerian equities market Tuesday reversed the negative performance recorded at the start of the week as benchmark index gained 0.68 percent to close at 37,503.73 points, driving year-to-date gain to 39.6 percent. Global stocks were also higher on the day. The day’s positive performance was mainly buoyed by buy interest in NIGERIAN BREWERIES (+4.9%), […]
Bank of England warns on growing threat from fintechs, releases banks’ stress testing results
Businessam StaffNovember 28, 2017
The Bank of England (BoE) Tuesday published the results of its stress test on banks, which showed that all major lenders passed for the first time ever. It, however, highlighted the growing threat of fintech as something banks must watch out for. The BoE thinks banks could be underestimating the risks to their business posed […]
Airbus, Rolls-Royce, Siemens team up to develop hybrid electric plane technology
Businessam StaffNovember 28, 2017
*To fly demonstrator version in 2020, commercial application 2025 Airbus, Rolls-Royce, and Siemens are to develop hybrid electric engine plane technology as part of a push towards cleaner aviation, according to BBC news report. The firms are racing to develop electric engines for planes after pressure from the EU to cut aviation pollution. Each of […]
Narrow product focus, weak corporate governance blight Nigeria’s insurance industry
Businessam StaffNovember 28, 2017
Nigeria’s low insurance uptake at one percent has been blamed largely on a dearth of innovation, especially product development and a pervading weak corporate governance structure. Foremost research and credit ratings company, Agusto & Co, in its November economic newsletter released Tuesday in Lagos, noted that apart from the age-old challenges of poor regulatory enforcement, weak […]
Nigeria’s Lagos to overtake Nairobi as Africa’s tech startup capital
Businessam StaffNovember 28, 2017
As Africa’s tech startups and their founders go about creating disrupting industries or, in some cases, building new ones, they’ve typically tended to mushroom across three major ecosystems: Nairobi, Cape Town and Lagos. But over the past year, Lagos’ claim as the continent’s startup epicentre has gained currency. For starters, it’s the continent’s most valuable […]
AfDB launches youth advisory group to create 25m jobs on the continent
Businessam StaffNovember 28, 2017
The African Development Bank Group (AfDB) has launched a Presidential Youth Advisory Group (PYAG) to provide insights and innovative solutions for job creation for Africa’s youth, as outlined in the bank’s Jobs for Youth in Africa Strategy. The advisory group, inaugurated on the sidelines of the 6th EU-Africa Business Forum in Abidjan on Monday, November […]
Losses in banking stocks drag Nigerian equities market down 0.31% as global stocks slide
Businessam StaffNovember 27, 2017
The Nigerian equities market closed trading Monday negative as local bourse index lost 31 basis points or 0.31 percent to close at 37,250.78 points. The below par performance reverberated globally with global stocks sliding Monday as investors looked ahead to a possible U.S. Senate vote on proposed tax changes and data announcements from major economies. […]
It makes sense for Nigeria to borrow externally, FBNQuest says
Businessam StaffNovember 27, 2017
Analysts at the investment banking and asset management arm of FBN Holdings Group, FBNQuest, have affirmed that Nigeria tapping the Eurobond market to raise $3.0 billion was in order. In their Good Morning Note Monday, the analysts said that amid some uninformed commentary on the issue, Nigeria still has room to tap into available concessional […]
Crude oil prices mixed as all eyes on OPEC meeting this week
Businessam StaffNovember 27, 2017
Crude oil prices were mixed in Asia Monday as the market turned cautious ahead of a key OPEC meeting near the end of the week to discuss extending supply cuts. U.S. West Texas Intermediate (WTI) crude futures dipped 0.42% to $58.70 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the U.S., […]
Nigerian shoppers dump online Black Friday sales to get best deals in stores
Businessam StaffNovember 25, 2017
While being one of the numerous skeptics about Black Friday in Nigeria, new mom, Victoria Feyikemi, kept refreshing the pages of leading e-commerce sites, Jumia and Konga, in search of the best offers for baby monitors. Eventually, she gave up when she couldn’t find any and went on Twitter to join those that were mocking […]