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Nigerian equities market rebounded Wednesday as bargain hunting in relatively low-priced quality banking stocks pushed up index by 0.15 percent to close at 35,358.6 points, while year-to-date (YTD) gain increased to 31.6 percent. ZENITH (+1.6%), UBA (+2.4%) and STANBIC (+1.2%) were the major drivers of today’s performance. However, activity level softened as volume and value traded fell […]

Another top banker has expressed scepticism about bitcoin fulfilling important functions of currency. Axel Weber, UBS chairman and former Bundesbank President, said on Wednesday bitcoin does not fulfil some of the most important functions of currency, according to reports by Reuters. Weber thus becomes the latest senior banker to express scepticism about the cryptocurrency. “I get often […]

Nigeria’s Guaranty Trust Bank’s (GTBank) offer to repurchase its $400 million 6 percent notes due 2018 has recorded 30.77 percent success as only $123.066 million in aggregate principal amount of the offer was validly tendered before the deadline. In a notice released to the Nigerian Stock Exchange (NSE) Wednesday, the bank indicated that it still has […]

The Nigerian equities market opened the week and the month of October bearish Tuesday as all-share index shed 0.4 percent to close at 35,306.1 points, while market year-to-date gain settled at 31.4 percent. To this end, market capitalization decreased by N45.7 billion to N12.2 trillion. Tuesday’s performance was pulled by price depreciation in DANGCEM (-1.4%), NIGERIAN BREWERIES (-1.8%) […]

Nigeria received a total of N2.305 trillion  ($7.53 billion) in total revenue as of June 2017, the budget office said on Tuesday. This is just as it plans to release the second tranche of the 2017 budget. Ben Akabueze, director of the budget office, said the N2.305 trillion was 91 percent of the budgetary provision for […]

Nigeria LNG Limited (NLNG), a liquefied natural gas-producing company has claimed that it lost about $475 million to a protracted war with Nigerian Maritime Administration and Security Management Agency (NIMASA) over applicable levies. NIMASA had blocked the company’s export from Bonny Island for 22 days for refusing to pay levies demanded by it, a situation, […]

Amid robust demand for emerging-market equities, foreign portfolio investors are fleeing the South African stock market on weakening rand, tepid economic growth and political risks. Bloomberg reports that while the benchmark index is hovering near a record after climbing 11 percent this year, the stocks aren’t an attractive prospect for foreigners who have to factor […]

After a flip-flop performance during the week, trade on Friday saw the Nigerian Stock Exchange (NSE) all-share index appreciating 0.03 percent to close at 35,439.98 points as against the 0.93 percent appreciation recorded previously, However, Fridays positive trade could not lift the benchmark index above previous week’s performance, instead paring it by 0.14 percent. Friday’s market […]