Morgan Stanley raises Nigeria’s weighting in Frontier Market Index, with standalone decision pending
Businessam Staff
June 6, 2017
Nigeria’s weighting on the Morgan Stanley Capital International’s (MSCI) Frontier Market Index rose to 7.9% from 6.5%, following the recent rebalancing of the index that saw Pakistan moving to the Emerging Market Index, according to CardinalStone research. The MSCI index essentially captures large and mid cap representation across 34 Frontier Emerging Markets countries. The increased […]
Larfarge, Unilever, Oando, Union Bank to raise N273bn from rights issue
Businessam StaffJune 6, 2017
Buoyed by the ongoing positive sentiments in the equities market and the need to cut down trade liabilities as well as reduce outstanding obligations, four quoted companies on the Nigerian Stock Exchange (NSE), including Unilever, Oando, Lafarge and Union Bank have announced their intentions to offer scrip dividends or rights issue to their existing stock […]
Nigeria’s NBS links 14% Q4 2016 unemployment rate to rising labour population
Businessam StaffJune 6, 2017
Economic recession, job lay-offs and a 0.6 percent rise in labour force helped push Nigeria’s unemployment rate to 14.2 percent in the fourth and last quarter of 2016 from 13.9 percent in the previous quarter and 10.4 percent in the corresponding period of 2015, according to the National Bureau of Statistics. The NBS figures graphically […]
Nigeria’s central bank bans overnight holding of forex purchased at interbank market
Businessam StaffJune 6, 2017
*Introduces new spread limit of N1… The Central Bank of Nigeria (CBN) has banned authorized dealers at the foreign exchange interbank market from overnight holding of funds purchased at the market as well as denying them the option of further selling same funds to other authorized dealer. This is contained in a circular to all […]
Nigeria’s Taleveras, ExxonMobil, UK’s Ophir in Equatorial Guinea oil block wins
Businessam StaffJune 6, 2017
Nigeria’s rising and diversifying oil trading company, Taleveras, along with international oil company, ExxonMobil and United Kingdom based Ophir, were big winners in an Equatorial Guinea’s oil block bidding process whose results were announced Monday. At the African Oil and Gas Conference in Cape Town, South Africa, Sub-Saharan Africa’s third largest producer, Equatorial Guinea’s Minister […]
Nigeria seen plugging LNG supply disruptions from Gulf diplomatic row
Businessam StaffJune 6, 2017
The simmering tension in the Gulf region where Saudi Arabia and key allies have cut ties with Qatar, the world’s top seller of liquefied natural gas (LNG), may pave way for Nigeria’s liquefied natural gas to rally in the global gas market, according to market analysts. There are fears that the ongoing tension may disrupt […]
Multiple bank charges rise on CBN endorsement as Nigerians pay on average N3.5bn monthly
Businessam StaffJune 6, 2017
As Nigeria’s National Assembly meet the Central Bank of Nigeria (CBN) and other banks in Africa’s largest economy over high interest rates on loans granted to Nigerians, many bank customers have also expressed hopes that the Senate will also quiz the apex bank and other deposit money banks on the numerous bank charges customers have […]
World Bank raises Nigeria’s growth forecast to 2.5% in 2017
Businessam StaffJune 5, 2017
*Claims modest rise in commodity demand, prices as driver… The World Bank has forecast that Nigeria’s economy would grow 2.5% on modest rise in commodities prices and strengthening external demand, a basis point less than regional forecast of 2.6 percent, according to the Bretton Woods institution’s June Global Economic Prospects released Monday. The revised forecast […]
Nigeria’s equity market hits 4% in 23-month high
Businessam StaffJune 5, 2017
Nigerian stocks hit a 23-month high on Monday, extending last week’s rally and helped by gains in cement, fuel retailing and banking shares. A pickup in oil prices and a more stable currency have improved economic prospects in Nigeria, prompting investors to buy into the stock market. Shares rose on Monday for the fifth consecutive […]
Fashola’s new directive on direct power purchase to ease Gencos’ liquidity
Businessam StaffJune 5, 2017
*Discos’ average market remittance still low at 33% The new policy directive to the Nigerian Electricity Regulatory Commission (NERC) by Babatunde Raji Fashola, Nigeria’s minister of power, works and housing, declaring four categories of eligible customers in the Nigerian Electricity Supply Industry (NESI) to access power directly from the generating companies has been described as […]