Facebook drops 2% in opening trade amid renewed selling

Businessam StaffMarch 22, 2018

Facebook shares are facing fresh selling on Thursday after Mark Zuckerberg, chief executive finally spoke publicly about the Cambridge Analytica debacle that has thrust the social network into its worst crisis as a public company. Shares in the Silicon Valley tech company fell 2 percent at the market open to $166.11. The move more than offsets a […]

Sell-off wipes $59bn off Facebook market capitalization in 3 days

Businessam StaffMarch 21, 2018

Facebook

A sell-off in Facebook shares entered its third day Wednesday as the backlash against the world’s biggest social network continues to mount in the wake of revelations over the weekend that data from millions of users were harvested and used without permission. The group, one of America’s most valuable companies and a Wall Street star […]

MTN Nigeria eyes $5.2bn debut Lagos listing in July

Businessam StaffMarch 1, 2018

MTN plans to list its Nigerian unit worth $5.23 billion by July in a debut IPO on the Lagos bourse and will raise fresh funds to reduce debt, according to a pre-IPO presentation seen by Reuters. MTN aims to raise at least $400 million from the IPO to pay preference shareholders and is preparing to […]

Dropbox seeking to raise $500m in stock market debut

Businessam StaffFebruary 24, 2018

One of the world’s largest online services for backing up documents, photos and other video is opening its files in an initial public offering of stock. Dropbox is hoping to raise $500 million in an IPO that comes 11 years after it started in San Francisco. The company confidentially filed for its IPO in October, […]

Amazon hits $1,500 a share for the first time ever

Businessam StaffFebruary 22, 2018

Amazon UK's Tax Bill

Jeff Bezos’ machine touched $1,500 a share Wednesday for the first time ever. Amazon’s stock has raced out of the gate this year after reporting stellar earnings earlier this month. The company announced a profit of nearly $2 billion, the largest in its history and the first time it topped $1 billion in a quarter. […]

European stocks falter as Asian rally

Businessam StaffFebruary 19, 2018

European shares failed Monday to replicate a rally from Japan and the U.S., where the S&P 500 index notched its best week in five years. Bloomberg reports indicate that the Stoxx Europe 600 index slipped as auto and consumer stocks dropped. That contrasted with Asia, where equities built on their best week since September 2016 […]

SEC, NSE, CSCS rake N11.430bn in 2017 from share sales

Kayode OgunwaleFebruary 19, 2018

Oscar Onyema, the chief executive officer of The Nigerian Stock Exchange

A total of N11.43 billion accrued as earnings from the sales of shares to the three major players in the Nigerian equities in 2017, according to findings by business a.m. The Securities and Exchange Commission (SEC), the market regulator, the Nigerian Stock Exchange (NSE), the market platform provider and the Central Securities Clearing System (CSCS), […]

South African rand remains near 3year highs after Zuma’s resignation

Businessam StaffFebruary 15, 2018

South Africa’s rand was little changed in early deals on Thursday, largely holding on to gains notched up overnight after President Jacob Zuma resigned. At 0608 GMT, the rand was at 11.7300 against the dollar, barely changed from its overnight close 11.7200 in New York and not far from levels last seen in March 2015. […]