Capital market

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Capital market

NGX traded N22.7bn worth of shares last week

Lagos, Feb. 13, 2022 – A total turnover of 944.293 million shares worth N22.710 billion were traded in 18,615 deals on the Nigerian Exchange (NGX) last week. This was in contrast to the 3.789 billion shares valued at N27.500 billion traded in 20,333 deals in the preceding week. The Financial Services Industry, measured by volume, led the activity chart with 634.086 million shares valued at N6.442 billion traded in 8,540 deals. The sector contributed 67.15% and 28.37% to the total equity turnover volume and value, respectively. The Consumer Goods Industry …

Business Planning Politics

Nigerian economy suffered 5 self-inflicted crises in 2023 – Proshares

Lagos, Feb. 9, 2023 – The Nigerian economy has suffered at least five self-inflicted crises this new year due to wrong policy ‘mis-steps”. This is the agreement of experts whose views were expressed in the latest edition of Proshares’ “Analysts Note”. Proshares is a research and market information service company in Lagos. The experts listed these crises as fuel scarcity as reflected by petrol distribution glitches and the unprecedented creation of a local black market for the purchase and sale of the local currency, the naira, following the central bank’s (CBN’s) currency redesign …

Business Planning

Cash-Swap: Supreme Court’s order will restore normalcy to economy – expert

Lagos, Feb. 9, 2023 – Dr. Muda Yusuf, the Chief Executive of the Centre for the Promotion of Private Enterprise (CPPE) in Lagos, says Supreme Court’s order will restore normalcy to economic activities. The apex court had on Wednesday granted an interim injunction restraining the Central Bank of Nigeria (CBN) from enforcing its Feb. 10, 2023 deadline on currency swap. Yusuf said this in a statement in Lagos on Thursday. He said the order would also douse current social tension and the risk of social unrest in the country. Yusuf …

Business Solutions Maritime/Shipping

Nigeria needs improved partnership with Republic of Korea – Jamoh. 

Lagos, Feb. 8, 2023 – Choi Yeong, the Deputy Minister for Overseas Koreans and Consular Affairs, Republic of Korea, says Nigeria is the gateway to unlocking the potential of the African Continent’s Blue Economy. Choi Yeong made the assertion during a courtesy call on NIMASA Management in Lagos. He was led by the Korean Ambassador to Nigeria, His Excellency Kim Young Chae. Yeong also commended the sustained and improved security situation in the Gulf of Guinea with the strong presence of Nigeria, adding that the Korean government looks forward to continuous support …

Capital market Investment

NGX appoints advisory panel on digital technology products

Lagos, Feb. 8, 2023 – The Nigerian Exchange Limited (NGX) has set up the NGX Digital and Technology Products Advisory Panel as part of its development strategy.   The panel is to provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings. A statement by the NGX in Lagos on Tuesday said the responsibilities of the panel would also include providing insight into product innovation and proposing ways to increase technology listings on NGX. The …

Capital market Investment

Moody’s downgraded banks should expect share price losses – experts

Lagos, Feb. 2, 2023 – The nine Nigerian banks affected by the Moody’s downgrade should expect share prices losses. This is the opinion of some experts who expressed their opinions on the issue in the latest edition of Proshare’s “Analysts Note”. Proshare is a research and information service company in Lagos. The experts, who weighed the implications of the downgrade, said their share prices of the affected banks could drop as “the downgrade slightly waggles investors’ confidence.”  “The international agency downgraded the long-term deposit ratings and senior unsecured debt ratings …

Capital market

NGX traded N13.653bn worth of shares last week

Lagos, Jan. 30, 2023 – A total turnover of 756.769 million shares worth N13.653 billion were traded in 18,248 deals last week by investors on the floor of the Exchange. This was in contrast to the 1.241 billion shares valued at N15.668 billion traded in 18,560 deals in the preceding week. The Financial Services Industry, measured by volume, led the activity chart with 454.718 million shares valued at N4.813 billion traded in 8,214 deals, contributing 60.09% and 35.26% to the total equity turnover volume and value, respectively. The ICT Industry …

Business Planning

Sanwo-Olu signs N1.768trn Lagos budget into law

Lagos, Jan. 28, 2023 – Gov. Babatunde Sanwo-Olu of Lagos State has signed the state’s N1.768 trillion 2023 Budget into law. He said the budget tagged, “Budget of Continuity”, was signed into law on Friday evening. Sanwo-Olu, in a statement on Friday, said the budget would focus on completing ongoing infrastructure projects. He described it as a consolidation of development strides in Nigeria’s commercial capital. The governor said that the funding for the second phase of the Blue Line rail project from Mile 2 to Okokomaiko had been approved in …

Capital market

Nigerian Exchange recorded landmark transactions in 2022 – chief executive

Lagos, Jan. 25, 2023 – The Nigerian Exchange Limited (NGX) made a strong showing with its performance in the year 2022 as it recorded landmark transactions. Speaking at the NGX 2022 Market Recap and 2023 Outlook in Lagos on Wednesday, Temi Popoola, the Chief Executive Officer of NGX, described the performance of the NGX in 2022 in superlative terms. “In 2022, the equities market performance was evidenced by the 19.98 per cent  increase in the NGX All-Share Index, which rose from 40270.72 to 51,251.06, just as the market capitalisation also …

Capital market

Africa Infra Plus Fund lists on NGX

Lagos, Jan. 24, 2023 – Africa Infra Plus Fund (AIPF I), a ₦20.5bn closed-end infrastructure fund, has been listed on the Nigerian Exchange. The NGX said in a statement on Tuesday that Fund was listed on the Nigerian exchange on Tuesday, Jan. 24 2023 and was commemorated with a Closing Gong Ceremony. Co-managed by Africa Plus Partners Plc, and Capitaltrust Investments & Asset Management Limited, AIPF 1, is Nigeria’s first Carbon+ (ESG-focused) naira-denominated infrastructure fund to be listed on the Exchange. AIPF 1’s structure is a pool of equity and …