Author: Abdul

Trading activities in the Nigerian Equities market closed negative at the end of today, Friday (19/07/2024), as the NGX-ASI increased to 100,539.40 from 100,503.21 recorded at the close of the previous trading day; indicating a YTD return of +34.46%. The market performance for the week increased by 0.87% to 100,539.40 from 99,671.28 recorded at the beginning of the week. Similarly, The market capitalization also increased by N20.49 billion to N56.928 trillion from N56.908 trillion recorded at the close of the previous trading day. The market turnover increased to N9.164 billion from N8.333 billion. The market breadth was negative at 0.57X…

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Experts and stakeholders in the oil and gas sector at a Major Energies Marketers Association of Nigeria (MEMAN) quarterly briefing, yesterday, revealed that the country’s fuel consumption requirement is still being supplied through the Direct Sale Direct Purchase (DSDP), or crude swap, importation programme of the Nigerian National Petroleum Company Limited (NNPCL). The country’s consumption capacity is estimated at about One Million Metric tonnes (MT). They therefore blamed the petrol price and supply hiccups currently facing the country on the monopoly of importation of Premium Motor Spirit (PMS) otherwise known as petrol by the NNPCL. The DSDP is a transactional…

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Access Bank Plc, a leader in sustainable finance in Nigeria, participated in the launch of the Nigerian Exchange Limited (NGX) Impact Board. This platform is dedicated to listing sustainability instruments, integrating sustainability into the heart of Nigeria’s capital market. The event, attended by high-profile stakeholders including the Minister of Environment, Balarabe Lawal, and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, highlighted the critical need for sustainable financing in Nigeria. Minister Lawal emphasized the urgency of addressing environmental challenges such as flooding, pollution, and deforestation, stating, “With issues like flooding, pollution, and deforestation, we urgently need…

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The Central Bank of Nigeria resumed the sale of foreign exchange to eligible Bureau De Change operators on Thursday, as the naira fell to 1,570/$ at the parallel market The CBN sold the dollar to BDCs at a rate of 1,450/$. This was disclosed in a statement signed by AA Mahdi for the acting director of the Trade and Exchange Department at the CBN. The apex bank said, “Following the ongoing reforms in the foreign exchange market, with the objective of achieving an appropriate market-determined exchange rate for the naira, the Central Bank of Nigeria” has observed the continued distortions…

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Asian equities slid on Thursday, led by chip stocks as investors fret over the prospect of escalating trade tensions between the U.S. and China, while the yen was firm after scaling a six-week high following suspected interventions by Tokyo.The U.S. dollar loitered closed to its weakest in four months against a basket of currencies as comments from Federal Reserve officials bolstered the case for a cut in September, keeping gold near record highs. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab fell 0.63%, with a sub-index of IT stocks (.MIAPJIT00NUS), opens new tab down 2.5%. Tech-heavy…

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Oil prices extended gains from the previous session on Thursday, buoyed by a bigger-than-expected decline last week in crude stockpiles in the United States, the world’s largest oil consumer.Brent futures rose 32 cents, or 0.4%, to $85.40 a barrel by 0340 GMT, while U.S. West Texas Intermediate (WTI) crude gained 48 cents, or 0.6%, to $83.33.Both contracts settled higher on Wednesday.U.S. crude inventories fell by 4.9 million barrels last week, the latest data from the U.S. Energy Information Administration showed. That exceeds a decline of 30,000 barrels forecast by analysts in a Reuters poll and a drop of 4.4 million…

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The yen strengthened steadily against the dollar on Wednesday, putting traders on alert to the prospect of official buying from Tokyo, after Japanese authorities last week likely stepped in to haul the currency away from 38-year lows.The dollar was last down 0.99% at 156.7, its lowest in around a month. The euro was also down 0.9%.Bank of Japan data released on Tuesday suggested Tokyo may have spent 2.14 trillion yen ($13.5 billion) intervening on Friday last week. Combined with the estimated amount spent on Thursday, Japan is suspected to have bought nearly 6 trillion yen via intervention last week. Analysts…

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