Author: Chizoba

Trading activities in the Nigeria Equities Market closed positive today Tuesday (30/05/2023) as the NGX-ASI increased by 5.22% to close at 55,738.35 compared to 52,973.88 recorded at the close of the previous trading day; indicating a YTD return of +8.76%. Similarly, the market capitalization increased by N1.5053 Trillion to N30. 3499 trillion from N28. 8446 trillion recorded at the close of the previous trading day, while the market turnover increased to N15.80 billion from N7.67 billion recorded at the close of the previous trading day. The market breadth was positive at 6.00x as 66 stocks advanced and 11 stocks declined,…

The dollar eased on Friday but remained near a two-month high against its major peers, buoyed by expectations that U.S. interest rates could remain higher for longer. Debt ceiling negotiations between U.S. President Joe Biden and top congressional Republican Kevin McCarthy also continued to cast a shadow over the market mood, though news that the two are closing in on a deal aided investor sentiment and caused the greenback to pause its recent rally. The dollar edged away from a six-month high against the yen in Asia trade and last stood at 139.77, having reached 140.23 yen in the previous…

Oil prices softened in early trade on Friday, weighed on by conflicting messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting and a stronger dollar. Brent crude fell 30 cents to $75.96 a barrel at 0315 GMT, while U.S. West Texas Intermediate was down by 14 cents at $71.69 a barrel. Benchmarks settled more than $2 per barrel lower on Thursday, after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting in Vienna on June 4. Both prices however were still poised to post a second week…

Trading activities in the Nigeria Equities Market closed negative today Thursday (25/05/2023) as the NGX-ASI decreased by 0.20% to close at 52,821.64 compared to 52,927.60 recorded at the close of the previous trading day; indicating a YTD return of +3.06%. Similarly, the market capitalization decreased by N57.70 billion to N28.7617 trillion from N28.8194 trillion recorded at the close of the previous trading day, while the market turnover increased to N9.18 billion from N7.83 billion recorded at the close of the previous trading day. The market breadth was negative at 0.91x as 21 stocks advanced and 23 stocks declined, while 63…

Trading activities in the Nigeria Equities Market closed positive today Friday (19/05/2023) as the NGX-ASI increased by 0.15% to close at 52,187.93 compared to 52,109.43 recorded at the close of the previous trading day; indicating a YTD return of +1.83%. Similarly, the market capitalization increased by N43 billion to N28.416 trillion from N28.373 trillion recorded at the close of the previous trading day, while the market turnover increased to N8.19billion from N5.15 billion recorded at the close of the previous trading day. The market breadth was negative at 2.75x as 33 stocks advanced and 12 stocks declined, while 63 stocks…

In an effort to preserve the history and heritage of Nigerian currency, the Central Bank of Nigeria (CBN) has disclosed plans to build a virtual museum that can be viewed by a variegated audience from any part of that world. The Deputy Governor Operations, Directorate of the CBN, Mr. Folashodun Shonubi made the disclosure at the 2023 International Museum Day (IMD) held at the apex bank’s headquarters in Abuja with the theme: “Museums, Sustainability and Well-being”. According to him, the importance of museums is numerous and include cultural enrichment and development of communal understanding, cooperation and peace among people which…

The dollar firmed to a near six-month peak against the yen on Friday and pushed the euro to an over seven-week low, as optimism over debt ceiling talks in Washington raised expectations U.S. interest rates will stay higher for longer. Democratic negotiators told President Joe Biden on Friday that they are making “steady progress” in talks with Republicans aimed at avoiding a U.S. default, just days after Biden and top U.S. congressional Republican Kevin McCarthy underscored their determination to strike a deal soon to raise the government’s $31.4 trillion debt ceiling. That eased fears of an unprecedented and economically catastrophic…

The money shared by the Federation Account Allocation Committee (FAAC) from April 2023 revenue shrunk to N655.932 billion.This was contained in a statement by Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF) at the end of the monthly FAAC meeting yesterday in Abuja. He said a total sum of N655.932 billion April 2023 Federation Account Revenue was shared to the federal, states and local government as May 2023 allocation. About N714 billion and N722 billion were shares for March and February 2023 respectively. According to Bawa, the reason for the fall in…

Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose 73 cents, or 1.0%, to $76.59 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude climbed 62 cents, or 0.9%, to $72.48. “I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold conditions,” said Yeap Jun Rong, a market strategist at IG. Earlier this week, U.S. President…

As the Dangote Refinery begins operations next week, the supply of 300,000 barrels of crude oil per day by the Nigerian National Petroleum Company Limited to the facility is going to commence, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced on Thursday. Kyari, who disclosed this at the ongoing 4th Nigerian Oil and Gas Opportunity Fair in Yenagoa, Bayelsa State, also urged all stakeholders to join the national oil company in growing crude oil and gas production in Nigeria. He said the NNPCL, which had 20 per cent stake in the refinery, was ready to meet its crude supply…