Photo L-R: Oyinda Akinyemi, Head, Equities Market, Stanbic IBTC Capital; Aigbovbioise Aig-Imoukhuede, Managing Director, Coronation Asset Management; Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Funso Akere, Chief Executive Officer, Stanbic IBTC Capital; Abubakar Jimoh, Managing Director/CEO, Coronation Merchant Bank Group; Manji Cheto, Business Development Manager, London Stock Exchange (LSE); Tony Ibeziako, Ag. Head, Listing Business Division, NSE and Ade Ewuosho, Ag.
Oil prices have dipped after sharp gains in the previous session, weighed down by a surprise increase in U.S. crude oil inventories and expectations that OPEC and other producers could decide to increase output at a meeting in June.
The overnight increase came despite the possibility of rising supplies from OPEC and Russia, and some analysts see market fundamentals as supportive.
Financial experts on Thursday tasked the Securities and Exchange Commission (SEC) on persistent enlightenment initiatives to boost e-dividend registration presently put at 2.5 million.
The financial experts in interviews with the News Agency of Nigeria (NAN) in Lagos said the apathy of investors towards the exercise was becoming worrisome.
E-dividend refers to online payment of dividends to investors rather than through post, and allows all accrued dividends to be credited to an investor’s bank account directly.
The acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.
Okoroafor spoke at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR), FCT chapter, yesterday in Abuja.
Delivering a lecture titled, “Managing Public Confidence in a Period of Economic Challenge -The Role of Public Relations’’, the CBN spokesman said the bank was vindicated afterwards for rejecting the suggestion.
Sustained sell offs in the local bourse, which have persisted for 11 days, pulled the All Share Index (ASI) 1.3% lower to 38,104.54 points, its lowest in 5 months while YTD return fell to a deficit of 0.4%. Consequently, investors lost N181.8bn as market capitalization fell to N13.8tn dragged majorly by NESTLE (-4.4%), DANGCEM (-1.0%) and INTERBREW (-4.8%). Activity level strengthened as volume and value traded inched 39.2% and 108.0% higher to 476.2m units and N9.9bn respectively.
Capital market operators on Tuesday urged the Federal Government to focus more on infrastructure development to boost local employment and consolidate the achievements of the past three years.
The operators stated this in an interview with the News Agency of Nigeria in Lagos, while appraising the three years of President Muhammadu Buhari’s administration.
Rasheed Yussuf, a former President of Association of Stockbroking Houses of Nigeria (ASHON), said the government should invest more in power, roads and railway.
The former Director- General, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, says Nigeria is losing about 300 million dollars yearly for berthing five degrees East on Nigerian waters.
Omotseye said this at the 3rd Annual Conference tagged: “A Day with Nigeria Maritime Students 2018’’ organised by Platforms Communications in Lagos yesterday.
He urged the Federal Government to look into the issue to enable Nigerian ports to be cheaper and attractive for port users.
The local bourse extended losses from last week into Monday’s trading session as the All Share Index (ASI) dipped 0.7% - its 8th consecutive daily decline - to settle at 39,040.44 points while YTD return further moderated to 2.1%. Consequently, investors lost N106.9bn as market capitalization fell to N14.1tn. Sell pressures in banking stocks - GUARANTY (-2.3%), ZENITH (-2.1%) and FBNH (-4.6%) – were largely responsible for today’s bearish performance. Activity level softened as volume and value traded declined 24.9% and 44.8% to 222.3m units and N1.6bn respectively.
The National Bureau of Statistics (NBS) published the Q1:2018 Gross Domestic Product data earlier in the week announcing an expansion in real output of 1.95% Y-o-Y. This aligns with consensus expectations of a positive growth as the economy recorded the 4th consecutive quarterly increase since recovery from the economic recession in Q2:2017. This successive growth in output of 1.95% in Q1:2018 reflects a stronger increase of 2.87ppts relative to the first quarter of 2017 (-0.91%) but a slower growth when compared with the preceding quarter (2.11% in Q4:2017).