MARKET UPDATE
AUGUST 22, 2017NIGERIA STOCK EXCHANGE (Market Open) SUMMARY:All Share Index 36,584.44Deals 3,729.00Volume 368,381,759.00Value 6,272,685,687.99Market Cap 12,609,660,207,550.90TOP GAINERSBETAGLAS 59.84 (2.51)FLOURMILL 31 (2.49)NB 2.49 (2.48)GUARANTY 40.7 (1.2)UNILEVER 46 (0.5)TOP LOSERSNESTLE 1200.01 (-9.99)DANGCEM 215.62 (-9.38)STANBIC 38.11 (-0.74)WAPCO 58.5 (-0.5)ZENITHBANK 24 (-0.28)CBN EXCHANGE RATE (NGN)Buying:$USD 304.7GBP 392.4536 EURO 358.571SWISS FRANC 315.2939 YEN 2.7941 Selling:$USD 305.7£GBP 393.7416EURO 359.7478SWISS FRANC 316.3286YEN 2.8033CNBC COMMODITY PRICES (USD)Crude Oil (Bonny light) $50.79Natural Gas 2.96 (0.067)Gold 1295.70 (4.10) Silver 17.025 (0.025)Copper 2.985 (0.0455)Wheat 410.25 (-5.75)Coffee 130.45 (-1.25)Cotton 67.44 (0.16)Cocoa 1890.00 (-32.00)
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BUSINESS

Govt agencies remitted N687.82bn operating surplus in nine years

Agencies of the Federal Government have remitted a total of N687.82bn to the Consolidated Revenue Fund in nine years, the Fiscal Responsibility Commission has said in a report. It stated in the report obtained by our correspondent on Monday that the amount was remitted as operating surplus between 2007 and 2015. The FRC Act 2007 requires listed government agencies to remit 80 per ... Read More »

CBN Lifts Forex Market with $195m

The Central Bank of Nigeria (CBN) on Monday, August 21, 2017, boosted the FOREX market by offering a total of $195m in three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and ... Read More »

Federal, states, councils share N2.8tr in six months

The three tiers of government – federal, states and local governments – shared N2.788 trillion between January and June this year, Nigeria Extractive Industries Transparency Initiative (NEITI) said yesterday. According to a statement by NEITI Director of Communications, Dr. Orji Ogbonnaya Orji, the allocation shows a 38 per cent increase on the N2.019 trillion shared in the first half of ... Read More »

EFCC recovers N329b from 10 marketers

The Economic and Financial Crimes Commission (EFCC) has recovered N329.150billion from 10 marketers from 2016 to date. The marketers defaulted in payment for products supplied to them by the Nigerian National Petroleum Corporation (NNPC) through its subsidiary, the Petroleum Products and Marketing Company (PPMC). About N20, 604, 109, 123.90 is yet to be recovered. The PPMC has written to the ... Read More »

Dangote to invest $50bn in US, Europe

Africa’s richest man, Aliko Dangote, plans to invest $50bn in the United States and Europe by 2025, in renewable energy and petrochemicals. This is coming after completing almost $5bn of agricultural projects and an $11bn oil refinery in Nigeria. He confirmed the planned investment in an interview with Bloomberg Markets Magazine. “Beginning in 2020, 60 per cent of our future ... Read More »

NAHCO Records N203m Profit in Six Months, Market Rebounds

Nigerian Aviation Handling Company (nahcoaviance) Plc has posted improved results for the half year ended June 30, 2017, raising investors’ hopes for higher dividend at the end of the year. The company posted a revenue of N3.707 billion and profit before tax of N203 million for the H1 of 2017. Although the revenue showed a decline compared with N3.674 billion ... Read More »

‘Fed Govt not eager to sell refineries’

The Federal Government is not ready to sell or concession any of its four refineries in whole or in part, Minister of State for Petroleum Resources Dr Ibe Kachikwu said yesterday. He said ths is because the refineries were yet to return to optimal level, operating below their capacity level, despite several years of turnaraound maintenance by the government. Kachikwu spoke ... Read More »

Investors to build two refineries in P’Harcourt, Warri –NNPC

The Nigerian National Petroleum Corporation on Thursday said two private Nigerian companies had been selected to build two refineries in Port Harcourt and Warri under the co-location initiative of the Federal Government. The co-location initiative, introduced by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, seeks to ensure that new refineries are set up to share infrastructure with the nation’s ... Read More »

TSA: Govt saves N108bn from bank charges

The Federal Government has saved a total of N108.1bn from charges imposed by banks for managing funds belonging to its ministries, departments and agencies since the commencement of the Treasury Single Account in September 2015. The amount represents the various charges and account maintenance fees that were hitherto imposed by the Deposit Money Banks for holding government funds. The Accountant ... Read More »