MARKET UPDATE
DECEMBER 13, 2017NIGERIA STOCK EXCHANGE (Market Open) SUMMARY:All Share 38,924.63Index Deals 5,090.00Volume 462,670,462.00Value 26,809,668,795.05Market Cap 13,556,208,867,933.03TOP GAINERSGUINESS 92.7 (94.05)DANGSUGAR 20.69 (21.5)NASCON 18.74 (19.5)UBN 7.19 (7.91)BERGER 7.35 (7.71)TOP LOSERSMOBIL 174.96 (168.5)INTBREW 56.62 (54.98)PZ 23 (22.1)ETI 17.97 (17.26)STANBIC 42 (41.5)Buying:USD 305.35GBP 408.4362 EURO 358.4504SWISS FRANC 308.1853 YEN 2.7418 Selling:USD 306.35GBP 409.7738EURO 359.6243SWISS FRANC 309.1946YEN 2.7507CNBC COMMODITY PRICES (USD)Crude Oil (Bonny light) $63.53Natural Gas 2.715 (-0.113)Gold 1238.90 (-8.00) Silver 15.665 (-0.12)Copper 3.0095 (-0.002)Wheat 412.75 (-0.75)Coffee 119.20 (-0.80)Cotton 74.14 (1.14)Cocoa 1875.00 (-37.00) 
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BUSINESS

Okorocha presents N190.92bn budget estimate for 2018

Gov. Rochas Okorocha of Imo on Wednesday in Owerri, presented a N190. 92 billion budget estimate for the 2018 fiscal year, to the State House of Assembly. The 2018 budget which was higher than that of 2017 by N59 78 billion was tagged “Budget of Consolidation and Continuity III.” A breakdown of the estimate showed that N132.98 billion (69.70%) was ... Read More »

Nigeria lost $21bn on oil Production Sharing Contract – Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said on Wednesday Nigeria has lost $21 billion on oil Production Sharing Contact (PSC) in the last 20 years. The minister said previous governments failed to exploit opportunity of the Deep Offshore Act that made provision for premium element to be shared once the price of crude exceeds $20 per barrel. He ... Read More »

Nigeria plans to boost oil output as price hits $65

Less than two weeks after the Organisation of Petroleum Exporting Countries (OPEC)’s decision to extend oil production cuts, Nigeria and Libya are planning to raise output next year. Oil price has hit $65, the highest in 30 months. Brent crude prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a ... Read More »

National Assembly puts Lagos-Ibadan road reconstruction on hold, dumps N135bn request

The National Assembly has yet to approve the request by the Presidency to move N135.6bn to other pressing sub-heads in the 2017 budget five months after the request was submitted to it by the executive. Both chambers of the National Assembly, on Tuesday, told The PUNCH that the virement, which seeks improved funding of key projects, including the Lagos-Ibadan Expressway and ... Read More »

CBN injects $210m into forex market

The interbank window of the nation’s foreign exchange market on Tuesday received a boost of $210m from the Central Bank of Nigeria. The interventions were made at the wholesale, the Small and Medium-scale Enterprises, and invisibles segments of the market. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said the bank offered the sum of $100m to the wholesale segment, while ... Read More »

NSE market indices record marginal growth of 0.03%

The Nigerian Stock Exchange (NSE) market indices on Tuesday recorded marginal growth of 0.03 per cent after dropping by 0.88 per cent on Monday. The News Agency of Nigeria (NAN) reports that the All-Share Index rose by 10.64 points or 0.03 per cent to close at 38,924.63 as against 38,913.99 on Monday. Similarly, the market capitalisation which opened at N13.552 trillion inched N4 billion ... Read More »

Osinbajo inaugurates 300m litres capacity tank farm in Ogun

Vice President Yemi Osinbajo on Tuesday installed a 300 million-litre ultra-modern Tank Farm in Ogun, saying with the development, Nigeria was on the right track. During the inauguration of the facility, located in Ibefun, Odogbolu Local Government Area of the state, Osinbajo said that jobs would be created with the development. Osinbajo recalled that a cheering news came from World Bank over ... Read More »

Remarks on investing in Nigeria report – November 7, 2017

The Voluntary Assets And Income Declaration Scheme (VAIDS) Advertisement in The FT’s Investing In Nigeria Report, of Tuesday November 7, 2017, has no doubt helped the Federal Ministry of Finance to reach out to Nigerians in The Diasporas, especially in its VAIDS campaign, which is aimed at generating more TAX revenue to the Federal purse. The Financial Times Investing In Nigeria Report, was quite ... Read More »

FG to release fresh N750b for MDAs – Adeosun

A total of N750 billion would be released this week to Ministries, Departments and Agencies (MDAs) of government for implementation of capital projects contained in the 2017 Budget. If the capital release is made as planned, it will bring total sum so far relaesed by the Federal Government for capital projects this year to N1.2 trillion comprising N450 billion earlier released. ... Read More »

Press statement: Nb appoints new managing director, announces changes in management team

NIGERIAN BREWERIES APPOINTS NEW MANAGING DIRECTOR Nigerian Breweries Plc has announced the appointment of Mr. Jordi Borrut Bel as the Company’s Managing Director/CEO. The appointment takes effect on January 22, 2018. Mr. Borrut Bel will succeed Mr. Johan Doyer who has served as Managing Director/CEO on an interim basis since June 16, 2017. The Board of Directors (“the Board”) has informed ... Read More »