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

Indomie bags LCCI’s brand of the year award

The Lagos Chamber of Commerce and Industry (LCCI) has conferred ‘Brand of The Year’ Award to Nigeria’s leading noodles brand, INDOMIE Instant noodles at the just concluded LCCI Commerce and Industry Awards 2017, which took place at the Oriental Hotel, Lagos, recently. The objective of the yearly Award is to recognize, promote and celebrate private and public institutions operating in ... Read More »

Shell reacts as protesters storm facilities in Rivers

A crowd of protesters on Friday stormed a crude oil flow station and gas plant in Rivers State, owned by Shell Petroleum Development Company of Nigeria Limited, demanding for jobs and infrastructure development. The SPDC-operated Joint Venture, in a statement, decried what it described as “illegal occupation” of the facilities by some persons, saying it had informed the authorities of the development ... Read More »

Chinese banks to finance oil projects in Nigeria–NNPC

The Nigerian National Petroleum Corporation on Friday announced that Chinese banks had made commitment to finance oil and gas projects in Nigeria. The NNPC Group Managing Director, Maikanti Baru, who disclosed this when a delegation of the Nigerian Gas Association paid him a courtesy visit in Abuja, recalled that Chinese organisations had recently committed $250m to some projects following a financing agreement ... Read More »

Why we are refinancing local debts with $3bn – DMO

Refinancing Federal Government’s maturing local debts with $3bn external borrowing will not only crash the rate of domestic borrowing but also allow some borrowing space to the private sector, the Debt Management Office has said. In a statement issued in Abuja on Friday, the DMO said borrowing from foreign sources to refinance the local debts would also allow the government time ... Read More »

Don’t test our resolve, NLC warns FG

The Nigeria Labour Congress (NLC) has warned the federal government against testing the resolve of workers and other Nigerians by contemplating an increase in the prices of petroleum products. The congress also backtracked on its earlier support for the plan by the Buhari administration to borrow about $29 billion, saying the government should instead pursue and recover stolen government funds ... Read More »

Lagos To Roll Out First Set Of 5,000 New Commercial Buses In Six Months

…Says Integrated Transportation Pivotal To Growth of State’s Economy …Receives Students Of Harvard Varsity Lagos State Governor, Mr. Akinwunmi Ambode on Thursday said that the first set of 5000 brand new buses under the Bus Reform Initiative, a brain child of his administration, would be flagged off within the next six months. Governor Ambode, who spoke when students of the prestigious Harvard ... Read More »

FG Approves 2018-2020 MTEF, sets oil benchmark at $45 per barrel

The Federal Executive Council, FEC, has approved the 2018-2020 Medium Term Expenditure Framework, MTEF and the Fiscal Strategy Paper, FSP. The Minister of Budget and National Planning, Udoma Udoma, told reporters in Abuja that the highlights of the MTEF showed government’s commitment to achieving seven per cent growth in the economy by 2020, in accordance with the National Economic Recovery ... Read More »

FG Moves to refinance $3b treasury bills

A new measure to restructure Nigeria’s debt profile by borrowing more in dollars was announced yesterday. Minister of Finance Kemi Adeosun told reporters at the end of the Federal Executive Council (FEC) meeting that the government will also refinance treasury bills. She said: “The memo that I presented and approved by council is part of efforts to restructure our debt ... Read More »

TSA: FG withdraws suit against seven banks

The Federal Government on Tuesday at the  Federal High Court sitting in Lagos filed an application seeking to withdraw its suit against seven banks accused of violating the Treasury Single Account (TSA) policy. The News Agency of Nigeria (NAN) reports that the seven banks are Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank, Sterling Bank and the ... Read More »

NNPC owes oil firms N2tn in cash call —GMD

The Nigerian National Petroleum Corporation has put the cash call arrears owed oil companies for the development of joint venture assets at $6.6bn (N2.01tn). The Group Managing Director of the corporation, Dr. Maikanti Baru, disclosed this on Monday at the inauguration of the reconstituted NNPC Anti-Corruption Committee in Abuja, according to a statement. He also said the four major investments the NNPC ... Read More »