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

Invest in Nigeria or regret in 10 years – Osinbajo

The acting President, Yemi Osinbajo, on Monday re-echoed the need for foreign investors to invest in Nigeria, warning that they would regret their inaction in the next 10 years. He also said the Federal Government was injecting over N701bn into the power sector. Osinbajo spoke at a meeting with delegates from the Nigerian Initiative for Economic Development at the Presidential Villa, Abuja. ... Read More »

Naira reverses gain, closes at 363/dollar

The naira closed at 365 per United States dollar at the parallel market on Sunday, reversing the gain it recorded in the past week. The local unit had closed last week at 363/dollar. The naira, which initially traded at 365/dollar, recorded slight after the Central Bank of Nigeria sold $462m to players in the foreign exchange market last Monday. Specifically, the ... Read More »

FOREX: CBN boosts the FOREX market with $195m

The Central Bank of Nigeria (CBN) on Monday, August 7, 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 $45million ... Read More »

Tantalizers Optimistic On-going Strategic Initiatives

Tantalizers Plc., Nigeria’s foremost fast food company and the only quoted QSR Company on the Nigeria Stock Exchange, has expressed business optimism regarding the efficiency of its on-going strategic initiatives aimed at reversing the recent declining profitability in the business. The initiatives which commenced in the last two years are designed to totally restructure the business, stem the declining performance ... Read More »

FMBN disburses N72.5bn mortgage loans in 25 years

Loan disbursement to homeowners under the National Housing Fund being administered by the Federal Mortgage Bank of Nigeria has risen to N72.47bn. According to findings, the sum, recorded in July 2017, is the total loan given to about 17,260 individual contributors since the NHF scheme commenced in 1992. Findings also indicate that about 20,435 housing units have been funded under ... Read More »

E-payment: CBN urges banks, others to avoid penalty

The Central Bank of Nigeria has said banks and other electronic payment service providers must navigate the evolving and increasing complex regulatory environment to avoid penalty. The Director, Banking and Payments System Department, CBN, Mr. ‘Dipo Fatokun, described fraud as the biggest challenge facing the electronic payment sector, stressing the need for banks, customers and regulators to tackle it. Fatokun ... Read More »

Nigeria’s air passenger volume to grow by 7% annually

The volume of air passengers in Nigeria is expected to increase by seven per cent annually over the next 10 years. The Regional Vice-President for the Middle East and Africa, International Air Transport Association, Muhammad Ali Albakri, who stated this, said the growth would see an additional 7.9 million passengers take to the sky every year, creating significant opportunity to ... Read More »

Budget: FG raises non-oil GDP projection to N104tn

The Federal Government is proposing to raise the non-oil’s Gross Domestic Product growth rate for 2018 to N104.65tn from N99.79tn budgeted in 2017, which is an increase of N4.8tn. The proposal is contained in the draft of 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy of the Federal Government. The document outlines the Federal Government’s fiscal policies and macroeconomic projections for ... Read More »

Manufacturers spent N129.95bn on independent power in 2016 – Report

The instability in electricity supply from the national grid has continued to make businesses to look inwards through independent power generation, a new report has said. According to the survey conducted by the Manufacturers Association of Nigeria, expenditure on self-generated energy in the manufacturing sector increased from N58.82bn in 2015 to N129.95 in 2016. The report of the survey just ... Read More »

India may dump Nigeria’s crude for US oil

India’s Hindustan Petroleum Corporation plans to buy low-sulphur oil and is considering taking the United States oil in place of Nigeria’s sweet crude. The US stopped the purchase of Nigerian crude about three years ago, a development that made Nigeria to turn to Asia, partularly India and China for the sale of the commodity. Reuters reported that the state-owned corporation said ... Read More »