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

Senate orders arrest of CEOs of Glo, Indomie, CCECC, 27 others

The Senate Friday made good its threat to get the chief executive officers of 30 companies arrested for allegedly failing to appear before it. The arrest order was issued by the chairman of the Senate Committee on Customs, Excise and Tariff and Marine Transport Hope Uzodinma, at the committee’s meeting in Abuja yesterday. The committee accuses the companies including mobile giant Globacom, ... Read More »

It’s now tougher for states to borrow – DMO

It is now going to be tougher for states of the federation to enjoy easy access to borrowed funds, the Debt Management Office has said. The Director-General, DMO, Patience Oniha, said this when the Edo State Governor, Mr. Godwin Obaseki, visited her in Abuja on Thursday. Oniha said with dwindling allocations going to the states from the Federation Accounts on monthly ... Read More »

NDIC: Banking Industry Fraud Drops by 48.12% in 2016

The banking industry recorded a decline in the rate of successful fraud incidences and extent of amount of losses in 2016, compared to 2015. The NDIC Managing Director/Chief Executive, Alh. Umaru Ibrahim, disclosed this while delivering a lecture: ‘The Role of NDIC in Mitigating Corruption in the Nigerian Banks’ at the general meeting of the Abuja Chapter of the Alumni ... Read More »

Banks Move to stabilise 9mobile before sale

The 13 commercial banks that gave $1.2 billion loan to 9mobile  will try to stabilise the business of the firm  until new  investors step in, First Bank of Nigeria Chief Executive Officer, Adesola Adeduntan, said yesterday. The bank chief said  there was no need to impair the loans extended to the telecom firm, because of its cash flows. “On the part of ... Read More »

AMCON, EFCC collaborate to recover N4.6tr debts

The Asset Management  Corporation of Nigeria (AMCON) and the Economic and Financial Crimes Commission (EFCC) have partnered to recover over N4.6 trillion debts owed the corporation by debtors. Both agencies, had in a meeting yesterday in Abuja, agreed to consolidate on the gains of their relationship especially in the areas of investigating, prosecuting and compelling all debtors of AMCON,  in accordance ... Read More »

MMM Ponzi scheme in a comeback bid

The money making scam, Mavrodi Mundial Moneybox (MMM), that collapsed months ago, has launched a weekly promotional stunt, obviously aimed at wooing old and unsuspecting new ‘investors’. A letter displayed on the pages of participants of the scheme, urges them to invite new members. Members must invite new participants and register them as referrals to qualify for the contest. They ... Read More »

Power ministry saves FG from N119bn court judgment liability

​…​ Frees up another N39.17Billion held under another Judgement in Court t   The Ministry of Power Works and Housing has, through negotiations and compromise, saved the Federal Government a staggering sum of N119,369,520,000 resulting from a judgement entered against it over a litigation from a metering contract awarded by the previous administration in 2003. The Minister of Power, Works ... Read More »

NNPC, Shell and Chevron Sign Agreements to Boost FG Revenue by $16 billion

Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London on Monday between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV. The two projects are expected to generate incremental revenues of ... Read More »

Naira gains marginally against dollar

The Naira on Wednesday appreciated marginally against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained 50k to exchange at N362.50, stronger than N363 posted on Tuesday, while the Pound Sterling and the Euro traded at N473 and N422 respectively. At the Bureau De Change (BDC) window, the Naira was sold at N363, while the ... Read More »

Lagos will become Africa’s third largest economy before I die – Obasanjo

A former Nigerian President, Olusegun Obasanjo, on Wednesday, said Lagos will become Africa’s third largest economy in a very short time. Mr. Obasanjo made this known at the book launch of a book titled, “Making Africa Work”, co-authored by the former president and three other authors. The other authors are Greg Mills, Director of Brenthurst Foundation; Jeffrey Herbst, President of NEWSEUM ... Read More »