The Naira experienced a slight depreciation on Thursday, trading at N1476.24 to the dollar at the official market, according to data from the FMDQ Exchange. This marks a decrease of N2.58 or 0.17% compared to the previous trading day, where it traded at N1,473.66 to the dollar. Furthermore, the volume of currency traded reduced significantly, Read More…
Business
World Bank approves $2.25 billion loan to bolster Nigerian economy
The World Bank has approved a $2.25 billion loan for Nigeria aimed at stabilising the economy following recent reforms and enhancing support for the nation’s poor, the financial institution announced in a statement on Thursday. In April, Finance Minister Wale Edun revealed Nigeria’s intent to secure up to $2.25 billion in loans from the World Read More…
Nigerian Exchange gains momentum with ASI climbing 0.20%, robust trading activity
The Nigerian stock market demonstrated resilience and moderate growth as the All-Share Index (ASI) inched up by 0.20%, closing at 99,832.25. This increment, though modest, reflects a positive sentiment among investors as they navigate the diverse landscape of listed equities on the Nigerian Exchange, including those on the Growth Board. The day saw a substantial Read More…
NGX index closes flat despite active trading
On June 11, 2024, the Nigerian Exchange’s All-Share Index (ASI) experienced a modest decline. The ASI, which monitors the overall market movement of all listed equities, including those on the Growth Board, closed at 99,630.51 points. This represents a slight decrease of 0.16% from the previous trading day. This dip indicates a cautious approach among Read More…
Bullish surge: NGX All-Share Index climbs as Flour Mills shares soar
The Nigerian stock market experienced notable activity on June 10, 2024. The NGX All-Share Index (ASI), which tracks the general market movement of all listed equities on the Nigerian Exchange, including those listed on the Growth Board, showed positive momentum. The NGX All-Share Index saw a modest increase of 0.58% to close at 99,793.71 points. Read More…
Corporate financial reports and strategic plans unveiled by Transcorp, Unilever, and Nigerian Breweries
Transnational Corporation Plc (Transcorp) has reported a significant increase in its gross profit for the year ended Dec. 31, 2023, indicating positive growth in its financial performance. According to Mr. Tony Elumelu, Chairman Board of Directors, Transcorp, the company’s gross profit surged by 66.0 per cent to N109.1 billion, compared to N65.77 billion in the Read More…
Tier-one bank sell-offs contribute to NGX market indices decline
Sell-offs in the shares of tier-one banks on Thursday played a significant role in a 0.32 per cent decline in the Nigerian Exchange Ltd. (NGX) market indices, reflecting a cautious sentiment among investors. Highlighting the market movement, a market analyst stated, “Losses in the share prices of FBN Holdings, Access Corporation, Guaranty Trust Holding Company Read More…
NERC approves electricity tariff hike for Band A customers, downgrades non-compliant areas
The Nigerian Electricity Regulatory Commission (NERC) has given the green light for an increase in electricity tariffs, impacting Band A customers who currently receive 20 hours of power supply daily. Mr. Musliu Oseni, Vice Chairman of NERC, announced this decision during a press conference held in Abuja on Wednesday. Oseni highlighted that Band A customers Read More…
Mixed fortunes visit Nigerian Companies: Transcorp Power reports surge, Cadbury Nigeria posts loss, Geregu Power pays dividend
Three major Nigerian companies, Transcorp Power Plc, Cadbury Nigeria Plc, and Geregu Power Plc, have released their end-of-year reports, revealing a mix of financial outcomes for the year ended Dec. 31, 2023. Transcorp Power Plc reported a significant surge in profit before tax (PBT), with Mr Stanley Chikwendu, Group Company Secretary, confirming a profit of Read More…
Stock market transactions decline after Easter break, market capitalisation drops
The Nigerian Exchange Ltd. (NGX) witnessed a decline in the value of transactions on Tuesday, following the Easter break, with market activities showing a decrease in trade turnover compared to the previous session. According to analysis, a total of 545.49 million shares valued at N14.61 billion were exchanged in 12,747 deals, marking a 13.81% decrease Read More…