The Lagos Chamber of Commerce and Industry (LCCI) has hinged the 6.1 per cent Gross Domestic Product (GDP) contraction according to the National Bureau of Statistics (NBS) on the socio-economic disruptions of COVID-19 pandemic. Dr Muda Yusuf, Director-General LCCI made this known in an economic report released to newsmen on Monday in Lagos. Yusuf noted Read More…
Trading on the Nigerian Stock Exchange (NSE) maintained positive trend on Thursday for the third consecutive days, as its indices increased further by 0.13 per cent. Specifically, the All-Share Index increased by 33.28 points 0.13 per cent to close at 25,204.60 compared with 25,171.32 achieved on Wednesday. As a result, the Month-to-Date gain increased to Read More…
The new Director-General of the Securities and Exchange Commission (SEC), Dr Lamido Yuguda, on Thursday vowed to clamp down on illegal operators luring unsuspecting investors in the market. Yuguda said this in an address delivered at the first Capital Market Committee (CMC) meeting in 2020. The CMC is a medium for exchange of ideas among Read More…
The Nigerian Power industry has achieved yet another improved all-time national peak of 5,420.30MW, which was effectively transmitted through the national grid at a frequency of 50.10Hz at 9:15pm on Aug. 18. Ms Ndidi Mbah, General Manager, Public Affairs, TCN, confirmed the development in a statement on Thursday in Lagos. Mbah said this was the Read More…
The World Bank has approved $114.28 million financing to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with specific focus on state level responses. According to a statement from the bank on Friday, the amount includes $100 million credit from the International Development Association (IDA) and $14.28 million grant from the Read More…
Activities on the trading floor of the Nigerian Stock Exchange (NSE) maintained a bullish posture on Friday with the market indicators appreciating further by 0.45 per cent. Specifically, the All-Share Index rose by 111.06 points or 0.45 per cent to close at 25,041.40 compared with 24,930.34 achieved on Thursday. Also, the market capitalisation inched higher Read More…
Oil dipped below $45 a barrel, on Friday, on worries that a demand recovery would slow due to a resurgence of coronavirus cases. Although a pledge from OPEC member, Iraq to cut oil output further in August, provided support. The resurgence of infections remains a key issue for the market and demand outlook. Tallies show Read More…
The gold price set another new record high on Thursday, reaching $2,064.99 per troy ounce (around 31 grammes) at the London Stock Exchange, the highest price ever recorded. It already set a record on Wednesday, surpassing $2,000. The price rise has been driven largely by economic uncertainty due to the coronavirus pandemic, as investors seek Read More…
The market capitalisation of the Nigerian Stock Exchange (NSE) on Thursday advanced by N26 billion to hit N13 trillion mark. Specifically, the market capitalisation closed higher at N13.005 trillion compared with N12.979 trillion recorded on Wednesday. In the same vein, the All-Share which opened at 24,882.04 improved by 48.30 points or 0.19 per cent to Read More…
The Association of Licensed Mobile Payments Operators (ALMPO) on Thursday in Lagos elected Mr Jay Alabraba of PAGATECH, as its new Chairman. Alaraba was elected alongside other officers whose tenure would run from 2020 to 2022. The announcement of Alabraba’s emergence, along with other elected officers, was one of the highlights of the association ’s Read More…