Month: July 2019

Awareness: NSE supports cancer cause with N20m

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  The Nigerian Stock Exchange (NSE) has announced the donation of N20 million to support initiatives focused on promoting early detection as well as increasing awareness and advocacy for cancer-related causes in Nigeria.  The donation is in line with its longstanding commitment to reduce the scourge of cancer in Nigeria. The donation was made known to participants at the 2019 edition of the annual NSE Corporate Challenge by Oscar Onyema, Chief Executive Officer, NSE. Commenting on the development, Onyema expressed delight at the donation. He said: “We are pleased to…

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Sell pressure dominates market activities

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  Activities on the floor of Nigerian Stock Exchange (NSE) yesterday returned downward following sell-off that pervaded the equities market that has dropped by 0.19 per cent. The decline was impacted by negative sentiments on blue chip stocks. Consequently, the All-Share Index shed 136.68 basis points or 0.19 per cent to close at 28,088.74 index points as against 28,144.87 recorded the previous day while market capitalisation of equities depreciated by N27 billion to close lower at N13.689 trillion from N13.716 trillion as market sentiments remained on the red territory. Meanwhile,…

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NSE, NASD to resume 5% VAT charges on transactions

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    There are strong indications that the Nigerian Stock Exchange (NSE) and NASD may resume five per cent Value Added Tax (VAT) charges on transactions today.   The order for exemption of VAT from all NSE and NASD transactions was granted by the Federal Government in 2014. The order became effective on the  July 25, 2014 for a 5-year period, and this is expected to end today.   To this end, all dealing members of NSE and NASD have been directed to resume charging VAT on all NSE and…

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Insecurity: Ireland approves N1.3bn for Nigeria embassy building

Alade Jones

  Barely 24 hours after four Turkish nationals were kidnapped in Kwara state, the Irish Government has announced its intention to step up security for its diplomat in Nigeria. To this end, the government has approved an estimated N1.3 billion (€3m) to put up a more secure embassy building in the Federal Capital Territory, Abuja. The building will be in a compound with embassies from other European Union countries. Prior to the latest decision, the department has been renting a building for the Irish embassy in the Maitama district, since…

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FMN shareholders to get N1.20k dividend

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  The Board of Directors, Flour Mills Nigerian Plc, has approved a dividend of N1.20 kobo per share for its shareholders for the financial year ended March 31, 2019. The proposed dividend, which is an increase of 20k compared to the previous year, is subject to shareholders’ approval at the company’s annual general meeting. The company’s pre-tax profit stood at N10.174 billion from N16.541 billion recorded in 2018, while revenue declined marginally by 2.8 per cent. The company noted that in spite of the prevailing economic headwinds and harsh operating environment, which…

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Lafarge assures shareholders of improved RO1

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  Lafarge Africa Plc, a member of the LafargeHolcim, has assured its shareholders of improved return on investments. Addressing shareholders at the annual general meeting of the company in Lagos, the Chairman of the Board, Mr. Mobolaji Balogun, assured shareholders that the board and management would continue to drive improvement in results. “Despite the challenging economic and regulatory operating environment, the company has continued to make significant progress on a number of fronts, thereby ensuring solid operating performance. The earnings before interest, taxes, depreciation and amortization margins in the Nigerian…

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Transcorp sees improved performance outlook

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Transnational Corporation of Nigeria Plc has projected improved performance outlook for the conglomerate in the remaining quarters of 2019, despite the inclement operating environment. The President/CEO, Mr. Valentine Ozigbo, stated this yesterday at the company’s  half year analysts parley for financial analysts and investors. At the parley, attended by chief executive officers of its subsidiaries and other senior management staff, the company presented its financial results for the half year ended 30 June 2019. Highlights of the group’s results revealed a gross revenue of N37.76 billion and a profit before tax…

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Market gains N164bn on renewed bargain hunting

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    Local  equities  rebounded  on  resumed  bargain  hunting  activities  as overall  performance  measures, NSE  All Share Index (ASI), grew by 1.21  per cent,  halting the previous day’s loss.  The bullish activities were driven by consumer goods and financial services stocks, which were highly demanded. At the close of business, 21 stocks appreciated while 15 others declined.  Consequently, the All-Share Index gained 336.18 basis points or 1.21 per cent to close at 28,144.87 index points as against 27.808.69 recorded the previous day while the market capitalisation of equities appreciated by N164 billion to close at N13.716 trillion from N13.552 trillion as market sentiment returned…

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Start-ups: $62.3m investment puts bike hailing in spotlight

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    Recent successful fund raising by three major bike hailing companies, Gokada, Max.ng and Oride, has put the business in the spotlight as a source of revenue for government.   The three start-up companies that are leveraging technology for transportation cumulatively raised $62.3 million in the last two months to expand their business.   Gokada in May announced that it had raised a $5.3 million Series A round to grow its business. The company said it would use the financing to increase its fleet and ride volume, while developing…

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NCC: New base stations in Nigeria must be 4G

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  In its efforts to deepen broadband penetration in the country, the Nigerian Communications Commission (NCC) has said it is focusing on ensuring that all new base stations to be built by the mobile network operators (MNOs) are 4G-compatible.   The commission said this became imperative to accelerate the spread of 4G service to 100 per cent of the country’s population with a minimum broadband speed of 1.5 megabit  per second (Mbps).   President of the Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, recently disclosed that mobile network operators…

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