Day: November 15, 2019

OMO restriction: NSE extends weekly gain by 2.04%

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    As the effects of CBN’s recent policies Open Market Operations (OMO) continue to spur capital market activities, investors’ positive sentiment in the equities market this week drove the domestic bourse to its largest weekly gain since the week of the August 23, 2019.   The NSE All-Share Index and Market Capitalisation both appreciated by 2.04 per cent to close last week at 26,851.68 and N13.071 trillion respectively.   Similarly, all other indices finished higher with the exception of NSE Insurance and NSE Oil/Gas indices which declined by 0.56…

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AfDB, EU reaffirm partnership to create jobs in Africa

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    The African Development Bank (AfDB) and the European Union (EU) have reaffirmed their  commitment to unlock hundreds of millions in financing for African infrastructure and development needs.   Collaboration between the two institutions would focus on de-risking the business environment in Africa, providing equity, guarantees and other types of non-grant support, AfDB President, Dr. Akinwumi, and EU Commissioner, Neven Mimica, said at a news conference held on the sidelines of the Africa Investment Forum in South Africa.   Both men stressed the central role of investment in the…

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Elumelu foundation advises youths to imbibe job creating mentality

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    Chief Executive Officer, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, has urged youths to imbibe a job creating mentality for success in the future.   She stated this at the Misk Global Forum in Riyadh, Saudi Arabia. The event, which had as its theme, “Work Reworked, ” focused on discovering the new trends and transformation in the world of work, regardless of location or socio-economic divide.   Speaking on the theme, “Dinosaur or Future-Fit/ Careers in a Post-Job Era,” she emphasised the role entrepreneurship plays in educating the youth for…

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Sterling Bank pledges more support for education

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    Sterling Bank Plc has pledged   to   continue its support of players in the education sector in a bid to lift the sector out of its current situation, which is unacceptable to most Nigerians.   Education Lead at Sterling Bank, Mrs. Eniola Obe, disclosed this at the sixth edition of the Lafarge Africa National Literacy Competition held in Lagos recently with the theme,  “Bridging the Literacy Gap Together.”   According to her, Sterling Bank decided to support the programme because education is  one  of  the  five  sectors of   the …

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Analysts: OMO restriction threatens banks’ profitability

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    The decision by the Central Bank of Nigeria (CBN) to bar non-bank locals (individuals and corporates) from participating in its Open Market Operations (OMO) at both the primary and secondary markets, could make it difficult for the banks to comply with the apex bank’s Loan to Deposit Ratio (LDR) requirements, thereby affecting their profitability, analysts at Comercio Partners have said.   In a report obtained by New Telegraph at the weekend, the analysts noted that the OMO restriction had resulted to a decline in yields at the CBN’s…

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