Business Archives - Page 18 of 31

Investors lose N102bn as stocks fall for seventh day

October 10, 2019October 9, 2019 admin

The Nigerian equities market yesterday tumbled for seventh consecutive trading day as sell pressure remains unabated, producing 15 losers against 12 gainers. Key market indicators, the NSE ASI, declined by 0.79 per cent as bargain hunters remained on the sideline, following growing investment apathy. Consequently, the All-Share Index dipped 210 basis points or 0.79 per cent to close at 26,598.94 as against 26.809.92 recorded the previous day while market capitalisation of equities depreciated by N102 billion or 0.79 per cent to close at N12.948 trillion from N13.050 trillion. Meanwhile, a…

World Bank cuts Nigeria’s growth forecast to 2.0%

October 10, 2019October 9, 2019 admin

The World Bank has reviewed downward Nigeria’s economic growth forecast for this year to 2.0 per cent from its earlier projection of 2.1per cent in April. The bank, which stated this in its October Africa’s Pulse report, released yesterday, also projected that the country’s economy would expand by 2.1 per cent in 2020 and 2021, which are 0.1 and 0.3 percentage points lower than its April forecasts, respectively. According to the World Bank, multiple exchange rates, foreign exchange restrictions, high inflation, and low non-oil revenues among other obstacles, will ensure…

Stakeholders seek sustainable fertiliser financing

October 10, 2019October 9, 2019 admin

Key stakeholders in West Africa’s fertiliser sector are calling for more action to support the industry, which is central to the continent’s agricultural revolution. The call came out of the first West Africa Fertiliser Financing Forum, organized by the African Fertiliser Financing Mechanism and partners, and held at the African Development Bank (AfDB) in Abidjan recently. A major outcome of the forum was the signing of a Memorandum of Understanding between the West Africa Fertiliser Association and the Economic Community of West African States (ECOWAS). The agreement aims to strengthen the…

Forex restriction: Dairy product import drops by 25.19%

October 9, 2019 Dorothy Ewah

Following the Central Bank of Nigeria (CBN) restriction on foreign exchange for importation of certain products, Nigeria has witnessed a 25.19 per cent drop in importation of dairy products from New Zealand and three other countries. New Telegraph reports that Nigeria imported N211billion ($578. 97million) worth of the product between 2017 and 2018. Findings by New Telegraph revealed that the sharp drop had to do with CBN’s policy on foreign exchange restriction on the product, as statistics by International Trade Statistics (ITS) show that the country imported $331.19…

OML 25: Nigeria suffers 35,000 barrels loss to dispute

October 1, 2019 admin

The Federal Government at the weekend declared that 35,000 barrels of crude production were lost daily to the disputed oil mining lease (OML) 25 between NNPC’s Joint Venture partner, Shell Petroleum Development Company (SPDC) and Belema Oil. The Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, declared this during their stakeholders’ visit to host communities and facilities of OML 25 in Kula Kingdom of Asari-Toru Local Government of Rivers State on Saturday. The…

NBS: Banks’ non-performing loans drop to N1.44trn

October 1, 2019 Dora Ewah

Non-Performing Loans (NPLs) in the nation’s banking industry have continued their downward trend in recent months, falling to N1.44trillion in the second quarter of this year from N1.67trillion in Q1, latest data released by the National Bureau of Statistics (NBS), shows. According to the “Selected Banking Sector Data Q2 2019” report released by NBS over the weekend, gross loans granted by banks fell to N15.48trillion in Q2 ’19 from N15.54trillion in the first quarter. According to New Telegraph, in terms of credit to private sector,…

Dow Jones names Coca-Cola most sustainable beverage company

September 20, 2019September 19, 2019 admin

A global benchmark for sustainability in business, the 2019 Dow Jones Sustainability Index, has rated Coca-Cola HBC as Europe’s most sustainable beverage company. This is the 6th time in seven years that the company has been ranked number one in the index and the 9th year in a row that it has been ranked in the top three Global and European beverage companies. According to a statement signed by Ekuma Eze, Public Affairs and Communications Director, Nigerian Bottling Company (NBC) Limited, the breakdown for this new rating,…

Helios Towers confirms intention to float on LSE

September 20, 2019September 19, 2019 admin

Helios Towers plc yesterday confirmed its intention to proceed with an initial public offering of the ordinary shares of the company. This follows the announcement by Helios Towers Limited on September 12, 2019 regarding the publication of a registration document. The company intends to apply for admission of the shares to the premium listing segment of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market of the London Stock Exchange plc (LSE). Admission will be subject to the…

Financial services sector leads equities market fall

September 20, 2019September 19, 2019 admin

The Nigerian equities market yesterday reversed the previous day’s positive sentiment to record a decline of 0.13 per cent as sell pressure by speculators heightened in quest of profit taking. This was majorly impacted by sell down on financial services stocks. Conversely, market breadth closed positively, recording 23 gainers as against 16 losers. Consequently, the All-Share Index dipped 35.46 basis points or 0.13 per cent to close at 27,646.15 index points as against 27.681.61 recorded the previous day while market capitalisation of equities depreciated by…

OECD: Global economy sliding towards weakest growth in decade

September 20, 2019September 19, 2019 admin

Intensifying trade conflicts have sent global growth momentum tumbling toward lows last seen during the financial crisis, and governments are not doing enough to prevent long-term damage, the Organisation for Economic Cooperation and Development (OECD) has said in its latest outlook. The Paris-based organisation cut almost all economic forecasts it made just four months ago, as protectionist policies take an increasing toll on confidence and investment, and risks continue to mount on financial markets. It sees world growth at a mere 2.9 per cent this year. …