Category: Business

  As the September 17 date set by the National Insurance Commission to end review of insurance operators’ recapitalisation plans approaches, palpable tension has enveloped the industry, especially among those whose plans may not tally with their current financial position and weak public reputation.   Findings revealed that though the operators met the August 20 deadline set by the commission to forward their plans, it was, however, an easier task for companies with foreign interests as they were among the first batch to submit theirs.   This is an indication…

Read More

    The London markets surged higher on the back of news that Hong Kong Exchanges and Clearing tabled a £31.6 billion bid for the London Stock Exchange Group.       The FTSE 100 closed 70.08 points higher at 7,338.03 at the end of trading on Wednesday.   According to Belfast Telegraph, the FTSE surpassed its, also positive, European peers after it was boosted by the takeover offer which will disrupt the UK firm’s tie-up with Refinitiv.       Connor Campbell, financial analyst at Spreadex, said: “Reports of…

Read More

The Nigerian Stock Exchange (NSE) has said that one major reason for low retail investment appetite in the market is inadequate knowledge of investment products and benefits for retail investors.   The Chief Executive Officer, NSE, Oscar Onyema, who stated this at the fourth edition of the NSE market data workshop, said despite the evolving needs of consumers demanding for financial information globally, Nigeria still had low inclination towards investments.   He recalled a research by FSDH, which reported the savings ratio in Nigeria as one of the lowest among…

Read More

Local  equities  rebounded  on  resumed  bargain  hunting  activities yesterday  as overall  performance  measures,  NSE  All Share Index (ASI), grew by 0.39  per cent,  halting five  days losing streak.   The stock market had tumbled for the five days as investors retreated following sell offs and low market sentiments.   The bullish activities were driven by consumer goods and financial services stocks which were highly sought after. At the close of business, 19 stocks appreciated while 13 others declined. Consequently, the All-Share Index gained 105.95 basis points or 0.39 per cent…

Read More

    The Securities and Exchange Commission (SEC) has disclosed that the implementation of its 10-year Capital Market Master Plan is already contributing to growth and development of the Nigerian capital market, and by extension, the economy.       This was disclosed by the Acting Director General of SEC, Ms. Mary Uduk, yesterday, during the opening ceremony of a two-day international capital market conference in Lagos.       The event is organised by the commission in collaboration with University of Lagos.       Uduk described the theme…

Read More

      The unfortunate strike embarked on by British Airways pilots have been described in the media as “the biggest shut-down in history.”   The action is affecting flights across the globe and is expected to cost British Airways around £100 million in revenue loss and additional costs.   More than 200,000 passengers have been affected so far as hundreds of flights were grounded during the first day of the strike planned by the British Airline Pilots’ Association (BALPA) to last through Tuesday, September 10, then to resume on…

Read More

          Importers have ordered for some 1.89 million metric  tonnes of raw sugar valued at N193.5billion ($602.15million) as local production fell by 95 per cent.     The import will be shipped into the country from January 2020, following dwindling local production estimated at 80,000 tonnes.     Statistics provided by International Sugar Organisation revealed that global price of the commodity had reached $321.35 per tonne as at September 2019.     Findings revealed that import since January 2019 was 1. 87million tones.     A…

Read More

      A total of 109 quoted companies have been delisted from the official list of Nigerian Stock Exchange (NSE) since 2002, according to reports     Findings showed that while some firms were delisted for violating post-listing requirements or due to merger and acquisition, others, however, chose to delist voluntarily when they no longer have the capacity to play in the market.     It was also found out that most of the companies delisted cited harsh economic climate and parent company buy-out as reasons.     Some…

Read More

Africa Prudential Plc has charged the cooperative movements in Nigeria on digital adaptation in their business, culture and structure to properly position them  in the new digital economy, and unlock the potential of the sector in sustainable economic development in Africa.     The call was made by Obong Idiong, Managing Director/CEO, Africa Prudential Plc, while speaking as at the 5th Cooperative Summit and 2019 International Cooperative Day, held by the Cooperative Federation of Nigeria (CFN) at Jos, Plateau State last week.     While delivering his paper on Cooperatives…

Read More

European stocks finished lower on Monday as Britain’s export-heavy FTSE index tumbled due to a stronger pound, while selling in defensive sectors such as healthcare and utilities dented early gains in markets.     After rising as much as 0.2 per cent after a surprise rise in German exports and hopes of stimulus from the European Central Bank later this week, the pan-European STOXX 600 index gave up gains as the day wore on.     According to Reuters, the index closed down 0.3 per cent, ending a three-day run…

Read More