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Tuesday, November 28, 2023

Nigerian Exchange Down by N165bn over Selling Rallies

Losing about N165 billion today, the equities investors in the Nigerian Exchange saw their combined wealth falling for the second day in the week due to weak sentiment. Again, the market performance indicators dropped by 0.44%, resulting in a moderation in the year-to-date return of the Exchange.

Oil Rebounds Ahead of OPEC+ Meeting

Ahead of the Organisation of Petroleum Exporting Countries (OPEC) and allies (OPEC+) rescheduled meeting for Nov. 30, global prices of crude ascended moderately after falling below $80 per barrel.

Adobe, Figma Deal Bad for Innovation- UK Regulator

The United Kingdom (U.K) Competition and Markets Authority said it has provisionally found Adobe's planned $20 billion acquisition of collaboration software company Figma would likely harm innovation for software used by the vast majority of U.K. digital designers.

Banking Stocks, MeCure Drive Midday Rally on NGX

The Nigerian Exchange (NGX) rides on buying waves due to equities investors' improved buying sentiments on Mecure and banking stocks, detail from Alpha Morgan Capital Limited shows.

Fresh stories

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Nigerian Exchange Down by N165bn over Selling Rallies

Losing about N165 billion today, the equities investors in the Nigerian Exchange saw their combined wealth falling for the second day in the week due to weak sentiment. Again, the market performance indicators dropped by 0.44%, resulting in a moderation in the year-to-date return of the Exchange.

Oil Rebounds Ahead of OPEC+ Meeting

Ahead of the Organisation of Petroleum Exporting Countries (OPEC) and allies (OPEC+) rescheduled meeting for Nov. 30, global prices of crude ascended moderately after falling below $80 per barrel.

Adobe, Figma Deal Bad for Innovation- UK Regulator

The United Kingdom (U.K) Competition and Markets Authority said it has provisionally found Adobe's planned $20 billion acquisition of collaboration software company Figma would likely harm innovation for software used by the vast majority of U.K. digital designers.

Banking Stocks, MeCure Drive Midday Rally on NGX

The Nigerian Exchange (NGX) rides on buying waves due to equities investors' improved buying sentiments on Mecure and banking stocks, detail from Alpha Morgan Capital Limited shows.

Ghana Keeps Benchmark Interest Rate at 30%

The Bank of Ghana maintained the status quo on benchmark interest rate at 30.0% as the inflation rate slowed for the third month in a row in October.

EU Allocates €1M for Fight Against Diphtheria Outbreak in Nigeria

EU Allocates €1M for Fight Against Diphtheria Outbreak in Nigeria

Analysis

Stanbic IBTC Plc Halts Uptrend, Slides by 7%

The share price of Stanbic IBTC Plc declined by 7% to close at N65 on Friday, stock market data shows.

Market Upgrades Unity Bank Valuation by 57%

Unity Bank Plc's share price has been gathering energy from increased demand ...

MeCure Industries Plc Enjoys Post-Listing Gains

The stock market price of MeCure Industries Plc spiked by 61% to N9.21 in the last five trading sessions

Geregu Power Market Value Jumps By 296% in 13-Month

The share price of Geregu Power Plc steadied over the last seven trading sessions in the stock market. .

Latest Business

ECONOMY

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Inside Africa

Ghana Keeps Benchmark Interest Rate at 30%

Ghana Keeps Benchmark Interest Rate at 30%

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The Bank of Ghana maintained the status quo on benchmark interest rate at 30.0% as the inflation rate slowed for the third month in a row in October.
EU Allocates €1M for Fight Against Diphtheria Outbreak in Nigeria

EU Allocates €1M for Fight Against Diphtheria Outbreak in Nigeria

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EU Allocates €1M for Fight Against Diphtheria Outbreak in Nigeria
PPPs Crucial to Bridge Africa’s Infrastructure Gap -Lisinge

PPPs Crucial to Bridge Africa’s Infrastructure Gap -Lisinge

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Public-private partnerships (PPPs) are crucial to closing the financing gap for infrastructure development in Africa

Investment

Banking Stocks, MeCure Drive Midday Rally on NGX

The Nigerian Exchange (NGX) rides on buying waves due to equities investors' improved buying sentiments on Mecure and banking stocks, detail from Alpha Morgan Capital Limited shows.

Market Capitalisation Slides as UBN Delists from Nigerian Exchange

Nigeria’s stock market opened this week’s trading with bullish sentiments, underpinned by bargain hunting...

Adobe, Figma Deal Bad for Innovation- UK Regulator

The United Kingdom (U.K) Competition and Markets Authority said it has provisionally found Adobe's planned $20 billion acquisition of collaboration software company Figma would likely harm innovation for software used by the vast majority of U.K. digital designers.

Banking Stocks, MeCure Drive Midday Rally on NGX

The Nigerian Exchange (NGX) rides on buying waves due to equities investors' improved buying sentiments on Mecure and banking stocks, detail from Alpha Morgan Capital Limited shows.

Zenith Bank to Open Subsidiary in France

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary of Zenith Bank Plc in France, Nigeria’s most capitalised lender said in a statement.

Nigeria Eurobond Yield Rises as FPIs ‘Disengage’

Nigeria’s US dollar bonds benchmark yield rose by 2 basis points over risk-off sentiment exhibited by foreign portfolio investors (FPIs) in the market on Monday.

Financial Products

Access Bank Launches XtraWins Campaign to Reward Customers

Access Bank has launched “XtraWins, Transact and Win” campaign to appreciate its customers and reward them for their loyalty

Equities Investors’ Wealth Rises by N27bn as NGX Rallies

Equities Investors' Wealth Rises by N27bn as NGX Rallies

Fixed Income Investors Dump FGN Bond on Policy Inaction

The average yield on the Federal Government of Nigeria (FGN) bond rose by 8 basis points

Equities Investors See N183bn Gain as NGX Extends Rally -Market Wrap

Market Wrap: Equities investors see about N183 billion gain as Nigerian Exchange (NGX) extends rally....

Foreign Investors Park Cash in Nigeria USD Bonds

Benchmark yield declined as Nigeria's sovereign US dollar bonds gained foreign investors' attention ...

Equities Investors’ Wealth Rises by N146bn as NGX Rebounds

The equities segment of the Nigerian Exchange (NGX) rebounded with about N146 billion gain ....

Stock Market Retreats as Investors Dump BUA Cement, ACCESS

The Nigerian Exchange (NGX) retreated at the beginning of the week as investors took profit ...

NGX Sheds N296bn as Equities Investors Book Profit

The Nigerian Exchange (NGX) shed more than N296 billion on Thursday due to a negative shift in market sentiment.

Nigeria Eurobond Yield Ticks Up Over Sell Pressure

Benchmark yield on Nigeria's US dollar bonds or Eurobond ticked up midweek as foreign investors...

Nigeria’s US Dollar Bond Prices Slump Amidst FX Crisis

The average yield on Nigeria's US dollar bond spiked amidst the foreign currency crisis in the local economy.

FIN MARKET

Oil Rebounds Ahead of OPEC+ Meeting

Ahead of the Organisation of Petroleum Exporting Countries (OPEC) and allies (OPEC+) rescheduled meeting for Nov. 30, global prices of crude ascended moderately after falling below $80 per barrel.

Adobe, Figma Deal Bad for Innovation- UK Regulator

The United Kingdom (U.K) Competition and Markets Authority said it has provisionally found Adobe's planned $20 billion acquisition of collaboration software company Figma would likely harm innovation for software used by the vast majority of U.K. digital designers.

Banking Stocks, MeCure Drive Midday Rally on NGX

The Nigerian Exchange (NGX) rides on buying waves due to equities investors' improved buying sentiments on Mecure and banking stocks, detail from Alpha Morgan Capital Limited shows.

Zenith Bank to Open Subsidiary in France

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary of Zenith Bank Plc in France, Nigeria’s most capitalised lender said in a statement.

Nigeria Eurobond Yield Rises as FPIs ‘Disengage’

Nigeria’s US dollar bonds benchmark yield rose by 2 basis points over risk-off sentiment exhibited by foreign portfolio investors (FPIs) in the market on Monday.

Reps Threaten to Hand Over NCAA Management to EFCC Over Missing N43bn Revenue

The House of Representatives has threatened to hand over the management of Nigeria Civil Aviation Authority (NCAA) to Economic and Financial Crimes Commission (EFCC) over alleged missing N43 billion revenue generated in 2022.

It’ll Cost $13.5T to Achieve Carbon Neutral Future – Report

Transitioning to a more sustainable and carbon-neutral future, $13.5 trillion in investments will be needed by 2050, particularly in the production, energy and transport sectors, according to a new World Economic Forum report.

BLOCKCHAIN

Bitcoin Crosses $38K, Ethereum Climbs in Latest Rally

Bitcoin (BTCUSD), the largest crypto on Friday rose to as high as $38,294, a price level considered as loftiest

Bitcoin Retreats after Hitting $38,000 on Crypto Selloffs

The price of Bitcoin has fallen 3% over the past 24 hours to $36,250, retreating from its recent high near $38,000, which marks the largest digital asset's highest level since cryptos plunged into a brutal bear market in May 2022.

Bitcoin, Ethereum Steady After Slight Sell Pressures

Exchange-traded market prices of Bitcoin, Ethereum and other large cryptocurrency moves steadied on Monday ahead of the US economic data release.

Bitcoin Halts Momentum Briefly on Retail Selloffs

The price of Bitcoin shed 3% over the past 24 hours, now trading below $34,400 from about $36,000, its highest level since May 2022.  It has since rallied 70% to $34,300.  Due to improved sentiment, the most expensive crypto asset has rallied some 30% in weeks.

Market Cap of Cryptocurrencies Declines to $1.5T

The crypto market bled due to large retail selloffs that plunged the combined value of all digital currency...

eNaira Poses No Threat to Financial Stability, Says CBN

The Central Bank of Nigeria (CBN), has assured Nigerians that its digital currency, eNaira posed no threat to financial stability.

Stablecoins to Revolutionise Africa’s Economic Landscape

In an era where financial empowerment is paramount, Africa is witnessing a remarkable surge in the adoption of stablecoins

Bitcoin, Other Crypto Assets Slump on Retail Selloffs

Bitcoin price slowed down by $225.28 or 0.85% to $26,294.47 due to retail selloffs

Binance P2P Announces Automated Payments for Crypto Trades

Binance P2P, a peer-to-peer trading platform, has introduced five new automated payment methods

Bitcoin Hits $26.5K as Digital Assets Rally

Bitcoin and other cryptocurrencies advanced Friday as risk-sensitive assets at large enjoyed gains

Opera Launches MiniPay, Stablecoin Wallet

Opera unveils MiniPay, a blockchain-based wallet built on the Celo blockchain. Directly integrated

Prices of Crypto Assets Fall on Retail Selloffs

Market prices of crypto assets fell on Wednesday due to retail investors selling down amidst global econo

Fintech

Nigeria Fintech Coy Launches App for Diaspora Remittance

A Nigerian-owned Fintech company has concluded plans to launch a mobile app to boost the growth of Small and Medium Enterprise through diaspora remittance.

Chipper Cash, Visa Strengthen Partnership Amid Card Funding Glitches

Amidst card funding glitches experienced by its customers, Chipper Cash, a financial services company...

Interswitch Loses N30bn to Fraud

Payments infrastructure giant Interswitch faces a financial threat as the company lost a whopping sum of ₦30 billion

Alladin Digital Bank Launches Wallet to Ease Payments

Aladdin, a Lagos-based fintech firm, has introduced a pan-African wallet to ease digital transactions.

Nigerian Fintech Wynk Offers Wealth Deal to Drivers

A Nigerian fintech, Wynk, is offering a fantastic share ownership scheme that promises a big deal of wealth