Author: Julius Alagbe

Banking index rose by 3.16% as the Nigerian Exchange (NGX) reversed downward trend with investors

The Nigerian naira appreciated in the official window as foreign reserves surged to approximately $40 billion

NGX Rises by N131bn as Selloffs Pressures Pause The Nigerian Exchange (NGX) market capitalisation rose by about N131 billion as selloffs pressure paused after six consecutive negative price movements. The equities market recorded first gain on Tuesday, reversing the negative trend with key performance indicators rising by 0.22%. Consequently, the Nigerian All-Share Index added 215.63 basis points in today’s trading session, reflecting a 0.22% increase to close at 97,123.61. The market witnessed investor interest in some CONOIL, UBA, ZENITHBANK, and others. Stockbrokers said trading activities in the market increased today as investors sentiment improved. Total volume and total value traded…

IMF Raises Ethiopia’s International Reserves Target After First Review The International Monetary Fund has raised Ethiopia’s net international reserves target to facilitate payments of upcoming hard currency bills. The East African nation secured a 3.4 billion dollars four-year financing programme from the IMF in July after carrying out a series of reforms, including floating its birr currency. It is also in the midst of a fresh push to put its debt restructuring back on track. “An increase in near-term target is warranted by Ethiopia’s vulnerabilities and heightened uncertainty around the outlook,” the IMF said in a report published late Monday.…

Q3 2024: Veritas Kapital Grows Profit by 117% to N2.34bn Veritas Kapital Assurance Plc has grown its profit after tax to N2.339 billion for third quarter 2024 financial year. The figure represents a 117 per cent increase, year-on-year, from the N697.8 million re-recorded in the same period of 2023. Dr Adaobi Nwakuche, Managing Director, Veritas Kapital Assurance, said this in a statement on Monday in Lagos. Nwakuche said that the underwriter’s net insurance and investment results for the quarter under review increased by 168 per cent, reaching N4.030 billion. She stated that the insurance revenue of the company expanded by…

Mining Cadastre’s Revenue Hits N8.1bn in October The Director-General (D-G) of Nigeria Mining Cadastral Office (MCO), Obadiah Nkom, says the office has generated N8.1 billion revenue since January. Nkom disclosed this while welcoming the Senate Committee on Solid Minerals led by its Chairman, Sen. Sampson Ekong, on an oversight visit to the NMCO headquarters on Monday in Abuja. He described the revenue as a record-breakimg achievement, marking a substantial rise in earnings for the agency. He said that the surge reflected the country’s strengthened commitment to diversifying its economy through the solid minerals sector and improving its mining sector’s regulatory…

The value of the naira sank against the US dollar at Nigeria’s autonomous foreign exchange (FX) market as demand

Equities Investors Lose N317.5bn over Selloffs in Caverton, Aradel Equities investors lost more than N317.5 billion on the Nigerian Exchange (NGX) trading platform as sell pressure extend to Monday. The equities market opened the new week on a downward trajectory, as key performance indicators plunged by 0.54%. The market index or the Nigerian Exchange All-Share Index dropped by 524.04 basis points in today’s trading session to close at 96,907.98. Last week, the local bourse bled deeply, lost N1.22 trillion due to 5-day bearish trading sessions. Continuing the negative momentum from last Friday, the market experienced sell-offs in several medium and…

18 Vessels to Berth at Lagos Ports -NPA The Nigerian Ports Authority (NPA) on Monday said no fewer than 18 ships were expected to berth at the Lagos ports between November 4 and 24. The NPA, in its “Daily Shipping Position’’, said two of the expected vessels would berth with diesel. It stated that another three vessels would berth with general cargoes while two vessels each would berth with containers carrying different goods and bulk wheat. “The remaining nine vessels would berth with bulk gas, bulk fertilizer, diplomatic petrol, bulk salt, bulk sugar, bulk oil, feed corn, and fresh fish.…

Coca-Cola Beverages Africa has invested $50 million in a new bottling line in Namibia, capable of producing 27,000 bottles per hour.