Author: Julius Alagbe

Banks Stocks Face Selloffs Intraday on NGX after Gains The equities market is trading negative during intra day trading session on the Nigerian Exchange (NGX). The sell pressure on GTCO, Zenith, UBA and also OANDO plunge the stock market Index downward. The market switched negative after huge gain reported on Tuesday when investors increased buying interest in Tier-1 banks shares. At mid-day, the NGX All Share Index witnessed a negative trajectory, reflecting a loss of -0.13%, Aloha Morgan Capital Limited told investors in a note. Stockbrokers said this downward movement is due to the selling pressure of investors on some…

Trump Secures Over 270 Votes to Win U.S. Presidential Election Donald Trump, 78, recaptured the White House on Wednesday by securing more than the 270 Electoral College votes needed to win the presidency. Edison Research projected, following a campaign of dark rhetoric that deepened the polarisation in the country. Trump was elected president, capping a remarkable comeback four years after he was voted out of the White House and ushering in a new American leadership likely to test democratic institutions at home and relations abroad. The former president’s victory in the swing state of Wisconsin pushed him over the threshold.…

Nigeria’s US dollar bond yield climbed to 9.70% as bearish sentiment nudged the yield curve despite a mixed outing…

Awele Elumelu Calls for Increased Female Leadership in the Insurance Sector. At the recently concluded International Conference for Women in Insurance, Dr. Awele V. Elumelu, OFR, Chairperson, Heirs Insurance Brokers (a member of Heirs Insurance Group), and Chairperson Avon HMO, joined other female business leaders in the call for gender parity and more women in leadership in Nigeria’s insurance industry. Held at the Lagos Continental Hotel, the conference was organised by the African Insurance Women Association (AIWA) and gathered industry professionals, policymakers, and advocates to discuss ways to advance women’s participation in insurance and at the helm of leadership. Heirs…

FG Begins Disbursement of N75bn Single Digit Loan to MSMEs The Federal Government has commenced the disbursement of N75 billion in single digit loans to micro, small, and medium enterprises (MSMEs) through the Bank of Industry (BOI). Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, made this known in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme. Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu and Kaduna states with a view to educate MSMEs on the conditions…

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…