Author: Ogochukwu Ndubuisi

Dr Emomotimi Agama, Director General Securities and Exchange Commission (SEC), has urged sector regulators, businesses, and

CBN Meeting: Investment Firms See Up to 100bps Interest Rate Hike Top investment banking firms have projected that the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) will increase the benchmark interest rate at the end of the meeting scheduled for the week. In an official note, the apex bank said the committee is set to meet on 22 and 23 July 2024, for their fourth meeting of the year. Although there is market consensus that the policy rate will be adjusted as part of an effort to anchor Nigeria’s wild inflation conditions, analysts across top investment…

United Capital Gains 43% after Bonus, Interim Dividend Notice United Capital Plc’s market valuation hit N243 billion on the Nigerian Exchange (NGX) as strong bargain hunting lifted its share price by 48.2%.  Its market value surged strongly after the company’s earnings beat propelled its board of directors to declare bonus and interim dividends. In the first half of 2024, United Capital recorded more than 65% earnings per share growth, up from N1.56 to N2.58 – part of which the board wants to distribute to shareholders. Its core shareholder, West Coast Equity Limited, maintained a 26% stake in the company as…

FCMB Climbs over Multifold Shares Trading Volume FCMB Group Plc (Ticker: FCMB) surged by about 5.3% over the last five trading sessions on the Nigerian Exchange (NGX) to hit N7.95, according to data obtained from the local bourse. Market value of the financial services group grew to N157.431 billion on NGX at the end of trading session on Friday, reflecting investors’ sentiment. The banking stocks topped volume NGX volume drivers on Friday as investors transacted more than 114 million of the financial services group company shares ahead of July 31 earnings release. Data from the NGX revealed that FCMB was…

CPPE Urges MPC to Halt Interest Rate Hikes Amid Stretched Policies The Centre for the Promotion of Private Enterprise (CPPE) has urged the Monetary Policy Committee (MPC) to halt interest rate hikes at its forthcoming meeting due to already stretched monetary policy instruments. Dr Muda Yusuf, Chief Executive Officer of CPPE, made the call in an interview with the News Agency on Sunday in Lagos. Yusuf noted that the committee might ensure that the hike is minimal, considering the CBN’s efforts to stabilise the economy. “Knowing the disposition of the Central Bank of Nigeria, given the fact that the bank…

Africa Prudential Gains 34% after Out of Ordinary Trading Volume Share registration and business support solutions service provider, African Prudential Plc, market value surged by about 34% as investors spotted upside potential in the financial services company. The company share price rose to N9.9 in the Nigerian Exchange on Friday from its weekly opening price of N7.40 due to buy side activities in the market. Equities investors trading highs and lows in the local bourse transacted huge volume of Africa Prudential Plc shares on Friday. Trading records showed that more than 10.170 million shares of the company exchange hands in…

Oando Climbs by 11% on Investors Positive Sentiment Equities investors increased their positions in Oando Plc last week, causing its share price to surge by 11.3% after Federal High Court held that the company cannot force minority shareholders to sell their shares if they do not want to sell. Following the verdict, investors rushed like swarms to increase their interest in anticipation that Oando Plc has strong potential to deliver better return. Oando Plc’s market value reached N226.873 billion on Friday, up by 11.3% from the beginning of the week. Its share price climbed to N18.25 from N16.40 with 12.432…

Joe Biden Withdraws from US Presidential Election Joe Biden has withdrawn from the race for the US presidency, an extraordinary decision upending American politics that plunges the Democratic nomination into uncertainty just months before the November election against Donald Trump, a candidate he has warned is an existential threat to US democracy. “While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as president for the remainder of my term,” Biden said in a letter…

Russia Sentences U.S. Journalist to 16 years in Prison A Russian court on Friday found a U.S journalist, Evan Gershkovich, guilty of espionage and sentenced him to 16 years in a maximum-security colony. Numerous Russian news agencies reported from the court in Yekaterinburg. He was accused of gathering information on the Uralvagonzavod defence equipment factory in Nizhny Tagil on behalf of the U.S. Central Intelligence Agency (CIA). Nizhny Tagil lies 130 kilometres to the north of Yekaterinburg. Gershkovich was earlier arrested in March 2023 Like many Western journalists, Gershkovich had worked and researched in Russia with accreditation from the Foreign…

InfraCredit to Increase Capital by N120 billion – Note Infrastructure Credit Guarantee Company Limited’s (InfraCredit) planned to increase its capital by about N120 billion in the next five years, Fitch Ratings said in its latest review note on the issuer. According to the global rating agency, approximately 65% of the planned capital raise will be in the form of subordinated debt and 35% equity. Of this amount, InfraCredit is expected to raise N40 billion in 2024 through a private placement to domestic institutional investors and a rights issue to existing shareholders, Fitch Ratings said. Last week, Fitch affirmed InfraCredit Insurer…