Author: Ogochukwu Ndubuisi

Some London Stock Exchange (LSE) services were suffering disruptions on Friday amid a global IT outage that has affected

Delta Air Lines, one of the major airlines in the United States, says it has paused all flights following a vendor technology issue

United Capital Plc’s market value spiked by about 10% on Thursday as the company announced a plan to pay interim and bonus

The House Committee on Housing and Habitat said, that increasing the budgetary allocation of the Federal Ministry of Housing and Urban Development to N500

The National Agency for Food and Drug Administration and Control (NAFDAC) in Katsina State says it has recently destroyed

Airtel Africa Hits 52-week High Amidst London Share Buyback Telecommunication company, Airtel Africa Plc, has breached another resistance in its market value, trading at a 52-week high after a fresh rally pumped its share price higher on the Nigerian Exchange. Airtel Africa’s market valuation inched near N8.27 trillion due to the latest rally as investors showed strong interest in the telecommunication company’s shares on the Nigerian Exchange ahead of its second quarter of 2024 earnings release.  According to data from the domestic bourse, Airtel’s share price climbed by 4.76% to close the trading session at N2,200. In absolute terms, the…

Airlines’ Blacklist Allegation Inaccurate, Maligning – Operators The Airline Operators of Nigeria (AON) has said that a report alleging blacklisting of some Nigerian carriers by international aircraft lessors for breach contract was inaccurate and maligning. This is disclosed in a statement by AON and signed by its spokesperson, Prof. Obiora Okonkwo, on Thursday in Lagos. According to Okonkwo, Nigerian airlines have consistently worked very hard to meet their contractual obligations with lessors in spite of a challenging business environment. Okonkwo said that two of the airlines – Air Peace and Azman – mentioned in the report, by a national daily,…

Equities Market Nears N57 trillion as Investors Gain N263bn The Equities market capitalisation of the Nigerian Exchange (NGX) inched near N57 trillion mark on Thursday following a huge daily gain of about N263 billion in the local bourse. The NGX All-Share Index ended positive at 100,503.21 points, posting a gain of 0.47%. The market saw buying interest in some mid- to high-capitalized stocks, including UCAP 9.92%, OANDO 9.76%, and AIRTELAFRI 4.76%, among others. In its market update, Atlass Portfolio Limited spotted that the disparity between the indicators was a result of the delisting of three listed companies on the Nigerian…

CBN Sells $20,000 Each to BDCs at N1,450, Caps Margin The Central Bank of Nigeria (CBN) has approved sales of US$20,000 each to eligible Bureau de Change operators (BDCs) under its regulatory radar. The move by the apex bank was to stem the negative exchange rate movement in the parallel market in the recent times. The naira was sold near N1,600 in the black market earlier today due to US dollar scarcity. The CBN had paused FX sales at subsidised rate to currency traders in the informal market since April, Today’s FX sales to BDCs is the first time in…

CBN Sells US Dollars to Banks, BDCs to Boost FX Liquidity The Central Bank of Nigeria (CBN) has begun massive FX market intervention, selling US dollars to authorised dealers, and bureau de change operators on Thursday. The apex bank, in an effort to defend the naira from free falling, conducted market wide FX intervention as relative lower exchange rates at the informal and official market. MarketForces Africa gathered that the apex bank sold $13.5 billion at N1510- N1530 per US dollar to banks and other authorised dealers. In the same vein, the CBN sold $20,000 to each of the BDCs…