Author: Olu Anisere

Oil, Banking Stocks Drive Intraday Gain in Equities Market Oil and banking stocks are driving momentum on the Nigerian Exchange (NGX) during intraday trading session. The market is booming now with sharp buying interest from investors taking positions as yearend draws close. Some lightweight stocks share price has gone straight to the mood with some dead cats bouncing as per trading patterns observed during the midday in the equities market. Stockbrokers observe that those banking names that recently shed weight have started to pick up. The same is happening around oil and gas index. At midday, the NGX All Share…

NCAA to Sanction Airline Operators for Delayed Tickets Refund The Nigerian Civil Aviation Authority (NCAA) is ready to sanction any airlines that delay ticket refunds to the passengers. Mr Michael Achimugu, NCAA Director of Public Affairs and Consumer Protection, made this known in a statement on Tuesday in Abuja,. According to him, ticket refund compliance regulations remain central to the NCAA’s consumer protection agenda. He said the time had come for airlines to adhere strictly to the refund timelines, as failure to comply will attract immediate sanctions under Part 19 of the regulations. The director said the Part 19 of…

Selloffs Hit Cryptos Ahead of Microsoft Votes on Bitcoin The global market valuation of all cryptocurrencies declined due to selloff pressure at the beginning of the new week ahead of Microsoft shareholders vote. The global crypto market cap dropped to $3.6 trillion, representing a 2.44% decrease over the last day across exchanges. According to data from the CoinMarketCap.com, the total crypto market volume over the last 24 hours reached $196.83 billion, which makes a 25.51% increase. At the same time, the total volume in DeFi settled at $17.39 billion, accounting for 8.84% of the total crypto market 24-hour volume. Data…

Access, Sterling, Wema Get Hold Rating over Limited Upside Potential Access Holdings Plc, Sterling Financial Holdings, and Wema Bank Plc have been placed on hold rating by Afrinvest Securities Limited due to limited upside potential. “Investors are advised to remain neutral, as the expected total returns are not expected to exceed 10.0% based on the prevailing market price as of the report date,” Afrinvest Securities advised investors. Ranked as one of the weak performers in the banking index, Access Holdings Plc’s year to date settled at 7.1%. Hold ratings mean that analysts at the investment firm have taken a neutral…

Oil Prices Edge Higher as Middle East Peace Relapsed Oil prices edged higher in the global commodities market on Monday as Middle East peace relapsed after ceasefire violations. With the geopolitical tensions, supply risks heightened amidst a negative demand outlook. Over the weekend, Syria ended the 50-year rule of deposed president Bashar al-Assad. Israel has continued assaulting Lebanon despite the ceasefire agreement. At the Dec meeting, the Organisation of Petroleum Exporting Countries and allies producers (OPEC+) agreed to extend the output cut till next year in a bid to keep price level settled. The World Bank had predicted a global…

Dangote Sugar Seeks to Raise N50bn from Debt Market Dangote Sugar Refinery Plc has opened up its commercial paper offerings for subscription from debt capital market investors. The refinery is in the market to raise N50 billion from series 6 and 7 commercial papers under its N150 billion programme. Its series commercial paper with 180-day tenor attracts 24.9889% discount rate, translating to 28.5% implied yield. Series 7 commercial paper with a 270-day tenor attracts a 24.5524% discount rate, translating to a 30% implied yield for investors. According to investment banking firms, the offer is open to the investing public up…

Chelsea Stage Dramatic Comeback to Beat Tottenham 4-3 Chelsea staged a fightback to beat Tottenham Hotspur 4-3 and move clear of Arsenal in second place in the Premier League table on Sunday. With Liverpool not in action this weekend after their game at Everton was postponed due to a storm, Chelsea’s victory at Spurs lifted them to within four points of Arne Slot’s leaders. Dominic Solanke and Dejan Kulusevski put Tottenham two up inside 11 minutes, but Jadon Sancho quickly pulled one back with a fine strike and the second half belonged to the visitors. Cole Palmer equalised from the…

AfDB Advocates Structural Solutions to Tackle Africa’s Economic Challenges The African Development Bank (AfDB) has called for urgent structural reforms to tackle Africa’s deepening economic challenges, including currency depreciation, rising inflation, and an escalating import bill. The AfDB’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama said that global and local factors contributed to the continent’s economic struggles. Urama said Africa’s currencies, including those of Nigeria, had depreciated sharply against the U.S. dollar in recent years, creating economic instability. He identified global geopolitical conflicts, such as the war in Ukraine-Russia and the Israel-Hamas conflict, as major drivers of…

The bitcoin price has rebounded, trading above in the last 24 hours in the cryptocurrency market, with the total value of all assets settling at $3.66 trillion.

Manchester City Stutter Again, Draw 2-2 at Crystal Palace Manchester City’s Premier League title defense stuttered again with a 2-2 draw at Crystal Palace on Saturday. City twice came from behind to pick a point at Selhurst Park, but the champions have now won only once in six league games – four of which have been lost. Palace led through full back Daniel Munoz’s fourth-minute goal before Erling Haaland headed City level. Maxence Lacroix restored Palace’s lead after the break and Rico Lewis fired a fine 68th-minute leveller for Pep Guardiola’s side. Lewis was later sent off six minutes from…