Author: Olu Anisere

First Holdco Drops by 5.6% on Negative Investors Sentiment First Holdco lost about 5.6% of its market value at the beginning of the trading session. The financial services company saw its share price reduced to N30.5, from an opening price of N32.30 as investors sentiment declined. The financial services holdings company lost N75.380 billion on Monday to close at N1.277 trillion in market value, according to data obtained from the Nigerian stock market. Trading data from the Nigerian Exchange (NGX) showed there was an increase in activity on First Holdco, one of the top volatile banking stocks with an unimpressive…

AU, Nigeria Sign MoU on Counterterrorism Cooperation The African Union (AU) Commission and Nigeria’s National Counter Terrorism Centre (NCTC) on Monday signed a Memorandum of Understanding (MoU) to boost collaboration against terrorism and violent extremism across Africa. This is contained in a statement by Mr Paschal Chem-Langhee, Communication Coordinator, PAPS, African Union Commission and made available to newsmen in Abuja. The MoU was endorsed by Amb. Bankole Adeoye, AU Commissioner for Political Affairs, Peace and Security, and Maj.-Gen. Adamu Garba Laka, National Coordinator of the NCTC. In his remarks, Adeoye commended Nigeria’s leadership role in West Africa and the Sahel.…

Transcorp Power Surges by 10% on Huge Trading Volume Transcorp Power Plc’s market value climbed by about 10% in the equities market as a result of fresh bargain hunting from investors that sought to bet on the company future earnings stream. Its share price closed at N314 in the stock market on Monday from N286.50, now trading at about 14% below its highest value attained on the Nigerian Exchange in the last 52 weeks. The company recently offered interim dividend to its shareholders, but share price has been relatively volatile despite successive rally in the local bourse before bear returned.…

FCMB Steadies, Investors React to Q4 Earnings Forecast FCMB market value steadied, though the company recorded significant transactions volume and value surged as investors reacted to the financial services company’s earnings forecast. Trading details from the Nigerian Exchange (NGX) showed that FCMB share price closed flattish at N10.50, leaving its market value of its 39.605 billion shares outstanding at N415.856 billion. The financial services group market value closed flattish while trading data showed that 460.948 million units of FCMB were traded in the stock market – suggesting possible block trade set up by brokers. Trading activities in the local bourse…

NGX Index Rises by 0.30%, Equity Investors Gain N262bn The Nigerian Exchange (NGX) All-share index rose by 30 basis points or 0.3% on Monday as equity investors’ portfolio value gained more than N262 billion above closing value last week. The stock market opened the new week in the green, extending its positive momentum from last Thursday before the short holiday. Investors staked fresh bets on oversold stocks, and the NGX index surged. Key market performance indicators advanced by 0.30% on the day, while the market capitalisation gained the same margin due to bargain hunting. The bourse uptrend was driven by…

FG, EU Advocate Harmonised Data Governance Framework in Africa The Federal Government, EU and African Union on Monday urged Data Protection Authorities to develop a harmonised data governance framework for data protection across the continent. They made the call at the opening ceremony of a five-day data governance study visit for Data Protection Authorities, a data governance in Africa initiative, hosted by the Nigeria Data Protection Commission (NDPC) in Abuja. Dr Vincent Olatunji, National Commissioner, NDPC, said although 36 African countries had enacted data protection laws, only 26 of them have established dedicated data protection authorities. Olatunji also said it…

OPEC+ to Increase Oil Output in October The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, has decided to ramp up oil output by 137,000 barrels per day (bpd) in October. OPEC made the announcement in a statement on their website after a virtual meeting with members. The participated countries, includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and outlook. “The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in…

Gold Price Spikes as Markets Respond to U.S. Data Gold (XAU/USD) continued its remarkable rise, approaching the $3,590 level during early Asian trading on Monday, on a bullish trajectory nearing its all-time highs. This movement reflects the markets’ direct response to recent U.S. data, particularly the nonfarm payroll report, which revealed a significant slowdown in hiring during August and an increase in the unemployment rate to its highest level since 2021. “In my view, this performance indicates a weakening U.S. labor market. It reinforces expectations that the Federal Reserve may ease monetary policy at its upcoming meeting, lowering the opportunity…

NDLEA Recovers 653kg Colos, Loud in Lagos, Abuja Raids The National Drug Law Enforcement Agency (NDLEA) has recovered 653kg of Colorado and Loud, a strong strain of cannabis sativa in Lagos and Abuja raids respectively. Mr Femi Babafemi, Director, Media and Advocacy, NDELA said this in a statement on Sunday in Abuja. Giving a breakdown, Babafemi said that in the Federal Capital Territory,(FCT), Abuja, NDLEA operatives on a stop and search operation on Thursday, Sept. 4 arrested a dispatch rider. Babafemi said that the suspect was nabbed in the Gwarimpa area of the FCT while conveying 3.1kg Colorado, a synthetic…

African Economies Urged to Invest in Research for Industrial Transformation African economies have been challenged to boost their investment in research to power the continent’s industrial transformation by accelerating development of homegrown innovations that reinforce autonomy, sustainability, and technological sovereignty. Speaking during the official launch of the African Research and Innovation Hub (ARIH) on the sidelines of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, the Group Chief Economist and Managing Director for Research at the African Export-Import Bank (Afreximbank) Dr. Yemi Kale noted that while Africa accounts for less than 3% of global research output, it bears a…