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BUSINESS Stock Market Uncategorized

5th August 2014

Diamond Bank Plc has reported that it has realised a profit after tax of N13.8 billion in its unaudited results for the six months ended June 30, 2014. This represents an annual increase by nine per cent, compared to the N12.6 billion recorded in 2013. The bank’s gross earnings also rose to N98.3 billion as … Continue reading Diamond Bank Posts N13.8 Billion Half-Year Profit

By elizabeth

BUSINESS Stock Market

8th May 2014

    The Federal Inland Revenue service, FIRS said it collected N1.05 trillion in revenue during the first quarter of 2014. It said the amount exceeded its target for the period by N50.9 billion or 5.06%. This is contained in the quarterly revenue report of the service which was made available to News Agency of … Continue reading FIRS Collects N1.05 Trillion in First Quarter

By michael-abimboye

BUSINESS News Stock Market

7th May 2014

    One of the major manufacturers of cement in Nigeria, Lafarge WAPCO Nigeria plc has announced an income before tax of N8.6billion compared to N7.2billion recorded in Q1 2013- a 20% increase. In a statement released by the company, profit after tax increased by 34% to N8.1billion for the first quarter of 2014. Another … Continue reading Lafarge WAPCO Announces N8.6 Billion Profit Before Tax for Q1 2014

By michael-abimboye

BUSINESS ECONOMY News Stock Market

10th April 2014

Nigerian Breweries has announced a profit of N43.1 billion after tax for financial year ended December 31, 3013. This reflects an increase of 13.2 percent when compared to N38 billion recorded in the same period in 2012. The company’s revenue rose 6.3 percent to N268.6 billion in 2013 from N252.7 billion recorded in the corresponding … Continue reading Nigerian Breweries Announce N43.1 Billion Profit

By michael-abimboye

BUSINESS ECONOMY Stock Market

    Lead Securities & Investments Limited, a broker-dealer subsidiary of LeadCapital Plc launched LeadTrader on Tuesday, a new online real time trading platform at the Nigerian Stock Exchange (NSE). LeadTrader offers investors a secure channel to buy and sell shares of companies listed on the Nigerian Stock Exchange. The online trading platform provides investors … Continue reading LeadTrader Offers Investors Secure Channel to Trade Shares

By mary-odunuga

BUSINESS ECONOMY News Stock Market

Independent oil and gas company, SEPLAT Petroleum Development Company, yesterday, Wednesday, Match 9, 2014, said it raised 300.9 million pounds (about 300.9 million naira) in its initial public offering, at a dual listing in the London and Nigeria’s Stock Exchanges. The company priced its offering at 210 pence a share on the London Stock Exchange … Continue reading Seplat Raise 300.9 Million Through IPO

By michael-abimboye

BUSINESS ECONOMY Stock Market TECH

3rd April 2014

Fresh data released by the Nigerian Communications Commission (NCC) says Airtel experienced a rise from 24,847,567 subscribers last December to 26,194,336 in February this year. This makes Airtel, the second largest network ahead of Globacom which experienced a 6% drop from 25,933,867 subscribers to 24,490,650 subscribers since December. This means Airtel holds 21% of the … Continue reading Airtel Leapfrogs Glo To Become Nigeria’s Second Largest Mobile Operator

By mary-odunuga

BUSINESS ECONOMY News Stock Market

26th March 2014

Exotix Limited, a United States registered broker and member of FINRA and SIPC has endorsed Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc among the top five Nigerian lenders worthy of investment. Exotix noted that the said banks are good buys due to their valuation and growth potential. Kato Mukuru, an analyst at Exotix … Continue reading Nigerian Banks Are Best Buys in Sub-Saharan Africa – Exotix

By mary-odunuga

E-Commerce ECONOMY News Stock Market

5th March 2014

The Nigerian Stock Exchange (NSE) has commenced the reduction of the cost of its Trade Alert service by about 1.24 billion naira from March 2014 via the scrapping of the current charge of 0.06% of every trade on the bourse and an introduction of an enhanced notification system, X-Alert which will be charged at a … Continue reading Nigerian Stock Exchange (NSE) Set To Slash Transaction Costs By Over USD 6 millions

By connectnigeria

BUSINESS E-Commerce News Stock Market TECH

9th January 2014

In the bid to improve understanding of forex trading and reporting of the money market in Nigeria, global broker Forex Time Ltd (FXTM) recently organised a one-day training workshop and forex demo competition for journalists in Lagos. FXTM, a financial services firm that provides Nigerian traders with world-class trading software, education and customer services, said … Continue reading FXTM Rewards Journalists at Training Workshop and Demo Contest in Lagos

By connectnigeria

BUSINESS News Stock Market

17th December 2013

  According to a report by the United States-based banking giant, JP Morgan, investors in one of Nigeria’s financial institution, United Bank for Africa Plc (UBA), can make a possible return of 45 percent over the next 12 months. The reports which cover business and economy in CEEMEA region (Central and Eastern Europe, Middle East … Continue reading US Banking Firm, JP Morgan, Recommends UBA Shares to Investors

By michael-abimboye

BUSINESS News Stock Market

23rd November 2013

Nigeria’s business magnate and former UBA CEO, Tony Elumelu, made $123 million in three weeks between November 1 and November 21 2013, as shares of Transcorp Plc surged by 186 percent within that period. According to a report by Forbes Africa, the chairman of Heirs Holdings, who is the largest individual shareholder in Transnational Corporation … Continue reading Tony Elumelu made $123 million in 3 Weeks

By michael-abimboye

ECONOMY News Stock Market

29th October 2013

The Management of the Nigerian Stock Exchange (NSE) has revealed that inflows and outflows of foreign portfolios in Nigeria’s stock market has hit N747 billion ($4.7 billion). The NSE submits that foreign transactions from January to March was N217.57 billion ($1.37 billion) or 42.7% of the total N510.1 billion ($3.22 billion) for the total transactions … Continue reading Nigerian Stock Exchange Records $4.7 Billion in Foreign Investment

By sheyi

BUSINESS ECONOMY News Stock Market

29th September 2013

Nigeria’s Securities and Exchange Commission (SEC) has won the 2013 Africa Index Series Award for the “Most innovative Capital Markets Regulator” the second year in a row. Winning the award back – to – back, is due to several multifaceted reforms over a three-year period, according to the SEC. Factors considered by the judges to … Continue reading SEC wins Most Innovative Capital Markets Regulator Award

By sheyi

BUSINESS ECONOMY Stock Market

24th September 2013

Nothing too out of the ordinary emanated from the US last week, with an array of both disappointing and encouraging key economic indicators released. The Consumer Price Index (CPI) rose only 0.1% in August as opposed to July’s figure of 0.2%, with the Labor Department naming high costs in the housing sector as the culprit … Continue reading Market Update: Confidence Resurfaces in Eurozone

By guestpost

BUSINESS ECONOMY News Stock Market

17th September 2013

Nigeria through its Sovereign Wealth Fund (SWF) has invested $200 million in the bond market of the United States. This, according to SWF, “Is the 20% stabilization fund set aside from the $1 billion wealth fund, to be used for foreign financial market investment.” Nigeria’s SWF is $1 billion and was derived from oil income, … Continue reading Sovereign Wealth Fund: Nigeria Invests in $200 Million US Bonds

By sheyi

Stock Market

20th August 2013

Statistics released on August 13th have revealed that retail sales in the US climbed 0.2% in the month of July after four consecutive monthly drops in 2013. The cause of this upsurge is thought to be the rising fuel prices which acted as a significant contribution to making non-fuel prices lower. On a downside, US exports … Continue reading Market Report: Europe and the US Show Signs of Economic Recovery, Japan Lags Behind

By press-release

BUSINESS Stock Market

12th August 2013

The week ending August 9th shed positive light on the state of the US economy, as the ISM Non-Manufacturing PMI increased from 52.2 in June to 56 in July, a much higher jump than the forecast 53.2, indicating that the manufacturing sector is experiencing growth and boosting the US dollar. Spurring the economy on further … Continue reading Market Update: US Jobless Claims Stay Low

By press-release

BUSINESS Stock Market

7th August 2013

The fortunes of the forex market have been hinged almost entirely on the fate of the US dollar in the past few weeks and this was particularly evident after Friday’s disappointing Non-Farm Payrolls (NFP) data was announced and the US dollar weakened against all of the major currencies. After the announcement on Friday, EUR/USD rose … Continue reading MARKET UPDATE: US Jobs Data Triggers USD Weakness Across the Board

By guestpost

BUSINESS Stock Market

24th July 2013

The economic uncertainty in the US has led to a see-sawing of market sentiment in recent weeks, bouncing up when positive economic data from the US is revealed and dropping down again when further news is negative. Federal Reserve Chairman, Ben Bernanke has consistently said he will not consider trimming the economic stimulus which is … Continue reading MARKET UPDATE: Uncertain US Fiscal Strategy Causes See-sawing in Market Sentiment

By connectnigeria

BUSINESS Energy Stock Market

21st July 2013

Schlumberger Limited has reported second-quarter 2013 revenue of $11.18 billion versus $10.57 billion in the first quarter of 2013, and $10.34 billion in the second quarter of 2012. Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.54 billion–an increase of 19% sequentially and an increase of 14% year-on-year. Diluted earnings-per-share from continuing … Continue reading Schlumberger Announces Second-Quarter 2013 Results

By connectnigeria

Stock Market

18th July 2013

The US dollar started the week on a positive note with strength across the board.  However, the market demonstrated a degree of surprise and confusion when rumours began to spread that Federal Reserve Chairman Ben Bernanke might not trim the stimulus in September as expected.  On Wednesday, Bernanke confirmed these rumours reiterating his previous statements … Continue reading Market Update: Rumours Trigger Confusion in the Market

By connectnigeria

BUSINESS Energy Stock Market

17th July 2013

Lekoil, the oil and gas exploration and production company with a focus on Nigeria and West Africa more broadly, announces that it has conditionally raised, in aggregate, gross proceeds of approximately US$20.0 million (approximately £13.2 million) through the placing of, in aggregate, 33,850,000 new Ordinary Shares at a placing price of 39 pence per Ordinary … Continue reading Lekoil Raises $20 Million for Drilling and Testing in Nigeria

By connectnigeria

BUSINESS Stock Market

10th July 2013

The US dollar has been strengthening across most of the majors as optimism has flooded the market amidst growing  speculation that the US Federal Reserve will trim the stimulus back as early as September this year.  The market will be closely watching for further policy indications when Fed Chairman Ben Bernanke speaks on Wednesday, the … Continue reading MARKET UPDATE: US Economy Optimism Boosts USD

By connectnigeria

Stock Market

3rd July 2013

A degree of stability has hit the market in the wake of the volatility of last week, but this may be short lived with important US unemployment data due out later in the week.  There are rumours in the market that, should there be stronger than forecast unemployment data, the Federal Reserve may decide to … Continue reading Market Update: US unemployment Data Key To Forex Market

By connectnigeria

BUSINESS Stock Market

22nd June 2013

Federal Reserve Chairman, Ben Bernanke, yesterday announced that he is waiting for unemployment levels to drop to 6.5% before he will consider cutting the financial stimulus to the US economy.  He said the economy is improving, but he is still not satisfied with the high unemployment rate of 7.6%.  With Bernanke stepping down as Chairman … Continue reading FXTM Market Update

By connectnigeria

BUSINESS Stock Market

11th June 2013

Any experienced trader knows that one of the downsides of executing a medium-to long term forex trading strategy is the necessity of leaving positions open overnight – this is when trades incur rollover charges, also known as forex swap rates. In response to this, international forex broker ForexTime Ltd (FXTM), has just announced that they … Continue reading FXTM Launches Over-The-Weeekend Account

By connectnigeria

BUSINESS ECONOMY Stock Market

6th June 2013

This week is an interesting time for currency and commodity traders with volatility expected in the markets due to several influential economic news announcements. The primary focus is on the US economy and whether it is truly strengthening. Employment data announcements this week are expected to have a critical impact on Federal Reserve President Ben … Continue reading Forex Time Market Update

By connectnigeria