Category: Capital Market
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Equity market soars as investors gain N409 billion
Investors in the equities market gained N409 billion as the Nigerian Exchange Limited witnessed a slight increase in trading activities in the past week, resulting in the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points. The market capitalization of listed equities also saw a 1 per cent increase week-on-week, reaching N36.919…
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Naira loses to dollar, closes at 419
he Naira on Monday depreciated at the Investors and Exporters window, exchanging at N419 to the dollar, a 0.48 per cent depreciation, weaker than N417 it traded on Friday. The open indicative rate closed at N419 to the dollar on Monday. An exchange rate of N423.00 to the dollar was the highest rate recorded within…
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Nigeria stock market resumes week with N4bn loss
The nation’s bourse opened trading for the week on Monday on a bearish mood with the market indices dropping by 0.02 per cent. Specifically, the market capitalisation, which opened at N20.455 trillion, shed N4 billion or 0.02 per cent to close at N20.451 trillion. Also, the All-Share Index lost 8.12 per cent or 0.02 per…
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Australian central bank keeps monetary policy unchanged
Australia’s central bank maintained its interest rate as well as bond purchase programme on Tuesday, as widely expected, as these measures continued to help the economy by keeping financing costs very low. The policy board of the Reserve Bank of Australia headed by Governor Philip Lowe decided to leave its cash rate unchanged at a…
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NSE completes demutualisation
The Nigerian Stock Exchange (NSE) has received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively. With these approvals, The Exchange has now completed its demutualisation process. Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has…
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CBN backs FG’s plan to increase VAT, gives reason
Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says the plan to increase Value Added Tax (VAT) from five per cent to 7.5 per cent is in the right direction to raise country’s revenue. Emefiele stated this while fielding questions from journalists after the Monetary Policy Committee meeting held in Abuja. He…
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Capital importation into Nigeria for Q1 2019 over $8.4m—NBS
The National Bureau of Statistics (NBS), said that the total value of capital importation into Nigeria stood at 8,485 million dollars in the first quarter of 2019. The bureau said this in its “Nigerian Capital Importation (Q1 2019) Report” for July 2019 published on its website. The News Agency of Nigeria (NAN) reports that under…
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Oando minority shareholders query SEC over suspension of AGM
Minority Shareholders of Oando Plc on Wednesday decried the cancellation of the company’s 2018 Annual General Meeting (AGM) by the Securities and Exchange Commission (SEC) on the eve of the programme. Mr Hamza Ridhwa, who is also the Secretary-General, Association for Investors Liberation, spoke on behalf of the shareholders at a news conference in Lagos.…
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Oando Saga: SEC says action aimed at protecting investors
The Securities and Exchange Commission (SEC) on Sunday said that Oando Plc was given sufficient opportunity of being heard before they were penalised. The commission said in Lagos that there were various opportunities by the company to defend themselves during the investigation by SEC and during the forensic audit. “The attention of SEC has been…
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VAT designed to support the poor – Fowler
The Federal Inland Revenue Service (FIRS) has stated the Value Added Tax (VAT) is a consumption tax primarily designed to support poor people, and not to create hardship for them. Executive Chairman of the FIRS Babatunde Fowler allayed fears that the increase in VAT may cause hardship for the poor, stating that VAT is charged…