Cautious Optimism Still On NGSE, As Investors Position In High Yield, Dividend Stocks

Ecobank

Market Update for January 12 By Investdata Analysts Nigeria’s stock market on Tuesday extended its bullish transition for the second consecutive session on positive sentiments for blue-chip stocks and undervalued companies that investors perceive as those that will rally this year as the nation economy recovers, and inflation expectedly declines on increased national industrial output. Despite the changing market holding structure, as domestic institutional investors play deeper, the Money Flow Index and other technical indicators signal a bearish divergence from the composite index’s action. This is notwithstanding the fact that…

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Nigeria still faces 500,000MT rice production shortage

Rice Production

Nigeria still faces 500,000MT rice production shortage   The Federal Government of Nigerian has disclosed that the country still faces 500,000 metric tonnes gap in rice production. It, however, stated that the country would soon close the gap and meet the seven million metric tonnes production capacity required to attain self-sufficiency. The Federal Ministry of Agriculture and Rural Development disclosed this in a statement issued in Abuja by the Deputy Director, Information, Eno Olotu. The statement quoted the Director, Federal Department of Agriculture, Karima Babaginda, to have said this while…

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FG spent N6.46trn on debt servicing, personnel in 2020 – Minister

FG spent N6.46trn on debt servicing

FG spent N6.46trn on debt servicing, personnel in 2020 – Minister   The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure. Ahmed spoke virtually while presenting the 2021 Federal Government approved budget. Providing updates on the 2020 budget implementation,…

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Today: Bitcoin extends tumble in further blow to volatile crypto boom

Bitcoin extends tumble

Today: Bitcoin extends tumble in further blow to volatile crypto boom   Bitcoin resumed declines today Wednesday as the digital coin heads for its worst week since March last year, a drop that’s raised questions about the outlook for the cryptocurrency boom. Bitcoin fell as much as 6.8% to about $32,359 before paring some losses. The largest cryptocurrency whipsawed investors over the past few days, hitting a record near $42,000 on Jan. 8 and then tumbling to a low around $30,300. The price swings evoke memories of Bitcoin’s December 2017…

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Angola’s economy to get boost with fresh $488m IMF loan

IMF Loan

Angola’s economy to get boost with fresh $488m IMF loan   The International Monetary Fund (IMF) approved the disbursement of $488 million to Angola and reiterated its confidence that Africa’s second-biggest oil producer will rein in public debt to sustainable levels. The disbursement approved by the executive board comes four months after the Washington-based lender increased the size of the loan by almost a quarter to $4.5 billion to help Angola weather the fallout of the coronavirus pandemic. The three-year Extended Fund Facility, which began in 2018, aims to overhaul…

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Rising appetite for undervalued stocks boost equities by N76bn

undervalued stocks

Rising appetite for undervalued stocks boost equities by N76bn   The Nigerian equities market sustained uptrend on Tuesday amid renewed interest in undervalued stocks, leading to N76 billion profit for investors in the market. Particularly, the bull-run was buoyed by buying interests in Dangcem, Mansard and NASCON which closed the day higher by 2.2 per cent, 9.6 per cent and 10.0 per cent  respectively. Following the gain of the day, market aggregate value closed higher at N21.07 trillion while the All-Share Index (ASI), that tracks share prices movement added 145.17…

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Zoom Video raises $1.75bn in new stock offering

Zoom Video

Zoom Video raises $1.75bn in new stock offering   Zoom Video Communications Inc. is raising $1.75 billion through a stock offering, capitalising on enduring demand for the video-conferencing platform during the pandemic. Zoom is selling about 5.15 million shares at $340 apiece, representing a 4.7 per cent discount to its last close, according to a statement on Tuesday. The offering is expected to close on or about January 15. It has given its underwriter a 30-day option to buy as much as an additional 735 294 shares of its Class…

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The Incubator Reality TV Show offers Nigerian startups N1.0bn

The Incubator Reality TV Show

‘The Incubator Reality TV Show offers Nigerian startups N1.0bn   The Incubator Reality has created a lifeline to leapfrog and disrupt Nigerian start-ups by increasing their capacity and access to funding, via a novelty incubation programme. A statement by ECSCORP, the Incubator’s architect, said the reality TV show, the biggest and first of its kind in the world, seeks to change the start-up narrative by creating a start-up hub where best brains are incubated to encourage product exposure, partnership, and funding. “Start-ups encounter many challenges especially during the formation stage. These challenges…

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