Sell-offs in BUACEMENT underpin N54bn loss as equities open week

Nigerian equities extends gain on Tuesday to cross N20trn market value

Sell-offs in BUACEMENT underpin N54bn loss as equities opens week     The Nigerian equities market started the week’s trading on a negative note as sell-offs in the shares of BUA Cement that lost -2.8 per cent underpinned a 0.27 per cent  in the aggregate value of the market. Consequently, the All-Share Index (ASI) of the domestic bourse shed 103.41 points to close lower at 38,545.30 basis points from 38,648.71 index points it opened the session. Similarly, aggregate value of equities investments in the mark shed N54 billion to close…

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UPDATED: Why NGX fully suspends 29.431bn shares of GTBank

NGX lists Guaranty Trust Holding Company shares on trading platform

Why NGX fully suspends 29.431bn shares of GTBank     The Nigerian Exchange (NGX) Limited last Friday placed full trading suspension on the shares of Guaranty Trust Bank (GTBank) Plc. The NGX however explained that the suspension was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank to pave way for the listing of the holding company (HoldCo), Guaranty Trust Holding Company Plc on NGX. As at the time of the suspension, the banks had 29,431,179,224 ordinary shares valued at N840,260,166,845.20…

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BREAKING: Confusion as UAE bans Nigerian flights again

Confusion as UAE bans Nigerian flights again

Confusion as UAE bans Nigerian flights again     The United Arab Emirates, UAE, has again announced indefinite suspension of flights from Nigeria to Dubai. This is coming barely 48 hours after the UAE announced that it has finally lifted the ban on travels between Dubai and Nigeria. Dubai had placed a ban on travelers from Nigeria, South Africa based on breach of Covid-19 protocols. UAE in a message from the Dubai Media Office announced that passengers from Nigeria are expected to provide a negative result for a PCR test taken within…

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CBN whets investors’ appetite ahead of N722bn treasury bills auction in Q3

N722bn treasury bills

CBN whets investors’ appetite ahead of N722bn treasury bills auction in Q3     The Central Bank of Nigeria (CBN) said it will sell N722 billion worth of Treasury Bills (TBs) in the third quarter of 2021 (Q3’21). The apex bank disclosed this in its Nigeria Treasury Bills Issue Programme for Q3’21 released weekend. TBs are short term debt instruments used by CBN to borrow money from the public on behalf of the federal government. The apex bank also uses TBs to control money supply in the economy. The apex…

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Google grants TEF innovators $3m as it kicks off three new programmes

Google grants TEF innovators $3m as it kicks off three new programmes

Google grants TEF innovators $3m as it kicks off three new programmes     Google has renewed its commitment to growing Africa’s startup ecosystem with the announcement of three new support programmes for African innovators and female entrepreneurs. According to statement from the tech giant on Monday, the programmes are a Google for Startups Accelerator (GFSA) Africa class, the launch and opening of applications for a new $3 million Black Founders Fund (BFF) Africa programme, and a Google.org-backed $3 million grant to the Tony Elumelu Foundation, leading philanthropy empowering young…

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EXPLAINER: Why crypto market lost $120bn in a day and $270bn in 1 week

Why crypto market lost $120bn in a day and $270bn in 1 week

EXPLAINER: Why crypto market lost $120bn in a day and $270bn in 1 week     The going is getting tougher for the crypto market, and like never before, the is losing billions of dollars at an accelerated rate. The cryptocurrency market had a fatal week as the market capitalization of the entire market shed approximately 17 per cent value over the week. his represents a $270 billion decline which put the current market capitalization at $1.36 billion from $1.63 trillion at the start of the previous week. Three main reasons…

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Forex sales by CBN scrape off $424.8m in foreign reserves

Foreign reserves shed $2.3bn in H1 amid rising oil price

Forex sales by CBN scrape off $424.8m in foreign reserves     The Central Bank of Nigeria (CBN) has said the nation’s foreign reserves dropped by $424.8million in 10 days to $33.79 billion as at June 17, 2021 from $34.22 billion it commenced in June. Nigeria’s foreign exchange buffer $33.79 billion is the lowest since October 2017 as the apex bank sustained intervention in key sectors of the economy. Addressed the decline in external reserves,  the CBN Governor, Godwin Emefiele, had said during the last Monetary Policy Committee (MPC) meeting,…

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MTN pledges support for policy to curtail $2.6bn capital flight

MTN pledges support for policy to curtail $2.6bn capital flight

L-R: Minister of Communications and Digital Economy, Dr. Isa Pantami, President Muhammadu Buhari (GCFR), MTN Group CEO/President, Ralph Mupita and CEO, MTN Nigeria Mr Karl Toriola presenting a gift to President Muhammadu Buhari at the State House Abuja. MTN pledges support for policy to curtail $2.6bn capital flight   The parent company of leading telecommunications company in Nigeria, MTN Gorup has praised the federal government of Nigeria on a recently launched local content policy targeted at stemming $2.6 billion capital flight by telcos in the country. The company stated this…

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Nigerians pay 17.5% more on imported rice – NBS

Nigerians pay 17.5% more on imported rice

Nigerians pay 17.5% more on imported rice – NBS     The National Bureau of Statistics (NBS) disclosed that the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 17.46 per cent as at May 2021. The price has also experienced a marginal uptick of 0.65 per cent month-on-month by to stand at N544.09 per 1kg in May 2021 from N540.58 in April 2021. NBS in its “selected food price” data for May 2021 also reflected that the average price of 1 dozen of Agric…

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Nigeria takes step to auction 3.5 gigahertz spectrum for 5G deployment

spectrum for 5G deployment

Nigeria takes step to auction 3.5 gigahertz spectrum for 5G deployment     The Nigerian Communications Commission (NCC) has inaugurated a committee to develop the Information Memorandum (IM) for the auction of 3.5 gigahertz (GHz) spectrum band which will be used for early deployment of 5G services in the country. The major regulatory step by the commission followed a Senate investigative hearing which gave the Fifth Generation (5G) technology a clean bill of health to clear the air on early controversies that greeted the technology in the country. The Executive…

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