NSE back above water, Nairobi still in difficulties

NSE back above water, Nairobi still in difficulties

By FBNQuest Research The NSEASI crossed a notable threshold on 02 October, returning to positive territory ytd for the first time since 26 February. The advance has now widened to 8.0%, compared with a -3.8% ytd contraction for the Jo’burg all-share and a -32.3% slump in Nairobi (NSE20). Healthy GDP growth and household spending have been absent in Nigeria since early 2015. We struggle therefore to explain the index’s relative outperformance although we can point to the removal of fuel subsidies as a market-friendly reform, albeit one that the FGN…

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NGSE index soars further, as investors seek sound stocks, div history, high payout

Stocks higher while acrimony rules

Market Update for October 27 By Investdata Analysts Equity prices closed higher on the Nigerian Stock Exchange (NSE) Tuesday, as the All-Share index sustained its positive momentum and bullish trend on high traded volume and buying pressure, as normalcy gradually returns to the nation after weeks of #EndSARS protests across the country, that led to last Tuesday’s shooting by soldiers at protesters in Lekki toll plaza in Lagos. This had been followed by wanton destruction of public and private property and looting of palliative warehouses among others. The number of…

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Be among 250,000 SMEs to get free business name registration by CAC

IFC Disburses $50m Loan To Nigerian SMEs Affected By Pandemic

President Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation. This was announced on Tuesday evening by Bashir Ahmed, the new media aide to the President, announced the development through his Twitter handle. “President Buhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406,” he tweeted. “The free registration commences today, visit http://cac.gov.ng for details” he added.…

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Universal Insurance pays N1.2bn claims

Universal Insurance Plc says it paid N1.2 billion as claims to its policyholders who suffered losses in five years. It said this in a statement titled ‘Policyholders rejoice, applaud Universal Insurance for prompt claims settlement’. The breakdown of the claims paid showed that the company paid N147.8 million claims in 2015, N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018, while it settled N338.2 million claims in 2019 financial period. Ben Ujoatuonu, the managing director, Universal Insurance, said the company was presently meeting all its obligations especially,…

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Oyo sets up N1bn fund for MSMEs, victims of police brutality

Oyo sets up N1bn fund for MSMEs, victims of police brutality

Oyo State Government has directed that a N500 million MSME fund be set up to fund youth entrepreneurs in the State with bright business ideas This was disclosed by Governor Seyi Makinde while speaking at the Post-Protest Meeting with Traditional Rulers and other Stakeholders, held at Agodi, Ibadan. According to the Governor, the fund will provide further employment and improve the economic landscape in Oyo State. The Governor also approved N500 million as compensation to victims of police brutality and injustice. This fund is to encourage anyone who has suffered any form…

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Jack Ma’s Ant Group sets price for record $35b IPO

Jack Ma’s Ant Group sets price for record $35b IPO

Ant Group Co has set the price for its initial public offering (IPO) in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a valuation higher than JPMorgan Chase & Co. Billionaire founder Jack Ma, speaking at a weekend conference, said Ant has determined the IPO price, though he did not disclose the amount. Pricing details for the China shares are expected by today, Tuesday, with the Hong Kong price to be announced as soon as Oct 29, people familiar with the matter have…

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Danbatta closes 2-Day working visit to kano with meeting with clerics

Advocates peaceful coexistence ___________________________________ Umar Danbatta, the executive vice chairman of the Nigerian Communications Commission (NCC) has met with some Salafiyyah clerics as he rounded off his two-day working visit to Kano State at the weekend. Danbatta’s last port of call during the visit was his meeting with one of the leaders of Salafiyya Muslims in the state, Sheik Abdulwahab Abdallah on the evening of Sunday, October 25, 2020. During the visit to the cleric, Danbatta commended the Ahlussunnah Muslims for being at the forefront of ensuring a peaceful and…

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Conoil shareholders get N1.39bn dividend

Conoil shareholders get N1.39bn dividend

Shareholders of Conoil Plc have approved the payment of N1.39 billion dividend proposed by the board of the oil marketing company. This came on the back of appreciable performance recorded in the 2019 financial year, and thus, the shareholders will get 200 kobo on every 50 kobo ordinary share. At the virtual 50th Annual General Meeting (AGM) of the company held by proxies at the weekend in Lagos, the shareholders were unanimous in their commendation for performance of the Board and Management and for the consistency in the payment of…

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9M-2020: CAP Plc reports N928m profit as revenue soars 34% in Q3

Maintains strong cash position of ₦4.97bn Envisages improved performance New growth strategy lifting operations, says MD _________________________________ Chemical and Allied Products Plc (CAP), one of Nigeria’s leading paints and decorative companies, has posted positive numbers in its unaudited results for the nine months ended 30 September 2020. The improved performance of the company defied the odds of the Corornavirus pandemic (COVID-19) and other economic headwinds within the period on the back of a new growth strategy of the company embarked on in 2019. According to the latest financial report, the …

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Ferrari recalls 1,063 of its 812 Superfast model due to rear window glitch

Ferrari recalls 1,063 of its 812 Superfast model due to rear window glitch

Italian luxury car manufacturer, Ferrari, has issued a recall of its 812 Superfast vehicles in the United States. Reports show that the manufacturer has recalled about 1,063 units of the model manufactured between 2018 and 2020. This is due to a rear window that can come off during high speeds. The windows were alleged not fixed properly during the manufacturing phase. The error is believed to have emerged from the non-cleaned glass bonding area on the bodywork The manufacturing glitch was first reported in March this year in Germany. Following…

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