Business

 The Nigerian stocks market initiated July on a robust optimistic note as investors yesterday acquired an impressive profit of N534 billion on the first trading day of the month.As a result, the All Share Index (ASI) advanced by 980.97 points, representing a 1.61% growth, ultimately closing at 61,949.24 points. Additionally, market capitalisation increased by N534 billion, reaching a close of N33.732 trillion.The uptrend was influenced by gains achieved in medium and large capitalized stocks, including Conoil, MTN Nigeria Communications (MTNN), MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO), and NASCON Allied Industries.This week, analysts at United Capital Plc stated: "We anticipate the bullish sentiments in the stocks market to persist due to the attractiveness of the market c...

Huawei has appeared with full force at MWC Shanghai 2023, with all their endeavors falling under the theme of "GUIDE to the Intelligent World".As per the company, this year, their activities encompass an immersive tour that transports audiences to multiple cities to discover their technology and business, as well as the unveiling of their latest ground-breaking products and solutions for 5GigaGreen, 5G smart core networks, Intelligent OptiX Networks, private line + X products, and other clever digital transformation solutions.During these activities, Huawei will also organize multiple roundtables and discussions with global operators, industry partners, and thought leaders, to delve into a range of topics including accelerating 5G prosperity, propelling intelligent digital transformatio...

 FMDQ Securities Exchange Limited, has given approval for the listing of MyCredit Investments Limited N2.50 billion Series one Commercial Paper (CP) on its platform.The Exchange declared that this is part of its mission to expedite the progress of the Nigerian debt markets, as it will keep using its platform to effectively improve the registration, listing, quotation, and trading of debt securities in the Nigerian financial markets.It further mentioned that, “the proceeds from this CP, which is sponsored by United Capital, FBNQuest Merchant Bank and Renaissance Securities will be utilized by the Issuer for its general corporate purposes.”FMDQ added that “the Nigerian CP market, as administered by the Exchange, continues to offer issuers with renewed opportunities to expand their busines...

In the first half of the year, N829.962 billion worth of transactions were conducted on the Nigerian Exchange (NGX) by ten brokerage firms.According to the Broker Performance Report for June 30, 2023, these transactions accounted for 57.01% of the total trade executed on the Exchange from January to June.In terms of volume, the top ten brokerage firms conducted a total of 76.346 billion shares, which represented 57.64% of the entire trade executed on the exchange during that period.Apt Securities & Funds ranked first with a transaction value of N168.993 billion, CardinalStone Securities traded shares valued at N161.855 billion, and Stanbic IBTC Stockbroker traded an estimated value of N129.92 billion.Other brokerage firms that facilitated significant transactions were United Capital...

The Nigerian Exchange (NGX) Limited announced that it is at the forefront of speeding up the advancement of Exchange Traded Derivatives (ETDs) in West Africa as ETDs Market holds great potential for economic growth and development in Nigeria.Derivatives are fundamentally agreements that derive their value from a mutually agreed underlying asset, index, or commodity. Common underlying instruments encompass bonds, commodities, currencies, interest rates, market indices, and stocks. Market operators stated that by providing enhanced risk management tools, increased liquidity, and improved price discovery, derivatives can draw in domestic and foreign investors, enhance market sophistication, and promote overall economic stability.Consequently, the Exchange engaged relevant market stakeholde...

Renowned individuals in the field are expected to gather at the second edition of the Insurance Meets Tech (IMT) conference with the aim of overcoming roadblocks in policy and technology that impede disruptive insurance penetration.Scheduled to take place from September 28 to 29, 2023, in Victoria Island Lagos, the conference will address pressing concerns in Nigeria's insurance industry, as well as the continent as a whole.The organizers state that IMT 2.0 will bring together influential figures from the government, finance, health, tech, and telecom sectors, along with key players in the insurance and insurtech sub-sectors. The aim is to brainstorm, unravel, and develop viable solutions to the challenges of insurance penetration in Nigeria and across Africa.The two-day conference will...

Officials from the Yola International Airport, as part of the Federal Airports Authority of Nigeria (FAAN), are urging the federal government to step in and resolve the issues of sporadic electricity supply and Automotive Gas Oil, which are negatively impacting both aeromatic and non-aeromatic businesses in the aviation industry.The officials, who wish to remain anonymous, disclosed that the airport handles an average of 30 flights per month, with three flights operating daily.They mentioned that the number of flights increases significantly during peak periods such as pilgrimages to Mecca and Jerusalem, as well as during festive seasons. Euro Contractor, PEACE, and AZMAN are the leading airlines with the highest number of flights during these periods.The officials expressed their conce...

Once again, Zenith Bank Plc has maintained its status as the leading bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine. For the 14th consecutive year, the Bank has remained the top Tier-1 bank in Nigeria, securing the 467th position globally with a Tier-1 Capital of $2.54 billion.The rankings, which were published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the Tier-1 capital of banks worldwide at the end of 2022. Most international organizations rely on these rankings as the primary source of global bank financials for their assessments of banks.Dr. Ebenezer Onyeagwu, the group managing director/CEO of Zenith Bank Plc, commented on the bank's financial performanc...

Wema Bank Plc has launched the 3rd edition of its 5 for 5 promotion, which aims to acknowledge and reward patrons across Nigeria for their steadfast loyalty to the bank.The promotion, which started over the weekend, will distribute a total of N90 million in cash prizes to Wema Bank patrons in various regions of Nigeria over a period of 10 months. Every month, customers will be chosen through weekly giveaways and monthly raffles, with cash prizes ranging from N5,000 to an impressive N1 million. Moreover, the promotion's raffles will take place in different regions across Nigeria, increasing the winning opportunities for residents in the selected cities.Responding to this, Wema Bank's chief Digital officer, Segun Adeniyi, highlighted the bank's unwavering dedication to prioritizing custom...