In the news: Equities Market Begins 2018 on Bullish Note
A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad.
The Senate has extended its investigation into the lingering scarcity of Premium Motor Spirit (also known as petrol) to more Federal Government agencies and parastatals.
Electricity generation from the nation’s hydropower plants has recorded significant improvement, offsetting the losses caused by last week’s pipeline fire that left six gas-fired power plants, including Egbin in Lagos, shut down.
Companies of all sizes will demand more loans during the first quarter of 2018 and commercial banks have indicated plans to demand more collateral, the Central Bank of Nigeria Credit Conditions Survey Report has revealed.
The Minister of Labour and Employment, Dr. Chris Ngige, has said President Muhammadu Buhari is desirous to give Nigerian workers an enhanced pay package this year.
Following the face-off with the National Assembly leading to the refusal to pass the budget of the Nigeria Customs Service (NCS), the service faced huge financial challenge in 2017 and may continue in 2018.
The Nigerian equities market commenced 2018 on bullish note last week as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 1.76 per cent to close at 38,916.85.
Following a largely positive 2017 for Nigerian corporates, sentiments on the corporate Eurobonds remained strong in the first trading week of the year.
No fewer than 11 bond instruments with tenors ranging between five and 10 years are due for maturity in 2018.
The Nigerian Stock Exchange (NSE) has launched the auto-flow mechanism in its trading engine. This allows companies to send their corporate earnings’ reports and other information directly to the trading engine on a real time basis.
Flour Mills of Nigeria Plc has rounded off pre-offer processes and signed off documentation for its N39.9 billion rights issue, setting the stage for the opening of the application list for the new capital raising.
Morison Industries Plc at the weekend closed the application list for its rights issue.
Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may have materialized.
Prompted by increased investor confidence in the Nigerian economy, especially in the stock market, positive economic growth outlook, fourteen companies quoted on the Nigerian Stock Exchange, NSE raised N340.6 billion via Rights Issues in 2017.
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