Business Tips

Asian Shares Slump on Global Growth Concerns

Asian shares and emerging currencies fell on Monday after the U.S. Federal Reserve's decision to keep interest rates at record lows raised fresh concerns about growth globally, particularly in China.

European markets were set to follow suit, with financial spread betters expecting Britain's FTSE 100 to slip 0.4 percent, Germany's DAX 0.5 percent, and France's CAC 40 0.2-0.3 percent.

BGL and its Subsidiaries Remain Suspended –SEC

The Securities and Exchange Commission (SEC) has announced that, in view of a Court ruling, “BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.”

The Commission said the Federal High Court, on September 17th, 2015, in Suit No. FHC/L/CS/767/15; BGL Plc & Ors Vs Securities and Exchange Commission, had discharged the Ex-Parte order obtained by BGL Plc and its subsidiaries on the 27th of May 2015.

Equities Market Review and Outlook –Week Ended 18th September, 2015

After adding 0.2% each in the last two consecutive sessions, the All Share Index ended the week in the red, declining 0.2% to close the week at 30,332.68pts. Equally, market capitalisation fell N26.5bn to settle at N10.4tn for the week. Today's decline was majorly driven by losses in DANGCEM (-1.8%), OANDO (-4.7%) and STANBIC (-1.6%). On the contrary, market activities closed the week up as volume and value rose 57.4% to 333.4m units and 28.8% to N3.5bn.

Federal Government Planning Zero-based Budgeting for 2016

The Federal Government is planning to use a zero-based budgeting format for its 2016 budget planning, according to the Vice President, Yemi Osinbajo.

The Vice President said the zero-based budgeting would be carefully coordinated to ensure that it is policy-driven, especially regarding the proposed social intervention policy of the Buhari administration.

Daily Market Report –September 16th, 2015

RECOVERY –Market rebounds at close of trading.

The Nigerian equities market rebounded from its previous negative close as the Benchmark index- All Share Index- reversed losses, gaining 0.2% to close for the day at 30, 359.47 points. Increased interest in UBN (+3.7%), ZENITH (+2.5%) and GUARANTY (+2.2%) lifted the market as investors gained a total of N16.4bn to bring market capitalization to N10.4tn. Market activity however weakened today as volume and value traded fell 59.0% and 40.0%  to close at 169.8m units and N1.4bn apiece.

Nigeria to Raise ₦100.8b in Treasury Bills

Nigeria plans to raise  ₦100.88 billion in treasury bills with maturities between three months and one year at an auction on Sept. 23, the central bank said on Wednesday.

According to Reuters, the bank said it will issue new 91-day paper worth ₦31.19 billion, ₦10.61 billion in 182-day bills, and ₦59.08 billion in 1-year debt, using the Dutch Auction System.

Results of the auction are expected to be released the following day.

Nigeria issue treasury bills twice-monthly to fund the government budget deficit and manage liquidity in the banking system.

Domestic & Foreign Portfolio Participation in Equity Trading –August, 2015

On a monthly basis, the Nigerian Stock Exchange (NSE) polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). The table (1) above shows an analysis of transactions on the NSE at the end of August 2015. 

Domestic Vs Foreign 2015
Monthly FPI transactions at the nation’s bourse decreased to ₦81.13 billion (about $0.41 billion) in August 2015 from ₦107.47 billion (about $0.55 billion) at the end of July 2015; representing a decrease of 24.51%.

Buhari Assures French Investors of Good Economic Climate

President Muhammadu Buhari has assured investors in France and other parts of the globe of his administration’s commitment to provide a suitable business environment that will boost economic activities and create jobs for the youths; Punch Newspaper reports.

The President said his decision to approach headlong the issue of insecurity within the early days of his government was to ensure the safety of all citizens and guarantee investment for both local and foreign investors.

World Bank Warns on US Rate Rise

The World Bank has warned developing countries to brace themselves for possible financial turbulence when the US Federal Reserve starts to raise interest rates.

It could come as early as Thursday when the Fed concludes a policy meeting.

According to BBC, a new report from the World Bank says there will probably be a modest impact on developing countries.

But it also warns there is some risk that it could be worse.