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Equities Market Hits New High as Bulls Dominate.

Jul 24 2017
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Equities Market Hits New High as Bulls Dominate.  Thisday Online 

The Nigerian equities market sustained its bullish performance last week as investors’ sentiments remained positive, hoping for impressive half year (H1) corporate earnings.

 

Although the market has remained bullish in recent weeks, investors’ reactions to positive H1 earnings reported by Unilever Nigeria Plc and Lafarge Africa Plc sustained the momentum.

 

As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 2.28 per cent to close the week at 34,020.37, which is a new month high.  With the performance, the market has risen by 2.73 per cent this month so far and 26.6 per cent year-to-date.  Read more

 

Interbank Rates Rise as CBN Sells Treasury Bills, Dollars.  Thisday Online 

Nigeria’s interbank lending rate rose to around 20 per cent on Friday, from five per cent on Thursday, after the central bank sold treasury bills to mop-up excess liquidity and announced plans to sell dollars to businesses.

 

The interbank rate reflects the level of naira cash liquidity in the banking system.

 

The central bank said in a notice to commercial lenders on Friday it would sell dollars to manufacturers, airlines, fuel importers and agriculture businesses at a special auction to clear their backlog of foreign exchange obligations.  Read more

 

7 companies plan N191bn rights issue this year...4 raised N7.2bn H1’17 … Market operators say banks, others likely to raise more funds in H2’17.  Vanguard Online 

Against the backdrop of economic woes which significantly impacted the Nigerian capital market in 2016 recording zero capital raise, companies quoted on the Nigerian Stock Exchange, NSE, have begun to take opportunities occasioned by increased investors’ confidence to raise fresh funds to meet operational and investment needs.

 

Financial Vanguard learnt that about seven companies have got their shareholders’ nod to raise N191 billion before the end of the year, 2017, while four firms have successfully floated about N7.2 billion from January to June 2017. Meanwhile, market operators have stated that in the second half, H2’17, there are indications that more companies are likely to approach the market, particularly the banks as part of their efforts to shore up their capital adequacy requirements to regulatory threshold.  Read more

 

Emefiele Signals Interest Rate Retention as MPC Meets Monday. OPEC: More Nigerian, Libyan oil needed as demand picks up.  Thisday Online 

With the inflation rate still hovering at above 16 per cent, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has said the bank would be failing in one of its key mandates if it cuts the Monetary Policy Rate (MPR) at this time.

 

The comment by Emefiele, which came just as the CBN’s Monetary Policy Committee (MPC) commences its 257th meeting Monday, signals the likely outcome of the meeting.

 

But Emefiele has just one vote at the meeting, even though he chairs the committee, which has operational independence in setting the interest rate.  Read more

Last changed: Jul 24 2017 at 12:57 PM

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