South Africa’s resources stocks weaken after release of mining charter
Businessam Staff
June 15, 2017
Shares of South Africa’s resources companies weakened on Thursday after the minimum threshold for black ownership of mining companies was raised to 30 percent, dragging an index of the stocks to a 13-month low. Mines Minister Mosebenzi Zwane released the details of the much-contested revised mining charter earlier on Thursday, raising the threshold from 26 […]
Fraudsters target N3trn in non-BVN linked accounts
Niyi JacobsJune 13, 2017
Fraudsters are targeting over three N3 trillion in accounts yet to be linked to the central bank of Nigeria introduced biometric verification number (BVN), according to tech and financial analysts. The analysts, who spoke at a CEO roundtable facilitated by Ericsson and International Data Corporation, said that privileged information available to them showed that […]
CBN injects $413.5m to defend the Naira
Businessam StaffJune 13, 2017
The Central Bank of Nigeria (CBN) injected $413.5million into the inter-bank Foreign Exchange market Monday. “The CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28million, spokesperson of the apex bank, Isaac Okorafor said in a statement on […]
Lower interest rates, yields seen in Nigeria as risk factors dissipate
Obodo EjiroJune 12, 2017
Market forces may soon drive down interest rates and yields on fixed income securities in the short-term researchers at FSDH have predicted. This prediction is based on improvement in a number of factors that had hitherto depressed the Nigerian economy. FSDH researchers in a note acknowledge that factors, including high inflation, weak exchange rate and […]
Former HSBC banker faces extradition fight over currency rigging claims
Businessam StaffJune 9, 2017
A former HSBC executive accused of foreign exchange market manipulation has been arrested and bailed in the UK ahead of a potential battle over his extradition to the US. Stuart Scott, the bank’s former head of cash trading for Europe, the Middle East and Africa, appeared in a London court earlier this week and was […]
CBN targets foreign exchange from exports, directs exporters to register Form NXP
Businessam StaffJune 7, 2017
In a move to shore up foreign exchange earnings for the government, the Central Bank of Nigeria (CBN) has set its targets on exports as it has directed all exporters to strictly comply with the Foreign Exchange Manual, as it introduces Form NXP. The directive was contained in a circular, “Exports from Nigeria- Compliance with […]
Nigeria’s bond market remains muted as CBN sells N18bn OMO bills
Niyi JacobsJune 7, 2017
The Nigerian bond market remained largely muted Wednesday with modest buying interest on select maturities as against growing demand for treasury bills at the Open Market Operation (OMO) auctions where the Central Bank sold bills worth N18 billion. The apex bank had offered N15 billion but eventually sold N18 billion across the 191DTM and 345DTM […]
Nigeria’s equity market resumes upward trend as oil and gas stocks rally
Niyi JacobsJune 7, 2017
The Nigerian equities recouped Tuesday loss by closing Wednesday on a positive note, with NSE ASI appreciating by 1.51% to close at 32,686.72 basis points against 1.16% depreciation recorded previously. The bourse’s year-to-date (YTD) returns expanded to 21.63%. Wednesday market was majorly driven by a rebound in market heavyweight DANGCEM (+4.8%) and rally in Oil […]
European bank bailout soothes anxious markets
Businessam StaffJune 7, 2017
The smoothly executed rescue of Spain’s struggling Banco Popular prodded European banking stocks higher on Wednesday in financial markets dominated by caution ahead of a trio of major events on Thursday, Reuters reports. The absorption of Popular by Spain’s biggest bank Santander for a nominal one euro was the first use of a regime to […]
Nigerian stocks drop by 1.16% in 2 wks as investors take profit
Businessam StaffJune 6, 2017
Nigerian stocks slipped for the first time in two weeks after some investors decided to book profits from a rally that had pushed the market index to a 23-month high. The index dropped 1.16 percent to 32,200 points as Dangote Cement and First Bank shed some of their gains made in the last week. The […]