Nigeria’s GDP declines 1.73% year-on-year in Q4 2016
Businessam Staff
October 25, 2017
Data from the Nigeria Bureau of Statistics released Tuesday, October 24, 2017, indicates that the country’s Gross Domestic Product (GDP) declined in the third and fourth quarters of 2016. In real terms year on year growth in GDP declined by 2.34% and 1.73%, in the third and fourth quarter respectively, continuing the negative growth trend […]
Nigerian equities market index gains 0.33% as global stock rise on strong earnings, economic data
Businessam StaffOctober 24, 2017
The Nigerian equities market Tuesday reversed the negative trend, which began last week, as benchmark index rose 0.33 percent to close at 36,531.62 points. This is just global stock markets rise on strong earnings, economic data. Accordingly, market capitalization increased N41.2 billion to settle at N12.6 trillion. The positive performance was broadly driven by gains […]
Nigerian banks’ overnight rates moderate as N93.74bn maturing OMO bills hit the system
Businessam StaffOctober 24, 2017
Nigerian interbank overnight rate, which rose to148 percent Monday as banks scramble to muster naira liquidity to cover their positions after participating in the mandatory Central Bank of Nigeria (CBN) open market operation (OMO) bills auction on the day, moderated Tuesday to 120.08 percent. The rates monitored on the FMDQ platform indicate overnight rate falling […]
OPEC working on exit strategy to reassure investors it won’t flood market after curb deal
Businessam StaffOctober 24, 2017
As OPEC negotiates the extension of its oil production cuts until the end of 2018, it’s also quietly started working on an exit strategy in an effort to reassure investors it won’t flood the market once the curbs finally expire, according to people familiar with the deliberations. The talks, still at a preliminary stage, are […]
We’ll be toasted, roasted, grilled if the world fails to take critical decision on climate change – IMF chief
Businessam StaffOctober 24, 2017
Christine Lagarde, managing director of the International Monetary Fund (IMF) has warned of a dark future for the world if critical decisions on climate change are not taken by world leaders. She told participants at a major economic conference in Riyad, the Saudi capital, Tuesday that the world faces a “dark future” if it fails […]
BPE opens bids for technical consultants to monitor, manage power sector post-privatisation challenges
Businessam StaffOctober 24, 2017
Nigeria’s Bureau of Public Enterprises (BPE) has opened bids for technical consultants to monitor and manage post-privatisation challenges in the power sector. The bids opening which took place in Abuja Tuesday, October 24, 2017 is aimed at providing the BPE with external consultants to help put in place robust mechanisms to monitor and manage the […]
Nigeria inter-bank overnight rates spike 148% on continued OMO bills auction
Businessam StaffOctober 23, 2017
Nigerian interbank overnight rate spiked 148 percent Monday as banks scramble to muster naira liquidity to cover their positions after participating in the mandatory Central Bank of Nigeria (CBN) open market operation (OMO) bills auction, which took place on the day. The CBN sells and buys government securities at OMO in order to expand or […]
Nigerian stocks trade low as earnings season fail to lift market while global stocks spike
Businessam StaffOctober 23, 2017
Nigerian stocks trade low Monday as benchmark index fell 0.48 percent despite improved earnings report trickling in. This is just as earnings season distracted European investors from the Catalonia crisis to boost market moderate gains. In the US, stocks also hit record highs on Monday as Wall Street geared up for the busiest week of […]
Oil prices rise on tightening supply, strong demand
Businessam StaffOctober 23, 2017
Oil prices rose Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising. Brent crude futures, the international benchmark for oil prices, were at 57.84 dollars. U.S. West Texas Intermediate (WTI) crude futures were at 52.03 dollars per barrel.. The amount […]
Nigerian stocks end week lower with benchmark index paring 0.71% w-o-w as U.S tax progress buoys world stocks
Businessam StaffOctober 20, 2017
Nigerian equities Friday depreciated 0.16 percent to close benchmark index at 36,587.31 points as against 36,848.17 points recorded last week, which represents 0.71 percent depreciation week-on-week. This is just as world stock markets pushed higher Friday after the passing of a budget resolution in the U.S. The Senate stoked hopes that President Donald Trump’s tax […]