Bitcoin surges 750% year-to-date despite criticism from main bankers
Businessam Staff
October 12, 2017
Despite criticism of it not fulfilling some of the most important functions of currency, Bitcoin, the digital currency, has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use. Prices have climbed more than four-fold this year to about $5240 […]
Nigerian PFAs invest 71.28% of pension assets in govt securities in 2016 as funds grew 16.4% to N6trn
Businessam StaffOctober 12, 2017
Nigerian pension fund administrators in 2016 invested 71.28 percent of total pension fund assets in government securities, according to the Nigerian Pension Fund Administration Data for 2016 released by the National Bureau of Statistics (NBS). The statistics agency noted that investments in ordinary shares were 9.48 percent, closely followed by investments in money market securities […]
OPEC sees glut in oil inventory disappearing Q3 2018 despite IEA’s forecast of a pick-up
Foster ObiOctober 12, 2017
The Organization of Petroleum Exporting Countries (OPEC) is optimistic about its efforts in clearing the surplus in oil inventories yielding results by the end of the third quarter of next year, according to sources and reports by Reuters. However, the International Energy Agency (IEA) estimated in its monthly report Thursday that the decline in inventories this […]
Energy agency sees steady oil prices in 2018 on rising demand, supply by non-OPEC members
Businessam StaffOctober 12, 2017
The International Energy Agency (IEA) has said that though OPEC-led production cuts have helped to stabilise the oil market, crude prices will be kept in check in 2018 as demand grows at the same rate as supply from outside of the cartel. The Paris-based organization disclosed this in a forecast released Thursday. “It is this current […]
Buy interest in Nigerian Breweries, Nestle, Stanbic reverses equities market 2-day downtrend, index up 0.2%
Businessam StaffOctober 12, 2017
Buy interest in Nigerian Breweries, Nestle and Stanbic IBTC reversed Nigerian equities market 2-day downtrend Thursday as the all-share index (ASI) advanced 0.2 percent to 36,732.24 points while year-to-date gain increased to 36.7 percent. As a result, market capitalization gained N27.3 billion to settle at N12.6 trillion. Specifically, NIGERIAN BREWERIES gained 0.6 percent, NESTLE 0.7 percent and […]
Nigeria’s real per capita income will remain flat on current policies – IMF
Businessam StaffOctober 12, 2017
The International Monetary Fund (IMF) has indicated that Nigeria’s real per capita income will remain flat on current policies, and that the country need prioritize fiscal consolidation that will mainly be driven by revenue mobilization, especially nonoil revenue. Responding to questions on inequality despite record growth in African economies at a press conference on the […]
Profit taking pares Nigerian equities market cap by N42.6bn as index dips 0.34%
Businessam StaffOctober 11, 2017
Nigerian stocks Wednesday lost N42.6 billion in market capitalization as profit taking in bellwether counters dragged benchmark index down by 0.34 percent to settle at 36,652.82 points, just as year-to-date gain moderated to 36.4%. Losses in NIGERIAN BREWERIES (-2.9%), UBA (-1.7%) and STANBIC (-2.3%) were the major drags to Wednesday’sperformance. Market activity level worsened as volume and value […]
Nigeria’s headline inflation to taper off at 15.99% in September – FDC
Businessam StaffOctober 11, 2017
Analysts at Financial Derivatives Company (FDC) have projected marginal decline in headline inflation year-on-year to 15.99 percent for the month of September 2017, adding that continued decline might push the CBN to maintain a contractionary monetary policy to prevent a relapse in inflation levels. In an FDC Economic Bulletin released Wednesday seen by businessamlive , the analysts […]
Russia goes against cryptocurrencies as central bank pledges blocking sites selling bitcoin
Businessam StaffOctober 10, 2017
President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals – a change of tone from a month-old promise to legalize the market. Reuters reports that Sergei Shvetsov, Russian central bank first deputy governor, said in a conference in Moscow […]
IMF growth outlook for Nigeria stays flat as global economy’s upgraded by 0.1%
Businessam StaffOctober 10, 2017
The International Monetary Fund (IMF) has maintained its growth outlook for Nigeria at flat 0.8 percent this year and 1.9 percent in 2018, just as it upgrades its earlier outlook for the global economy by 0.1 percent. In its October World Economic Outlook released Tuesday, the IMF reaffirmed its July projection that Nigeria will see its […]