Nigeria likely out of recession in Q2 but needs business confidence via single FX policy for growth sustainability – Poll
Businessam Staff
September 3, 2017
Nigeria and South Africa, Africa’s two biggest economies, have been projected to likely emerge from recession in the second quarter of the year but strong growth won’t show up until business confidence is restored, a Reuters’ poll suggested at the weekend. The poll, which comes ahead official growth data expected Tuesday this week for both […]
Texas refineries begin restart after hit from Hurricane Harvey as market awaits IEA release oil data
Businessam StaffSeptember 3, 2017
Reports say a number of key Texas refineries are working to reopen or resume normal operations a week after Hurricane Harvey knocked out nearly one quarter of the US refining capacity and sent gasoline prices to two-year highs, just as the International Energy Agency (IEA) still sees no need for a coordinated international release of […]
Global market indices rise on big acquisition announcements, landmark new drug approval
Businessam StaffSeptember 2, 2017
Major global market indices rose at the close of business Friday helped by big acquisition announcements and a landmark new cancer drug approval in the United States, just as Nasdaq Composite posts biggest weekly gain of the year. According to reports, the past week saw global investors, while navigating the damage caused by Hurricane Harvey […]
Apple’s new iPhone seen to lead to $180 billion in smartphone sales despite lagging behind Android
Businessam StaffSeptember 2, 2017
Though Apple Inc.’s iPhones may lag Android devices in terms of market share, Apple is expected to bring in $180 billion from its smartphones alone by 2021, according to a report from market intelligence firm IDC. At the moment, Apple holds about a 14 percent to 15 percent share of the smartphone market, with Android […]
Nigeria targets a $15 per barrel oil production, to stop gas flaring by 2020
Businessam StaffSeptember 1, 2017
Nigeria, Africa’s largest oil producer, says it plans to reduce business cost by setting a target of $15 per barrel oil production, just as it hopes to put an end to gas flaring by 2020. Ibe Kachikwu, minister of state for petroleum resources, disclosed this in the mid-term review of the activities of the ministry […]
U.S. businesses canvass free-floating naira for more investment in Nigeria
Businessam StaffSeptember 1, 2017
United States businesses and companies would prefer a free-floating naira for them to invest and do more business in Nigeria, according to Senator Chris Coons, head of a congressional delegation visiting Nigeria, Africa’s largest economy. “I have heard concerns from American companies that before they significantly increase their investment here they would hope they return […]
Nigeria’s manufacturing index expansion slows in August as economy comes out of recession
Businessam StaffAugust 31, 2017
The manufacturing purchasing managers’ index (PMI), an indicator of the economic health of the manufacturing sector, declined marginally to 53.6 index points in August 2017 from 54.1 in the previous month, indicating a slowdown in the expansion rate in the manufacturing sector, which began in the past five months, a Central Bank of Nigeria (CBN) […]
Nigeria’s inflation to decelerate further on stable exchange rate, tight liquidity
Businessam StaffAugust 31, 2017
Financial analysts say Nigeria inflation may decelerate further in August albeit marginally to 16 percent, citing stable exchange rate and tight liquidity as well as a reduction in inventory cycles by manufacturers as major influencers. Analysts at Financial Derivatives Company (FDC) specifically forecasts headline inflation would decline slightly for the seventh consecutive month to 16.03 […]
Investors’ move for profit in banking bellwethers, NB, sustains bearish sentiment in Nigeria equities market
Businessam StaffAugust 31, 2017
Nigeria equities market maintained its negative trend Thursday as the bourse’s benchmark index shed 35 basis points to close at 35,504.62 points, while year-to-date gain contracted to 32.1 percent. Sustained profit-taking in NIGERIAN BREWERIES (-2.2%), STANBIC (-4.3%), GUARANTY (-0.3%) and UBA (-3.7%) largely influenced market performance. The negative trend saw market capitalization decreased by N42.9 […]
Nigeria naira trades N362/$ as CBN injects $547m in one week
Businessam StaffAugust 31, 2017
Nigeria’s central bank Thursday raised the total intervention for the week to $547 million as against $195 million offered the previous week, just as analysts say the move was in anticipation of the Muslim holidays. Consequently, the local currency traded fairly at N362 to the dollar Thursday as against the N370 it did earlier in […]