₦airaland Forum

Transcorp Declares N4.2b Profit in H1 2017
www.businesspost.ng/2017/07/24/transcorp-declares-n4-2b-profit-h1-2017/

Nigeria’s Foreign Reserves Hit $30.5b
http://www.businesspost.ng/2017/07/22/nigerias-foreign-reserves-hit-30-5b/

Wema Bank Plans to Raise Equity Next Year
http://www.businesspost.ng/2017/07/22/wema-bank-plans-raise-equity-next-year/

CBN Sells T-Bills, Forex as Interbank Rate Rises to 20%
http://www.businesspost.ng/2017/07/22/cbn-sells-t-bills-forex-interbank-rate-rises-20/

Lafarge, Dangote Cement, Others Add N112b to Market Capitalisation
http://www.businesspost.ng/2017/07/21/lafarge-dangote-cement-others-add-n112b-market-capitalisation/

CBN Sells T-Bills, Forex as Interbank Rate Rises to 20%
http://www.businesspost.ng/2017/07/22/cbn-sells-t-bills-forex-interbank-rate-rises-20/

NEM Insurance Grows Profit by 11% to N1.3b in Six Months
www.businesspost.ng/2017/07/21/nem-insurance-grows-profit-11-n1-3b-six-months/

UBA Board Approves Payment of Interim Dividend
http://www.businesspost.ng/2017/07/20/uba-board-approves-payment-interim-dividend/

HY 2017: Transcorp Hotels Profit Drops by N1.1b, Declares no Interim Dividend
www.businesspost.ng/2017/07/20/hy-2017-transcorp-hotels-profit-drops-n1-1b-declares-no-interim-dividend/

Africa Prudential Declares HY N864m PAT
http://www.businesspost.ng/2017/07/19/africa-prudential-declares-hy-n864m-pat/

Nigerian Stocks Sustain Upward Swing
http://www.businesspost.ng/2017/07/19/nigerian-stocks-sustain-upward-swing/

By Modupe Gbadeyanka

Guaranty Trust Bank (GTBank) Plc has announced increasing its monthly international spend limit on its Naira MasterCard.

In an email notice to its customers on Tuesday morning, the financial institution disclosed that it was raising the limit from $100 to $1000 monthly.

“We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments,” the lender said in the email notice obtained by Business Post.

In the electronic mail, the bank said the transaction applies to POS and Online channels.

It was reliably gathered that the upward review was done as a result of improved Dollar liquidity in the country.

Restrictions were earlier placed on Naira credit and debit cards because of scarcity of foreign exchange in Nigeria.

But the Central Bank of Nigeria (CBN) intervened by supplying forex to the market on a regular basis, easing the huge pressure on the local currency.

However, GTBank announced in the email notice yesterday that “international cash withdrawal is still restricted.”

http://www.businesspost.ng/2017/07/19/gtbank-raises-intl-spend-limit-naira-cards-1000/

By Dipo Olowookere

On Tuesday, Etisalat Nigeria confirmed changing its brand name to a new one called 9Mobile after its parent firm, the Etisalat Group in the United Arab Emirates (UAE), pulled out of the business in Nigeria.

In a statement issued yesterday, the firm described the name change as a testament to its dynamism, responsiveness and agility as a business, while leveraging on the power of technology to deliver innovative products and services that meet needs of its over 20 million subscribers.

In the statement, the CEO of 9Mobile, Mr Boye Olusanya, while explaining why the company settled for the new name, was quoted as saying, “Our new trading name, 9Mobile represents our 0809ja heritage, our 9ja-centricity, and our evolution over 9 years of operations in Nigeria.”

Etisalat launched commenced business in Nigerian at a time many observers thought the market was already saturated, but after rolling out its services, the network quickly won the admiration of many and gave a very tough fight to others, especially the market leader.

Since news of its name change went viral some days ago, some subscribers have feared that its quality of service might drop.

But Mr Olusanya allayed such fears, saying, “Although our trading name has changed, we remain true to the same values on which our company was built.”

He assured them that, “We will ensure that our core values of Innovation, customer-centricity, and superior quality of service remain the pillars upon which we operate.”

However, Mr Olusanya revealed that, “In order to ensure the change of name is delivered efficiently and responsibly, we will take a measured approach to the migration to the new brand over the next few months."

“Therefore, as we go through this transition, our esteemed subscribers, we ask for your patience and reaffirm our commitment to remain a listening brand.

“We will continue to innovate, support, and empower you to do more - whether as an individual or a business,” he appealed.

But he expressed optimism that subscribers will “continue to believe in our new brand, which strongly reflects our innate creativity and youthfulness” based on the strong and resilient Nigerian spirit that resides in “us, uniting us with you our subscribers,” while reassuring them that, “We will remain committed to working together and exploring possibilities to achieve our mutual goals.”

Already, the company has effected the name change on its social media platforms as well as SMS notifications to its subscribers when account balance is checked.

http://www.businesspost.ng/2017/07/19/brand-name-real-reason-chose-9mobile-replace-etisalat-nigeria-ceo/

NSE Index Adds 0.41% as UBA Trades 2.1b Shares Worth N19.8b
www.businesspost.ng/2017/07/18/nse-index-adds-0-41-uba-trades-2-1b-shares-worth-n19-8b/

UBA Cancels Staff Share Investment Trust Scheme
www.businesspost.ng/2017/07/18/uba-cancels-staff-share-investment-trust-scheme/

H1 2017: Wema Bank Optimises Loan Book, Keeps NPL at 4.90%
http://www.businesspost.ng/2017/07/18/h1-2017-wema-bank-optimises-loan-book-keeps-npl-4-90/

GCR Accords Financial Strength BB+(NG) Rating to Niger Insurance
http://www.businesspost.ng/2017/07/18/gcr-accords-financial-strength-bbng-rating-niger-insurance/

Daar Communications Assures Shareholders of Better Years Ahead
http://www.businesspost.ng/2017/07/18/daar-communications-assures-shareholders-better-years-ahead/

GCR Affirms Forte Oil Issuer, Bond Ratings At A-(NG)
http://www.businesspost.ng/2017/07/17/gcr-affirms-forte-oil-issuer-bond-ratings-ng/

Investors Panic, Share Price Drop as Market Awaits Outcome of Oando Probe
http://www.businesspost.ng/2017/07/17/investors-panic-share-price-drop-as-market-awaits-outcome-of-oando-probe/

By Modupe Gbadeyanka

Data released on Monday, July 17, 2017, by the National Bureau of Statistics (NBS) has revealed that the Consumer Price Index (CPI), which measures inflation, increased by 16.10 percent (year-on-year) in the month of June 2017.

This was 0.15 percent points lower than the rate recorded in May, which stood at 16.25 percent.

It is the fifth consecutive decline in the rate of inflation since January 2017.

According to the stat office, on a month-on-month basis, the headline index increased by 1.58 percent in June 2017, 0.30 percent points lower than the rate of 1.88 percent recorded in May 2017.

It noted that month on month inflation has cumulatively risen by 9.28% since January 2017

NBS pointed out that the percentage change in the average composite CPI for the twelve-month period ending in May2017 over the average of the CPI for the previous twelve-month period was 17.58 percent, lower from 17.63 percent recorded in May 2017.

During the period under review, the Food Index increased by 19.91 percent (year-on-year) in June 2017, down by 0.64 percent points from the rate recorded in May; 19.27 percent, indicating continued pressure in food prices.

It said price movements recorded by all Items less farm produce or core sub-index rose by 12.50 percent (year-on-year) in June, down by 0.50 percent points from rate recorded in May (13.00) percent.

This, it explains, represents the 8th straight month of decline in the core index since November 2016.

The urban index rose by 16.15 percent (year-on-year) in June 2017 from 16.34 percent recorded in May, while the rural index increased by 16.01 percent in June from 16.02 percent in May.

On month-on-month basis, the urban index rose by 1.60 percent in June from 1.84 percent recorded in May, while the rural index rose by 1.57 percent in June from 1.92 percent in May.

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.88 percent in June to 18.69 percent in May, while the corresponding rural index also increased from 16.50 percent in May to 16.56 percent in June.

www.businesspost.ng/2017/07/17/nigerias-inflation-drops-16-10-june-2017/

Equity Market Gains N14b as Niger Insurance Stock Lures Investors
www.businesspost.ng/2017/07/17/equity-market-gains-n14b-niger-insurance-stock-lures-investors/

Nigeria’s Inflation Drops to 16.10% in June 2017
www.businesspost.ng/2017/07/17/nigerias-inflation-drops-16-10-june-2017/

Flour Mills Increases Shareholding in Rom Oil to 95%
www.businesspost.ng/2017/07/17/flour-mills-increases-shareholding-rom-oil-95/

SEC Gives Capital Market Operators Deadline to Regularise Registration Status
www.businesspost.ng/2017/07/16/sec-gives-capital-market-operators-deadline-regularise-registration-status/

N90b in Treasury Bills Mature This Week
www.businesspost.ng/2017/07/15/n90b-treasury-bills-mature-week/

UBA, First Bank, Others Lift NSE Turnover by N14b in 5 Days
http://www.businesspost.ng/2017/07/15/uba-first-bank-others-lift-nse-turnover-n14b-5-days/

NSE Lifts Embargo on Trading in Equity Assurance Shares
http://www.businesspost.ng/2017/07/15/nse-lifts-embargo-trading-equity-assurance-shares/

Oando Nigeria Confirms Being Investigated by SEC
http://www.businesspost.ng/2017/07/14/oando-nigeria-confirms-being-investigated-by-sec/

SEC Investigates Oando Nigeria over Alleged Malpractices
http://www.businesspost.ng/2017/07/14/sec-investigates-oando-nigeria-alleged-malpractices-2/

Transactions Remain Upbeat as NSE Indices Close Slightly Higher by 0.04%
www.businesspost.ng/2017/07/14/transactions-remain-upbeat-nse-indices-close-slightly-higher-0-04/

By Modupe Gbadeyanka

Nigerian Stocks closed slightly higher by 0.04 percent on Friday after an initial weakness on the trading floor of the Nigerian Stock Exchange (NSE) today.

The All-Share Index (ASI) garnered 14.75 points to settle at 33,261.66 points, while the market capitalisation raked N5.1 billion to close at N11.5 trillion.

The volume of shares transacted today by investors closed higher, though the value pointed south, finishing at 311.6 million shares and N3.3 billion respectively.

This was in contrast to 288.9 million units exchanged by investors yesterday in 3,631 deals worth N3.8 billion.

Just like on Thursday, financial stocks attracted investors on Friday with UBA trading 103.2 million shares for N924.1 million.

Diamond Bank transacted 44.8 million units at N57.4 million, while First Bank sold 36.9 million shares worth N224.6 million.

Niger Insurance traded 16.4 million shares valued at N8.2 million, while Zenith Bank exchanged 16.1 million shares worth N353.1 million.

Twenty-seven stocks appreciated in price today at the stock market compared with 15 that depreciated at the close of trading activities.

It was Forte Oil that emerged the highest gaining stock on Friday, adding N2.67k to its share price to close at N56.17k per share.

This was closely followed by Beta Glass, which advanced by N2.60k to finish at N54.77k per share, while Mobil rose by N1 to end at N260 per share.

Furthermore, Dangote Cement progressed by 89k to settle at N209 per share, while Cadbury moved up by 59k to wrap the day at N12.56k per share.

On the other end, Conoil was the biggest loser at the stock market today, recording N1.57k loss to finish at N29.98k per share.

Oando came second after dropping 80k of its share value to end at N7.55k per share, while GTBank shed 30k to close at N36.60k per share.

CAP declined by 26k to settle at N35.44k per share, while Flour Mills slumped by 25k to finish at N25 per share.

Stock market analysts informed Business Post that investors may kick off another round of bargain hunting at the market from next week as they eagerly await half year earnings of blue-chip firms.

www.businesspost.ng/2017/07/14/transactions-remain-upbeat-nse-indices-close-slightly-higher-0-04/

UBA Board Meets July 20 to Consider Accounts, Interim Dividend
www.businesspost.ng/2017/07/14/uba-board-meets-july-20-consider-accounts-interim-dividend/