Business News

Stock market sheds 0.26%
The Nigerian stock market shed 0.26% to close at 30,332.68 points. Similarly, Market Capitalization shed N26.70 billion, representing 0.26% decline to close at N10.42 trillion.
SOURCE: GTI Research
Sovereign Wealth Fund assets intact
The Nigeria Sovereign Investment Authority has said all funds and assets managed by it are intact and fully accounted for as detailed in its audited financial statement for the year ended 2014.
SOURCE: Punch- Read>>
BGL, subsidiaries still suspended from capital market
The Securities and Exchange Commission has said the suspension of BGL Plc and its subsidiaries is still in place, despite efforts by the group to halt proceedings by the capital market regulator against it.
SOURCE: Punch- Read>>
Equities Market Gains N277 Billion as Investors Ignore JP Morgan’s Plan
The Nigerian equities market gained N277 billion in the last two weeks despite the plan by JP Morgan to remove Nigeria from its Government Bond Index (GBI-EM) by the end of the year.
SOURCE: This Day Live- Read>>
Nigerian interbank market still not trading as banks pay for bonds
Nigeria’s interbank money market halted trading for the fourth consecutive day on Friday as commercial lenders made provision to pay for N45 billion of bonds auctioned on Wednesday, draining cash from the banking system.
SOURCE: Business Day- Read>>
Nigeria’s economic growth hasn’t been all-inclusive
Mr. Kyari Abba Buka is the Chairman, Nigeria Economic Summit Group, NESG. In this interview with Vanguard, he spoke on some issues bedevilling the Nigerian economy, way forward, and activities of the forthcoming 21st summit slated for Abuja from October 13-15, 2015.
SOURCE: Vanguard- Read>>
Labour productivity rises in 2nd quarter
Amidst declines in major economic indices, this year Nigeria’s labour productivity is on the up-beat as second quarter 2015 labour report shows that the average value of Nigerian workers’ output was N730.83 per worker per hour, a 9.1 percent rise against N669.57 recorded in first quarter.
SOURCE: Vanguard- Read>>
TSA: CBN may reduce CRR as MPC meets
As the Monetary Policy Committee of the Central Bank of Nigeria commences its once-in-two months meeting today (Monday) to review the state of the economy and take key economic decisions, economists and analysts have said it may leave key economic rates unchanged.
SOURCE: Punch- Read>>
S & P rating highlights emergence of Nigeria’s non-oil sector
Standard and Poor’s Ratings Services  affirmation of Nigeria’s long- and short-term foreign and local currency sovereign credit ratings at ‘B+’, on Friday is a signal of the emergence of Nigeria’s non-oil sector and a ringing endorsement of the new government and its policies.
SOURCE: Business Day- Read>>
NNPC Secures $1.2bn Alternative Funding for 36 JV Oil Wells
The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it had secured a $1.2 billion multi-year crude oil drilling financing package to enable it drill 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture arrangement.
SOURCE: This Day Live- Read>>
I regret she did not witness a new Nigeria
PRESIDENT Muhammadu Buhari, said yesterday, that he regretted that the matriarch of the Awolowo dynasty, Chief (Mrs.) HID Awolowo, did not live to witness the transformation and positive change the country would be experiencing soon.
SOURCE: Vanguard- Read>>
The politics of Saraki’s ordeal
The chess game between Bukola Saraki, Senate president, and the ruling All Progressives Congress (APC) is getting interesting with passing day, as each party tries to checkmate the other using their pawn as a joker.
SOURCE: Business Day- Read>>
Go, defend yourself, Buhari tells Saraki
President Muhammadu Buhari has dissociated himself from the current travails of Senate President Bukola Saraki in the hands of the Code of Conduct Bureau (CCB) and the Code of Conduct Tribunal (CCT) over a 13-count criminal charge preferred against Saraki on account of alleged false declaration of assets, saying the courts have a duty to perform.
SOURCE: Vanguard- Read>>
PDP Senators: APC Driving Nigeria to Precipice
Peoples Democratic Party (PDP) senators at the weekend accused the ruling All Progressives Congress (APC) of deliberately orchestrating crisis capable of plunging the nation into chaos.
SOURCE: This Day Live- Read>>
Democracy sliding under Buhari, PDP insists
The People’s Democratic Party says no amount of blackmail by the All Progressives Congress will deter it from exposing what it described as the deliberate agenda of the Muhammadu Buhari administration to destroy the nation’s democracy.
SOURCE: Punch- Read>>
Julius Baer CEO: Recent market turbulence had ‘no meaningful impact’ on Asia business
Julius Baer, the Swiss private bank, saw no meaningful impact on its Asian business from recent turbulence in financial markets, Chief Executive Officer Boris F.J. Collardi said on Monday.
SOURCE: GTI News- Read>>
Greek leftist Tsipras returns in unexpectedly clear election win
Greek leftist Alexis Tsipras stormed back into office with an unexpectedly decisive election victory on Sunday, claiming a clear mandate to steer Greece’s battered economy to recovery.
SOURCE: GTI News- Read>>
China’s Bonds Decline Amid Signs Economy Not as Weak as Thought
China’s sovereign bonds dropped as signs Asia’s largest economy isn’t as weak as it may look damped expectations for another interest-rate cut.
SOURCE: Bloomberg- Read>>
Lord Ashcroft reignites bitter feud with David Cameron
The feud between Lord Ashcroft and David Cameron erupted on Sunday night as the Tory peer accused the Prime Minister of being a member of a debauched Oxford University society and having been in environments where drugs were openly taken.
SOURCE: Telegraph- Read>>
Fed Officials Still See 2015 Liftoff despite September Delay
Federal Reserve officials argued that an interest-rate increase is still warranted this year, laying out the case for liftoff in remarks over the weekend that counter bets by traders that the central bank will stay on hold until 2016.
SOURCE: Bloomberg- Read>>


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