All posts by Afolabi Ogunde

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  Naira Appreciates Against Dollar On Robust Greenback Sales Bet

  The naira appreciated for the first time in four days against the dollar on bets that the central bank and some oil companies sold the U.S. currency. The currency of Africa’s biggest oil producer gained 0.3 percent to 162.20 per...

  • Posted December 15, 2011
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  Consolidated Breweries to Embark On Rights Issue, Expands Production Capacity of Benue Subsidiary

  Consolidated Breweries, manufacturers of popular 33 beer has secured approval to commence a rights issue of 99,140,625 ordinary shares valued at 50 kobo each. The company received approval from its shareholders to go ahead with the issue...

  • Posted December 15, 2011
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  President May Leave Subsidy Intact As NLC Prepares for War

  Contrary to speculation that President Jonathan and his economic team have already removed the subsidy, it appears this may not actually be the case. During a media briefing in Abuja yesterday, Dr. Iweala, the coordinating Minister of...

  • Posted December 15, 2011
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  Stock Market Watch: ASI Resumes Losses, Sheds 11 Points

  The Nigerian Stock Exchange retreated after two consecutive days of marginal gains. The ASI recorded a marginal loss of 11 points to close at 19,849.31. The banking sub-sector was led by Stanbic IBTC as the stock consolidated...

  • Posted December 14, 2011
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  Earnings Forecast: Leventis, Tantalizers, Continental Reinsurance, AfroMedia & Others

  Several quoted companies released their earnings forecast on the Nigerian Stock Exchange today. They include:   Company Revenue/Gross Premium Net Income Period Leventis Nigeria Plc N 5.7 Billion N 185 Million Q1 2012 (March) Continental Reinsurance N...

  • Posted December 14, 2011
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  Union Bank Begins Rights Issue, Possibly In Defiance of House Committee’s Instructions

  Union Bank has begun issuing 1.4 billion ordinary shares at N 6.81 to existing shareholders as part of a planned rights issue that already has SEC approval. This comes after the House Committee on Capital Markets asked...

  • Posted December 14, 2011
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  Skye Bank Appoints New Directors

  Skye Bank Plc has announced the appointment of Mr. Babajide Tajudeen Agbabiaka as a non-Executive Director of the Bank. Mr. Babajide Agbabiaka is a 1973 Geology graduate of the University of Ibadan. His career spans over 30 years...

  • Posted December 14, 2011
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  Stock Market Watch: ASI Gains Second Consecutive Day

  The All Share Index of the Nigeria Stock Exchange appreciated 41 points at the close of trading today, bringing the index to close at 19,871.97. Top gainers in trading today cut across various sectors of the economy,...

  • Posted December 13, 2011
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  Earnings Forecast: Nigerian Companies Report Q1 2012 Predictions to NSE

  MRS Nigeria, an indigenous downstream oil and gas marketing company has disclosed to the Nigeria Stock Exchange that it expects q1, 2012 revenue to arrive at N 25 Billion. The company also forecasts net income to arrive...

  • Posted December 13, 2011
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  Nigeria 2012 Budget Highlights: How Government Plans To Spend Your Money

  The 2012 Budget is based on the following assumptions: Oil production of 2.48 million barrels per day (mbpd) up from 2.3mbpd for 2011; Benchmark oil price of US$70/barrel, a cautious revision from the US$75/barrel approved in the...

  • Posted December 13, 2011
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