Archives - March 2016

PUNCH Lagos to prosecute tax defaulters from April 1 The Lagos State Internal Revenue Service says it will commence the prosecution of tax evaders and offenders in the state from April 1, 2016.[Read More…] China reduces import of Nigerian crude oil Nigeria saw its share of China’s crude oil imports shrink by 7.5 per cent last …

  Please be informed that the following decisions were taken from the 21st – 22nd March 2016 Monetary Policy Committee (MPC) meeting of 8 attendees out of 12 members : In Nigeria 1. That the balance of risk is tilted towards the exchange rate; hence,to raise the monetary policy rate(MPR) to 12%, from 11% 2. …

  The Equities market sustained a bullish trend amidst a negative breadth as the ASI recorded a gain of +0.45% to end today’s trading session, from preceding session.This led the NSE ASI to close at 26,020.32 basis points. Market breadth was negative as 25 losers led by SEPLAT (-6.06%) over 15 gainers led by UCAP …

LEADERSHIP NASS Debates, Passes 2016 Budget Today After bouts of buckpassing on alleged errors in the 2016 budget estimates, the Senate is set to pass its version of the Appropriations Bill, before proceeding on its Easter recess.[Read More…] THISDAY NBS: Unemployment Rate Rises to 10.4% in Fourth Quarter The unemployment rate in the country has climbed …

  The Equities market kicked off the week on a positive note as the ASI gained by +0.81% to end today’s trading session. Banking stocks such as Fidelity(+6.67%), Guaranty(+4.53%) and Zenithbank (+3.13%), amongst others, helped the market to outperform in today trading. This led the NSE ASI to close at 25,902.95 basis points. Nevertheless, Market …

  LEADERSHIP Exports Slumped 40% In 2015 Over Fallen Oil Price Nigerian exports slumped 40.3 per cent last year after a fall in crude prices slashed government’s revenues, weakened the currency and caused the economy to grow at its slowest pace in decades, the National Bureau of Statistics (NBS) has said.[Read More…] PUNCH Nigeria records 5.2% …

THE GUARDIAN National Assembly shifts budget passage to next week In the face of growing uncertainty over the fate of the 2016 budget proposal, the National ‎Assembly has again raised a fresh hope that the appropriation bill may be passed next week.[Read More…] Nigeria’s state oil company withheld $16b in 2014: Auditor General Nigeria’s state oil …

  The Equities market rebounded in today’s last minute trading session, albeit, with a marginal gain of +0.08% to end trading, as sell-offs mostly in the banking stocks dominated the market. This led the NSE ASI to close at 25,679.03 basis points. Market breadth remained negative as 21 losers led by ACCESS (-8.20%) over 10 …

THISDAY Uncertainty over 2016 Budget as Senate Defers Passage Assurances by the Senate and House of Representatives Joint Committees on Appropriations that the 2016 Budget would be passed into law on March 17, 2016 may no longer be feasible as the committees continue to work to resolve the issues and errors in the estimates.[Read More…] OPEC, …

  The forward momentum seems to have subsided in the market as investors partake in profit taking. The Equity market made a loss of -0.34% to end today’s trading which closed at 25,657.48 basis points. Market breadth was negative as 24 losers led by OANDO (-9.54%) over 9 gainers led by DANGSUGAR (+4.99%) was recorded …