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Stocks Drop, Bonds Gain, Euro Falls on ECB Minutes

Stocks Drop, Bonds Gain, Euro Falls on ECB Minutes

The euro fell against all its major peers and European stocks dropped as minutes from the region’s last central bank meeting revealed concern among officials that the currency could overheat. All major U.S. equity gauges were down in early trading. The Stoxx Europe 600 Index briefly reversed its decline before sliding again as weakness in […]

Dangote To Invest Up To $50 Billion In U.S., Europe

Dangote To Invest Up To $50 Billion In U.S., Europe

Africa’s richest man, Mr. Aliko Dangote, plans to invest $20 billion to $50 billion in the U.S. and Europe by 2025, in industries including renewable energy and petrochemicals. The 60-year-old Nigerian cement tycoon aims to move into these territories for the first time in 2020 after completing almost $5 billion of agricultural projects and an […]

Factors To Watch On Aug 17 African Markets

Factors To Watch On Aug 17 African Markets

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asian stocks edged higher on Thursday as tensions between the United States and North Korea came off the boil, while the Federal Reserve’s concerns about weak U.S. […]

Nigeria State Oil Firm Says Production Costs Cut To $23 per Barrel

Nigeria State Oil Firm Says Production Costs Cut To $23 per Barrel

The NNPC now aims “to bring the cost of production to between $17 and $19 for onshore and offshore production respectively Nigeria’s production cost per barrel of crude oil is down to $23, the state oil company said on Wednesday, after the country last month said the cost was $29 a barrel, one of the […]

GTBank 2017 Half Year Profit Hit N100bn

GTBank 2017 Half Year Profit Hit N100bn

A review of the Guaranty Trust Bank (GTBank)  half year performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income […]

Factors To Watch On Aug 16 African Markets

Factors To Watch On Aug 16 African Markets

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS The dollar hoarded hefty gains on Wednesday after strong U.S. retail data put a Federal Reserve rate hike back on the agenda, while Asia stocks inched ahead […]

FG To Make N30.5tn Revenue From Non-oil Export

FG To Make N30.5tn Revenue From Non-oil Export

These products are palm oil, cashew, cocoa, soya beans, rubber, rice, petrochemical, leather, ginger, etc. The Federal Government of Nigeria is targeting annual non-oil export revenue of $100bn (about N30.5tn, at N305 per dollar exchange rate) through the implementation of the Zero Oil Plan. The projection is contained in a document prepared by the Nigerian […]

NNPC, IOCs Lift Oil Worth N11trn In 12 months

NNPC, IOCs Lift Oil Worth N11trn In 12 months

The Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) operating in the country including independent oil companies lifted crude oil and condensate worth over $36.023 billion between March 2016 and March this year, according to NNPC April statistical report. This translates to N11.005 trillion at an exchange rate of N304.5 to a US […]

Diesel Price Drops Following NNPC Intervention

Diesel Price Drops Following NNPC Intervention

The Nigerian National Petroleum Corporation (NNPC)’s recent intervention which led to a 42 percent fall in the price of diesel has continued to sustain the downward price across the country. NNPC said in a statement that a national survey by its weekly TV programme, Oil and Gas Forum, NNPC’s, indicated that in the last few […]

Transmission Company To Build 2 Substations In Kaduna, Zaria

Transmission Company To Build 2 Substations In Kaduna, Zaria

The Transmission Company of Nigeria (TCN) has said it is prepared to build two new 330KV substations in Kaduna and Zaria, and four additional 132 KV substations at Rigasa Kakau, Rigachun and Jaji, while it will reconstruct the Kaduna-Kano transmission line. Daily Trust reports the transmission line has been faulty for over two years and […]

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