Business News

Thursday, 11 February 2021 04:30

N426bn single day loss sets NSE capitalisation back N1trn in 10 days

Stocks on Nigerian Stocks Exchange (NSE) were down by 1.96 per cent or N425.919 billion on Wednesday, bringing the month to date loss close to N1 trillion as selling pressure weighed on a market beset by loss-making since February began. Investors put up large volumes of shares in Fidson, CAP, Regal Insurance, Sovereign Trust Insurance and Sunu Assurance for sale, making them contribute the most to the downtrend. A 3.70 per cent tumble in the Industrial Index to 1,963.12 index points also aided loss. Market breadth was negative with 37 losers emerging against 13 gainers. All Share Index (ASI) slipped…

Thursday, 11 February 2021 04:28

Oil in longest rally in two years as vaccines boost demand hopes

Oil prices rose on Wednesday, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand. Falling U.S. crude inventories were also supportive. Crude stocks last week fell for a third straight week, dropping 6.6 million barrels to 469 million barrels, their lowest since March, according to the Energy Information Administration. Analysts in a Reuters poll had forecast a 985,000-barrel increase. [EIA/S] “A combination of higher refining activity and lower imports resulted in a third consecutive draw to oil inventories, and a…

Wednesday, 10 February 2021 04:03

4 mental skills super-productive people are known to master

Want to master peak performance and fulfill your potential? Put your biology to work for you. What does it take to shatter our limitations, exceed our expectations, and turn our biggest dreams into our most recent achievements? There is no secret. According to peak performance expert and New York Times bestselling author, Steven Kotler, "All human beings are biologically-designed to tackle incredibly large challenges. In fact, everything you might consider 'peak performance' is quite simply getting your biology to work for you rather than against you." This is also why Steven Kotler takes a "neuroscientific approach" to human performance. If…

Tuesday, 09 February 2021 03:46

26 states recorded zero foreign investment in 2020. These are the 10 states which got inflow

Twenty-six states recorded zero foreign investment in the whole of 2020, figures released by National Bureau of Statistics show. The report on capital importation into the country, compiled by Central Bank of Nigeria, was released on Friday by NBS. It captures the total Foreign Direct Investment (FDI), portfolio investment and other types of investments into the country in a year the global economy suffered a terrible battering as a result of the coronavirus pandemic. The total value of capital inflow for the year fell to $9.7 billion, from $24 billion in 2019, representing a decline of 59.7 per cent. It…

Tuesday, 09 February 2021 03:45

Naira falls amid dollar shortage

Naira fell on Monday and bid-ask spreads widened as the local spot currency market struggled with a scarcity of U.S. dollars, traders said. One dealer at a top-tier bank quoted the naira at 395-402 per dollar in the over-the-counter market from 392-394 naira in the previous session. Others quoted the naira at 397.21 to the dollar. Traders said few deals were executed between banks as rising demand for dollars from importers and foreign investors seeking to repatriate funds piled pressure on the naira. Nigeria’s currency has been losing ground on spot and derivatives markets, mirroring weakness on the black market,…

Tuesday, 09 February 2021 03:39

A key to thriving in 2021: Focus on what you can control

Q: How can I make plans and prepare my business for the future when the future is so unclear? — Sara, Chicago First, know this: You were made for exactly this problem. The entire entrepreneurial journey is built on chance, adaptation, and risk, and you have always operated with against-all-odds hurdles. Forget the craziness of the pandemic, and of a year we’re all eager to leave behind. All you’ve ever needed is opportunity, then and now. It’s time to make it. Part of thriving through a crisis is being able to outlast stressful scenarios and have enough capital or inventory…

Monday, 08 February 2021 04:06

CBN states why it banned Bitcoin, others

Central Bank of Nigeria (CBN) has justified its ban on cryptocurrencies, saying it fuels illicit financial flow and terrorism. In a statement, Osita Nwanisobi, Acting Director, Corporate Communications, CBN, said the ban on cryptocurrencies will not have any negative impact on Fintechs as there are other robust platforms they can thrive. He said in light of the fact that cryptocurrencies are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of CBN. “The use of cryptocurrencies in Nigeria are a direct contravention of existing law. It is also important to highlight that there is…

Monday, 08 February 2021 04:05

Oil approaches $60/bbl as supply cuts, stimulus hopes lift prices

Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020. U.S. West Texas Intermediate crude futures advanced 54 cents, or 1%, to $57.39 a barrel, the highest since January last year. “A weak U.S. jobs report boosted hopes of further stimulus measures,” ANZ analysts said, adding that energy…

Sunday, 07 February 2021 04:12

Poultry business goes further down with scarcity of soybeans

Price of soybeans, a major ingredient used for poultry feeds, has almost doubled in the last year, according to a market survey by PREMIUM TIMES. The survey shows that a 100 kilogramme bag of soybeans which used to sell for N12,000 or N13,000 last year, has risen to N24,000 this year. Worse, this major source of protein for humans and livestock is not readily available on demand. Folake Aina, the managing director of VD&S Farms, which also deals with poultry products, explained the severity of the problem in that sector of the business. She said: “Getting Soybeans has not been…

Sunday, 07 February 2021 04:07

Here's what really happens to the items you return online

You open up the box. For whatever reason, you don't like it. So, you send it back...for free. No questions asked. The retailer pays for the shipping costs and already is losing money. Immediately the hourglass of profit turns. Each grain of sand, a few cents dropping from the original price of that air fryer. Once your return arrives at its destination, an employee needs to open the air fryer, inspect it, maybe even plug it in to test all of its features to ensure it's not broken. This costs the retailer time and money. Not to mention, the box…

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Sunday, 07 February 2021 04:06

Apple is the world's most admired company for the 14th year in a row. Facebook isn't even on the list

It doesn't take long to damage your reputation. Just ask Facebook. Your reputation matters. I'm not sure how else to say it. That's as true for an individual as it is for a company or brand. Do you have a reputation for taking care of your customers? Or, do you have a reputation for doing whatever you can get away with? The answer to those questions comes not from what you say, but is built on a series of interactions over time that either build trust and credibility, or don't. In that sense, your reputation is directly linked to your…

Saturday, 06 February 2021 04:22

Capital inflow into Nigeria drops 60 percent - NBS

Foreign capital flow into Nigeria plummeted by more than half in 2020 to $9.68bn, its lowest level in four years, National Bureau of Statistics said on Friday. NBS, in its capital importation report for the fourth quarter and full-year 2020, said the total value of capital importation into the country fell by 59.65 per cent or $14.3bn last year from $23.99bn in 2019. Foreign capital flow into the country was $16.81bn in 2018, $12.23bn in 2017 and $5.12bn in 2016, NBS data showed. The statistics office said the total value of capital importation in Q4 was $1.07bn, down by 26.81…

Saturday, 06 February 2021 04:21

CBN outlaws trading in Bitcoin, others

Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFls) to close accounts used for crypto currency operations. CBN in a circular BSD/DIR/GEN/LAB/14/001 issued on Friday, ordered all financial institutions “to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately”. Any financial institution that breaches this directive the CBN warned “will attract severe regulatory sanctions”. According to CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”. The circular signed by Bello Hassan,…

Friday, 05 February 2021 04:30

Stocks lose further N112bn on market ‘sell pressure’

Equity investors lost N112.053 billion on Thursday as Nigerian stocks went down by 0.51 per cent, marking the fourth time the bourse would post a loss this week as shares were dumped for sale in large numbers. Selling pressure on the shares of Dangote Cement, Julius Berger, NNFM, Champion Breweries and Zenith Bank primarily drove the day’s loss. The Industrial Index was the worst performer of the five sectoral indices, declining by 1.19% to 2,043.63 index points. Market breadth was negative as 25 losers emerged against 22 gainers. All Share Index (ASI) closed at 41,785.80 basis points while market capitalisation…

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