This Week’s Focus on the Financial Sector

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The report from the Nigerian Stock Exchange for last week implies that the country’s financial sector performed woefully because of the long bank holiday from Tuesday to Thursday in commemoration of Eid al-Fitr for 2016. Here are some reports from the financial sector for this week:

Stock Market Falls 1.54% in Continuing Bear Run

The downtrend in the Nigerian equities market was sustained last week as the bears dominated trading that saw the market open for only two days. In what was a shortened trading week due to the public holiday observed last week. The bears dominated the market, sending the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 1.54 percent to close the week lower.

FG Bond Prices Depreciate on Profit-taking

The Over-the-Counter FGN bond market witnessed renewed profit-taking activity, resulting in higher bond yields across all maturities. On the London Stock Exchange, the FGN Euro bonds appreciated on sustained bargain hunting.

Telecoms Sector Leads in Ad Spending with N16.7bn in 2015

MediaReach OMD, a specialist media company has released the annual report known as Mediafacts for 2015. The report is a key media resource for marketing professionals in West and Central Africa, and has shown that the telecommunications sector retained its lead position as the highest advertiser in Nigeria in 2015 with a combined total expenditure of N16.7 billion.

Stakeholders Move to Revive Exportation of Agricultural Produce

Industry experts have agreed to join forces to revive the exportation of food crops like yam, beans, cocoa and other agricultural produce to the United States and other countries.

Skye Bank Management Board Addresses Stockbrokers

The management board of Skye Bank addressed stockbrokers on the floor of the Nigerian Stock Exchange last Friday to restore the confidence of shareholders in the bank.

The Chairman of the bank, M.K. Ahmad said the Central Bank of Nigeria did not take over the bank but only intervened to correct observed corporate governance issues under the old board.

APM Terminals to provide container Weighing Services

APM Terminals Apapa Limited and West Africa Container Terminal have put in place measures to ensure that any container loaded with shipping lines for export had valid Verified Gross Mass (VGM) in accordance with the International Maritime Organization’s Safety of Life at Sea (SOLAS) regulations.

The purpose of the VGM regulations are to assure safety of the vessel, as well as dock workers and other cargo handlers by preventing overweight or otherwise misrepresented containers jeopardizing shipments or container movements.

Federal Government and Indian Firm reach agreement on Ajaokuta Steel Company

The multi-billion dollar Ajaokuta Iron and Steel Company will soon come out of moribund following an amicable resolution of the ownership crisis surrounding the company. The federal government & Messrs Global Steel Holdings Limited an Indian firm meet next month to sign the terms of settlement. This will be the end to all the encumbrances that had left the steel company uncompleted and non-functional for decades.

(With information from This Day Newspaper)