Bearish hold force market index down by N32 billion
Following price losses recorded by most bluechip companies, equity transactions reopened on a bearish note yesterday, causing market capitalisation to plummet by N32 billion.
Stock market’s indices dip further by 0.5%
Equity transactions sustained sliding profile for the fifth consecutive trading sessions, occasioned by heavy profit taking, causing the All-Share Index (ASI) to plummet further by 0.5 per cent. Specifically, at the close of transactions yesterday, ASI shed 162.52 absolute points, representing a decline of 0.48 per cent to close at 33,449.17 points, while the market…
Equity market depreciates 0.77% on banks’ stocks slump
Central Bank of Nigeria (CBN) huge fines on four deposit money banks over alleged illegal fund repatriation on behalf of MTN Nigeria weighed heavily on the local bourse yesterday, causing the All-share index to slide by 0.77 per cent. The Nigerian Stock Exchange-All Share Index (NSE-ASI) decreased by 272.27 absolute points, representing a 0.77 per…
Forte Oil, Chevron partner on Texaco’s lubricants
Forte Oil, an indigenous player in Nigeria’s downstream sector, has signed an agreement with Chevron Lubricant, Europe, Middle East and Africa (Chevron Lubricat), to make Texaco branded...
Forte Oil shareholders okay divestment plans
Shareholders of Forte Oil Plc have endorsed the firm’s proposal to restructure the business by divesting its upstream services, power generating businesses in Nigeria and downstream business in Ghana. The shareholders gave the approval at the company’s yearly general meeting held in Lagos at the weekend. While notifying the Nigerian Stock Exchange (NSE)…
Groups justify Forte Oil divestment from upstream, Ghana businesses
That Forte Oil Plc went into a business area it had no core competence in and running out when it got its fingers burnt, is really not a problem for its shareholders, as long as they continue to enjoy a good return on their investments.
Firm boosts electricity supply to households
Burdened by the inadequate electricity supply to households in Nigeria, an indigenous oil firm, has commissioned off-grid power solutions in Nigeria.
Dangote Cement, Forte oil buoy NSE’s indices by N66 billion
Transactions in the equities sector of the Nigerian Stock Exchange (NSE) re-opened on a bullish note yesterday, occasioned by price gains recorded by major highly capitalised stocks...
Forte Oil restrategises to grow market share
Forte Oil Plc has unfolded plans to increase market share in the industry through the acquisition of strategic partnership and joint ventures for local refining of petroleum products.
Neimeth, Forte oil, others enhance NSE’s indices by 2.47%
Neimeth International Pharmaceutical closed higher at the end of transactions on Friday, at the trading floor of the Nigerian Stock Exchange. It led others with 24.62 per cent to close at N0.81 per share.