Election anxiety drags stock market index further by 1.2%
Sell pressure ahead of the 2019 election has continued to propel volatility on the equity sector of the Nigerian Stock Exchange (NSE), as the All-share index recorded a loss of 1.2 per cent.
Femi Otedola sells Forte Oil
Nigerian businessman, Femi Otedola, has agreed to sell the entirety of his 75 per cent direct and indirect shareholdings in Forte Oil. In a letter sent to the Nigerian Stock Exchange and signed by Akinleye Olagbende, the general counsel of Forte Oil, Otedola said he was divesting from the company in order to "explore and…
Sell pressure increases as investors’ wealth dip further by 0.8%
Sell pressure remained relatively high on the equity sector of the Nigerian Stock Exchange (NSE), occasioned by profit-taking in blue-chip stocks ahead of year-end rally, as the All-share index plunged by 0.82 per cent. At the close of transactions yesterday, the All -share Index (ASI) was down by 252.09 absolute points, representing 0.82 per cent…
Positive investors’ sentiments lift NSE’s indices by N105b
Investors’ positive sentiments on high capitalised stocks buoyed transactions in the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as market capitalisation increased by N105 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 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.