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Stock Market Records Unprecedented N6.3 Trn Gain
This comes as Nigeria’s currency, Naira, sank deeper in the parallel market during the weekend, trading at N1,270/ USD1, the weakest in history….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Meanwhile, the NGX, All-Share Index, ASI, a major stock market indicator surpassed the 90,000 points mark, driven by robust investors’ interest in diverse stocks across the Industrial, Insurance, Oil & Gas, and Consumer Goods sectors to close on Friday at 94,538.12 points from 83,042.96 points the previous week.
Analysts have explained that the mixed trading pattern on the Exchange reflected profit booking and portfolio repositioning by market players as they hedged against Nigeria’s galloping inflation while timing the dividend season, a situation that is not helped by the mixed outlook on the fixed income market where rates continue to fluctuate in the face of unclear direction from the Central Bank of Nigeria (CBN), whose Monetary Policy Committee (MPC) meeting has been postponed several times. The meeting is now rescheduled for next month.
Analysis of the market last week showed that the NGX market capitalisation, which represents the total value of stocks in the Exchange surged to N51.735 trillion from N45.442 trillion the previous week. Consequently, the Year-to-Date, YtD, return surged to 26.4%.
Analysts at Cordros Research stated: “In the short term, we expect market performance to be dominated by the bulls, as positioning for 2023 full-year earnings releases and accompanying dividends declarations should outweigh profit-taking activities.
‘‘Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind.”
Commenting as well, analysts at InvestData Consulting said: “We expect mixed sentiment on positioning and profit-taking, as portfolio realignments persist ahead of more unaudited fourth quarter, Q4 2023 numbers in the face of volatility and expected MPC meeting. ‘‘Any pullback at this point will add more strength to upside potential. As such, investors should take advantage of price correction’’.
latest
NO MORE WAITING: EFCC Drops Bombshell New Strategy To Stop Looters Before They Drain The Treasury.
The Economic and Financial Crimes Commission (EFCC) has revamped its anti-corruption approach, shifting from retrospective asset recovery to intercepting suspicious transactions in real time. Speaking in Abuja on Monday to mark his third year in office, EFCC Chairman Ola Olukoyede announced the creation of the Fraud Risk Assessment and Control Department (FRAC), designed to flag and freeze suspicious bank accounts within 72 hours.....KINDLY READ THE FULL STORY HERE▶
Highlighting the agency’s adaptation to modern cyber-enabled financial crimes, Olukoyede noted that corrupt officials increasingly exploit tech-savvy actors to launder public funds into cryptocurrency wallets within 24 hours. To combat this, the EFCC has leveraged the licensing of around 40 digital asset platforms to track virtual wallets and established a presidential-approved centralized national confiscation wallet for seized cryptocurrencies.
In parallel, the commission is leaning into civil asset forfeiture under Section 17 of the Advance Fee Fraud Act to bypass protracted 10-to-15-year criminal trials by placing the burden of proof directly on claimants. Under the Proceeds of Crime Act (POCA) 2022, seized assets are now managed by specialized professionals through the Process and Proceeds Management (PCM) directorate, with depreciating properties auctioned into escrow accounts. Concluding his address, Olukoyede emphasized that structural policy reforms and institutional safeguards remain more vital to curbing corruption than enforcement alone.
entertainment
“MY MUM STARTED CRYING”: Fireboy Exposes The Heavy Family Backlash Behind His Shocking Smoking Photo.
Nigerian singer Fireboy DML shared on the Afrobeats Podcast that an Instagram Story post of himself holding a cigarette sparked a panicked reaction and a flurry of messages within his family’s WhatsApp group.....KINDLY READ THE FULL STORY HERE▶
However, the post triggered an immediate and frantic reaction from his relatives within their family WhatsApp group. According to Fireboy, the imagery deeply distressed his household, culminating in his mother becoming emotional and bursting into tears over the perceived change in his lifestyle. The sudden family backlash forced the singer to intervene swiftly, soothing his relatives by assuring them that the cigarette was merely a theatrical prop for entertainment purposes and not a cause for alarm.
Despite his initial reassurances to his worried family, Fireboy humorously confessed during the interview that his defense was only partially truthful, admitting that he ultimately went ahead and smoked the cigarette anyway.
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“HE SOUGHT A NEW CUSTOMER”: Presidency Drops Scorching Slapdown On Peter Obi Over Controversial Church Visit.
Daniel Bwala, President Bola Tinubu’s Special Adviser on Policy Communication, has taken a swipe at Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), following Obi’s recent appearance at Apostle Joshua Selman’s Koinonia Global and Eternity Network International.....KINDLY READ THE FULL STORY HERE▶
During the live-streamed Sunday service, where he was unexpectedly invited to speak, Obi told the congregation that politicians—not the country itself—are Nigeria’s core problem, humorously urging worshippers to “pray for us politicians to stop stealing.”
Reacting via his X handle, Bwala mocked the opposition politician, accusing him of using the pulpit to revive his “take back your country” campaign and seeking “a new customer in Pastor Selman” because those who provided him a platform during the 2022-2023 cycle have “found him out.” Bwala further criticized Obi by writing that he has “been reduced to an effigy of content creation” who relies on sentiments and vitriol.
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