Wednesday, January 18, 2017
MARKET UPDATE
JANUARY 13, 2017 NIGERIA STOCK EXCHANGE (Market Closed) SUMMARY: All Share Index 26,325.93 Deals 2,653.00 Volume 148,569,099.00 Value 3,758,383,446.99Market Cap 9,058,131,259,973.59TOP GAINERS CONOIL 37.35 (0.85) STANBIC 15.52 (0.49) NB 142.18 (0.18) TOURIST 3.68 (0.17) ACCESS 6.69 (0.12) TOP LOSERS MOBIL 249.86 (-13.15) SEPLAT 370 (-9.99) TOTAL 300 (-4) PRESCO 42.16 (-2.03) JBERGER 34.83 (-1.83) CBN EXCHANGE RATE(NGN)Buying:$USD 304 £GBP 373.5248 EURO 324.1248 SWISS FRANC 301.8268 YEN 2.6611 Selling:$USD 305 £GBP 374.7535 EURO 325.191 SWISS FRANC 302.8197 YEN 2.6698 CNBC COMMODITY PRICES (USD)Crude Oil (Bonny light) 53.25 Natural Gas 3.304 (0.031) Gold 1195.90 (-3.90) Silver 16.785 (-0.04) Copper 2.6905 (-0.019) Wheat 424.25 (-2.00) Coffee 149.10 (-0.50) Cotton 72.30 (-0.04) Cocoa 2213.00 (-17.00)
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    CBN warns Nigerians: Stay away from bitcoin… it isn’t legal tender

CBN warns Nigerians: Stay away from bitcoin… it isn’t legal tender

The Central Bank of Nigeria (CBN) has warned Nigerians against the use of virtual currencies, including bitcoin, ripples, litecoin.In a statement on Tuesday, CBN said virtual currencies are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions."The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to [...]

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    MMM ‘removes’ all payment requests from its system

MMM ‘removes’ all payment requests from its system

MMM Nigeria, the most popular ponzi scheme in the nation, says it has removed all requests for payment on the system, but it has by no means cancelled them.In a statement on Tuesday, the scheme said that "although some people called it 'cancelled', the truth of the matter is that it was only removed not canceled""."Please note that the GH [...]

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    We’re in talks with CBN to close gap in forex rates, says Osinbajo

We’re in talks with CBN to close gap in forex rates, says Osinbajo

Vice-President Yemi Osinbajo says the federal government is in talks with the Central Bank of Nigeria (CBN) to close the gap between foreign exchange rates at the official and parallel markets."The gap between the official and parallel market... it isn't helpful," Reuters quoted Osinbajo as saying to reporters at the World Economic Forum in Davos, Switzerland."If you look at economic [...]

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    Windows 7 is ‘outdated’, business users advised to switch

Windows 7 is ‘outdated’, business users advised to switch

Microsoft Germany is encouraging business users to make the switch to a newer version of the operating system, claiming Windows 7 is no longer “fit” to be used in businesses.Windows 7 "does not meet the requirements of modern technology, nor the high security requirements of IT departments", said Markus Nitschke, head of Windows at Microsoft Germany. [...]

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    Julius Berger: We don’t need to close Abuja airport if it is repairs only

Julius Berger: We don’t need to close Abuja airport if it is repairs only

‎Wolfgang Goetsch, managing director of Julius Berger, says the Nnamdi Azikiwe International Airport, Abuja, would not need to be closed if it was a case of "spot repairs" only to the runway.But because it is a case of "new construction", the airport has to be closed.Hadi Sirika, minister for state on aviation, had announced the federal government's decision to close [...]

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    Heritage Bank: Yes, we sacked some staff — but we adequately compensated them

Heritage Bank: Yes, we sacked some staff — but we adequately compensated them

Heritage Bank Plc says it is true that it is restructuring its workforce, but it is also "adequately compensating" affected members of staff.The bank, which sacked 400 members of staff in December 2016, said this was done "as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and industry innovative agenda".In a statement by signed [...]

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    ‘400’ Heritage Bank staff sacked, more heads to roll

‘400’ Heritage Bank staff sacked, more heads to roll

Heritage Bank is on a mass retrenchment of its workers, 400 of whom lost their jobs in December.NAN said it conducted an investigation that indicated that more workers were penciled for sack.A top management source in the bank, who pleaded anonymity, said the sack cut across the top, middle and low cadres.He said the mass sack was creating apprehension and fear [...]

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    Sterling slides on Theresa effect

Sterling slides on Theresa effect

The heightened hard Brexit fears have triggered a steep Sterling selloff during the early trading hours of Monday with the GBPUSD tumbling to a fresh three-month low at $1.1983.Although the cause behind the renewed selling pressures on the Pound was attributed to reports of Theresa May standing firm and moving forward with her hard Brexit plans during Tuesday's pending speech, the frightening low [...]

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    Zuckerberg, Buffet, Bill Gates… 8 men who own half of the world’s wealth

Zuckerberg, Buffet, Bill Gates… 8 men who own half of the world’s wealth

A report by Oxfam, an anti-poverty organisation, has revealed that eight men own the same wealth as the 3.6 billion people who make up the poorest half of the world's population.The report, titled 'An economy for the 99 percent', was released on Monday ahead of the World Economic Forum meeting opening in the Swiss ski resort of Davos.Oxfam used the [...]

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    IMF less optimistic than World Bank, says Nigeria’s GDP will grow by 0.8% in 2017

IMF less optimistic than World Bank, says Nigeria’s GDP will grow by 0.8% in 2017

A week after the World Bank projected Nigeria's gross domestic product (GDP) to grow by one percent in 2017, the International Monetary Fund (IMF) has put up a less optimistic outlook.Earlier, the federal government, had said Nigeria's GDP will grow at three percent in 2017, surging by 4.26 percent in 2018.But according to IMF's World Economic Outlook (WEO) report, Nigeria's [...]

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Exchange Rates

January 17, 2017USDGBPEUR
INTERBANK315.09383.62337.46
LAGOS499600505
KANO495600505
PH500600510
ABUJA499600505
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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