Nigeria | - Part 94

Nigeria should curb president’s oil licensing powers – lawmakers

ABUJA (Reuters) – The Nigerian president’s power to grant oil licences should be removed and the government should float 30 percent of the state oil company, lawmakers recommended in a report on a bill aimed at cleaning up the industry in Africa’s top crude producer.An executive summary of the report by the Nigerian House of Representatives committee also said the new bill should not affect the “sanctity” of existing petroleum licences, allaying industry concerns that…

African Market Watch: Friday, 13th March 2015

Posted on by The Editorial Team

Ghana: The trading on Ghana bourse close on a positive note today. The benchmark Composite index climbed by 7.33pts to 2,189.46pts; this brings its year-to-date to -3.17%. Likewise, the financial index dropped 10.14pts to 2,183.59pts (-2.68% year-to-year performance). The market capitalization was recorded at GHS63.624billion. A market activity measured by volume was recorded at 1,144,828 in thirteen shares. Ecobank Translational, UT Bank, Ghana Commercial Bank, SIC Insurance and Societe Generale were the top five most…

Nigerian parliament committee finishes key oil law report

Posted on by The Editorial Team

ABUJA (Reuters) – A Nigerian House of Representatives committee has finalised a key report on a new National Petroleum Industry bill, recommending that the president’s power to grant oil licences should be removed, according to a document seen by Reuters.An executive summary of the report also said the government should float 30 percent of the state oil company, NNPC, on the Nigerian stock exchange.The summary did not say when the report would be submitted to…

African Market Watch: Thurs, 12th March 2015

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Egypt: The Egyptian Exchange (EGX) indices showed mixed performance on Thursday, while market capitalisation fell by around EGP 1.3 billion amid pressure from national and Arab sell-offs. The benchmark index EGX30 erased most of its early gains, ending 0.67% higher at 9,640.77 points. The small and mid-cap index EGX70 sagged 0.11% to close at 556.3 points, while the broader index EGX100 inched 0.02% lower to 1,120.18 points. Thursday’s turnover amounted to EGP 821.9 million, generated…

Nigeria: Weakening Economic Outlook Driven by Low Oil Prices

Posted on by The Editorial Team

Introduction The recent sharp drop in oil prices is taking a heavy toll on Nigeria, the sixth largest net exporter of oil in the world. In 2015, economic activity is projected to slow and the fiscal and current accounts are expected to deteriorate. Although Nigeria has some room to live with higher fiscal and current account deficits in the short term, the economy has limited fiscal and external buffers (low levels of the Excess Crude…

African Market Watch: Wed, 11th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) slid on Tuesday, losing around EGP1.3 billion of its capitalisation as traders booked gains from most leading stocks. The benchmark index EGX30 shut slightly lower by 0.04% at 9709.5 points, while small and mid-cap index EGX70 lost 0.52% to 566.38 points. The broader index EGX100 ended 0.34% lower at 1132.29 points. Today’s turnover amounted to nearly EGP 2 billion, while traded volume reached 153.2 million shares and number of transactions…

African Market Watch: Tuesday, 10th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) slid on Tuesday, losing around EGP 1.3 billion of its capitalization as traders booked gains from most leading stocks. The benchmark index EGX30 shut slightly lower by 0.04% at 9709.5 points, while small and mid-cap index EGX70 lost 0.52% to 566.38 points. The broader index EGX100 ended 0.34% lower at 1132.29 points. Today’s turnover amounted to nearly EGP 2 billion, while traded volume reached 153.2 million shares and number of…

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