Category Archives: Finance

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IMF reverses oil prices downward

Hopes of the Organisation of Petroleum Exporting Countries (OPEC) ever witnessing an oil price of $100 per barrels has been dimmed by the latest forecast from the International Monetary Fund (IMF), which expects crude oil prices to drop from the projected $62.31 per barrel to $58 a barrels in 2019.

Latest projection from IMF, which further suggest an annual crude oil price of $62.3 a barrel in 2018, expects crude oil prices to drop to as low as $53.6 per barrel by 2023, despite OPEC production freeze to boost price.

Asian markets fall in line with Wall Street as tech firms take a hit

Asian markets mostly fell Friday as investors struggled to maintain the previous day’s positive momentum following losses on Wall Street, with technology firms tracking a sharp fall in Apple.

While worries about the Syrian crisis and a potential China-US trade war keep dealers on edge, focus has for now moved to the corporate arena as the earnings season gets into full swing.

All three main Wall Street indexes fell Thursday after a mixed bag of business reports with market giant Procter & Gamble posting lacklustre results, while rising US Treasury yields also spooked investors worried about higher interest rates.

Bank of England holds interest rate at 0.5%

The Bank of England kept its key interest rate at 0.5 percent at its final meeting of the year, it said Thursday while keeping an eye on Britain’s Brexit-fuelled inflation.

The BoE sat tight at the meeting on Wednesday after lifting the rate in November for the first time in a decade, from a record-low 0.25 percent, faced with high inflation that could see the central bank lift borrowing costs further in 2018, according to analysts.

Shortly after the announcement, the European Central Bank said that its policymakers had decided to leave key eurozone interest rates and massive support for the economy unchanged.

Pound slides as UK rate hike prospect dims

The pound sank close to $1.40 on Friday after Bank of England Governor Mark Carney suggested that it was not guaranteed to hike its main interest rate next month.

“Carney put an end to the debate, saying that markets should not bet on a May rate rise,” noted Jasper Lawler, head of research at London Capital Group.

Markets had been widely pricing in a quarter-point interest rate hike in May, to 0.75 percent, amid a pick-up in UK wages growth, but British economic data this week, including a sharp drop in retail sales, has dampened those expectations.

MTN to Pick more Banks to Work on Planned Nigerian IPO

MTN Group Ltd. has appointed more banks for the sale of shares in its Nigerian unit on the stock exchange in Lagos as it looks to start an initial public offering in June or July, according to people familiar with the matter.

The Johannesburg-based wireless operator, Africa’s largest by sales, has picked several banks and brokers including Renaissance Capital, FirstRand Ltd.’s Rand Merchant Bank and Nigerian firm Chapel Hill Denham to work with global co-ordinators Citigroup Inc. and Standard Bank Group Ltd., said the people, who asked not to be named as the matter is private. The company met its bankers on Wednesday and held a presentation for foreign and local analysts on Friday in Lagos to give them more details about the deal and MTN Nigeria’s finances, they said.

Jumia Releases 2017 Financial Report

Jumia, the leading online eCommerce ecosystem in Africa,  grew  GMV  by  64,5%  to  197,9  MEUR  (+113%  in constant currency)  in the fourth quarter of  2017, compared with 120,2 MEUR  in fourth quarter 2016. Jumia marketplace platforms significantly scaled the number of orders with a YoY growth of +94% in Q4 2017.

Jumia saw GMV increase by 41,8 % year over year from 357,5 MEUR in 2016 to 507 MEUR in 2017 (+79% in constant currency), mainly driven by improved macroeconomic conditions, as well as a stronger relevance of the marketplace, notably with a significant increase in the number of active merchants as well as products and services available. Jumia is increasingly addressing daily needs of consumers across its markets, resulting in a strong increase in the number of orders and growth of customer base.

Investors’ wealth plummets by N6 billion on profit taking

Transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, following price losses suffered by majority of the highly capitalised stocks, causing market capitalisation to plunge by N6 billion.

Yesterday, the All-Share Index (ASI), which measures the performance of listed equities shed 16.42 points, representing a 0.04 per cent slide to close at 40,772.26 points from 40, 788.68 at which it opened on Tuesday.

Similarly, the market capitalisation of listed equities lost N6 billion from N14,734 trillion to N14.727 trillion.