Global Market News

Asian shares extend gains ahead of tech earnings, yen fragile "” Reuters

Asian shares extended gains on Tuesday, taking cues from Wall Street as focus shifts to earnings results from U.S. tech giants in the week, while a still strong dollar pressured the Japanese yen to fresh 34-year lows. Click here for more.

Oil prices stabilise, Middle East tensions remain in focus "” Reuters

Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Global benchmark Brent crude oil futures traded 27 cents higher at $87.27 a barrel, while U.S. West Texas Intermediate crude futures also gained 26 cents to $82.16 a barrel. Click here for more.

Macroeconomic News

Despite Forex Gains, Imports Still Low At Seaports, Airports "” Leadership

Despite significant drop in foreign exchange at the official, parallel markets as well as exchange rate for calculating import duties by the Nigeria Customs Service (NCS), cargo and vehicles importation are yet to pick up at the nation's seaports and airports across the country, LEADERSHIP can report. Click here for more.

Power outage: TCN seeks increased funding, payment of outstanding gas debt "” Leadership

The managing director, Transmission Company of Nigeria (TCN) Abdulaziz Sule has urged the Senate Committee on Power to assist in raising funds for the completion of over 120 projects that would improve the transmission network in the country. Click here for more.

FG unveils N200 billion intervention fund for MSMEs, manufacturers "” The Guardian

The federal government has announced the launch of N200 billion presidential intervention fund for MSMEs, and manufacturers in Nigeria. N75 billion is expected to be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund. Click here for more.

Rice falls to N67,000 in Lagos, Abuja, cheaper at borders "” Punch

Following the recent rebound of the naira against the dollar, the price of a 50 kg bag of rice has dropped to an average of N67,000 in Lagos, Abuja, Ogun, and others, from about N90,000 in February 2024. Click here for more.

Tin-can Customs surpasses Q1'24 revenue target by 139% "” Vanguard

The Tin-can Island Port Command of the Nigeria Customs Service, NCS, said it has surpassed its first quarter revenue target for 2024 (Q1'24) by 139 per cent with a total collection of N304 billion compared with N127 billion recorded in the same period of 2023. Click here for more.

Company News

International Breweries shareholders approve $379.9m loan-to-equity conversion"” Punch

International Breweries' shareholders have approved a $379.9m loan from its majority shareholder, AB InBev Nigeria Holdings BV, to enable the company to repay a loan obtained from Citibank Abu Dhabi. Click here for more.

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