Business

Nigerian stocks accelerated at their swiftest pace so far this year on Tuesday as the main equity index rose by 5.2 per cent and the value of shares appreciated by over N1.5 trillion.

Analysts say the jump was helped by positive sentiments that followed new policy directions by the new administration in the country.

Investors warmed to President Bola Tinubu’s planned economic reforms, particularly his resolve to scrap costly fuel subsidies and unify Nigeria’s multiple exchange rates, with transaction volume increasing by 133 per cent and turnover more than doubling.

Nigeria’s dollar bonds accelerated on Monday, a day after newly inaugurated President Bola Tinubu vowed to harmonise the country’s multiple interest rates.

Mr Tinubu promises to take key monetary policy decisions in order to draw investors and end fuel subsidies which have eroded the government’s revenues for years.

Eurobonds, which have 2047 as their maturity, had risen 3.9 per cent to 67.1 cents on the dollar as of 12:30 p.m. in London, according to Bloomberg. Those due in 2049 added 3.4 per cent, while debts maturing in 2051 climbed 4 per cent.

NASCON Allied Industries Plc, makers of Dangote Salt and Seasoning, has confirmed the appointment of Thabo Mabe as its substantive managing director, the company said Tuesday.

The board of directors of the salt manufacturer disclosed in a statement that it arrived at the decision at a meeting on 26 May.

Mr Mabe has been functioning in an acting capacity as the managing director of the company since 12 February, succeeding Paul Farrer, who resigned a month earlier.

The Federal Competition and Consumer Protection Commission on Tuesday said it will ensure that filling stations sell petroleum products in compliance with the law to prevent hardship on Nigerians.

The commission made this known Tuesday in a statement signed by Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer.

Nigerians have had difficulty getting petrol at filling stations since Monday after President Bola Tinubu announced government’s plan to put an end to the subsidy regime.

Sandals Grenada Resort recently awarded 13 new hospitality inductees with certificates of completion through their Hospitality Training Programme (HTP).

To mobilise direct investment at all levels, the Federal Ministry of Industry, Trade and Investment has held a retreat and workshop to unveil its new policy, the Federal-State Investment Strategy (FSIPS).

To be implemented by federal and state governments, their ministries, departments, and agencies, FSIPS was authored by renowned global Investment strategy expert, Nicky Okoye.