Analysts Anticipate Stock Market Rally after OMO Restriction Treasury Bills auction records N433bn oversubscription on demand pressure Goddy Egene with agency report The decision by the Central Bank of Nigeria (CBN) to restrict individuals and local firms, non-bank financial
institutions inclusive, from investing in its open market operations (OMO) auctions may end up providing a welcome boost to one of the world’s worst-performing stock markets, the Nigerian
Stock Exchange (NSE). Holdings of OMO amount to about N2.2 trillion ($6 billion), a quarter of the assets managed by Pension Fund Administrators (PFAs), a report by Bloomberg stated.
With the bonds, which yield an average of 15 per cent, out of the picture, funds may turn instead to the local stock market, the third-worst performer globally over the past year among benchmark
“We should see a lot of corporate heavyweights gain in coming weeks as pension funds look for high-yielding investment.”
indexes tracked by Bloomberg. “There is real hope this could be good for equities,” an analyst with Lagos-based CardinalStone Partners Limited, Michael Nwakalor,” said.
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Gunmen Abduct Appeal Court Judge in Edo... Page 5 Thursday 31 October, 2019 Vol 24. No 8970. Price: N250
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INVESTMENTS ON THEIR MINDS... President Muhammadu Buhari (left) and King Salman bin Abdulaziz of Saudi Arabia, during the Future Investment Initiative conference in Riyadh…yesterday
In Swift Judgment, S’Court Dismisses Atiku’s Appeal Buhari: It’s time to move on
Omololu Ogunmade, Chuks Okocha, Alex Enumah and Adedayo Akinwale in Abuja
It was the end of the road for the presidential candidate of the Peoples Democratic Party (PDP) in the February 23 general election, Alhaji Atiku Abubakar, and his party
yesterday as the Supreme Court dismissed their appeal, challenging the declaration of President Muhammadu Buhari, who flew the flag of the All Progressives Congress (APC) the winner.
The seven-man panel of the apex court, led by Chief Justice of Nigeria, Justice Ibrahim Muhammad, dismissed the appeal on the ground that it lacked merit and deferred reason for the judgment to a
later date to be communicated to the parties to the suit. Expectedly, Buhari and his party hailed the verdict that vindicated their claim to power. The president spoke from
Riyadh, Saudi Arabia and commended former vice president, Atiku, and the PDP, saying they challenged his victory within the framework of the law of the land. The president, who hailed
Mobolaji Johnson, Lagos’ First Gov, Dies... Page 9
the judgment, said both appellants exercised their rights as enshrined in the constitution. A statement by presidential spokesman, Malam Garba Shehu, said Buhari thanked Atiku and his party for Continued on page 8