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National Election: Capital Outflow Rises to N435.41 Billion

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Nigerian Exchange Limited - Investors King
  • National Election: Capital Outflow Rises to N435.41 Billion

Capital outflow from the Nigerian Stock Exchange (NSE) has risen to a record high in recent months, following the continuous withdrawal of funds by foreign portfolio investors ahead of the national election.

The data from the NSE showed a total of N435.41 billion was withdrawn from the market between January and July 2018, high than the outflow of N234.32 billion recorded during the same period of 2017.

The market capitalisation of listed equities that rose from N13.617 trillion earlier this year when global oil prices, increased foreign reserves, stable foreign exchange market and declining inflation bolstered its value to N16.154 trillion on January 19, closed on Friday at N11.88 trillion.

Alice Tomdio, the Associate Director, Capital Markets, PwC Nigeria, said: “Once there is any cause to fear, portfolio investors sell out their shares and they come back when the environment is better; all of these create a lot of volatility in the market and may be one of the reasons why we do not have a lot of initial public offerings in the country.”

She further stated that domestic investors should be encouraged to participate more in the capital market.

Between 2011 to 2015, foreign transactions have outperformed domestic transactions, but since 2016 domestic transactions slightly outperformed foreign transactions, accounting for 52 percent of total transaction value in 2017.

Foreign transactions declined by 64.68 percent from N102.41 billion in June to N36.17 billion in July, while domestic transactions rose from N29.12bn in June to N65.42bn in July. Representing 50.48 percent more than foreign transactions.

Tomdio attributed the decline in foreign portfolio to the uncertainty surrounding national election, global trade wars and rising interest rates in developed economies, especially after China announced on Saturday that she would not be meeting with the U.S to discuss tariffs imposition.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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ARISE News Channel Goes Global: Launches in Nine Southern African Countries

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Arise News

ARISE News Channel, a prominent Nigerian cable news network, has reached another significant milestone in its journey to become a global media powerhouse.

The channel has officially gone live in nine Southern African countries, including South Africa, Angola, and Botswana.

This expansion was made possible through a partnership with Multichoice/DSTV, with ARISE News Channel now available on Channel 416.

Alongside South Africa, Angola, and Botswana, the channel is now accessible to viewers in Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zambia, and Zimbabwe.

In a statement released by the Chief of Staff to Chairman/Editor-in-Chief of ARISE News Channel, Fauziya Ali Mohammed, it was revealed that the channel’s presence now spans 54 African countries.

Mohammed explained that ARISE News Channel is committed to delivering high-quality news coverage across the continent, showcasing various facets of African life, including business, politics, technology, commerce, science, sports, show business, and fashion.

ARISE News Channel, which celebrated its 11th anniversary earlier this year, has earned acclaim for its Emmy-winning programming.

It has become a leading broadcaster in Africa, offering audiences a diverse range of content while projecting the best of Africa’s culture and people to the world.

Chairman/Editor-in-Chief of ARISE News Channel, Nduka Obaigbena, expressed his excitement about the channel’s expansion into Southern Africa, emphasizing its commitment to promoting African narratives globally.

Obaigbena highlighted ARISE News Channel’s dedication to showcasing the continent’s potential and celebrating its achievements on the global stage.

The channel operates around the clock from studios located in Lagos, Abuja, Johannesburg, Cape Town, London, and New York.

Its coverage extends beyond traditional broadcasting platforms, reaching viewers across Europe, North Africa, the Middle East, and the United States through various channels and streaming services.

With its latest expansion into Southern Africa, ARISE News Channel continues to solidify its position as a leading voice in African media, shaping narratives and fostering dialogue on issues of regional and global significance.

As the channel continues to grow its global footprint, it remains dedicated to providing audiences with insightful and impactful journalism that reflects the dynamism and diversity of the African continent.

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Travel

Air Peace Flight Delayed, Passengers Stranded After Failed Promise of Hotel Stay

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Passengers aboard an Air Peace flight from Abuja to Owerri found themselves in a state of disarray and frustration after a series of delays and unmet promises left them stranded without accommodations.

What was supposed to be a routine flight scheduled to depart Abuja at 4:30 PM and arrive in Owerri at 5:30 PM turned into a nightmare as the flight was delayed until 6:18 PM due to a reported lack of a pilot.

However, midway through the journey, passengers were informed that the flight couldn’t proceed to Owerri because the airport there would close by 6:40 PM.

The flight was forced to return to Abuja, where passengers endured further uncertainty as they waited for over 20 minutes to receive any communication from the airline. Eventually, they were informed of plans to provide a bus to transport them to a hotel for accommodation.

However, this promise was not fulfilled, leaving passengers stranded and scattered around the airport.

One passenger, who had already experienced delays with another airline earlier in the day, expressed frustration at the lack of accountability and protection for travelers.

The incident highlights the ongoing challenges faced by passengers in Nigeria’s domestic aviation sector and raises questions about the adequacy of regulations to safeguard passengers’ rights.

Attempts to reach Air Peace for comment on the situation were unsuccessful at the time of reporting.

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Emirates Halts Check-Ins Amid Severe Weather Disruption

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Emirates Airline

Emirates, the largest international airline, has taken the unprecedented step of halting all passenger check-ins for the day.

The move comes as the emirate grapples with severe weather disturbances, including heavy rainfall and storms, leading to widespread travel chaos in one of the world’s busiest aviation hubs.

The airline announced that check-ins for all passengers would be suspended from 8 am local time until midnight, as the adverse weather conditions continue to wreak havoc on travel plans.

Despite the disruption, Emirates assured that transit passengers would still be allowed to proceed to their connecting flights.

Dubai, known for its modern infrastructure and bustling aviation industry, has been brought to a standstill by the relentless rainfall and storms.

The inclement weather has resulted in delayed or diverted flights, leaving travelers stranded and adding to the existing challenges posed by the ongoing global pandemic.

Emirates has pledged to exert all efforts to restore its scheduled operations and provide support to affected customers amidst the chaos.

However, the extent of the disruption caused by the adverse weather conditions underscores the resilience and adaptability required to navigate unforeseen challenges in the aviation sector.

As the situation unfolds, authorities and airline personnel are working tirelessly to mitigate the impact of the severe weather on travel operations and ensure the safety and well-being of passengers.

Despite the temporary setback, Emirates remains committed to maintaining the highest standards of service excellence and operational efficiency, even in the face of unprecedented challenges posed by Mother Nature.

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