Morning Beats

Tanker drivers commend government for improving road infrastructure

The Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has commended the Minister of Works, Power, and Housing, Babatunde Raji Fashola, on improvement in infrastructure development across the country.Guardian

Bears emerge as index drops by 0.3% amid investors’ apathy

The volatile pattern of the market, occasioned by the ongoing anxiety in Nigeria’s political environment has continued to drive cautious trading by investors on the Nigerian Stock Exchange (NSE), as the All-share index depreciates by 0.3% yesterday.Guardian

Egina FPSO sail-away buoys oil, gas production increase

Anticipated increase by 200,000 barrels of oil per day to Nigeria’s oil production (approximately 10 per cent of the country’s total oil production) received impetus following the successful sail-away of the Egina Floating, Production, Storage and Offloading (FPSO).Guardian

Nigeria’s GDP contracts as oil production slumps

Nigeria’s economic growth dipped to 1.50 per cent year on year between April and June, the statistics office said yesterday, extending a slowdown into a second quarter as the oil sector contracted.The Nation

Lafarge Africa to create 10b new shares

Lafarge Africa Plc plans to create additional 10 billion ordinary shares of 50 kobo each to increase its authorised share capital to 20 billion ordinary shares.The Nation

30,000T of cocoa stuck on Lagos port roads, say exporters

About 30,000 metric tons (Mt) of cocoa are trapped on their way to ports in Lagos as roads in a state of disrepair delay access to ships, the cocoa exporters body said.The Nation

CBN pumps $543m, CNY 63m into forex market

The Central Bank of Nigeria (CBN) has injected $543.22 million and Chinese Yuan (CNY) 63.21 million into the inter-bank foreign exchange market.The Nation

Stock market: Foreign transactions drop by N66.24bn

The Nigerian Stock Exchange recorded a decline of N66.24bn in foreign portfolio transactions last month amid political uncertainties and rise in interest rates in the United States.Punch

Experts warn of major challenges ahead as GDP shrinks to 1.5%

The National Bureau of Statistics on Monday released the Gross Domestic Product growth rate for the second quarter of this year with the economy recording a decline in performance from 1.95 per cent in the first quarter to 1.5 per cent.Punch