The U.S. stock market is rigged in favor of high-speed electronic trading firms, which use their advantages to extract billions from investors, according to Michael Lewis, author of a new book on the topic, "Flash Boys: A Wall Street Revolt." High-frequency trading (HFT) is a practice carried out by many banks and proprietary trading firms using sophisticated computer programs to send gobs of orders into the market, executing a small portion of them when opportunities arise to capitalize on price imbalances, or to make markets. HFT makes up more than half of all U.S. trading volume.
Updated 6 Years ago

The Federal Government has explained why it did not sign the trade liberalisation agreement being pushed forward by the European Union under the Economic Partnership Agreement with the Economic Community of West African States.
Updated 6 Years ago

Europe's beaten down property assets are starting to look attractive, especially in places such as Ireland and the Mediterranean, U.S. billionaire investor Wilbur Ross told CNBC Tuesday. "Some of the projects that were so ill-considered they never should have been done, those'll revert to farmland," Ross said.
Updated 6 Years ago

The top 10 performing stocks last week were Learn Africa Plc, University Press Plc, Ashaka Cement Plc, Guinness Nigeria Plc, Costain (West Africa) Plc and International Energy Insurance Plc.
Updated 6 Years ago

Tech companies are looking to recover this week as speculative tech stocks drove down the NASDAQ Index last week, causing investors like Facebook's Mark Zuckerberg to lose more than $3 billion. Last week bio-tech and internet companies took a tumble on Wall Street- the NASDAQ Composite Index dropped 2.8 percent, the biggest dip since 2012. The index began to regain traction on Asian floors Monday, and is up 0.11 percent.
Updated 6 Years ago

The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013.
Updated 6 Years ago

Chinese President Xi Jinping has wrapped up his official European tour. His hosts have pampered the head of state and his 200-strong business entourage as the two economic blocs work towards a multi-billion dollar free trade agreement. The world’s second-biggest economy is a strategic ally for the EU, especially as relations with Moscow have become frosty over action in Ukraine.
Updated 6 Years ago

The FCMB Group Plc has reported a 12 per cent rise in its profit before tax for the financial year ended December 31, 2013
Updated 6 Years ago

In a bid to ensure long term market protection, the Nigerian Stock Exchange (NSE) has set new minimum operating standards for all Dealing Members licensed by the bourse, effective January 1, 2015.
Updated 6 Years ago

As part of efforts to promote inclusive banking and the cashless policy, Access Bank Plc has opened a self-service electronic branch in Ikota, Lagos State. The bank said the self-service banking service is its innovative response to smart-banking revolution craved by customers.
Updated 6 Years ago