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Daily Business News Brief Monday, August 23, 2021.

23
Aug

Market Update For The Week Ended August 20 And Outlook For August 23-27– Guardian

It was a mixed week of up and down movement on the Nigerian Exchange as the key performance index closed marginally lower on a low traded volume and positive market breadth for the period under review.  The ongoing portfolio repositioning and sector rotation which had propelled the seesaw movement that short-lived the previous week positive outing as sentiment and buying interest moved to medium cap and penny stocks with high upside potentials as earnings emanating from these companies remain upbeat to support their share prices…………….read more

Shareholders Disagree With SEC over N170bn Unclaimed Dividend – Thisday

Shareholders of quoted companies in the country have disagreed with Securities and Exchange Commission (SEC) on the use of the reported N170billion unclaimed dividend in the Nigerian capital market. They expressed shock on N170billion reported by the Commission, stating that registrars on their part have worked with shareholders to further create awareness and reduce unclaimed dividend in the capital market……………..read more

Fed Govt to partner stockbrokers on economic growth- The Nation

The Federal Government has assured securities dealers that it would create an enabling environment for optimal utilisation of the financial market to achieve double-digit economic growth. The government also reiterated its resolve to put an end to insecurity which has significantly dampened both foreign and local investor interest in Nigeria……………….read more

Fuel price remains until FG, labour end negotiations – PPPRA – Punch

The Petroleum Products Pricing Regulatory Agency on Sunday said the Petroleum Industry Act had signaled the full deregulation of the downstream oil sector. It was, however, quick to state that the negotiations between the Federal Government and labour would minimise the effect of subsidy removal upon full deregulation of the sector.The Executive Secretary, PPPRA, Abdulkadir Saidu, who said this in a statement issued in Abuja, stated that petrol price would be adjusted in a way that it would not cause hardship on consumers……………….read more

Declining forex reserves stokes naira depreciation – The Nation

The naira suffered its weakest performance in recent weeks at the weekend after Nigeria’s foreign exchange (forex) reserves recorded its first depletion in six weeks. The naira closed weaker at the official and parallel markets, the first all-round negative performance in recent weeks. Tracking data obtained by The Nation at the weekend showed that Nigeria’s forex reserves declined by $63.1 million to $33.52 million, halting a five-week consecutive increase in national gross forex reserves……………….read more

Zenith Bank, GTCO Lead Five Others in N801.3bn Dividend Payout to Investors in Three Years – Thisday

Despite the harsh operating environment in the country, seven listed financial institutions on the Nigerian Exchange Limited (NGX), paid investors a total sum of N801.3 billion as dividend between 2018 and 2020, data obtained by THISDAY at the NGX has revealed.Analysis of the NGX data revealed that the seven banks in 2020 paid N278.84 billion as dividend, while N271.81billion and N250.64billion was paid as dividend between 2019 and 2018, respectively……………….read more

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