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Daily Business News Brief  Monday, August 30, 2021.

30
Aug

Investors gain N14bn as 35 stocks close higher – Punch

The equities market of the Nigerian Exchange Limited closed N14.10bn higher at the end of last week, with 35 listed companies recording share price gains. The NGX All-Share Index and market capitalisation appreciated by 0.01 per cent to close the week at 39,485.65 basis points and N20.573tn respectively from 39,483.08bps and N20.572tn in the previous week. All other indices finished lower with the exception of NGX Premium, NGX Banking, NGX Insurance, NGX AFR Div Yield, NGX Meri Value and NGX Oil & Gas indices, which appreciated by 0.07 per cent, 0.30 per cent, 1.06 per cent, 0.02 per cent, 0.15 per cent, and 0.08 per cent respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat on Friday……………..read more

Zenith Bank Shows Resilience, Grows H1 Profit By 3% to N117bn – Punch

In a clear demonstration of its resilience, Zenith Bank Plc has announced its audited results for the half-year (HI) ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic. According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of three per cent, from the N114 billion reported in H1 2020, to N117 billion in H1 2021………………read more

Foreign investment in Nigerian stocks falls by N30.91bn – Punch

The Nigerian Exchange Limited has said the total inflows of foreign portfolio investments declined by N30.91bn from January to July, compared to the corresponding period in 2020. NGX’s Domestic and Foreign Portfolio Investment Report for July 2021 showed that inflows from foreign investors totalled N112.74bn, a 21.52 per cent decline when compared to the same period of last year.  The total outflows from the equity market as of July 31, 2021 amounted to N124.75bn, representing a 56.62 per cent plunge……………….read more

How To Deepen GDP Impacts On Nigeria’s Economy – Daily Independent

Investors are calling on the Federal Government to consider more pro-business response on the fiscal, monetary and trade policies in driving real positive effect of the growth to the economy.  They said such measures would drive Gross Domestic Product growth like Agriculture, Information and Communication and Healthcare among others.  They said the GDP numbers released by National Bureau of Statistics (NBS) last week, suggest the need to reset, rejig and reform key sectors of the economy around regulatory environment, tax environment and the multitude of levies imposed on businesses by all levels of government and other structural bottlenecks to productivity in the economy………………..read more

Naira Falls To N522/$1 At Black Market – Daily Independent

The Nigerian currency again traded weaker against the U.S dollars at the unregulated segment of the foreign exchange (forex) as currency dealers continued to take advantage of customers seeking quick access to the dollars.  According to data from Abokifx, Naira depreciated by N1 against the US Dollar at the market on Thursday, August 26 to trade at N522/$1 compared to N521/$1 it was sold at the previous session.  However, the Naira exchange rate remained constant from Wednesday versus the Pound Sterling and the Euro on the black market, at N712/£1 and N605/€1, respectively……………….read more

FG implements cooking gas imports tax, price jumps by 100% – Punch

The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months.  It was gathered on Sunday that the government implemented the VAT on LPG imports about three weeks ago and some dealers were also mandated to pay the tax for commodities imported several months ago.  Operators told our correspondent that Nigeria imports about 70 per cent of the commodity, while the rest was mainly supplied by the Nigeria Liquefied Natural Gas company…………………read more

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