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Daily Business News Brief  Wednesday, September 1st, 2021.

1
Sep

Stock market loses N56bn as 27 equities decline – Punch

Equity investors in the Nigerian Exchange Limited lost N55.78bn at the end of trading on Tuesday as 27 firms recorded losses.  The NGX All-Share Index declined by 0.27 per cent to 39,219.61 basis points from 39,326.67bps on Monday while the market capitalisation fell to N20.43tn from N20.49tn.  Investor activity rose as trading volume increased by 41.41 per cent to 425.66 million shares valued at N1.97bn in 4,553 deals on Tuesday from 301.01 million shares worth N1.54bn in 4,715 deals the previous trading day………………..read more

Month-end rebalancing: Negative trading persists at NGX- Punch

Negative trading persisted on the Nigerian Exchange (NGX) Ltd on Tuesday with key market indices dropping further by 0.27 per cent due to end of month rebalancing.  Consequently, the NGX All-Share Index closed the last trading day in August negative, dropping 108.06 points or 0.27 per cent to 39,218.61 from 39, 326.67 on Monday. Accordingly, month-to-date growth stood at 1.7 per cent and year-to-date loss increased to 2.6 per cent, respectively.  Also, the market capitalisation which opened at N20.489 trillion shed N55 billion or 0.27 per cent to close at N20.434 trillion…………………..read more

External reserves gain $500m in one week, near $34bn – Punch

Nigeria’s external reserves rose by $500m in one week to the highest point in more than two months, according to the latest data from the Central Bank of Nigeria. The reserves, which have been wobbling in recent weeks, jumped from $33.43bn on August 23 to $33.93bn on Monday, the highest since June 11. The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10……………….read more

Forex ban: CBN directs banks to publish names of defaulters – Punch

The Central Bank of Nigeria has directed all commercial banks to publish on their websites the names and Bank Verification Numbers of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks.  In a circular issued by the on Tuesday, the bank outlined the fraudulent practices to include the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance  The bank said the new directive was given to curb the unwholesome conduct of some unscrupulous customers who are trying to circumvent its new forex policy………………….read more

United Capital Quotes N19.72bn Series CPs on FMDQ Exchange – Thisday

FMDQ Exchange has approved the quotation of the United Capital Plc N19.72billion Series 5, 6 & 7 Commercial Papers (CP) on its platform.The Exchange approved the quotation of the United Capital N1.56 billion Series 5, N13.99 billion Series 6 and N4.17 billion Series 7 CPs under its N50 billion CP Issuance Programme on the Exchange……………..read more

Veritas Kapital records 105% growth in gross premium- Punch

Veritas Kapital Assurance Plc has reported a gross premium of N6.03m for the 2020 financial year, a 105 per cent growth from the N2.95m recorded in the corresponding period of 2019. According to a statement from the company, its underwriting profit stood at N1.20m for the year under review, representing a 12 per cent increase as against the N1.08m achieved in 2019. The Chairman, Board of Directors of the company, Mr Thomas Etuh, at the 44th Annual General Meeting of the company in Abuja, said amid the economic downturn caused by the COVID-19 pandemic last year, the company re-strategised its focus on the agricultural insurance business…………………read more

Liquidity CrunchTake Toll as DMBs, Merchants Banks Borrowing from CBN Hits N10.38trn in Eight Months – Thisday

Deposit Money Banks (DMBs) and merchant banks in the country have made more borrowings than placements in the Standing Facilities Window of the Central Bank of Nigeria (CBN) in the first eight months of 2021, investigation by THISDAY has revealed.

The financial data released by the CBN revealed that in the eight months of 2021, DMBs and merchant banks borrowed a total of N10.38 trillion compared to N5.09 trillion in eight months of 2020………………..read more

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