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Daily Business News Brief Monday, September 6th, 2021.

6
Sep

Stock market sheds N117bn as investors take profits – Punch

The equities listed on the Nigerian Exchange Limited shed N117.03bn last week, with analysts attributing the market downturn to profit-taking by investors.  The NGX All-Share Index and market capitalisation declined by 0.57 per cent to close the week at 39,261.01 basis points and N20.456tn respectively, from 39,485.65bps and N20.57tn recorded the previous week.  At the end of trading on the floor of the exchange on Friday, the NGX Oil & Gas, NGX Industrial, NGX Banking and NGX Consumer Goods indices finished lower as the NGX Insurance, NGX AFR Div Yield, NGX MERI Growth, NGX Meri Value and NGX Sovereign Bond indices appreciated by 0.79 per cent, 0.11 per cent, 0.03 per cent, 0.31 per cent and 0.65 per cent, respectively. The NGX ASeM and NGX Growth indices closed flat…………………..read more

SEC promises cost reduction, profitability after Senate probe – Punch

The Securities and Exchange Commission has unveiled plans to reduce its operating costs in order to boost profitability within the next two years.  The PUNCH had in a report last week revealed the outcome of the Senate probe of the capital market regulator’s finances. SEC had said it was projecting a fiscal deficit of N5.17bn for the year 2021, with staff costs gobbling up most of its revenue.  The commission, in a statement on Sunday, said the Director-General, Mr Lamido Yuguda, noted that the commission was taking steps towards reversing its current financial circumstances, which he said resulted from COVID-19-induced difficult times faced by capital market players………………..read more

 

Zenith Bank 2021H1: Sustained Two Decade Earnings Growth, Despite Q2 Flattish Profit, Robust Growth In Loan-Deposit Ratio – Daily Independent

s in the other periods, the management of Zenith Bank announced an interim cash dividend of 30 kobo, same as in the previous half-year. Details of the said dividend are explained later in this report.   Performance in the quarter showed a lower Turnover and a slight growth in the profit for the period.    In other words, performance at the end of the quarter is almost same as in the corresponding quarter. This explains the equal interim cash dividend paid as against the corresponding period. ………………..read more

Oil, power companies’ bank debts rise to N6.14tn- Punch

The debts owed to Nigerian banks by oil and gas operators as well as power companies have risen above N6tn, the latest data obtained from the Central Bank of Nigeria have shown.  The energy firms increased their bank debts to N6.14tn as of June 2021 from N5.94tn at the end of 2020.  The N6.14tn represents 28.05 per cent of the N21.89tn loans advanced to the private sector by the banks as of June 2021, according to the sectoral analysis of banks’ credit by the CBN………………..read more

 

First Bank Launches Mobile Banking Application – Thisday

In furtherance of its commitment to spearhead value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria.  The bank in a statement signed by its Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said the banking app is the first of its kind in the industry, “exposing customers to a wealth of opportunities to promote their safety, convenience whilst ensuring they are at an edge in today’s digital banking world. It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers……………….read more

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