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Daily Business News Brief Tuesday, September 7th, 2021.


Profit-taking Persist as Stock Market Commences Week on Negative Note – Thisday

The Nigerian equities market yesterday closed on a negative note, to halt the two consecutive days of positive sentiment trading by investors at the close of business the previous week.  At the close of trading yesterday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) declined by 8.12 basis points, representing a drop of 0.02 per cent, to closed at 39,252.89 basis points. Similarly, the overall market capitalisation value shed N5 billion to close at N20.451 trillion…………………..read more

Naira weakens to 532/dollar despite rising forex reserves – Punch

The Nigerian currency weakened further against the dollar at the parallel market on Monday despite the rise in the country’s foreign exchange reserves. The forex reserves, which fell to a record low of $33.09bn on July 12, have risen to the highest level in more than three months. The PUNCH had reported on Friday that the naira plunged to a fresh record low of 530 against the dollar on Thursday amid the lingering scarcity of forex in the country. The value of the naira fell further to 532/$1 at the parallel market on Monday…………………read more

NNPC to begin sale of shares in 2024 – Punch

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that the earliest the corporation can issue its Initial Public Offer to investors is in the next three years. The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global Financial News monitored by our correspondent.  The announcement is one of the outcomes of the Petroleum Industry Act recently signed on the state-owned corporation in the global market………………..read more

DMO offers September savings bonds for subscription- Punch

The Debt Management Office has opened the September savings bond offer to investors.  The DMO said this in a circular on Monday that it is offering the Federal Government’s two-year and three-year savings bonds.  The circular posted on its website was titled ‘FG savings bond offer for subscription September,2021’.  According to the circular, the two-year FGN savings bond will be due for redemption on September 15, 2023 at 7.915 per cent per annum, while the three-year offer will be due on September 15, 2024 at 8.915 per cent per annum. ………………..read more


Nigeria spends N1.47tn on petrol imports in six months – Punch

The amount spent on the importation of Premium Motor Spirit (petrol) in the first half of this year jumped to N1.47tn, which is more than 73 per cent of what was incurred in the whole of last year. The N1.47tn is about 86 per cent of what the country spent on petrol imports in the whole of 2019, data obtained from the National Bureau of Statistics show.  Petrol imports gobbled up N782.46bn in the second quarter of this year, up from the N687.74bn spent on the importation of the product in Q1, according to the NBS data.  The country spent N1.09tn on petrol imports in the first half of 2020, up from N766.06bn in H1 2019………………read more


Flour Mills declares N6.8bn dividend ahead of AGM – Punch

Flour Mills of Nigeria Plc, an integrated foods and agro-allied group, has proposed a final dividend of N6.8bn or N1.65 per ordinary share of 50 kobo for its shareholders for the 2020/2021 financial year.  The company said this in a statement ahead of its 61st Annual General Meeting, slated for this week.  It said the AGM would cover its ordinary and special businesses, including passing the respective resolutions.  It said shareholders would be afforded the opportunity to ask questions in respect of the audited financial statements and the report of the directors…………………read more

Stanbic IBTC’s revenue shrinks, profit drops by 53% – Punch

Stanbic IBTC Holdings Plc reported a 52.85 per cent drop in its profit before tax for the first half this year amid a decline in its trading revenue and other revenue sources.  According to its consolidated and separate interim financial statements for the six months ended June 30, 2021, its gross earnings dropped on a year-on-year basis by 26.06 per cent to N93.59bn from N126.57bn in the corresponding period of 2020.  Stanbic IBTC’s income after credit impairment charges fell by 20.67 per cent from N100.94bn in H1 2020 to N80.07bn in H1 2021 just as its trading revenue plunged by 84.03 per cent from N34.26bn to N5.47bn…………………..read more

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