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Daily Business News Brief Wednesday, September 15th, 2021.

15
Sep

Market Capitalisation Up N2bn as Stock Market Ends Bearish Trend – Thisday

The Nigerian equities market yesterday closed trading activities in the green, to halt the six-days of consecutive bearish trend.  The market upturn was due to investors’ renewed buying interest in the Financial and Industrial sectors, as capitalisation gained N2 billion.  In summary, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) grew by 4.88 basis points, representing an increase of 0.01 per cent, to close at 38,920.50 basis points. Similarly, the overall market capitalisation value gaine ………………….read more

FG to auction N150bn bonds in September – Punch

The Debt Management Office on Tuesday disclosed that the Federal Government would offer N150bn bonds for subscription in September.  A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each.  They are 10-year re-opening bond to be offered at the rate of 13.98 per cent and to mature in February 2028; a 20- year reopening bond to be offered at 12.40 per cent and mature in March 2036; and the third and longest bond which is a 30-year reopening bond to be offered at 12.98 per cent and mature in March 2050.According to the DMO, the bonds, which will be auctioned on September 22, have a settlement date of September 24…………………read more

CBN projects three per cent GDP growth – Punch

The Central Bank Governor, Godwin Emefiele, has said that the country’s Gross Domestic Product can rise to three per cent by the end of 2021.  He spoke during the 14th annual Chartered Institute of Bankers of Nigeria’s banking and finance conference with the theme, ‘Recovery, inclusion and transformation: The role of banking and finance’ in Abuja on Tuesday.  The event was attended by the Vice President, Prof. Yemi Osinbajo, among other dignitaries.  Emefiele said, “Your excellency sir, with continued improvements in the economy, I am optimistic that by the end of the year, our economy will not only close the output gap brought about by the 2020 recession, but that we would end the year with an annual GDP growth of between 2.5 – 3 per cent, up from -1.92 per cent in 2020.”………………….read more

Ten Banks OPEX Hits N932.26bn in H1 2021 Driven by Double-digit Inflation, AMCON Levy, Others – Thisday

Despite the bountiful profits reported by deposit money banks in the country in their Q2 reports, it has emerged that double-digit inflation rate, among other factors drove a total of 10 banks Operating Expenses (OPEX) by seven per cent to N932.26billion in half year of 2021 (H1) as against N871.67 billion in the comparable period of 2020.  Analysis of the banks results submitted to the Nigerian Exchange Limited (NGX) showed that regulatory costs such as the Asset Management Corporation of Nigeria (AMCON) charge of 0.5 per cent on total assets and the Nigeria Deposit Insurance Corporation (NDIC), fall in local currency, were other factors that contributed to increasing OPEX of these 10 banks in the period under review……………….read more

Nigeria’s cryptocurrency market grows by 1,200% in one year – Report – Punch

The cryptocurrency market in Nigeria and other African countries have grown by 1200 per cent in one year. This was disclosed in a report by Chainalysis on Tuesday.  According to the report, the African region has one of the highest grassroots adoptions in the world, with Kenya, Nigeria, South Africa, and Tanzania ranking in the top 20 of its Global Crypto Adoption Index.  The report added that Africa has the third-fastest growing cryptocurrency economy, and a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7 per cent, versus the global average of 5.5 per cent…………….read more

CIS Exposes Members to Marketing Financial Products, Services – Thisday

Desirous to enhance its members’ ability to take advantage of digital operations, the Chartered Institute of Stockbrokers (CIS), is set to hold capacity building on modern techniques of marketing financial products and services. The virtual training is expected to expose the participants to interrogate brands in the media age, modern communication strategy, ideation and how to attract and retain investors across the board. A statement by the Institute indicates that the training, Tagged, “Marketing Magic: The Art of Marketing in Digital Age,” will be lazed with case studies………………………….read more

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