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Daily Business News Brief  Friday October 15th, 2021.


Stock market gains N41bn as trading volume jumps 95%- Punch

The market capitalisation of equities in the Nigerian Exchange Limited rose by N41.06bn on Thursday as investors’ trading volume jumped by 94.79 per cent.  The NGX All-Share index appreciated by 0.19 per cent from 41,051.19 basis points to close at N41,129.98bps on Wednesday, while the market cap increased from N21.39tn to N21.43tn.  The volume of shares traded on the floor of the exchange rose to 908.06 million shares worth N10.97tn in 5,151 deals from 466.17 million valued at N4.47bn in 4,704 deals the previous day.  Analysing by sectors, the NGX Industrial and NGX Consumer Goods indices traded higher by 0.15 per cent and 0.17 per cent respectively, while the NGX Banking, Oil and Gas and Insurance indices declined. The NGX Premium index rose by 0.3 per cent while the Main-Board stocks dropped by 0.08 per cent………………….read more

Naira crashes to record low at official market – Punch

The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday.  At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.  The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.  At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market.  The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website………………..read more

Oscar Onyema resigns from NGX board- Punch

The Group Chief Executive Officer of the Nigerian Exchange Group Plc, Mr Oscar Onyema, has resigned as a non-executive director on the board of the Nigerian Exchange Limited.  The NGX Exchange made this known in a statement on Thursday after the confirmation of the listing of the shares of NGX Group on the exchange’s platform.  The Chairman of NGX Exchange, Mr Abubakar Mahmoud, said, “On behalf of the board and management of The Exchange, I extend our heartfelt gratitude to Mr Onyema for his selfless service to The Exchange……………………..read more

NGX Group to List 1.96bn Shares Today, NGX Announces Board Member Resignation- Thisday

The Nigerian Exchange Group Plc (NGX Group) has received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX today.  NGX Group will undergo a Listing by Introduction with 1,964,115,918 shares admitted to trading under the ticker, NGXGROUP.  In light of the foregoing, the register of members of the Company shall remain closed until Thursday, 14 October 2021 to complete the update of the register of members. It will be opened on Friday, 15 October 2021 when trading is scheduled to commence…………………read more

CBN, Disburses N60bn to Fund Rail Infrastructure in Lagos- Thisday

The Central Bank of Nigeria (CBN), has announced that it has through three commercial banks financed railway infrastructure in Lagos to the tune of N6 billion.  This, the central bank stated, is in a bid to support infrastructure development and create jobs.    The banks, the CBN said are; Access Bank Plc, Sterling Bank Plc and Fidelity Bank Plc.  The CBN said the banks have disbursed N45 billion to fund Lagos Blue line, which is 13.5-kilometer railway situated at the businesses district in Lagos and would be easily connected and assessable to waterways bus stations to critical parts of Lagos which normally are high traffic zones………………..read more

FG raises PPPRA, CBN, others’ revenue targets by N754.31bn- Thisday

The Federal Government has reviewed upwards the independent revenue projection for Ministries, Departments and Agencies in the 2022 fiscal period by N754.31bn.  The N754.31bn indicates an increase of 71.09 per cent from the approved N1.06tn in the 2021 fiscal period to N1.86tn next year.  The figures are contained in the 2022 budget proposal which was made public last week by the Minister of Finance, Budget and National Planning, Zainab Ahmed.  About 122 agencies are required to pay their operating surpluses into the Consolidated Revenue Fund of the Federal Government based on the Fiscal Responsibility Act 2007.  The Act requires government agencies to remit 80 per cent of their annual operating surpluses to the Consolidated Revenue Fund……………..read more


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