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Daily Business News Brief  Tuesday November 2nd, 2021.


Stock market loses N32.26bn as investors take profits -Punch

The equities market of Nigerian Exchange Limited slid by N32.26bn at the end of trading on Monday as investors cashed in on recent price appreciation.  The NGX All-Share index rose by 0.15 per cent, closing at 41,976.79 basis points from 42,038.60bps on Friday while the market capitalisation of stocks declined from N21.94tn to N21.91tn.  Market activities traded negative as the volume of shares traded slumped by 66.53 per cent to 378.15 million units valued at N3.24bn in 6,384 deals, compared to 1.13 billion shares worth N13.78bn in 5,458 deals on Friday.  Analysing by sectors, the NGX Oil & Gas, Banking, and Consumer Goods indices declined by 1.8 per cent, 0.4 per cent, and 0.3 per cent respectively while the NGX Insurance and Industrial Goods indices recorded gains of 1.9 per cent and 0.1 per cent respectively……………………read more

Banks, PFAs invested N2.96tn in FG bonds in 10 months – Report – Punch

Deposit Money Banks, Pension Fund Administrators and other investors committed about N2.96tn to Federal Government bonds between January and October 2021, according to an analysis of the FGN Bond Auction results available on the website of the Debt Management Office.  Bond oversubscription hit N1.46tn within the period under review, indicating the investors’ strong appetite for FGN bonds.  An analysis of the breakdown for each month showed that Federal Government bonds for January worth N150bn were oversubscribed by N88.28bn.  The total subscription received from investors for the bonds was N238.28bn, comprising N91.84bn for the 16.2884 per cent FGN March 2027 bonds; N106.37bn for the 12.5 per cent FGN March 2035 bonds; and N40.07bn for the 9.8 per cent FGN July 2045 bonds……………………read more

International airfares rise as naira crashes on IATA platform-Thisday

The lingering shortage of foreign exchange in Nigeria has forced the naira to crash against the United States dollar on the air ticket pricing template of the International Air Transport Association, the Switzerland-based trade body representing over 290 global airlines.  As a result, airfares on Nigeria routes which are priced in naira have increased considerably, forcing Nigerian travel companies to express fear the development may further dampen the recovery of international travel from the effects of the COVID-19 pandemic.  The development came amid struggles by foreign airlines to access forex from the Central Bank of Nigeria to repatriate ticket sale proceeds running to over $208m……………………read more

Transcorp’s quarterly profit rises by 671% – Punch

Transnational Corporation of Nigeria Plc has said its profit before tax rose by 671 per cent in the third quarter ended September 30, 2021.  The firm disclosed this in its unaudited results for Q3 2021, indicating sustained growth in 2021 as seen in the first two quarters of the year.  “With strategic investments in the power, hospitality, and energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising by 617 per cent up from N1.75bn recorded in the previous year,” it said.  Its revenue rose by 57 per cent from N54.4bn in Q3 2020 to N85.6bn in the period under consideration and gross profit grew by 74 per cent from N22.7bn to N39.4bn.  The President/Group Chief Executive Officer, Transcorp, Mrs Owen Omogiafo, said, “The results reflect the continued commitment by the group to improve performance across all the sectors in which we operate………………read more

Flour Mills Announces 47% Increase in Revenue to N523bn – Daily Independent

Flour Mills of Nigeria Plc (FMN) announced its unaudited half-year results for the year 2021/22 showing consistent growth, with revenue increasing by 47per cent and Profit After Tax (PAT) growing by six per cent compared to the same period last year.  The group’s revenue was N523 billion, compared to N355 billion in H1 2020/21 (47per cent – YoY growth). Performance was consistent across all key business segments in the Group with the food, agro-allied and support segments all growing by more than 35per cent………………read more

International Breweries Reports 32.1% Increase In Revenue- Punch

International Breweries has reported 32.1 per cent increase in revenue to N46.43 billion in the third quarter (Q3) of 2021 from N35.15billion recorded in third quarter of 2020.  The company in its report to Nigerian Exchange Group (NGX) reported a profit after tax of N367.5 million in the review period, a major boost from the downturn recorded in the previous year.   International Breweries recorded a revenue boost of 32.1per cent in Q3 2021 from N35.15 billion recorded in the corresponding period of 2020 to N46.43 billion in the current period……………….read more

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