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Daily Business News Brief  Tuesday November 2nd, 2021.


Investors gain N144.04bn as stock market rises – Punch

The equities market of the Nigerian Exchnage Limited gained N144.04bn last week as the All-Share Index nears its year-to-date high. The NGX All-Share Index appreciated by 0.66 per cent to close the week at 42,038.60 basis points from 41,763.26bps the previous week. The market capitalisation of stocks rose to N21.94tn from N21.79tn. All other indices finished higher with the exception of NGX CG and NGX Meri Value indices, which depreciated by 0.04 per cent and 2.20 per cent respectively, while the NGX ASeM and NGX Growth Indices closed flat. A total turnover of three billion shares worth N34.55bn in 25,932 deals were traded last week by investors on the floor of the NGX, in contrast to a total of 1.57 billion shares valued at N18.38bn that exchanged hands in 21,621 deals the previous week……………………read more

Vendors fail to embrace eNaira as downloads stall at 220,000- Punch

The initial enthusiasm that greeted the launch of the eNaira last Monday seems to have waned as the number of downloads has reduced in the last five days, rising from about 180,000 on Tuesday to roughly 220,000, on Sunday The PUNCH has observed. The PUNCH observed that within 48 hours after the app was launched on the App Store and Google Play, the number of downloads of the eNaira Speed Wallet and the eNaira Merchant Wallet was about 180,000 combined.  However, following a barrage of negative reviews, the eNaira Speed Wallet, which is meant for consumers, was taken down for about a day, upgraded and then restored.Since the app was returned on Google PlayStore and the App Store, downloads have not risen significantly…………………….read more

Despite Economy Challenges, Dangote Cement, MTN, 7 Others Record N1.29trn Profit in 9 Months  –Thisday

Amid macro economy challenges, orchestrated by COVID-19 pandemic, among others, nine most capitalised stocks on the Nigerian Exchange Limited (NGX) reported 22 per cent increase in profit before tax to N1.29 trillion in nine months ended September 30, 2021 from N1.06 trillion reported in nine months of 2020. The nine highly capitalized companies on NGX are Dangote Cement, MTN Nigeria Plc, BUA Cement Plc, and Nestle Nigeria Plc. Others are Guaranty Trust Holdings Company Plc (GTCO), Zenith Bank Plc, Stanbic IBTC Holdings Plc, NB Plc, Lafarge Africa Plc. It was learnt that stronger revenue and effective management of cost were major impetus for growth Dangote Cement, BUA Cement, Lafarge Africa, Nigerian Breweries, MTN Nigeria, NB, Zenith Bank and Nestle Nigeria recorded growth in profit before tax in period under review……………………read more

SEC vows to sanction erring capital market operators – Thisday

The Securities and Exchange Commission has vowed to apply stiff sanctions to any capital market operators who engage in unethical conduct.  The Director-General, SEC, Mr Lamido Yuguda, said the commission had resolved to intensify monitoring and surveillance of the market.  He spoke at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers held in Lagos, according to a statement.  According to him, operators are the face of the market and they interact daily with investors, therefore they have to demonstrate the highest level of integrity and transparency in conducting their activities……………….read more

Diesel landing cost rises to N336.45/litre, say marketers – Daily Independent

The pump price of Automotive Gas Oil, also known as diesel, may rise further as the Major Oil Marketers Association of Nigeria says its landing cost has increased to N336.45 per litre. The PUNCH had reported on October 7 that fuel marketers had increased the price of diesel, to N320 per litre as the further rise in global oil prices and naira depreciation pushed up the cost of importing fuel into the country.  Our correspondent observed on Thursday that the price of diesel had been increased to N325-N330 per litre at several filling stations in Lagos from N303-N320 per litre three weeks ago.  Mobil, Fatgbems as well as Capital Oil and Gas filling stations, all along the Lagos-Ibadan Expressway, sold the product for N325, N330 and N329 per litre respectively, up from N315, N305 and N304.50 per litre on October 6………………read more

Zenith Bank’s pre-tax profit rises to N180bn – Punch

Zenith Bank Plc has reported a one per cent increase in its profit before tax to N180bn in the nine months ended September 30 2021, from N177bn it recorded in the corresponding period of 2020. The bank also said in a statement on Sunday that its gross earnings increased by two per cent from N509bn in Q3 2020 to N519bn in Q3 2021  due to growth in current account maintenance fees and its electronic products.  Zenith Bank said, “Despite continuing economic uncertainties, the group grew its net earnings through a reduction in the cost of funds while keeping the cost of risk flat—this strengthened earnings per share by one per cent to NGN5.11.  “The group achieved a nine per cent growth in interest income from loans and advances on the back of an increase in gross loans of nine per cent year to date and enhanced efficiency, resulting in a 21 per cent drop in interest expense to N74bn from N94bn. This culminated in growth in net interest income of four per cent, from N225bn recorded at the end of Q3 2020 to N235bn in the current period………………..read more

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