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Daily Business News Brief | Friday November 26, 2021.

26
Nov

Stock Market Decline by N71bnonProfit-taking in Seplat, NB, Others-ThisDay
Investors’ profit-taking in Seplat Energy Plc, Nigerian Breweries Plc, MRS Oil Nigeria Plc, Ecobank Transnational Incorporated (ETI), among others down the stock market of the Nigerian Exchange Limited (NGX) by N71billion yesterday.
The stock price of Seplat Energy yesterday dropped by 3.6 per cent while Nigerian Breweries Plc and ETI depreciated by 5.1 per cent and 8.57 per cent respectively……………read more

Flour Mills, Honeywell’s market capitalisation jumps by 34%-Punch
Two of Nigeria’s largest flour milling companies, Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc, have recorded a combined increase of N39bn (33.53 per cent) in their market capitalisation so far this year, data collated from the Nigerian Exchange Limited have shown.
Flour Mills of Nigeria and Honeywell Group Limited had on Monday announced the signing of an agreement for the proposed combination of FMN and Honeywell Flour Mills.
Honeywell Group will dispose of a 71.69 per cent stake in its listed subsidiary to Flour Mills at a total enterprise value of N80bn, according to a statement…………….read more

‘Stopped dollar sales to BDCs pushed spread to N130/$’-The Nation
The premium between official and parallel market rates of the foreign exchange market widened to N130 per dollar after the Central Bank of Nigeria (CBN) stopped dollar sales to Bureaux de Change (BDCs), a report by Afrinvest West Africa has shown.
In the 2021 Nigerian Banking Sector Report titled: ‘Resilience Amidst Endemic and Pandemic Constraints’, the investment and research firm said  the the CBN removed the official spot rate of N379/$1 from its website in May 2021 replacing it with the NAFEX rate of N410.50/$1, effectively devaluing the currency………….read more

Capacity Building: FCMB Secures The Future Of Young Nigerians From Poverty-Daily Independent
First City Monument Bank (FCMB), has redoubled efforts to ensure young Nigerians are free from pov­erty by investing in another round of financial literacy training for hun­dreds of secondary school students in seven states across the country.
The training, which formed part of the activities organised in part­nership with the Central Bank of Nigeria (CBN) to commemorate the 2021 World Savings Day, seeks to secure their future and guarantee them freedom from poverty.
It focused on guiding the stu­dents to imbibe financial principles early in life, ensuring they grow up to become responsible citizens who will know how to make their money work for them…………read more

Fuel worth N12.87bn lost in seven months, says NNPC-Punch
Petroleum products valued at N12.87bn were lost in seven months as oil theft and pipeline vandalism continued to plague the country’s oil and gas industry.
The latest data obtained from the Nigerian National Petroleum Corporation showed that product losses amounted to N1.67bn in September, compared to N3.69bn in July and N2.18bn in June.
The corporation said products worth N1.11bn were lost in May, up from N961.35m loss in April.
Product losses amounted to N1.64bn in March and N1.62bn in February. No losses were recorded in January and August, according to the national oil company………..read more

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