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Daily Business News Brief | Friday December 03, 2021.


Profit-taking Persist on NGX as Market Cap Drops by N112bn- Punch

The stock market of the Nigerian Exchange Limited (NGX) yesterday extended its investors’ profit-taking position on the heels of sell pressure on MTN Nigeria, Guaranty Trust Holdings Company Plc, Zenith Bank Plc and 31 other stocks.  The likes of MTN Nigeria dropped by 1.1 per cent to close at N169.20, while GTCO and Zenith Bank depreciated by 0.4per cent and 1.9per cent to close at N24.50 and N23.55 respectively……………..read more

Nigeria revenue may crash further as OPEC forecasts supply glut- Thisday

Nigeria’s revenue from crude oil sale may drop further in the first and second quarters of 2022 going by the latest projection of surplus oil supply in the period under review by the Organisation of Petroleum Exporting Countries. Industry analysts, as well as international organisations had explained that the surplus supply of crude oil globally had often led to a drop in the commodity’s price. Crude oil sale accounts for bulk of Nigeria’s foreign exchange earnings, but the commodity has seen repeated plunge in price lately, a development currently being heightened by the emergence of the Omicron variant of the COVID-19 virus………………read more

External reserves lost $610m in Nov, CBN battles to save naira- Daily Independent

The nation’s external reserves fell by $610m last month, figures obtained from the Central Bank of Nigeria on Thursday revealed.  The reserves dropped to N$41.22bn as of November 29 from $41.83bn on October 29.  The CBN also disclosed that at the present level, the external reserves could meet the country’s nine-month import demand.  Figures obtained from the apex bank showed that the reserves, which had gained $5bn in October, returned to a downward path in November. The reserves increased from $36.78bn on September 30 to $41.83bn as of October 29…………….read more

‘NGX Remains Preferred Listing Destination’- Thisday

Nigerian Exchange Limited (NGX or The Exchange) has said that it remains the preferred listing destination for companies seeking to raise capital via corporate bonds, equities and even private companies looking to raise public capital.  According to the NGX, market stakeholders were excited to learn last week that MTN Nigeria Communications (MTNN) Plc is taking advantage of this opportunity and has obtained the approval of the Securities and Exchange Commission (SEC) for the offer for sale of up to 575 million ordinary shares in MTNN held by the MTN Group………..read more

Direct Remittances Drops by 62.4% to $1.96bn in 10 Months – Vanguard

Latest data by Central Bank of Nigeria (CBN) has revealed that total direct remittances from Nigerians in Diaspora dropped by 62,4 per cent to $1.96 billion in 10 months of 2021 from $5.21billion it recorded in prior year’s 10 months.  Analysts attributed the significant drop to current global economy challenges caused by COVID-19 and dwindling global oil prices………..read more

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