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Daily Business News Brief | Monday December 6th, 2021.

6
Dec

Investors lose N598bn as large-cap stocks decline- Punch

The Nigerian stock market declined by N598bn at the end of last week as some large-cap stocks recorded price losses.  The NGX All-Share Index depreciated by 2.63 per cent to close the week at 42,167.91 basis points from 43,308.29bps while the market capitalisation of stocks fell to N22tn from N22.6tn.  All other indices finished lower, with the exception of the NGX Insurance Index, which appreciated by 2.97 per cent, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.  A total turnover of 1.28 billion shares worth N17.34bn in 21,052 deals was traded last week by investors on the floor of the NGX, in contrast to a total of 3.44 billion shares valued at N30.92bn that exchanged hands in 21,109 deals the previous week…………….read more

Five banks’ interest income drops to N376bn, experts blame CBN cash reserve policy- Punch

The combined net interest income of five publicly-quoted commercial banks has declined by N48.69bn in the last one year, according to the financial statements of the lenders analysed by our correspondent.  Specifically, the five banks’ net interest income fell by 11.45 per cent from N425bn in September 2020 to N376bn in the same period of 2021.  The revenue of commercial banks consists of net interest income and non-interest income.  The net-interest income is the spread earned after interest-bearing liabilities are deducted from the revenue generated from a bank’s interest-bearing assets.  Meanwhile, 11 banks reported their earnings for the nine-month period between January and September on the issuers’ portal of the Nigerian Exchange Limited……………..read more

Fuel subsidy hits N1.03tn, NNPC to deduct N199bn from federation account– Daily Independent

The Nigerian National Petroleum Company Limited has put the amount spent on subsidising Premium Motor Spirit, popularly called petrol, between January and October 2021, at N1.03tn.  The NNPC also said it would deduct its October 2021 value shortfall of N199bn from its November 2021 proceeds meant for sharing at the December 2021 Federation Accounts Allocation Committee meeting.  The oil firm disclosed this in its latest report containing the presentation made to the FAAC meeting in November 2021, which was obtained by our correspondent in Abuja on Sunday.  The presentation was also for the NNPC’s September 2021 crude oil and gas sales and proceeds received in October 2021…………….read more

Value of Banks’ Stocks Dwindle by N81.04bn on Weak Earnings, FX Challenges – Thisday

Amid foreign exchange challenges, weak corporate earnings and foreign investors exit, the value of listed banks’ stocks on the Nigerian Exchange Limited (NGX) tumbled by N81.04billion in the first 11 months on 2021. As at the close of trading in November 2021, the overall market capitalisation of 14 listed banks on the NGX was at N3.53trillion as against N3.6trillion it opened for trading this year.  Consequently, the NGX banking index between January and November 2021 also dropped by 0.6 per cent to close at 390.78 basis points from 393.02 basis points when the stock market opened for trading…………..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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