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Daily Business News Brief | Tuesday December 7th, 2021.

7
Dec

Insurance, banking stocks drag down market by N83bn  – Punch

The Nigerian stock market resumed the week on a bearish note as banking and insurance stocks triggered an N83.13bn loss at the end of trading on Monday.  The All-Share Index of Nigerian Exchange Limited dropped by 0.38 per cent to 42,008.33 basis points while the market capitalisation declined to N21.92tn from N22tn.  However, the market activities were bullish as the total volume and value traded rose by 133.31 per cent and 84.34 per cent respectively.  A total of 422.18 million units valued at N4.47bn was transacted in 5,059 deals, compared to 180.95 million shares worth N2.43bn in 4,019 deals on Friday……………..read more

South-East traders petition CBN, allege illegal, spurious bank deductions – Thisday

The South-East Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks.  The association complained about the bank charges in an open letter to the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Chief Gozie Akudolu, and its Secretary-General, Mr Alex Okwudiri.  It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed by the customer through various bank instruments…………….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

ETI Announces N143.67bn Profit Before Tax in 9 Months- Vanguard

Ecobank Transnational Incorporated (ETI) yesterday announced N143.67 billion profit before tax in its audited nine months ended September 30, 2021, an increase of about 316 per cent from N34.5billion reported in nine months ended September 30, 2020.   Profit after tax also grew by 916 per cent to N104.51billiion in nine months of 2021 from N10.28billion reported in prior nine months of 2020…………….read more

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