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Daily Business News Brief | Thursday, April  28th, 2022.

28
Apr

Equities market gains as 18 stocks appreciate- Thisday

Investors recorded a slight gain of N1.7bn at the end of trading on the floor of the Nigerian Exchange on Wednesday.The NGX All-Share Index rose from 48,568.57 basis points oto 48,571.75 basis points, while the market capitalisation of equities listed on the NGX rose from N26.183tn to   N26.185.  Eighteen companies recorded gains at the end of trading on Wednesday, while the equities of 23 companies depreciated in price. A total of 246.7 million shares valued at N2.32bn were traded by investors in 5,033 deals………………….read more

Subsidy hits N1.35tn in four months, NNPC to deduct N672bn – Thisday

THE subsidy on Premium Motor Spirit, popularly called petrol, between January and March 2022 has risen to N675.93bn, the latest data obtained from the Nigerian National Petroleum Company Limited on Wednesday showed.  Also, the NNPC has informed the Federation Account Allocation Committee that it will  deduct or recover N671.88bn from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.  It described the N671.88bn as a value shortfall incurred by the NNPC, as the oil firm has remained the sole importer of petrol into Nigeria and has been subsidising the commodity using billions of naira monthly……………..read more

Airfares record 28% increase in one year – NBS – Thisday

AIR transportation fares rose by 28.26 per cent in one year, according to a new report by the National Bureau of Statistics.  In a report titled, ‘Transport fare watch (March 2022),’ the NBS said the average fare paid by air passengers for specified routes on a single journey increased by 4.43 per cent month-on-month from N44,825.04 in February 2022 to N 46,810.62 in March 2022.  It said, “The average fare paid by air passengers for specified routes single journey, increased by 4.43 per cent on a month-on-month from N44,825.04 in February 2022 to N46,810.62 in March 2022. On a year-on-year, the fare rose by 28.26 per cent (N36,495.41) in March 2021……………….read more

Africa Prudential Reports 15% Increase in PBT to N0.55bn – Daily Independent

Africa Prudential Plc has announced its unaudited results for first quarter ended March 31, 2022 with profit before tax increasing by 15per cent..   The company on the Nigerian Exchange Limited (NGX) reported profit before tax of N0.55billion in Q1 2022 from N0.48billion reported in Q1 2021, while profit after tax grew by six per cent to N0.40billion in Q1 2022 from N0.38billion in Q1 2021.  ……………… read more

UBA records N44.5bn quarterly profit – Punch

United Bank for Africa recorded N44.5bn profit before tax in the first quarter of 2022. A statement on the bank’s unaudited results for the first quarter ended March 31, 2022, showed that it recorded growth across its income lines.  It said, “Leveraging on the growth in both interest and non-interest income, the bank’s profit before tax rose to N44.5bn as at March 2022, up from N40.6bn a year

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