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Daily Business News Brief- August 22nd, 2022


Stock investors lose N158bn in one week – Punch
Investors lost N158bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The NGX All-Share Index and Market Capitalization depreciated by 0.59 per cent to close the week at 49,370.62 and N26.629tn respectively.  All other indices finished lower with the exception of The NGX Premium, NGX Banking, NGX-AFR Bank Value and NGX Industrial Goods Indices which appreciated by 0.12 per cent, 0.65 per cent, 0.07 and 0.28 per cent while, The NGX ASeM and Growth indices closed flat………..Read More

NGX:  Foreign Investors’ Outflow Up 11.4% YoY to N138.97bn on FX Scarcity – Thisday
Following the scarcity of foreign exchange in Nigeria, foreign investors’ have continue to exit the stock market as outflow on the floor of the Nigerian Exchange Limited (NGX) grew by 11.4 per cent Year-on-Year (YoY) to N138.97billion in seven months of 2022 from N124.75billion reported in seven months of 2021………..Read More
Again, Rising Inflation Puts Economy on the Strong Burner – Thisday
More international carriers are gearing to join the Emirates Airlines which announced, on Thursday, the suspension of its flight operations in Nigeria from September 1, 2022, our correspondents gathered.  The British Airways has already reduced their flight frequencies to Nigeria, as the airline informed its passengers on Thursday of an imminent hike in the cost of its flight tickets……….Read More

Striking workers crashed power generation to 43MW – FG – Punch
The Securities and Exchange Commission (SEC) has said that it is engaging with the federal government to reconsider the exemption of tax on corporate bonds and short-term securities.  The federal government had on January 2022 commenced the collection of income tax on bonds, short-term securities, following the expiration of a 2012 gazette, which exempted Companies Income Tax (CIT) from bonds and short-term securities in the last 10 years………….Read More

SEC Sustains Pressure on FG to Remove Corporate Bonds Tax – Daily Independent
The Chartered Institute of Stockbrokers (CIS), has concluded arrangements to hold its 26th Annual Stockbrokers’ Conference where topical issues in the financial market and the economy in general shall be the main focus.  This year’s Conference, with the theme: “Capital Market and Agricultural Development in Nigeria: Issues and the way forward,” scheduled to hold in Benin City will be declared open by the Executive Governor of Edo State, who is alsa Chartered Stockbroker. ………..Read More

NGX Sustains Leadership in Promoting Corporate Governance – Thisday
The CEO of Nigerian Exchange Limited (NGX), Mr. Temi Popoola re-emphasised the Exchange’s commitment to promoting corporate governance in Nigeria at the launch of the Corporate Governance Charter organised by the Nigerian Bar Association Section on Business Law (NBA-SBL)  In his opening remarks, Popoola stated that the launch demonstrates the Exchange’s track record of leadership in promoting corporate governance amongst listed companies and other stakeholders within the capital market ecosystem…….…..Read More
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