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Daily Business News Brief – August 31st, 2022

31
Aug

Profit-taking Persist as Stock Market Decline by N18bn – Thisday
Profit-taking activities continued yesterday on the stock market of the Nigerian Exchange Limited (NGX), dropping by N18 billion.  The NGX All Share Index (ASI) decreased by 34.06 basis points or 0.07 per cent to close at 49,642.69 basis points. Similarly, the market capitalisation lost N18 billion to close at N26.776 trillion. …………..Read More

Fixed Income, Currencies Markets Turnover Hits N116.21trn on Demand, Economic Activity – Thisday
Following massive demand for the greenback and increasing economic activity, turnover in the Fixed Income and Currencies (FIC) market of the FMDQ Exchange hit N116.21trillion in the first 7 months of 2022, representing a 7 per cent increase over N109.02 trillion traded in seven months of 2021. The major instruments contributing to the FIC market are:  Foreign Exchange market, Treasury Bills, Open Market Operations (OMO) and Central Bank of Nigeria (CBN) Special Bills, FGN & Other Bonds and money market………….Read More

Agusto & Co Predicts 23% Return on Equity for Nigerian Banking in 2022 – Thisday
Despite the harsh operating environment in the country, Agusto & Co has projected that commercial banks in Nigeria will grow their pre-tax return on equity (ROE) by 23 per cent at the end of 2022 financial year.  The rating agency made the prediction in its 2022 Banking Industry outlook adding that it anticipates a 16.5 per cent year-on-year (Y-o-Y) loan growth in 2022…………..Read More

Fidelity Bank Gets CBN’s Approval to Acquire Union Bank UK – Punch
Fidelity Bank Plc has announced it has commenced its proposed acquisition of Union Bank UK, as part of its expansion plans.  Fidelity Bank in a regulatory filing issued on the Nigerian Exchange Limited yesterday stated that it had entered into a binding agreement for the acquisition of 100 per cent equity stake in Union Bank United Kingdom Limited, for which the Central Bank of Nigeria has issued a letter of “No Objection”…………..Read More

Oil earnings drop by 29% to N790bn – CBN – Daily Independent
Crude oil revenue crashed by 29 per cent in the first quarter of 2022, according to statistics from the Central Bank of Nigeria.  The CBN, in its latest economic and statistical report for the first quarter of 2022, stated that earnings from crude oil dropped to N790bn from N1.1trn recorded in the previous quarter, which was from October to December 2021…….…..Read More
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