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Daily Business News Brief – September 8th, 2022

8
Sep

Stock investors’ three days loss hit N241.27bn – Punch
The equities market continued its bearish trend on Wednesday as investors’ three days loss rose to N241.27bn from N30bn loss on Monday.  The equities market of the Nigerian Exchange Limited had declined by N30bn at the end of trading on Monday.  The All-Share Index of the Nigerian Exchange Limited fell to 49,599.73 basis points on Wednesday from 49,991.41 basis points on Monday, while the market capitalisation fell to N26.753tn from N26.964tn…………..Read More

Nigeria gets $700m as W’Bank disburses $31.7bn – Punch
The World Bank says it has disbursed $31.7bn as climate financing in its 2022 fiscal year. It stated that this is a 19 per cent increase from the $26.6bn it recorded in its last fiscal year. According to it, lending for climate-related investments reached 36 per cent or $31.7bn, exceeding its new climate finance target of 35 per cent as outlined in the 2021-2025 World Bank Group Climate Change Action Plan………...Read More

FX monthly inflow falls by 17% to $5.42bn – Punch
Aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May, according to figures obtained from the Central Bank of Nigeria.  The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April. The report stated, “The economy recorded a net foreign exchange inflow of $2.29bn, relative to $2.61bn in the previous month………..Read More

Oil Price Drops to Seven-month Low on China Lockdown, Recession Fears – Thisday
Crude oil prices fell yesterday to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand.  Brent crude futures fell $1.35, or 1.5 per cent, to $91.48 a barrel earlier , after slipping 3 per cent in the previous session. The contract hit a session low of $91.35, the lowest since February 18, this year……………Read More

Flour Mills Shareholders Approve N2.15 Dividend Payout, Demand Bonus – Thisday
The shareholders of Flour Mills of Nigeria (FMN) yesterday approved the management’s N2.15 dividend payout for 2022 financial, among other resolutions, calling on the management to declare a bonus payout amid improved performance over the years.  Part of the resolutions approved by the shareholders at the 62nd Annual General Meeting (AGM) in Lagos was to authorize the directors to raise additional capital for the company to the tune of N200billion…….…..Read More

Local Oil Refiners Seek CBN, NNPC’s Intervention to Address Funding, Feedstock Challenge – Vanguard
Indigenous oil refiners under the aegis of Oil Refiners Association of Nigeria (CORAN) have appealed to the Central Bank of Nigeria (CBN) to create crude refinery intervention fund similar to the agricultural credit fund or the pharmaceutical fund domiciled at the apex bank to drive effective business operations in the country.  They also called on the Nigerian National Petroleum Company (NNPC) Limited to consider taking equity or grant loans to modular refineries via the provision of reformer and other requirement units to ensure adequate production of petrol based on agreed offtake conditions…………..Read More
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