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Daily Business News Brief- October 20th, 2022

20
Oct

NGX closes negative with market cap down N571 billion – Nairametrics
The Nigerian Bourse (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, weighing down the broad market by 231 basis points.  The All-share Index (ASI) depreciated by 2.31% to close at 44,318.15 points. ..………….Read More

Heavy fall as Airtel loses N1.8 trillion in three days – Nairametrics
Investors of Airtel Africa Plc have continued to count their losses as the telecom giant’s share price fell for the third consecutive day on Wednesday. The stock has now recorded a cumulative loss of N1.833 trillion.  Since the Nigerian bourse opened for weekly trading on Monday, the telecom stock has continued to slide in what market operators have described as an adjustment to the current bearish market sentiment. ………... Read More

NGX, IoD to Boost Corporate Governance, Best Practice in Capital Market – Thisday
In its bid to continue to champion best practices, the Nigerian Exchange Limited (NGX), has said it will keep collaborating with the Institute of Directors (IoD) to further enhance corporate governance in the domestic capital market.  NGX and IoD had for long worked in tandem to advance best practices in corporate governance in the Nigerian capital market………..Read More

Naira may devalue by 20% in 2023- BoA – Punch
Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America.  According to a report by Bloomberg, economist Tatonga Rusike said in a note to clients on Tuesday that, “three indicators, the widely-used black-market rate, the central bank’s real effective exchange rate, and our own currency fair value analysis shows the naira is 20 per cent overvalued…………Read More

NCC Directs MTN, Airtel to Reverse Hike in Telecom Tariff – Punch
The Nigerian Communications Commission (NCC) has ordered MTN and Airtel to immediately reverse the hike in their data tariff plan which they implemented on their respective networks last week.  MTN and Airtel subscribers suddenly realised that the operators had commenced a new data tariff plan which was an upward review of the cost of their voice and data plan, without prior notice…….…..Read More
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