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Daily Business News Brief- November 17th, 2022


Stock market gains 0.54% with market cap up by N130 billion – Thisday
Nigerian Exchange Limited (NGX) closed positive amidst buy-interests and sell-offs, as bulls dominated proceedings, driving up the broad market by 238.69 basis points.  The All Share Index (ASI) appreciated by 0.54% to close at 44,046.94 points. In the same vein, market capitalisation grew by N130 billion to close at N23.991 trillion. ……….Read More
Shareholders of Vitafoam Approve Cancellation of 1.14bn Unissued Shares – Punch
The shareholders of Vitafoam Nigeria Plc have unanimously endorsed the company’s proposal to cancel 1,149,155,936 unissued ordinary shares of 50 kobo each, in compliance with the federal government’s directive to all companies in Nigeria.  President Mohammed Buhari in August, 2020, signed into Law, the amended Companies and Allied Matter Act (CAMA), of which Section 124 stipulates by December 31, 2022, all companies in Nigeria should have only issued shares as against the current system of operating issued and authorized share capital.……….Read More
Black market exchange rate appreciates to N790/$1 – 16th November 2022 – Nairametrics
The exchange rate between the naira and the US dollar strengthened on Wednesday, 16th November 2022, closing at N790/$1 compared to N800/$1 recorded as of the close of trading activities on Tuesday.  This is according to information from black market traders who spoke to Nairametrics. Although the exchange rate remains highly volatile with varying rates across markets………..Read More
Nigeria maintains position as Africa’s third largest crude oil producer for October 2022 – Nairametrics
Nigeria has maintained its position as Africa’s third-largest crude oil producer for October 2022.    This is according to data from the monthly oil market report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC) which was released on November 14.  The report further showed that Algeria took the top spot as Africa’s largest crude oil producer for October, followed by Angola…………..Read More
Budget Deficit: FG Borrows N2.94trn from Debt Market in 11 Months  – Punch
The federal government between January and November of 2022 borrowed a sum of N2.94trillion through FGN Bond Market to finance the 2022 budget deficit, bond auction results released by the Debt Management Office (DMO) has revealed.  This is represents an increase of 8.13 per cent over the N2.72trillion borrowed to finance budget deficit between January and November of 2021………..Read More
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