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Daily Business News Brief- November 18th, 2022


Stock market closes negative as investors lose N20 billion – Nairametrics
The Nigerian Exchange (NGX) closed on a negative note with a loss of N20 billion as the bears regained dominance, driving down the broad market by 35.72 basis points.   The All Share Index (ASI) declined by 0.08% to close at 44,011.22 points. In the same vein, market capitalization depreciated by N20 billion. ………Read More

Dangote companies’ report N1.5 trillion in revenues amid operational headwinds – Nairametrics
Dangote companies’ report N1.5 trillion in revenues amid operational headwinds
Three Dangote companies quoted on the floor of the Nigerian Exchange Group (NGX) raked in combined revenue of N1.51 trillion in the first nine months of 2022 (N2.01 trillion annualized).  This is contained in the unaudited Q3 2022 results, released by the companies on the Nigerian Exchange. The companies under consideration are Dangote Cement, Dangote Sugar, and Nascon Allied Industries..……….Read More

Guinness Nigeria loses N31 billion in market value in two days – Nairametrics
As low sentiment continues to deepen in the Nigerian equities market, Guinness Nigeria’s share price depreciated by 19% to close at N60.50 per share, taking the market capitalization to N132.518 billion from N163.512 billion closed on the 15th of November.  The decline can be attributed to investors’ negative sentiment as the build-up to the 2023 election and the recent interest rate hike by the CBN continue to impact negatively on the market………...Read More

SEC Charges LCFE, Other Commodities Exchanges on Investor Protection – Thisday
The Securities and Exchange Commission (SEC) has urged Lagos Futures and Commodities Exchange (LCFE) and other commodities exchanges in the country to have investor protection at the centre of their operations in a bid to improve investor confidence and attract more investors.
  The Director General of the SEC, Mr. Lamido Yuguda gave the charge during the presentation of Eko Gold Coins to the Management of the Commission by the LCFE in Abuja yesterday……………Read More

Naira exchanges 770 to dollar at parallel market – Punch
The naira exchanged to the dollar for 770 at the parallel market on Wednesday, according to the operators.  Some Bureau de Change operators who spoke to our correspondents noted that the naira which had gained relatively to the dollar in recent days had remained unstable.  A BDC operator who identified himself as Alhaji Ibrahim, said, “Dollar was bought and sold today at N760 and N770. It had remained unstable.”………..Read More

Naira depreciation, inflation erode workers’ N25tn salaries – Punch
The endless depreciation of the naira and the rising inflation have eroded Nigerian workers’ N24.88tn salary received in the first six months of 2022.  The salaries of workers in the Nigerian formal sector increased from N21.80tn in the first six months of 2021 to N24.88tn in the corresponding period of 2022.  This represents a N3.08tn increase within the period. But when adjusted for inflation, the National Bureau of Statistics recent data on employees’ compensation revealed that there was only a N550.97bn increase………..Read More
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