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Daily Business News Brief- December 1st, 2022

1
Dec

Stock market closes positive with market capitalisation of N184 billion – Nairametrics
The Nigerian Exchange Limited (NGX) closed today’s trading session with a gain of N184 billion in market capitalization, as bulls regain dominance on the local bourse.  The All Share Index (ASI) rose by 0.23% to close at 47,322.97 points. In the same vein, market capitalization appreciated by N184 billion.  As of the close of the market on Wednesday, the stock market value stood at N25.9 trillion. Since the start of the year, the stock market has advanced by 4943.6 basis points or 11.57%……..……..Read More

Naira redesign, portfolio rebalancing help NGX All-Share Index to 8.72% gain in November – Nairametrics
Nigeria’s equity market, represented by the All Share Index, snapped a 5-month losing streak to close the month of November with a gain of 8.72%.  Stocks closed the month of November on a bullish run as the NGX All-Share Index (ASI) and Market Capitalization appreciated by 8.72% to 47,660.04 and N25.959 trillion, respectively.……….Read More

Black market exchange rate rises to N767/$1 on 30th November 2022. – Nairametrics
The exchange rate between the naira and the US dollar closed at an average of N767/$1 on Wednesday, 30th November 2022 at the black market, representing a 0.39% appreciation as against N770/$1 recorded on Tuesday. This is according to information from black market traders who spoke to Nairametrics………..Read More

Fuel Scarcity: No planned price hike, says FG, queues spread – Punch
For the first time in weeks since the scarcity of Premium Motor Spirit, popularly called petrol, began, the Federal Government opened up and declared on Wednesday that there was no plan to increase the pump price of petrol, at least during the Yuletide season. However, the government’s comments came amid a worsening and persistent fuel scarcity, which spread further on Wednesday across the country. Also, the cost of the commodity rose to as high as N285/litre in some filling stations in Abuja.. ……….Read More

FCMB Group Declares 68% YoY Increase in PBT to N26.5bn – Thisday
The Nigerian National Petroleum Company (NNPC) Limited has finally provided reason for the recent fuel scarcity being experienced in Lagos, Abuja, and some other major cities.  In what appears to be their first official reaction to the crisis in the downstream oil industry, the NNPC has blamed the fuel scarcity and long queues at the filling stations on some road projects going on in Lagos………….Read More
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