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Daily Business News Brief- December 7th, 2022

Home   /   Business News Brief   /   Daily Business News Brief- December 7th, 2022
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December 7, 2022
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Airtel Africa, Dangote Cement, 16 Others Contributed 90.4% to Market Cap in Nov- Thisday
As the Nigerian equities market maintained its positive performance in November, a total of 18 out 161 companies contributed about 90.4 per cent or N23.46 trillion out of the overall N25.959 trillion market capitalisation in the month of November 2022.  THISDAY had reported that the stock market in November appreciated by N2.08trillion following investors renewed interest in large-medium cap companies on the bourse……………..Read More
Despite Improved Earnings, Tier-1 Banks’ Market Valuation Down N315.9bn – Thisday
Despite releasing impressive corporate earnings on the Nigerian Exchange Limited (NGX), the market valuation of Tier-1 banks dropped by N315.9billion in 11 months of 2022, according to THISDAY investigation.  Stock market investors in the period placed N2.413 trillion on Nigeria’s Tier-1 capital banks ahead of 2022 full year earnings season, accounting for about 9.3per cent of the entire stock market capitalisation that closed November at N25.959 trillion..……….Read More
CBN’s cash withdrawal policy is part of a broader strategy to control forex demand – Nairametrics
Nigeria’s central bank announced on Tuesday, December 6th, 2022 that it was mandating banks to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000 respectively, per week.  The central bank also stated that the revised cash withdrawal policy was pursuant to the launch of the newly redesigned naira notes which aligns with its cash-less policy. ………...Read More
Nigeria’s oil production rises to 1.59million bpd -NNPC – Nairametrics
The Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, has claimed that Nigeria’s oil production as of December 6 is 1.59 million barrels per day.  He disclosed this on Tuesday, December 6, at the ongoing 11th Practical Nigerian Content forum in Uyo, Akwa-Ibom state………….Read More
Nigeria’s import bill hits N5.66 trillion in Q3 2022; here are the top items – Nairametrics
Nigeria imported merchandise worth N5.66 trillion in the third quarter of the year, an increase of 4.2% and 6.2% compared to N5.44 trillion and N5.34 trillion recorded in Q2 2022 and Q3 2021, respectively. This is according to Nigeria’s foreign trade breakdown for Q3 2022, released by the National Bureau of Statistics (NBS) and seen by Nairametrics…………..Read More
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