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Daily Business News Brief -December 20th, 2022

20
Dec


MTN shareholders approve 7.5 billion shares cancellation – Punch
In a bid to beat the December deadline, the shareholders of MTN Nigeria Plc have approved the cancellation of 7.5 billion unissued shares, the company has disclosed. In a public disclosure on the Nigerian Exchange Limited on Monday, the telecoms company’s shareholders also approved the cancellation of over 402 million preference shares of $0.005 each……..……..Read More

NGX retail transactions hit N26.62bn – Punch
Retail transactions in Nigerian Exchange increased by 10.69 per cent to N26.62 billion in the month of November, data from the country’s local bourse revealed. The data from the Nigerian Exchange indicated that retail transactions added N26.62bn in the month from N24.05bn in October 2022. As of 30 November 2022, total transactions in the NGX decreased by 5.19 per cent from N110.09bn in October 2022 to N104.38bn in November 2022…….……..Read More

International Breweries share price appreciates by 8.33% in three days – Nairametrics
The positive sentiment witnessed on the shares of International Breweries Plc during the last three trading sessions on the NGX resulted in the market capitalization gaining about 8.33%……..……..Read More

Insurance industry total assets hit N2.3tn in Q3 – Punch
The total assets of Nigeria’s insurance industry stood at N2.3tn at the end of the third quarter of 2022 The National Insurance Commission disclosed this in a report in ‘Statistics department quarterly synopsis of the insurance market third quarter, 2022’ on Monday. It stated, “The industry recorded a total asset of about N2.3tn, indicating a 9.0 per cent increase, YoY……………Read More

Buy Interest in BUA Foods, 13 Others Lifts Stock Market  – Thisday
Opening for trading this week, the stock market of the Nigerian Exchange Limited (NGX) extended last week positive performance as the benchmark index closed 0.20 per cent stronger on investors’ buy interests in BUA Foods Plc and 13 others.The NGX All Share Index (ASI) rose by 98.67 basis points, or 0.20 per cent to close at 49,414.96 basis points, while investors gained N54 billion in value as market capitalisation went up to N26.915 trillion…….……..Read More

Naira redesign will affect the poor, SMEs — W’Bank  – Punch
The World Bank has warned the newly redesigned naira which went into circulation last week may have negative effect on economic activity especially poor Nigerians due to its timing and short transition period. The Washington-based bank revealed this in a new report titled, “Nigeria Development Update.”…….……..Read More
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