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Daily Business News Brief – February 27th, 2023


Despite Political Tension, Stock Market Expands by N624bn – Thisday
The stock market segment of the Nigerian Exchange Limited (NGX) closed positive last week, gaining N624billion in market capitalisation amid tension towards 2023 general elections. Accordingly, the NGX All-Share Index advanced by 2.13 per cent week-on-week (W-o-W) to close at 54,949.21 basis points………. …………….……..Read More

Investors’ optimism over election outcome drives stock market to 16-year high – Vanguard

Nigeria’s major financial makets, specifically, the foreign exchange, forex, and the stock markets, dramatically turned positive on the heels of the barely concluded major national election. In the official end of the forex market, the Investors and Exporters Window (I&E), the local currency strengthened against the USDollar trading at ?461.17/$1.00 compared to N462.19/$1.00 previous week just as it gain significantly in the parallel market at ?765.00/$1.00 as against N780.00/ $1.00 previous week. …….. …………….……..Read More

Lagos lists N137bn bond on NGX – Punch
The Lagos State government has listed a N137, 328,000,000  series IV bond on the Nigerian Stock Exchange. This was revealed in a notice by the exchange in its weekly report of activities on the market. NGX said that the bond is a 10-Year 13.00 per cent fixed rate unsecured bond that is due 2031 under the N500bn debt issuance programme………………….……..Read More

Nigerian Breweries’ shareholders are set to get N13.87 billion dividend payout- Nairametrics
The Board of Directors of Nigerian Breweries Plc has declared a total dividend of N13.87 billion for its shareholders for the financial year ending 31st December 2022. This was contained in a corporate action released via the NGX website and obtained by Nairametrics………………..……..Read More

BUA Cement Plc reports N120.15 billion pre-tax profit for FY 2022 – Nairametrics
BUA Cement Plc has released its 2022 full-year financial statements, reporting a pre-tax profit of N120.1 billion.
This represents a 16.79% increase from the N102.87 billion the company reported during the same period in 2021.
Summarised below are the key takeaways from the financial statements.. …………….……..Read More

eNaira USSD channel targets feature phone users, diaspora remitters – Guardian
Nigeria’s Central Bank digital currency (CBDC) has been extended to feature phone users with the unveiling of the USSD channel of eNaira. The channel would enable subscribers to cash in and out of eNaira platform using USSD, an innovation the promoter of the scheme said would increase its speed of adoption ………………..……..Read More
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