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Daily Business News Brief – March 29th, 2023

29
Mar

Stock Market Deprecates by N341bn Amid Investors Profit-taking – Thisday
 
The profit-taking continued to dominate the  stock market of the Nigerian Exchange Limited (NGX) as the capitalisation down by N341 billion amid sustained negative investors’ sentiment.
The NGX  All Share Index (ASI) decreased by 626.14 basis points or 1.16 per cent to close at 53,124.63 basis points. Consequently, the market capitalisation lost N341 billion  to close at N28.940 trillion….. …………. ……………..……..Read More

Zenith Bank grows gross earnings by 24% to N946bn – Punch
 
It stated that, “According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange, the double-digit growth in gross earnings was driven by a 26 per cent year-on-year growth in interest income from N427.6bn to N540.2bn and a 23 per cent year-on-year growth in non-interest income from N309bn to N381bn. .”…. .. ….. …….. …………….……..Read More

CBN bars banks seeking upgrade from expansion – Punch
 
The Central Bank of Nigeria has barred banks and other financial institutions seeking a conversion licence from expanding or reducing their current banking network in its new draft guidelines.
The CBN discloses this in a circular tagged ‘FPR/DIR/PUB/CIR/001/072’ to banks and other financial institutions, which was titled ‘Regulatory guidelines for change of operational licence for banks and other financial institutions in Nigeria’, and dated 28 March 2023. … .. …. ….. ,…. ………………..……..Read More

Taming Inflation With Interest Rate Hike – Thisday
 
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) last week rose from its 290th meeting in Abuja raising benchmark interest rate by 50 basis points and leaving all other parameters unchanged in line with its tightening stance.
In an effort to curb the rising inflation, the MPC had at its previous five meetings raised the Monetary Policy Rate. The latest makes it the sixth time in a row, as the apex bank races to rein in inflation……. . ….. . … …………….……..Read More

Unilever Nigeria appoints new ED, secretary – Punch
 
Unilever Nigeria has appointed a new executive director and company secretary.
In a statement, it disclosed that Mrs Abidemi Ademola was appointed to the role of executive director effective from March 16, 2023.
Ademola is a legal practitioner with an experience of more than 27 years in commercial law and corporate governance practice in Nigeria and West Africa. l…… . ….. . … …………….……..Read More

companies need to list on the stock Exchange to sustain wealth-Otedola – Nairametrics
 
The Chairman of Geregu Power Plc, Mr. Femi Otedola has said thet for companies to sustain wealth they need to quote on the Nigerian Exchange…… . ….. . … …………….……..Read More
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