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Daily Business News Brief – March 30th, 2023

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March 30, 2023
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Stock market rebounds as investors gain N261bn – Punch
After two days of sustaining losses worth N963bn, the Nigerian Exchange Limited rebounded with a N261bn gain for investors.
From 53,124.63, the All-Share Index appreciated 479.17 base points to 53, 603.8. Similarly, the market capitalisation moved to N29.201tn.
At the end of trading on Wednesday, the year-to-date returns had settled at 3.89 per cent.
A total of 236.066 million shares valued at N3.258bn were traded on the floor of the NGX in 3,906 deals…… …………. ……………..……..Read More

Report: US, European Banking Crises Unlikely to Affect Nigerian Banks – Thisday
A recent report by Coronation Securities Limited has stated that the recent banking crisis in the United States of America and in Europe, which is spreading to multiple banks, is unlikely to have any effect on Nigerian banks.
This is coming as the Governor of the Central Bank of Nigeria (CBN) affirmed that there is zero exposure of Nigerian banks of the Silicon Valley Bank (SVB) which has birthed the rippling banking crisis with more banks failing in the US and Europe.. .”…. .. ….. …….. …………….……..Read More

Senate strengthens capital market regulation with ISB 2023 passage – Guardian
The nation’s capital market received a major boost yesterday, as the Senate passed the Investments and Securities Bill (ISB) 2023.
The House of Representatives had passed the bill, which is expected to aid the functions of the capital market and facilitate the ongoing economic diversification in the country among others, last December.. … .. …. ….. ,…. ………………..……..Read More

Transcorp grows revenue by 21% – Punch
Transnational Corporation Plc has reported a 21 per cent increase in its revenue for the financial results for the full year ended December 31, 2022.
In a statement on Wednesday, the conglomerate with investments in the hospitality, power, and oil & gas sectors, said it also recorded growth in its profit before tax, which rose by eight per cent to N30.3bn, compared to N27.9bn in December 2021…….. . ….. . … …………….……..Read More

Oando rebounds with N34.7bn profit – Punch
Energy company, Oando Plc on Wednesday said its profit after tax rose to N34.7bn in the 2021 financial period.
The group disclosed in a statement on Wednesday on its audited results for the year ended December 31, 2021 that this was from a loss after tax of N140.7bn reported in 2020.
It also said its total group borrowings increased by 10 per cent to N460.8bn compared to N419.6bn recorded in 2020. …… . ….. . … …………….……..Read More

FG charges First Bank MD, others with forgery – Punch
The Federal Government has filed charges against First Bank of Nigeria Limited, its managing director and three others over allegations bordering on forgery.
The charge sheet, marked CR/266/2023 before the High Court of the Federal Capital Territory, Abuja, also includes two lawyers, Muftau Ande and Dibiaezue Chuks, as well as the Utako Branch Manager of First Bank, Abuja. …… . ….. . … …………….……..Read More
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