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Daily Business News Brief – April 18th, 2023

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April 18, 2023
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Selloff in MTNN, 17 stocks drag capitalisation further by N418 billion – Guardian
Following heavy price losses suffered by many blue-chips, especially MTN Nigeria (MTNN) and 17 stocks, transactions on the equities sector of the Nigerian Exchange Limited (NGX) continued on a downturn yesterday, as market capitalisation declined by N418 billion.
The All-Share Index declined by 766.56 per cent, representing a decline of 1.48 per cent, to close at 51,127.38 points. Similarly, the overall market capitalisation value lost N418 billion to close at N27.850 trillion.. .. ………. …………. ……………..……..Read More

Nigeria’s inflation deviating from global trend – Guardian
Nigeria’s inflation shows signs of sharp divergence from the global trend, especially in the West, recent data by the National Bureau of Statistics (NBS) have suggested.
Whereas the inflation rate is fast decelerating, in America especially, Nigeria’s consumer price index (CPI) which measures changes in prices, continues to rise…… .. .. ….. .. ….. …….. …………….……..Read More

Fuel subsidy: FG begins 40% pay rise for workers April ending – Punch
Barring any last-minute change of plans, the Federal Government will begin payment of the planned increase in civil servants’ pay by the end of this month (April), The PUNCH can report.
The President, Major General Muhammadu Buhari, retd, is expected to give his final assent for disbursement any moment from now. ….,…. … .. …. ….. ,…. ………………..……..Read More

External reserves slide further to $35bn – Punch
The country’s external reserves fell by $112.78m in two weeks to $35.42bn, figures obtained from the Central Bank of Nigeria have revealed.
Figures obtained from the CBN’s data on the movement of external reserves on Monday showed that the reserves, which stood at $36.99bn as of the end of January 1, 2023, fell to $36.67bn as of February 27, 2023, and $35.53bn as of the end of March 30, 2023…… …………. . ….. . … …………….……..Read More

With a Combine N1.562trn, Zenith Bank, GTCO Emerge Most Capitalised Banks on NGX – Thisday
Following  a 7.7 per cent and 10.87 per cent increase in their share price in the first quarter of 2023, Zenith Bank Plc and Guaranty Trust Holding Company Plc (GTCO) outpaced other Deposit Money Banks (DMBs) to emerge most capitalised banks on the Nigerian Exchange Limited (NGX).
Zenith Bank shares increased by 7.7 to to N25.85 per share as of March 31, 2023 from N24.00 it closed for trading in 2022, lifting its market capitalisation to N811.6billion,……. .. …… . ….. . … …………….……..Read More
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