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Daily Business News Brief – April 20th, 2023


Equities post slim gains, as market enters cautious trading mold – Guardian
•Capitalisation rises by N18 billion
Transactions on the Nigerian Exchange Limited (NGX) sustained a rising profile, yesterday, as many blue-chips joined the league of gainers, resulting in N18 billion gain in market capitalisation.
The all-share index inched higher by 39.49 absolute points, representing an increase of 0.08 per cent to close at 51,178.41 points while the overall market capitalisation appreciated by N18 billion to close at N27.871 trillion.. .. ………. …………. ……………..……..Read More

Nigeria not defaulting in China debt repayment, DMO claims – Guardian
The Debt Management Office (DMO) has described as false, a report claiming that Nigeria is defaulting on Chinese loan repayment and risks a penalty amounting to N41.31 billion.
The story, published in some national media, quoted a DMO report, which said Nigeria has failed to fully service its debt to China, that has accumulated to N110.31 billion in the last two years……. .. .. ….. .. ….. …….. …………….……..Read More

Foreign investors’ exit caused drop in ETFs capitalisation –NGX boss – Punch
The Chief Executive Officer of the Nigerian Exchange Limited, Mr Temi Popoola, has said the exit of foreign investors from the capital market led to a depreciation in the market capitalisation of Exchange Traded Funds listed on the exchange.
Popoola said this on Wednesday at a virtual conference themed ‘ETFs in the Nigerian capital market: Opportunities and challenges’.
He also said four new listings were ongoing.. ….,…. … .. …. ….. ,…. ………………..……..Read More

Union Bank grows earnings by 19% – Punch
Union Bank of Nigeria Plc has said its gross earnings rose up 19 per cent to N208.2bn in 2022 financial period from N175.0bn in the corresponding period of 2021.
It disclosed in a statement on Wednesday on its Group audited financial statements for the year ended December 31, 2022, that the growth was driven by strong growth in net interest income……. …………. . ….. . … …………….……..Read More

UPDC Records N5.9bn Revenue In 2022 – Dailytrust
UPDC PLC, an indigenous real estate firm, has recorded N5.9 billion revenue in 2022 rising from the N825 million reported in the previous year, the Chief Executive Officer of the company, Mr. Odunayo Ojo said.
While briefing newsmen in Lagos on the company’s last year’s performance and the 2023 outlook, he stated that after six consecutive years of losses, the Group returned to profitability with a profit before tax of N331 million compared to a loss of N1.6bn in the 2021 and a total comprehensive profit of N7m as compared to a loss of over N2bn recorded in 2021,……. .. …… . ….. . … …………….……..Read More

FG declares April 21, 24th public holiday to mark Eid el-Fitr celebrations – Nairametrics
The Federal Government of Nigeria has declared  21 and 24th  of April 2023, as public holidays to mark this year’s Eid el-Fitr celebration in Nigeria. 
This was announced in a statement by Ogbeni Rauf Aregbesola, the Minister of Interior, on behalf of the Federal Government on Wednesday in Abuja.  ,……. .. …… . ….. . … …………….……..Read More
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