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Daily Business News Brief – April 25th, 2023


Exiting foreign investment shrinks ETF by 67 per cent in three years – Guardian
• Exchange hints on four new potential ETFs listings
Waning foreign investors’ participation, which has resulted in foreign portfolio investment decline in the past few years, has impacted negatively on the Nigerian Stock Exchange (NGX) Exchange Traded Fund (ETF), as the market dipped from N24.5 billion market capitalisation in 2020 to its current N8.87 billion.
An ETF is a marketable security that tracks an index, a commodity, bond or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common share on a stock exchange. ETFs experience price changes throughout the day as they are exchanged… .. ………. …………. ……………..……..Read More

Wema Bank grows gross earnings by 42.3% to N131.08bn – Punch
Wema Bank Plc has said its gross earnings rose by 42.3 per cent to N131.08bn as of the end of 2022 financial period from N92.14bn in the corresponding period of 2021.
It revealed this in a statement on its audited financial results for the period ended December 31, 2022.
The statement said, “The results which showed positive fundamentals across board, revealed a growth of 44.7 per cent year on year in interest income to N106.07bn from N73.30bn……. .. .. ….. .. ….. …….. …………….……..Read More

Otedola says ‘looking forward’ to working with Transcorp board and management – Nairametrics
Nigerian business mogul and billionaire, Femi Otedola has said that he is looking forward to working with the board and management of Transcorp to realize the amazing future potential of the corporation.
Otedola stated this while confirming the acquisition of a 5.52% stake in Transcorp Plc on his Instagram page seen by Nairametrics. Nairametrics first reported the 5.52% ownership in an exclusive article published on the 12th of April 2023…….. …………. . ….. . … …………….……..Read More

Ajogwu quits Seplat’s board, decries external influence – Guardian
Displeased by what he terms concerted efforts by some forces outside Seplat Energy Plc to derail the company’s steady progress, a non-executive director of the company, Prof. Fabian Ajogwu, has resigned from the board of the leading indigenous oil and gas firm.
Ajogwu, a foremost professor of corporate governance and Senior Advocate of Nigeria (SAN), cited unwholesome conduct by some people external to Seplat but resolved to negatively distract the board thereby militating against the smooth operations of the company.,……. .. …… . ….. . … …………….……..Read More

Value stocks seen shielding investors from inflation risks – Businessday
With rising prices of goods and services injecting uncertainty into the equities market, value stocks are seen as a hedge against inflation risks.
A value stock refers to shares of a company that appears to trade at a lower price relative to its fundamentals, such as dividends, earnings, or sales, making it appealing to value investors, according to Investopedia.com.  ,……. .. …… . ….. . … …………….……..Read More
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