28
Apr
April 28, 2023
| Sustained bargain hunting in FMCG firms, others lift index by 0.3% – Guardian |
| Following sustained bargain hunting in fast-moving consumer goods (FMCG) stocks, especially BUA Foods and Cadbury, the capital market continued its uptrend, yesterday, as the all-share index (ASI) increased further by 0.3 per cent. At the close of trading yesterday, the market capitalisation of listed equities increased by N75 billion to close at N28.442 trillion from.N28.367 trillion reported the previous day. Also, the ASI appreciated by 138.26 basis points or 0.3 per cent to 52235.88 points from 52097.62 points recorded on Tuesday…… .. ………. …………. ……………..……..Read More |
FG plans supplementary budget as NEC suspends subsidy removal – Punch |
| The National Economic Council, on Thursday, in Abuja, asked the Federal Government to put the June deadline for petroleum subsidy removal on hold, pending the review of existing plans to provide palliatives for Nigerians. While arguing that the petrol subsidy should not be removed now, the council said the Federal Government would broaden consultations with state governments and other key stakeholders such as labour unions, petroleum marketers, the Ministry of Finance, Nigerian Upstream Petroleum Regulatory Commission and representatives of incoming administration. ……… .. .. ….. .. ….. …….. …………….……..Read More |
Tax hike will hurt business, Nigerian Breweries tells FG – Punch |
| Nigerian Breweries has stated that any further increase in excise duty by the Federal Government would harm its business and operations. The Managing Director of Nigerian Breweries, Hans Essaadi, stated this on Wednesday during the company’s pre-annual general meeting in Lagos. He said, “It is our firm belief that as a big corporation, we are partly an alcoholic beverage and part of non-alcoholic beverages but we have topay our duties and we respectfully want to pay our duties and taxes in full. ………. …………. . ….. . … …………….……..Read More |
Fidelity Bank grows gross earnings by 34.4% – Punch |
| Fidelity Bank has said its gross earnings rose by 34.4 per cent YoY to N337.1bn in 2022 financial period, driven by 45.2 per cent growth in interest and similar income to N295.6bn. It said this in a statement on Thursday on its 2022 audited financial statements released on the Nigerian bourse. .. .,……. .. …… . ….. . … …………….……..Read More |
Elumelu Overtakes Otedola, Controls 25.58% Transcorp Stake – Dailytrust |
| To maintain his control of Transnational Corporation plc (Transcorp), Tony Elumelu has acquired additional 9,697,189,979 shares through HH Capital Limited. With this new acquisition, HH Capital Limited, which is owned by Elumelu, now holds 9,991,173,177 units, representing 25.58% of the company’s shares, according to the filing made by Transcorp to the Nigerian Exchange Group (NGX), disclosed in a statement signed by the acting Company Secretary, Funmi Olofintuyi…. .,……. .. …… . ….. . … …………….……..Read More |
MTN Revenue Rises To N568bn In Q1 – Dailytrust |
| The Mobile Telecommunication Network provider, MTN Nigeria Plc has generated 20.6% in total revenue to N568.136 billion for the first three months of operation this year. This is against the N470.984bn low it recorded in the corresponding period of 2022. The communications giant in its unaudited report filed to the NGX on Thursday, announced profit after tax of N101.303bn for the period under review. This represents an 8.5% increase over the N96.819bn attained last year….. .,……. .. …… . ….. . … …………….……..Read More |
BUA Foods posts blow out profits in first quarter of 2023, defies economic headwinds – Nairametrics |
| Nigeria’s leading food manufacturing company BUA Foods released its 2023 first-quarter earnings showing profits before tax rose a whopping 85% to N49.5 billion. Earnings per share rose from N1.27 to N2.25 in the period under review. The impressive growth in profits follows a string of stellar performances spanning the last two years since it became a publicly listed company on the Exchange…. ,……. .. …… . ….. . … …………….……..Read More |
Cadbury post 124% rise in profits, share price surge by 21% – Nairametrics |
| Cadbury Nigeria Plc has released its unaudited financial statement for the first quarter that ended on March 31, 2023, highlighting a record-breaking 124% quarter-on-quarter growth in profit after tax, amounting to N3.453 billion. The impressive growth in the bottom line will come as a relief to the country’s Managing Director, Mrs. Oyeyimika Adeboye who was appointed Managing Director, Executive Director of Cadbury Nigeria PLC as of April 1, 2019….. ,……. .. …… . ….. . … …………….……..Read More |