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Daily Business News Brief – May 3rd, 2023


Stock market resumes May trading with N58 billion losses – Guardian
The Nigerian Exchange Limited (NGX) halted three sessions of gain to commence trading for the month of May on a downward note yesterday, as market capitalisation dropped by N58 billion.
Specifically, at the re-opening of transactions for the month of May, the All-Share Index (ASI) fell by 107.03 points, representing a decline of 0.20 per cent to close at 52,296.48 points. Accordingly, investors lost N58 billion in value as market capitalisation declined to N28.476 trillion…….. .. ………. …………. ……………..……..Read More

MAN, NECA, NACCIMA reject FG’s excise tax hike – Punch
The Organised Private Sector of Nigeria comprising the Manufacturers Association of Nigeria, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, the Nigeria Employers’ Consultative Association, the Nigerian Association of Small Scale Industries, and the Nigerian Association of Small and Medium Enterprises has rejected the recently announced increase in excise tax.
The hike, contained in the circular dated April 20, 2023, was reportedly signed by the Minister of Finance, Budget and National Planning, Zainab Ahmed.. ……… .. .. ….. .. ….. …….. …………….……..Read More

African private capital deal volume jumps by 46% – Guardian
The African private capital market experienced a record-high volume of deals in 2022 rising by as much as 46 per cent, the African Private Capital Association (AVCA) has disclosed.
This was contained in the 2022 African Private Capital Activity Report released, yesterday, by AVCA. The authoritative yearly report offers deep insights into private capital fundraising, investment inflow and outflow from Africa.. ………. …………. . ….. . … …………….……..Read More

Nigeria’s Ikike oil production lifts TotalEnegies earnings to $6.5b – Guardian
The Crude oil production from the Ikike oil field offshore Port Harcourt, River State, has been identified among the major fields that bolstered TotalEnegies earnings in the first quarter 2023.
TotalEnergies, in its first quarter 2023 financial statement obtained by The Guardian, revealed a net income of $6.5 billion, with production growth of two per cent.. .. .,……. .. …… . ….. . … …………….……..Read More

Zenith Bank shareholders approve N100.47bn dividend payment – Punch
Zenith Bank Plc has said it will pay its shareholders N100.47 bn dividend for the 2022 financial period.
It disclosed this in a statement after its 32nd annual general meeting which was held virtually from Lagos on Tuesday.
At the meeting, the shareholders of the bank unanimously approved the proposed final dividend payment of N2.90 per share..,…. .,……. .. …… . ….. . … …………….……..Read More
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