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Daily Business News Brief – May 17th, 2023


Bargain hunting lifts equity market by N102bn – Punch
Bargain hunting activities on the Nigerian Exchange Limited drove up the market capitalisation by N102bn to close at N28.542tn at the end of trading on Tuesday.
The All-Share Index of the local bourse which had opened on a positive note this week, gained 0.36 per cent or 188.04 base points to close at 52419.33 points at the close of trading.
The year-to-date returns also appreciated to 2.28 per cent from 1.88 per cent recorded last Friday…..,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Weakened naira pushing up Nigeria’s public debt – IMF – Punch
The International Monetary Fund has said that weaker currencies in Nigeria and other Sub-Saharan African countries are pushing up public debts.
This was disclosed in a blog post published on the IMF’s website on Monday. 
The fund noted that with an average depreciation of nine per cent since January 2022, sub-Saharan African currencies have weakened against the US dollar……….. ………. …………. . ….. . … …………….……..Read More

Airtel Africa’s profit dips in Q1 – The Nation
Despite a growth in revenue, Airtel Africa has reported a five per cent dip in profit for the first quarter (Q1) of the year.
It blamed the challenging operating environment and worries about currency devaluation for the profit dip, according to a financial statement published on the Nigerian Exchange Group (NGX).
Airtel’s profit after tax (PAT) for the period under review dropped by 0.6per cent to $750million, compared to $755million during the same period last year. Conversely, the telco’s revenue grew by 11.5% to $5.25m in Q1 2023, compared to $4.71m in the same period in 2022… …. .. .. .,……. .. …… . ….. . … …………….……..Read More

FCMB grows customers to 11.4 million – Punch
FCMB Group Plc has said it 500,000 new customers which pushed its customer base to 11.4 million in the first quarter of 2023.
This growth, it said, reflected the Group’s commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base.
In a statement, it disclosed this in a statement on its financial results for the first quarter of 2023. The results showed the continued success of its digital banking initiatives across various business segments… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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