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Daily Business News Brief – May 22nd, 2023

22
May

Equity market rebounds as investors gain N15bn – Punch
The Nigerian Exchange Limited saw mixed sentiments on the trading floor this past week, which resulted in a  gain of N15bn for investors.
Trading activities opened on a positive note at the start of the week but dipped on Thursday and rebounded on Friday for the All-Share Index and market capitalisation to close at 52,187.93 points and N28.417tn respectively, marking a 0.05 per cent depreciation.
Other indices finished higher except for NGX Main Board, NGX 30, NGX Oil & Gas, NGX Lotus II, NGX Industrial Goods, and NGX Growth which depreciated by 0.64 per cent, 0.09 per cent, 1.67 per cent, 0.66 per cent, 0.03 per cent and 0.32 per cent respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Sovereign Trust grows premium by 20%- Report – Punch
Sovereign Trust Insurance Plc has said its gross premium written rose by N20 per cent in 2022 financial period.
The Deputy General Manager/Head, Corporate Communications & Investor Relations, STI, Olusegun Bankole, disclosed this in a statement on the company’s 2022 audited financials approved by the industry’s regulator, National Insurance Commission.
In spite of the challenging operating environment in the country in 2022, the underwriting firm noted that it maintained its growth path. . ……….. ………. …………. . ….. . … …………….……..Read More
Over N12bn paid as claims, says NEM Insurance – Punch
The Chairman, NEM Insurance Plc, Dr. Fidelis Ayebae, has said the underwriting company paid N12.3bn to its claimants in 2022 financial year.
He disclosed this during the 53rd annual general meeting of the company in Lagos.
He disclosed this during the 53rd annual general meeting of the company in Lagos.
The chairman said, “The gross claims incurred during the year was N12.3bn; an increase of 7.9 per cent over that of the preceding period that was N11.6bn. The gross claims ratio for 2021 stood at 42.0 per cent whereas that of 2022 was 37.4 per cent, decrease of five per cent.” ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Neimeth plans expansion – Punch
Neimeth International Pharmaceuticals Plc has said that it is aiming for growth in its revenue and profits through the two major capital projects it has embarked upon.
The pharmaceutical firm disclosed this at the 64th Annual General Meeting of Neimeth held in Lagos.
Addressing shareholders at the meeting, the Chairman of the company, Dr Ambrose Orjiako, said  Neimeth was undertaking a comprehensive factory upgrade of its Lagos manufacturing plant which is expected to increase its production capacity by 300 per cent within the next few years. ….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Abbey Mortgage engages shareholders on strategic goals at AGM – Guardian
Abbey Mortgage Bank has fixed its 31st yearly general meeting for Wednesday.
The event will be held virtually and be accessible through a secure online platform for attendees and members of the public that intend to observe as the board and executive management reflect on the bank’s accomplishments….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Q1: Dangote Cement, MTN, Others’ OPEX Reached N1.01trn as Inflation, FX Scarcity Persist – Thisday
MTN Nigeria Communication Plc, Dangote Cement Plc, and 15 other listed companies on the Nigerian Exchange Limited (NGX) saw their operating expenses to income up by 31per cent in first quarter of (Q1) 2023 over double-digit inflation rate, foreign exchange scarcity worsened by the general elections and slow growth in the nation’s economy.
The companies cut across manufacturing, Oil & gas, financial institutions and telecommunication…… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NGX Sanctions PZ, 17 Others over Late Filing of 2022 Results – Thisday
The Nigerian Exchange Limited (NGX) has fined 18 listed companies a sum of N34.72 million for late filing of financial statements for full year ended December 31, 2022.
The Exchange said these companies filed their audited financial statements after the regulatory due date and NGX Regulation Limited (NGX Regco) applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (issuers’ rules)……. .., … .. .,……. .. …… . ….. . … …………….……..Read More
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