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Daily Business News Brief – May 23rd, 2023

23
May

Worsening forex crises, others erode foreigners’ confidence in equities
• Domestic patronage accounts for 92% of total transactions, hits N659.26b in 16yrs
• Gains in MTNN, 30 stocks lift capitalisation by N98 billion – Guardian
Again, worsening foreign exchange (forex) challenges, uncertainty in the nation’s political space and monetary policy issues have continued to erode foreign investors’ confidence in the equities market as the total value of transactions executed by domestic investors on the Nigerian Exchange Limited (NGX) hits 92 per cent as of April 2023.
The figure is higher than 88 per cent of domestic investors, who participated on the exchange in the month of March.. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Analysts project another interest rate hike as MPC meets – Punch
As the Monetary Policy Committee of the Central Bank of Nigeria starts its two-day meeting on Tuesday (today), analysts have indicated that the committee may raise the Monetary Policy Rate again to tackle rising inflation.
The biting inflation rate had assumed an upward swing in the past few months and the situation had made the MPC to keep raising the MPR.
The MPC team had said in the past that it would be difficult to allow the inflation rate to be significantly higher than the MPC.. . ……….. ………. …………. . ….. . … …………….……..Read More

‘Senate’s N22.7tn loan approval may raise bond rates’ – Punch
The securitisation of the Central Bank of Nigeria’s N22.7tn Ways and Means advances to the Federal Government by the Senate may push the interest rates of future debt securities higher, capital market analysts have said.
The Senate had recently approved the extra-budgetary spending of the Federal Government, about one month before the expiration of the regime of the President, Major General Muhammadu Buhari (retd.). ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Nestle loans rise to N155bn – Report – Punch
The total interest-bearing liabilities of consumer goods manufacturer, Nestle Nigeria Plc, rose to N155bn at the end of the 2022 financial year from N76.864bn in 2021, indicating a 102.05 per cent growth.
This was contained in the 2022 annual report and accounts of the company. Stakeholders of the company had raised concerns about this during Nestle’s Annual General Meeting held in Lagos last week.. ….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Why you need to invest your funds – Punch
Taking control of your personal finances means more than just ensuring your future financial security, as it also means regaining your autonomy in financial matters, JOSEPHINE OGUNDEJI writes
Funke Oladele, a 29-year-old single lady living in Lagos, works as a customer service representative in a telecommunications company and earns a monthly salary of N120,000….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Breweries, Tobacco Industries on the Brink of Disaster – Thisday
The breweries and tobacco sub-sectors of the Nigerian manufacturing sector are currently faced with dire existential threat. The threat is coming from the 2023 Fiscal Policy Measures (FMP) that was released by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, via a circular on April 20, 2023. It will take effect from June 1, 2023.
The FMP contained increases on excise duties for beer and other alcoholic beverages as well as tobacco and single use plastics. It increased the excise on beer from N25 to N75 per liter in spite of the agreed excise on these products that was negotiated between the government and manufacturers in 2022 that was approved by no less an official than President Muhammadu Buhari to run till 2024……. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Neimeth Shareholders Optimistic as Revenue Increases By 20% – Thisday
Shareholders of Neimeth International Pharmaceuticals Plc have expressed confidence in the ability of the company to grow their investments despite Nigeria’s challenging business operating environment.
The shareholders expressed this optimism at the 64th Annual General Meeting (AGM) of Neimeth held recently in Lagos…….. .., … .. .,……. .. …… . ….. . … …………….……..Read More
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