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Daily Business News Brief – May 24th, 2023

24
May

NGX extends gains as Stanbic IBTC, others lift indices by N138b – Guardian
The Nigerian Exchange Limited (NGX) extended gains to the third consecutive session yesterday as buying interest in Stanbic IBTC Holdings Plc, PZ Cussons others lift market capitalisation further by N138 billion.
The All Share Index (ASI) gained 252.06 points, representing a growth of 0.48 per cent to close at 52,621.19 points. Accordingly, market capitalisation rose by N138 billion to close at N28.653 trillion… …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

External reserves fall by $1.5bn in four months -CBN – Punch
The country’s external reserves fell by $1.5bn in four months, figures obtained from the Central Bank of Nigeria has revealed.
Latest figure on movement of the external reserves by the CBN revealed that the figure, which stood at $36.73bn as of the end of February 20 fell to $36.68bn as of the end of February 27.
It fell from $35.5bn to $35.25bn and $35.2bn as of the end of March, April and May 19 respectively… . ……….. ………. …………. . ….. . … …………….……..Read More

NEM Insurance Establishes Life, Health Management Firms – Thisday
The on going expansion strategy adopted by NEM Insurance plc has culmination in the company’s establishment of a health management organisation and plan for a establishment of life insurance firm.
The company’s Chairman Dr. Fidelis Ayebae, disclosed this at the 53rd Annual General Meeting (AGM) of the firm in Lagos, adding that the expansion strategy, led to the establishment of NEM Health Limited, which was incorporated in 2022 and commenced operation in 2023.. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

AXA Mansard grows Q1 premium by 13% – Punch
AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm has said its insurance revenues rose by 13 per cent to N19.4bn as of the first quarter ended March 31, 2023.
In a statement, it said it implemented the IFRS17 and IFRS9 accounting standards, which became effective on January 1, 2023… ….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Abbey Mortgage Bank Mgt. to Engage Shareholders on Strategies, Future Prospects – Thisday
The management of Abbey Mortgage Bank Plc is set to engage its shareholders on the company’s strategies and future prospects at the forthcoming 31st Annual General Meeting (AGM) taking place in Lagos. 
According to the company, the AGM 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
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