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Daily Business News Brief – June 1st, 2023

1
Jun

May closes bullish as investors’ wealth increase by N17 billion
• Analysts predict profit-taking in coming days – Guardian
The renewed buying interests in blue chips occasioned by anticipations of positive plans from the new government continued at the end of transactions yesterday on the equities sector of the Nigerian Exchange Limited (NGX) as market capitalisation gained N17 billion.
Yesterday, the All-Share Index rose by 30.93 per cent, representing a gain of 0.06 per cent, to close at 55,769.28 points. Similarly, the overall market capitalisation value gained N17 billion to close at N30.367 trillion… ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

CBN multiple exchange rates may increase debt burden – W’Bank – Punch
The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress.
Malpass said this in a blog post titled ‘Parallel Exchange Rates: The World Bank’s Approach to Helping People in Developing Countries’, published on Wednesday on the bank’s website. ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Nigerian Breweries mulls acquisition of 80% Stake in Distell Wines & Spirits Nigeria Limited – Nairametrics
Nigerian Breweries Plc has said that it is considering an offer to acquire 80% shareholding in Distell Wines & Spirits Nigeria Limited.
This was contained in the company’s notice to the Nigerian Exchange Limited and obtained by Nairametrics.. . … .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Shareholders Commend Sterling Bank on 2022 Performance – Thisday
The shareholders of Sterling Bank plc, have commended the board of directors, executive management and staff of the bank on its remarkable financial performance for the 2022 year, resulting in a recommendation of dividends of 15 kobo per ordinary share, which is a 50 per cent increase from that paid in 2021.  
The shareholders gave this commendation at the 61st Annual General Meeting of the bank held in Lagos yesterday. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

26% of Nigerians financially literate as Botswana leads Africa – Guardian
Botswana has been ranked the most financially literate country in Africa with 52 per cent of its population covered, while Somalia, with 15 per cent, ranks least in the region.
According to the Global System for Mobile Communications Association (GSMA) in a presentation made at RegTech Africa Conference 2023 in Lagos, with the theme, ‘Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity’, Nigeria, Kenya and South Africa are at 26, 38 and 42 per cent respectively… ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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