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Daily Business News Brief – June 2nd, 2023

2
Jun

Bull run enters June as market records N1.8 trillion last month – Guardian
The peaceful transition to a new administration, coupled with its blunt expression of willingness to tackle lingering macroeconomic challenges facing the economy, especially the foreign exchange (forex) crisis has caused the equities market to gain N1.8 trillion in May 2023.
Specifically, the market capitalisation gained by N1.833 trillion to close at N30.367 trillion on May 31, 2023 from N28.534 trillion at which it opened for trading activities for the month…. ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Naira trades 461/$ at investors window, CBN denies devaluation – Punch
The naira closed at N461.76 per dollar at the Investors and Exporters window on Thursday, a N0.16 kobo drop from N461.60 traded in the previous session.
This slight drop came amid a viral story claiming that the Central Bank of Nigeria had devalued the Nigerian currency to N630 per dollar. The CBN has since denied the claim, labelling it fake news.. ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Capital market operators call for NNPCL listing – Punch
Some operators have called for the listing of the Nigerian National Petroleum Company Limited on the Nigerian capital market, saying it will boost the capitalisation of the market as well as add value to the energy company.
The President and Chairman of the Council, Institute of Capital Market Registrars, Oluseyi Owoturo, in a chat with our correspondent on the agenda that the new president of Nigeria, Bola Tinubu, said the energy company needed to be listed… . … .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Access capital market for financing, SEC tells FG, states – Punch
The Director General of the Securities and Exchange Commission, Lamido Yuguda, has called on the governments at different levels to look towards the capital market when seeking finance for infrastructure development in the country.
Yuguda said this in a statement issued by the SEC on Thursday. 
Yuguda expressed the belief that the Nigerian Capital Market, being an organised and specialised financial market that drives capital mobilisation through domestic savings and foreign capital inflows, is well positioned for the realisation of the infrastructure objectives of the nation.  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

TotalEnergies says its recycling plant will reduce poverty in N’Delta – Guardian
TotalEnergies EP Nigeria Limited has said its partnership with the United Nations Institute for Training And Research (UNITAR) to convert ‘waste to wealth’ with its plastic recycling plant in Rivers State will reduce poverty in the Niger Delta region and beyond.
The Executive Director, JV Assets, TotalEnergies EP Nigeria Limited, Mr. Obi Imemba, stated this in an interview with The Guardian after a tour of the recycling facility in Elelenwo, Obio/Akpor Council of the state…. ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Jim Ovia acquires five million units of Zenith shares – Punch
The Chairman of Zenith Bank, Jim Ovia, has acquired five million units of the shares of the financial institution in a deal worth over N144m.
This was disclosed in a notice on insider trading signed by the company secretary, Michael Otu, on Thursday.
It was revealed that Ovia bought the shares in ten different transactions on the floor of the Nigerian Exchange Limited on Wednesday.
The average price he paid for the shares was N28.91…. ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Shareholders Commend Wema Bank Management on Corporate Performance – Thisday
Nigeria’s most innovative financial institution, Wema Bank Plc, held its 2022 Annual General Meeting yesterday May 31st, 2023 amidst encomiums over the sterling performance of the bank and the huge dividend payout.
Specifically, shareholders of the bank commended the board and management for delivering a good result in the financial year…. ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NAHCO Announces N3.8bn Profit for 2022 Financial Year – Thisday
The Nigerian Aviation Handling Company Plc (NAHCO) has announced profit before tax of N3.8 billion for 2022 financial year.
Chairman of NAHCO, Dr. Seinde Fadeni, who announced it, explained the factors that aided the company to record such stellar performance at a period the aviation industry was coming out from the effects of COVID-19. Fadeni spoke to journalists after the 42nd AGM of the company, which recently took place in Lagos. He discussed the financial results, NAHCO’s performance and the future outlook of the organisation… ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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