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Daily Business News Brief – July 5th, 2023

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July 5, 2023
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in Business News Brief
NGX optimistic on sustained market rebound as profit taking drags index by 2% – Guardian
The Nigerian Exchange Limited (NGX) halted several weeks of uptrend to close on a downward note yesterday, as profit taking in Total, Presco and 31 stocks dragged market capitalisation by N672 billion.
Market capitalisation of listed equities decreased by N672 billion or 1.99 per cent to N33.059 trillion from N33.731 trillion reported the previous day. The All Share Index also depreciated by 1234.20 basis points to 60715.04 points from 61949.24 points traded the previous day. . ……………… ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Despite Liquidity Crunch, Banks’ Deposit with CBN Increased to N579.27bn in June – Thisday

Despite the liquidity crunch in the financial sector, deposit money banks and merchant banks’ deposit with the Central Bank of Nigeria (CBN) increased to N579.27 billion in June 2023, representing an increase of 25.4 per cent when compared to N461.85 billion in May 2023.
The reported N579.27 billion deposit with CBN is 118.34 per cent Year-on-Year increase when compared to N265.31 billion banks and merchant banks deposit in June 2022…. .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Nigerian banks operating costs higher than other countries – MPC member – Punch
A member of the Monetary Policy Committee, Adeola Adenikinju, has said Nigerian banks operating cost is higher than other countries and should be reduced.
The Central Bank of Nigeria released this in his personal statement made at the last MPC meeting.
In his report, he said, “Interest margins to total operating income declined from 58.1 per cent in March 2023 to 50.5 per cent in April 2023……. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NBA-SBL Collaborating with NGX, IoD to Improve Companies’ Corporate Governance – Thisday
The Chairman, Nigerian Bar Association’s Section on Business Law (NBA SBL), Dr. Adeoye Adefulu, yesterday said it is collaborating with the Nigerian Exchange Limited (NGX), and the Institute of Directors (IoD) to improve on listed/unlisted companies’ corporate governance in Nigeria.
Adefulu, who was speaking with journalists after the closing gong ceremony in commemoration of the 2023 NBA-SBL Annual Conference in Lagos, said “NBA SBL, NGX and IoD are part of what we call corporate governance triangle…… .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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