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Daily Business News Brief – July 6th, 2023

6
Jul

Investors Responding Positively to FG’s Policies, Says NGX CEO – Thisday
The Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola has expressed optimism around the recent policies by the federal government since the inauguration of President Bola Tinubu, saying that investors are responding positively with bullish sentiments in the market.
Popoola who said this during a programme (NewsDay) on BBC News monitored in Lagos added that he remained hopeful that the current bullish sentiments in the domestic bourse will be sustained in the long run.. . ……………… ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Nigeria, others account for 3.5 per cent of global FDI
• Investment flows to Africa dropped by 44 per cent – Guardian
United Nations Conference on Trade and Development (UNCTAD) said Nigeria saw its foreign direct investment (FDI) inflows regressed to a negative region of $187 million in 2022 owing to equity divestments even as Africa contributed 3.5 per cent of global flow in the year.
UNCTAD disclosed this in its World Investment Report 2023 published yesterday.
According to the report, FDI flows to Africa declined to $45 billion in 2022 from a record $80 billion in 2021.2…. .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Fitch considers Ecobank ratings upgrade – Punch
Fitch Ratings says it foresees an upgrade of Ecobank Nigeria Limited’s National Ratings which will result from strengthening its creditworthiness relative to other Nigerian issuers.
According to the international rating agency, it expects to resolve the Rating Watch Negative of ENG “Within the next six months when exchange-rate volatility may recede, the impact on regulatory capital ratios and common equity double leverage is clear, and the scale of the second-order economic effects of the devaluation on loan quality becomes evident.”……. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

International Breweries declares N43.7bn gross profit – Punch
International Breweries Plc, a beverage company has said it recorded to N43.7bn gross profit in 2022 financial period.
A statement said it disclosed this at its 46th annual general meeting in Lagos on Wednesday.
The company’s 2022 revenue rose to N218.7bn as of the end of 2022 financial period from N182.3bn in the same period in 2021……. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Transcorp Unveils Strategies For N10.3trn Africa Market By 2027 – Dailytrust
Transcorp Hotels Plc, the largest firm in the hospitality industry by market capitalization in Nigeria, is positioned to benefit from the projected hotel industry’s revenue in Africa, expected to reach $13.80 billion (N10.3 trillion at N750/$) by 2027, with an average Annual Growth Rate of 8.68 per cent over the next five years.
The hospitality giant posted a net loss of $19 million in 2020 from a profit of $2.30 million in 2019, while sales dipped by 100 per cent to $21.50 million in the same period…….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

MTN, Airtel Emerge Most Capitalised Firms In Nigeria, With N10.5trn – Dailytrust
MTN Nigeria and Airtel Nigeria have emerged as the most capitalised companies in the country with N5.56 trillion and N4.49trn to lead eight other companies on the stock exchange’s 10 most capitalised companies in June. 
In a data released by the exchange yesterday, the two telecom operators’ combined N10.5trn capital base gave the ICT sector an edge over the industrial goods sector which parades Dangote and BUA with a combined capital of N7.98trn, and the consumer goods sector which has Nestle and BUA with N3.43trn…….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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