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Daily Business News Brief – July 10th, 2023

10
Jul

Stock Market Sustains Positive Trend, Gains N1.13trn WoW – Thisday
Stock market of the Nigerian Exchange Limited (NGX) sustained its positive momentum last week, gaining N1.13 trillion Week-on-Week (WoW). 
As a result, the market capitalisation rose N1.13 trillion W-o-W to close at N34.326 trillion, while NGX All-Share Index gained 3.40 per cent W-o-W to close at 63,040.41 points.
The NGX benchmark index’s action was sustained in the bullish region for the seventh straight week to break the 62,000 strongholds to 63,040.87 points to trade above its 200-Day… . ……………… ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Foreign capital inflow rises by 44.3% to $298.8m in June – Guardian
Foreign capital inflow into Nigeria increased by 44.3 per cent in June to $298.8 million, FMDQ Securities Exchange has said.
The inflow “underwhelming” when compared to the pre-pandemic monthly average of $1.56 billion, analysts at FMDQ have said.
It noted that local inflows rose further by 19.3 per cent m/m to $1.11 billion propelled by higher inflows from non-bank corporates, which contributed 35.7 per cent m/m to $597.1 million and exporters 2.3 per cent m/m to $448 million…… .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Hostile takeover raises corporate governance, stock liquidity concerns – Guardian
In 2009, the former managing director of the defunct Intercontinental Bank, Erastus Akingbola, petitioned the Federal Government alleging a forceful takeover of the bank.
In the same period, Access Bank was in a move to acquire controlling shares of Union Bank by mopping up its shares through proxies to gain enough footholds to make a takeover bid……… .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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