31
Jul
July 31, 2023
| Financial stocks lead activities at NGX, contribute 67.8% to turnover – Guardian |
| The financial services industry dominated in volume terms at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX). It led the activity chart with 1.936 billion shares valued at N27.7 billion traded in 20,839 deals. Thus, it contributed 67.84 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 328.6 million shares worth N2 billion in 3,252 deals…………….. .. …… .. …. . ……….. ………. …………. . ….. . … …………….……..Read More |
Stakeholders worried as NGX delists 1.31 billion shares of Ardova – Guardian |
| The Nigerian Exchange Limited (NGX) said it has delisted the entire 1,310,629,267 issued share capital of Ardova Petroleum Plc from the daily official list. This, it said, followed the submission of the required post-approval documents from Ardova Petroleum” and pursuant to the scheme of arrangement between Ardova and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court… …………….. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Underwriter declares N183 million dividend – Guardian |
| Lasaco Assurance Plc has declared a 15 kobo dividend on every share translating to a total value of N183 million for the year ended 31st December 2022. This came as the underwriter shareholders’ fund rose by 15 per cent to N12.99 billion in 2022, from N11.3 billion posted in the 2021 financial year. Similarly, the premium income increased by 4.7 per cent from N13.28 billion in 2021 to N13.9 trillion in 2022.. …,….. ………. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Democritisation of data, ESG compliance enhance stock liquidity – Guardian |
| The Nigerian Exchange Limited (NGX) has stated that democratisation of data as well as environmental, social, and governance (ESG) compliance are capable of enhancing stock liquidity and attracting the needed investments in the Nigerian capital market. Divisional Head, Capital Markets at Nigerian Exchange Limited (NGX), Jude Chiemeka, at a panel titled ‘ESG and Sustainable Finance: the Future of Investments’, which was jointly organised by the Securities and Exchange Commission (SEC) and the Financial Centre for Sustainability in Lagos at the weekend… … ……….. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Wema Bank’s profit rises by 97 per cent to N10.48bn – Punch |
| Wema Bank said its profit after tax rose by 97 per cent in the first half of 2023 financial period to N10.48bn from N5.30bn in H1, 2022. It disclosed this in its unaudited financial statements for the period ended June 2023, filed on the Nigerian Exchange Limited. The bank achieved improved performance including gross earnings of N89.09bn, a year-on-year increase of 49 per cent (H1, 2022: N59.59bn)….. … ……….. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Transcorp grows revenue by 31% to N82bn – Punch |
| Indigenous conglomerate, Transnational Corporation Plc, has reported that its revenue for the half year of 2023 grew by 31 per cent and that it achieved commendable growth across major indices. In a statement on its Unaudited Condensed Consolidated Financial Statements For the period ended June 30, 2023, Transcorp, which has investments in power, hospitality and oil sectors, posted revenue of N82.1bn in H1 2023, compared to N62.9bn in H1 2022, while operating income also grew by 46 per cent to close at N29.9bn as of June 2023, compared to N20.5bn in June 2022. … … ……….. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Rates Merger: MTN, Nestle, Dangote Cement, Others Suffered N486.82bn FX Losses in H1 – Thisday |
| Following the recent Central Bank of Nigeria’s (CBN) foreign exchange market reforms, MTN Nigeria Communication Plc, Nestle Nigeria Plc, among others suffered N486.82 billlion foreign exchange losses in half year ended June 30, 2023, about 651 per cent from N64.82billion reported in half year ended June 30, 2022. Other companies investigated by THISDAY with significant foreign exchange losses in H1 2023 include: Dangote Cement Plc, BUA Cement Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc, and Eterna Plc. … … ……….. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |
Cement Manufacturers’ Profit Wilts on OPEX, Cost of Sales – Thisday |
| A total of three cement-producing companies in Nigeria struggled with the high cost of sales and foreign exchange losses to generate marginal 2.5 per cent increase in profit to N277.7billion in half year (H1) ended June 30, 2023 as against N270.88billion generated in half year ended June 30, 2022. Amid double-digit inflation rate, the likes of Dangote Cement Plc, Lafarge Africa Plc, and BUA Cement Plc reported a significant increase in cost of sales and operating expenses that weakened profit before tax and profit after tax.. … … ……….. .. …….. . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More |