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Daily Business News Brief – August 1st, 2023

1
Aug

NGX market cap gains N1.8tn in July – Punch
The market capitalisation of the Nigerian Exchange Limited grew by N1.8tn in July following earnings and dividends declared by listed companies.
The positive trend of the market was further driven by insider dealings among companies, as directors and related parties consolidated their positions, thus signalling their confidence in the value proposition of the companies. …………….. .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

How cash crunch, forex crisis cripple firms’ growth in H1 – Punch
An analysis of the half-year reports of several listed companies on the Nigerian Exchange Limited reveals a mix of impressive earnings and significant losses amounting to billions of naira.
In the first six months of 2023, Nigerian businesses have had to deal with a number of macroeconomic headwinds, which had a considerable impact on their operations and bottom line. … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NASCON board approves merger with Dangote companies – Punch
The Board of Directors of NASCON Allied Industries Plc has approved the proposed merger of the company with Dangote Sugar Refinery Plc and Dangote Rice Limited, both companies under the Dangote Group.
Both NASCON and Dangote Sugar had filed corporate notices on the Nigerian Exchange Limited earlier in July, revealing the proposal and that it was an agenda for its board at their next meeting. .. …,….. ………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Notore Posts N7.92bn Revenue for Second Quarter 2023 – Thisday
Leading fertiliser and agro-allied company, Notore Chemical Industries Limited (Notore), has recorded revenue of N7.92 billion for the second quarter which ended June 30 2023.
In a statement, the Group Managing Director, Mr Ohis Ohiwerei, said the company faced strong headwinds during the second quarter, dampening financial results, but the company explored strategic actions to mitigate risks…. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Nestle Advocates Regenerative Agriculture to Drive Environmental Sustainability – Thisday
Nestle has emphasised the need for Nigeria and the world to embrace regenerative agriculture as a new way of farming that could preserve the soil.
Regenerative agriculture is a philosophy and approach to land management that aims to farm and ranch in harmony with nature.
The model, according to Nestle, is a holistic and dynamic approach that incorporates permaculture and organic farming practices to increase food production while also improving soil health and the environment…… … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Prestige Assurance grows gross premium by 34% – Punch
Prestige Assurance Plc grew its gross premium written by 34 per cent to N12.4bn as of the end of 2022 financial year, from N9.27bn recorded in 2021.
The Chairman of the company, Mrs Funmi Oyetunji, who disclosed this to shareholders at the company’s annual general meeting in Lagos, said Prestige demonstrated resilience by growing the top line despite the challenging macroeconomic backdrop.. … … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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