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Daily Business News Brief – August 2nd, 2023

2
Aug

NGX Oil&Gas Index Leads as Demand  Pushed Operators’ Revenue to N769.07bn in H1 2023 – Thisday
The surge in fuel price and increasing global demand spurred five petroleum marketing companies listed on the Nigerian Exchange Limited (NGX) revenue to N769.07billion in half year (H1) ended June 30, 2023, an increase of 31.6 per cent from N584.34 billion reported in the corresponding period of 2022.
The listed petroleum marketing companies on thee NGX are Seplat Energy Plc, Conoil Oil Plc, TotalEnergies Marketing Nigeria Plc, Eterna Plc, and MRS Oil Nigeria Plc.. …………….. .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Foreign investment in equities market declines by 90.6% in 10yrs
. Operators seek sustainable intervention to reverse trend – Guardian
Prolonged forex illiquidity, inflation, high-interest rate regime and other macroeconomic headwinds have sustained lackluster interest in domestic equities as the total foreign inflow (TFI) to equities declined by 90.6 per cent in the last 10 years.
An analysis of the Domestic and Foreign Portfolio Investment Report of the Nigerian Exchange Limited (NGX) indicated that total foreign inflow, . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

UK, NGX partner to increase investment – Punch
The United Kingdom, through its Foreign, Commonwealth and Development Office, has announced a partnership with the Nigerian Exchange Limited to boost investment in sustainable development.
The partnership vehicle is the Mobilising Institutional Capital Through Listed Product Structures.
MOBILIST supports investment solutions to deliver large and sustainable capital flows needed to realise developing countries’ development and climate ambitions.. .. …,….. ………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

SEC, ministry to collaborate on capital raising, non-oil sector growth – Guardian
The Securities and Exchange Commission (SEC) and the capital market community are to partner with the Federal Ministry of Mines and Steel Development and other stakeholders to promote the use of alternative means of raising capital such as non-interest products, tokenisation of assets as well as adopting technologies to boost the non-oil sector….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FG raised N16.48tn fresh debt in five years – Punch
The Federal Government piled up at least N16.48tn new borrowings between 2018 and 2022, the PUNCH has learnt.
This was disclosed in the National Debt Management Framework 2023 -2027 published on the website of the Debt Management Office.
A breakdown of the data showed that the country acquired fresh loans of N1.64tn in 2018, N1.61tn in 2019, N4.2tn in 2020, N5.49tn in 2021, and N3.54tn in 2022……. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Eterna Reports 21.2% Increase in Revenue to N69.34bn – Thisday
Despite challenges, Eterna Plc has reported a 21.2 per cent increase in its revenue to N69.3billion for the half year (H1) ended June 30, 2023, as against N57.22billion reported in the corresponding period of 2022.
The revenue figure was derived from the Group’s main business lines – fuels, lubricants and other product distribution (LPG). 
The revenue from fuel sales in Half Year 2023 increased by 35 per cent when compared to H1 2022,.. … … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

BUA Foods profit rises to N95.2bn – Punch
BUA Foods has announced a 142.24 per cent growth in its profit after tax, which stood at N95.2bn at the end of June 2023 compared to N39.3bn as of the same period in 2022.
It disclosed this in a statement on its earnings on Tuesday.
The firm, which deals in the production of sugar, flour, pasta, rice and edible oils said, “Profit After Tax grew by 142 per cent to N95.2bn in H1, 2023 (H1, 2022: N39.3bn), while the earning per share grew by 142.6 per cent to N5.29 in H1, 2023 from N2.18 in the corresponding period.”,.. … … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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