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Daily Business News Brief – August 8th, 2023

8
Aug

Bargain hunting in MTNN, 24 other stocks lift capitalisation by N75bn – Guardian
Following increased appetite in MTN Nigeria Communications Plc (MTNN) and 24 other stocks, the Nigerian equities market reopened in an upbeat, yesterday, with market capitalisation gaining N75 billion.
At the close of transactions, the all-share index rose by 138.63 points, representing a gain of 0.21 per cent, to close at 65,336.71 points.
Similarly, the overall market capitalisation value gained N75 billion to close at N35.555 trillion……………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

No respite for naira at parallel market, arbitrage widens to 15%
• Japa, FX rates convergence to push diaspora remittance to $26b – Guardian
Naira could be facing a fresh crisis as official and black market arbitrage, which narrowed to near zero a week after the foreign exchange (FX) rates convergence, has widened in one week.
Last weekend, the premium on the parallel market rose to over N150 per dollar, the highest since June 14 when the Central Bank of Nigeria (CBN) announced the rates convergence.
Yesterday, the Investors’ and Exporters’ (I&E) window closed at N774.78/$ as against the black market trading band of N890/$.., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FBN Holdings Shareholders Protest Court Order Suspending AGM, Plan to Raise Fresh Capital
. Contempt proceedings: Court orders substituted service on FBN MD, Okonkwo, Chairman – Thisday
Some shareholders of FBN Holding Plc (FBNH) yesterday protested against a court order suspending the 11th Annual General Meeting (AGM) of the financial institution and management proposed plan to raise fresh capital and appoint new directors.
Displaying placards with inscriptions such as “Oba Otudeko, First Bank is not your property,’ Otudeko, First Bank is Greater than you,’ the protesters were seen chanting solidarity songs… .. .. …,….. ………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Seplat gas revenue grows to $63.7m – Punch
Indigenous energy company, Seplat Energy Plc, grew its gas revenue by 10.21 per cent to $63.7m in the first half of 2023 compared to $57.8m recorded in the same period in 2022.
A statement released by the group on Monday stated that the appreciation in gas revenue was on the back of increased gas prices that was realised and a rise in sales volume.
Within the period under consideration, the average realised gas price rose by 4.4 per cent to $2.87/Mscf, while gas production saw a moderate 1.4 per cent increase to 21.6 Bscf compared to 21.3 Bscf in the first half of 2022..:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

ALAT by Wema unveils summer internship programme – The Nation
ALAT by Wema, a digital bank, has  announced the launch of its eagerly anticipated Summer Internship Programme.
It will not only serve as a remarkable learning opportunity for young talents but also highlights Wema Bank as an exceptional place to work.
The initiative, according to the Divisional Head, Brands, People and Culture, Ololade Ogungbenro, is designed with a commitment to nurturing future leaders, offering hands-on experience that bridges the gap between academia and the corporate world………. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

UBA rewards customers – Punch
Africa’s Global Bank, United Bank for Africa Plc has assured customers of a memorable summer treat with the recent launch of exclusive benefits and discounts tied to its cards during this period.
In a statement, it said its #FunSummer’ campaign, would enable customers to enjoy a wide range of privileges and savings between now and the end of August 2023.
The service, it noted, was opened to all customers and non-customers of UBA……….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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