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Daily Business News Brief – August 9th, 2023

9
Aug

Capitalisation dips by N15 billion amid selloff in Geregu, others – Guardian
The Nigerian Exchange Limited (NGX) reversed gains at the end of yesterday’s transactions, occasioned by sell pressure in Geregu and 23 stocks, causing market capitalisation to depreciate by N15 billion.
The all-share index (ASI) lost 27.06 points, representing a decline of 0.04 per cent to close at 65,309.65 points. Also, market capitalisation declined by N15 billion to close at N35.54 trillion………………. … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Fear of sovereign debt defaults takes toll on banks, economic outlook
• Five banks hold N11.8 trillion govt securities • Economic distress  -Guardian
As African governments fight to stave off debt distress, experts have expressed fear that a likely default could create a wide hole in the books of Nigeria’s banks and erode their profitability.
This comes as checks by The Guardian revealed that First Bank, Zenith Bank, GTCO, Access Corp and United Bank for Africa had a combined N11.84 trillion investment in government securities in 2022 up from N9.99 trillion invested in 2021…, . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..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

Veritas Kapital records over N1bn profit – Punch
Insurance group, Veritas Kapital Assurance Plc, has rebounded from a loss of N170.378m in the first half of 2022 to a profit after tax of N1.09bn in the corresponding period of 2023.
This was revealed in the company’s unaudited financial statement for the period ended June 30, 2023, which was filed with the Nigerian Exchange Limited…:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Zenith Bank signs agreement with AfCFTA on trade portal – Punch
Zenith Bank Plc has signed a Memorandum of Understanding with the African Continental Free Trade Area Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent.
The bank said in a statement that, the SMARTAfCFTA Portal had the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, and market access requirements of relevant jurisdictions………. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Lafarge Africa’s profit rises by 18% – The Nation
Lafarge Plc’s profit before tax rose by 18 per cent in first half 2023.
However, the expiration of the pioneer status incentive (PSI) impacted profit after tax.
The unaudited financial report showed that net sales grew by 10.3 per cent when compared to the 5.9 per cent recorded in the previous year.
Operating profit for second quarter and first half grew by 13.3 per cent and 7.7 per cent………… … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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