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Daily Business News Brief – August 18th, 2023

18
Aug

Bears sustain dominance in equities market as index dips further by N96b – Guardian
Despite price gains that outweighed losses, the bears sustained their hold on the equities sector of the Nigeria Exchange Limited (NGX) as more blue-chip stocks joined the league of losers, resulting in a further slide in market capitalisation by N96 billion.
Yesterday, market capitalisation of listed equities declined further by 0.27 per cent to N35.273 trillion from N35.369 trillion reported the previous day…. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Cutix Declares 18% Increase in Revenue as Shareholders Get N0.12 Dividend – Thisday
In spite of the challenging macroeconomic landscape, Cutix Plc has reported a remarkable revenue growth of 18per cent for the financial year ended April 30, 2023.
As disclosed in the financial report available on the Nigerian Exchange Limited (NGX), the company achieved a substantial revenue of N9.25 billion in 2023 as compared to N7.87 billion in the corresponding period of 2022, representing a growth of 18per cent……., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Seplat Denies Ownership of Capsized Oil Rig in Delta State, British National Dies in Mishap – Thisday
Following the revelation by the Nigerian Maritime Administration and Safety Agency (NIMASA) that the Majestic oil rig which capsized in Delta State had been operating on the country’s waters illegally since 2016, Seplat Energy has denied ownership of the oil rig.
Seplat in an update issued yesterday, in furtherance of its previous announcement regarding the incident involving the Majestic rig, explained that the facility was owned by its contractor, Depthwize Nigeria Limited..,…… .. .. …,….. ………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Elumelu’s Transcorp Consolidates Position in Power Sector with Acquisition of 60% Stake in Abuja Disco
*Appoints Ezeafulukwe new MD of AEDC as Ikenga takes charge at Transcorp Power
*Transcorp’s market capitalisation exceeds N540bn – Thisday
In a strategic move that further consolidates its position and investments in the Nigerian power sector, Tony Elumelu-led Nigerian conglomerate, Transcorp Group, has successfully acquired a 60-per cent stake in the Abuja Electricity Distribution Company (AEDC), thus becoming the majority shareholder in the utility firm.
Following the acquisition of the 60 per cent stake in AEDC, by a Transcorp-led consortium, the Board of the Abuja Disco has announced the appointment of Christopher Ezeafulukwe, the Managing Director and Chief Executive Officer of Transcorp Power Limited as the new Managing Director and Chief Executive Officer of AEDC.. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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