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Daily Business News Brief – August 28th, 2023

Home   /   Business News Brief   /   Daily Business News Brief – August 28th, 2023
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August 28, 2023
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in Business News Brief
Market Cap Up N458.55bn WoW on Investors’ Renewed Interest – Thisday
The Nigerian stock market reversed its bearish performance as investors renewed interest in BUA Foods Plc, Dangote Sugar Refinery Plc, and Transnational Corporation Plc that trigged market capitalisation growth of N458.55billion Week-on-Week (WoW).
With the likes of BUA Foods adding 7.9 per cent to N per share, Dangote Cement appreciating by 35.7 per cent to and Transcorp gaining 39.4 per cent to N per share, the market capitalisation advanced too N35.881trillion last week from N35.422trillion it opened for trading …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Domestic investors lead stock activities by 88% in July
.Local transaction rises by 83.5 per cent month-on-month – Guardian
Macroeconomic challenges have continued to impact negatively on foreign investors’ appetite for equities as the latest report by the Nigerian Exchange Limited (NGX) showed that the total value of transactions executed by domestic investors outperformed those of foreigners with an 88 per cent share of the turnover
Specifically, the Domestic and Foreign Portfolio Investment report released by the NGX for July showed that total domestic transactions hit N662.4 billion,… …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Unclaimed dividend grows by 7.35% to N190bn, says SEC -Punch
The total value of unclaimed dividends has risen to N190bn, representing a 7.35 per cent rise from N177bn recorded in 2021, which was the last figure from the Securities and Exchange Commission.
This was revealed on Friday at the media briefing, following the quarterly Capital Market Committee meeting in Abuja……. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Banks, 18 others, fined N125m for late filings – Punch
At least eight banks and 18 other listed companies have been fined N125m for failing to file their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by Nigerian Exchange, The PUNCH findings have revealed.
The affected banks were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc and Ecobank Transnational Incorporated… …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Forex: SEC gives provisional approval to dollar-based listings in Nigeria – The Nation
The Securities and Exchange Commission (SEC) at the weekend gave a provisional “no-objection” to the proposal to allow companies and governments to undertake dollar-denominated listings on the stock market.
The proposal, being pushed by the Nigerian Exchange (NGX), involves the creation of a new listing platform for high-valued issuers to raise capital through dollar-denominated debts and equities issuances.. . …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Financial Institution GDP Growth Down 2.76% to N846.77bn on Fuel Subsidy, FX Reforms – Thisday
The fallout of 2023 general elections, uncertainty surrounding domestic and foreign economics, among others weakened financial institution’s Gross Domestic Product (GDP) growth in second quarter of (Q2) 2023, dropping by 2.76 per cent to N846.77 billlion from N870.82 billion reported by National Bureau of Statistics (NBS) in first quarter of (Q1) 2023.. . …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

AXA drives insurtech growth – Punch
AXA Mansard, a member of AXA, a global insurance and asset management firm, says it has opened the second cohort of its insurtech accelerator initiative, tagged the ‘Innovation Exchange Programme’ in the Nigerian market.
In a statement, it said, the Innovation Exchange Programme is a 15-week accelerator programme designed to help develop Insurtech solutions, grow startups,. . …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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