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Daily Business News Brief – August 30th, 2023

30
Aug

Index hits 15-year high as market sustains bullish momentum
•SEC seals Stockmatch over illegal activities – Guardian
The Nigerian Exchange Limited (NGX) sustained gains at the end of yesterday’s transactions occasioned by gains in Dangote Sugar Refinery (DSR) and 33 stocks, causing the all-share index (ASI) to rise by 0.5 per cent to a 15-year high of 66,490.34 points.
The market capitalisation of listed equities rose by N186 billion to close at N36.391 trillion while the ASI which measures the performance of listed equities increased by 338.96 points, representing a gain of 0.51 per cent.. …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Nigerian banks’ loan books rise by 27 per cent, says Agusto
•Return on equity projected at 26.8 per cent this year – Guardian
Agusto & Co, a leading rating agency, said the banking industry’s loan book rose by 27 per cent in the 2022 financial year, a feat spurred by increased activities at the differentiated cash reserve requirement (D-CRR) window, higher deposit base and naira devaluation.
In its 2023 report on the Nigerian banking industry, the agency noted that the banking industry had remained resilient despite regulatory headwinds that have constrained its performance in the last three years….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

6 Banks Generate N891.14bn from Customers Loans – Thisday
Following the increase in Central Bank of Nigeria (CBN)’s Monetary Policy Rate (MPR) to 18.5 per cent, a total of six banks generated N891.1billion from loan and advances to customers in first half ended June 30, 2023.
This is an increase of 47.14 per cent from N605.63 reported by the six banks in H1 2022.
The six banks are FBN Holdings Plc, Ecobank Transnational Incorporated (ETI), FCMB Group Plc, Fidelity Bank Plc, Sterling Financial Holdings Company Plc and Wema Bank Plc……… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

SEC seals Borno firm over illegal investment – Punch
The Securities and Exchange Commission, on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State, over allegations on illegal investment activities.
In a statement, SEC said the move was part of its commitment to ensure that unregistered entities were not allowed to carry out capital market functions…. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Zenith Bank Appoints Juliet Ehimuan Non-executive Director – Thisday
The Board of Directors of Zenith Bank Plc has appointed Dr. Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023.
The appointment, which was announced yesterday, in a statement to the Nigerian Exchange (NGX) Limited, has also be confirmed by the Central Bank of Nigeria.
Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa. She was named by Forbes as one of the top 20 power women in Africa,…. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Cutix appoints non-executive director – Punch
Cutix Plc has announced the appointment of Mr Ifeanyi Uzodike as a non-executive director.
In a statement, it disclosed that the appointment that took effect from August 25 was announced during the 40th Annual General Meeting of the company held at Otolo Nnewi, Anambra State.
“Uzodike was the Chief Executive Officer of Cutix Plc from November 1, 2008, to October 31, 2018, when he retired at the end of his second tenure,” it said….. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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