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Daily Business News Brief  – September 5th, 2023

5
Sep

NGX ASI crosses 68,000 basis points as gain rises – Punch
The All-Share Index of the Nigerian Exchange Limited crossed the unprecedented level of 68,279.14 basis points barely a week after it broke a 15-year record set on March 5, 2008.
The ASI rose by 1.11 per cent on Monday to hit 68,279.14. The ASI had hit 66,490.34 points last Tuesday.
The exceptional performance was primarily attributed to the remarkable surge in banking stocks, with financial institutions such as Zenith Bank and GTCO leading the charge.
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Oando Set to Take Over Agip’s Oil, Gas, Power Assets in Nigeria
•Deal awaits regulatory approval 
•Eni to focus on offshore business in Nigeria – Thisday
Nigerian energy company, Oando, is set to acquire the Nigerian Agip Oil Company (NAOC), a subsidiary of Italian energy group, Eni, after a deal was signed to that effect, both companies confirmed yesterday.
NAOC has interests in four onshore blocks and two onshore exploration leases as well as two power plants in Nigeria, Eni said in a statement, but did not disclose the financial details of the accord. The agreement is, however, still subject to regulatory approval …,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Stanbic IBTC’s shareholders reap 124% capital gains – Punch
Shareholders of Stanbic IBTC Holdings Plc will record increased capital gains during the first half year period ending June 2023, according to report.
Investors in the shares of the holding company increased their wealth through capital gain by 124 per cent in one year, spanning from June 2022 to June 2023. ……… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Fidelity Bank recorded N76.3bn profit in H1 – Report – Punch
Fidelity Bank Plc says its profit before tax rose by 204.4 per cent as of the end of the first half of 2023 financial period to N76.3bn.
In a statement, it said a review of the results published on the Nigerian Exchange Group on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. ……. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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