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Daily Business News Brief – September 11th, 2023

11
Sep

Insurance index loses 2.9 per cent as investors stake N45.5 billion in equities – Guardian
The Insurance index led the losers’ chart at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX) with 2.9 per cent, buoyed by sell pressure in Cornerstone insurance (-11.4 per cent) and CHIPLC (-11.3 per cent).
Following the sector on the loser’s chart last week was the industrial goods index which shed 0.5 per cent. The downturn in the sector was occasioned by price depreciation in CAP (-2.2 per cent)……. …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Investors on bargain-hunting while awaiting Tier-1 banks’ results – Vanguard
Mixed sentiments and profit taking are likely to continue on the Nigerian Exchange Limited, NGX,  as investors  await more Tier-1 banks earnings for the half year 2023, H1’23, to make investment decisions.
Analysts who disclosed this believe that investors will hunt for attractive dividend-paying stocks amid the possibility of profit-taking activities on stocks that have recently experienced notable appreciation………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NGX urges banks on global competitiveness – The Nation
Chief Executive Officer, NGX Regulation Limited (NGX RegCo), Ms Tinuade Awe has emphasised the importance of banks swiftly integrating environmental, social, and governance (ESG) principles into their business strategies.
She noted that following Nigeria’s commitment to adopt the International Sustainability Standards Board (ISSB) standards, compliance with ESG principles would provide Nigerian banks with a competitive edge in the global market……. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Fresh inflation fears as top firms lose N656 bn to forex market woes – Vanguard
Many of Nigeria’s big companies across various sectors of the economy may be gasping for breath following the sustained scarcity of foreign exchange (forex) resources.
This also comes at the backdrop of a sharp rise in exchange rate in the later part of second quarter 2023, Q2’23…..,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Three banks, firm paid N51bn dividend in H1 – Report -Punch
The shareholders of three financial institutions; Stanbic IBTC Holdings, Guaranty Trust Holding Company Plc, Fidelity Bank and food and agro-allied company, Flour Mills of Nigeria Plc, got a total of N51.38bn as dividend in the half year 2023.
This marked a 28.52 per cent increase compared to the dividends paid to the shareholders of the companies as of June 2022…… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

GTCO Records Milestone Achievements in Profits, Total Assets – Thisday
Guaranty Trust Holding Company Plc (GTCO) half year (H1) ended June 30, 2023 audited result and accounts showed a milestone performance in profit before and total assets that translated into robust interim dividend to shareholders.
In the history of the financial institution, profit before tax crossed the N300 billion mark,.  ……. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Unity Bank Announces N333.38bn Deposits from Customers – Thisday
Unity Bank Plc has announced N333.38billion deposits from customers as of June 30, 2023, representing an increase of two per cent from N327.42 billion recorded in full year ended December 31, 2022.
The unaudited financial statement submitted to the Nigeria Exchange Limited (NGX) showed growth in deposits from customers that demonstrated gains by the lender from its commitment to deepening its retail footprint…. ……. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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