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Daily Business News Brief – September 12th, 2023

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September 12, 2023
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in Business News Brief
Stock Market Down N464bn on Profit-taking  in GTCO, Zenith Bank, Others – Thisday
Investors’ profit-taking activities in Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, Dangote Sugar Refinery, and 40 others depreciated the Nigerian Exchange Limited (NGX) stock market by N464billion in market capitalisation.
As GTCO dropped by 8.6 per cent and Zenith Bank declined by 5.8per cent, the NGX All-Share Index (ASI) depreciated by 847.16 basis points or 1.24 per cent to close at 67,296.18 basis points from 68,143.34 basis points…….. …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Poor governance, corporate performances impact insurance equities
•Share value stagnant for five years, experts demand better regulation – Guardian
Rating agency, FTSE Russell, has downgraded Nigeria from Frontier market status to unclassified market status over the inability of investors to repatriate capital.
This was disclosed in its latest advisory on the country.
In September 2022, Nigeria was added to the Watch List for possible reclassification from Frontier to Unclassified market status. ……….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FTSE downgrades Nigeria over forex crunch – Punch
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

Zenith Bank grew H1 revenue by 139% to N967bn – Punch
Zenith Bank grew gross earnings by 139 per cent from N404.8bn to N967.3bn in the first half of the year, driven by improved interest income and gains from foreign exchange revaluation.
According to the financial group’s H1 2023 report filed with the Nigerian Exchange Limited on Monday, profit after tax improved by 161.84 per cent to N291.7bn at the end of June 2023……,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Flutterwave, Wema Bank launch digital FX product  – Punch
Flutterwave, in collaboration with Wema Bank and Kadavra, has launched Swap, a product aimed at digitising access to foreign exchange for Nigerians.
This solution simplified and enhanced the FX experience, providing a seamless digital platform for users, the firms said. …… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Northern Nigeria Flour Mills declares N62.37 million as dividends – Nairametrics
The Board of Directors of Northern Nigeria Flour Mills (NNFM) Plc has approved the payment of N62.37 million as dividends to shareholders for the financial year ending 31st March 2023.
This resolution was made during the 51st Annual General Meeting of the company held on Thursday, 7 September 2023.,.  ……. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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