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Daily Business News Brief – September 15th, 2023

15
Sep

Profit-taking in GTCO, Nestle reverses equity market gains – Punch
On Thursday, the local bourse market capitalisation reversed the gains of the previous day trading by N23bn as profit-taking dragged the stocks of Guaranty Trust Holding Company (-2.96 per cent) and Nestle (-2.38 per cent).
Both the All-Share Index and the market capitalisation dropped by 0.06 per cent to close at 67,335.30 points and N36.853tn respectively. Consequently, the year-to-date gains of the local bourse moderated to 32.02 per cent……… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Foreign investment may decline over FTSE downgrade – Punch
Some capital market stakeholders have stated that Foreign Portfolio Investments in Nigeria’s equity market will further reduce following the downgrade of the country by rating agency, FTSE.
FTSE in its latest advisory on the country downgraded Nigeria from Frontier market status to unclassified market status over the inability of investors to repatriate capital…………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

SEC targets 50 Shari’ah-compliant product listings of N5trn – Dailytrust
The Securities and Exchange Commission (SEC) has reiterated that it targets 50 listings of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.
The Director General of SEC, Mr Lamido Yuguda, who was represented by the Executive Commissioner Operations, Mr Dayo Obisan, at a “capacity building workshop for local Shariah talent for non-interest capital market…………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Red Star Express Promises Sustainable Returns for Shareholders – Thisday
The chairman, Red Star Express Plc, Mr. Suleiman Barau, yesterday said the company is resolute in continuously delivering strong and sustainable performance to maximize returns for shareholders.
Speaking at the company’s 30th Annual General Meeting (AGM), in Lagos, he said Red Star Express businesses have been repositioned to capitalize on key opportunities…….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Chams cuts ties with govt over $100m debt – Punch
Leading provider of integrated identity management, Chams Holdings Plc, has said that it is no longer working with the government and government-owned entities following a $100m debt it said it incurred as a result of government shortcomings.
This was revealed by the chairman of the group, Demola Aladekomo, at their Facts Behind The Figures presentation at the Nigerian Exchange Limited on Thursday. ……,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

BUA Foods declares N81bn dividend for 2022 -Dailytrust
At the 2nd Annual General Meeting (AGM) held in Abuja yesterday, shareholders of BUA Foods unanimously approved the proposed final dividend payment of NGN4.50 per share with a total value of NGN81 billion.
The value, according to the company, was driven by the positive growth recorded in the  ……,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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