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Daily Business News Brief – September 29th, 2023

29
Sep

Bearish trading persists on NGX as investors lose N112bn – Punch
Sustained bearish trading on the Nigerian Exchange Limited on Thursday resulted in a loss of N112bn by investors.
The local bourse had suffered losses in each trading session this week. On Monday, investors lost 242bn, followed by N126bn loss on Tuesday. Trading didn’t take place on Wednesday due to a public holiday. .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Domestic stock transactions dip by 45.3% in 16 years
. Total transactions decline by 62.7% in one month – Guardian
Domestic transactions on the Nigerian Exchange Limited (NGX) fell by 45.3 per cent within a 16-year period, from N3.6 trillion in 2007 to N1.9 trillion in 2022, the latest Domestic and Foreign Portfolio Investment (FPI) report has shown.
According to the report, while domestic transactions fell by 45.3 per cent, foreign transactions.. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Foreign Investors Close Gap on Domestic Players, Trade 14.15% in August – Thisday
Foreign investors reduced domestic investors’ control in the stock market transactions after trading 14.15 per cent out of the overall N262.56 billion in August 2023.
This is against domestic that traded 85.85 per cent in August.
Analysts have expressed that foreign investors are reaping significantly from the Central Bank of Nigeria (CBN)…,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Transcorp Hotels Sustains Impressive Market Performance – Thisday
Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has said that it has achieved full compliance with the Nigerian Exchange’s (NGX) free float requirement for companies listed on its Main Board through free-float market capitalisation.
This comes following months of sustained impressive market performance that saw the company’s market capitalisation rise to more than N470 billion….,. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Universal Insurance pays N1.2bn claims – Report – Punch
Universal Insurance says it paid N1.2bn claims to its policyholders in 2022 financial period.
It disclosed this in a statement on its annual financial results for the period ended 31st December, 2022.
The underwriting firm’s profit for the year appreciated by 341 per cent from N161.1m in 2021 to N667.8m in 2022. ., … …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NPF Microfinance Bank grows profit by 171% to N646m – Punch
The NPF Microfinance bank has released its financial results for the first quarter of 2023, where it reported a 171.5 per cent increase in profit to N645.94m from N242.79m in the same period in 2022.
According to its financial results filed with the Nigerian Exchange Limited on Thursday, the bank also grew its gross earnings by 62.79 per cent to N2.28bn from N1.47bn…… …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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