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Daily Business News Brief – October 17th, 2023

17
Oct

Indices dip by N90 billion amid losses in Okomuoil, Stanbic IBTC others – Guardian
Following losses recorded by many bluechip stocks, especially Okomuoil and Stanbic IBTC, transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as market capitalisation depreciated by N90 billion.
Indeed, at the close of transactions yesterday, All-Share Index (ASI) lost 162.76 points, representing a loss of 0.24 per cent to close at 67,037.93 points….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Stock market loses N89bn as inflation hits 26.72% – Punch
The Nigerian Exchange Limited opened in the reds on the first trading session of the week as investors lost N89bn.
This comes as the National Bureau of Statistics released the inflation figure for September which stood at 26.72 per cent, signalling an increase of 0.92 per cent points when compared to the August inflation figure of 25.80 per cent………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Credit rating agencies, others will boost infrastructure funding – SEC – Punch
The Securities and Exchange Commission and other stakeholders in the capital market have said that strengthening the relationship between credit rating agencies and subnationals in the country will boost infrastructure funding in Nigeria.
This was revealed at the third edition of DataPro’s International Credit Rating Webinar themed, ‘Role of Sub-nationals and Credit Rating Agencies in Infrastructure Development’………,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Boost for naira as Nigeria to receive $1.5bn World Bank loan by year-end – Businessday
Nigeria’s embattled naira is set for a lift after lawmakers approved plans by the government to seek a $1.5 billion loan from the World Bank.
Wale Edun, the Finance Minister, told reporters in Abuja, the capital city, on Monday that the funding will be concessionary and is expected to be secured by December.,,…..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

UBA positioned to facilitate business in Africa  — Alawuba – Vanguard
Group Managing Director/Chief Executive Officer, United Bank for Africa, UBA Plc, Mr. Oliver Alawuba, was among the banking and finance executives at the Annual Meetings of the World Bank/International Monetary Fund, IMF held in Marrakesh, Morocco.
In this interview at the sidelines of the meeting, Alawuba speaks on UBA’s efforts to  facilitate businesses  on the African continent and significance of it’s participation at the meeting.  ,….,…..,. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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