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Daily Business News Brief – October 18th, 2023

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October 18, 2023
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in Business News Brief
Indices rise by N158b amid gains in Stanbic IBTC, Julius Berger, others – Guardian
Following gains recorded by many blue-chip stocks, especially Stanbic IBTC and Julius Berger, transactions on the equities sector of the Nigerian Exchange Limited (NGX) closed in an upbeat yesterday, as market capitalisation rose by N158 billion.
At the close of transactions yesterday, market capitalisation of listed equities increased by 0.43 per cent to N36.988 trillion….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Inflation may deter investors from rights issue as six firms raise N22b
.Locals see dominance of Int’l firms alter ownership structure of quoted companies – Guardian
As the wind of rights issue blows through the capital market with six listed firms proposing rights issues of about N22 billion, investors have expressed fear that rising inflation, uncertainty, hardship and other macroeconomic challenges bedeviling the nation’s economy would scare local investors from taking their rights, should multinationals with foreign core investors join the league……………………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

How to tame inflation, by OPS – The Nation
Economists and the Organised Private Sector (OPS) yesterday charted a path for the economy to recover from the persistent inflationary pressures being experienced over the last nine months.  
Both the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf and the Director- General, Lagos Chamber of Commerce & Industry (LCCI), Dr Chinyere Almona, expressed concerns following the data released by the Nigerian Bureau of Statistics (NBS)’………,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Guinness Nigeria commits to local market, unveils expansion plans – Guardian
Chief Executive Officer, Guinness Nigeria Plc, John Musunga, has again reiterated that the company has no plan to leave the country and is rather looking to increase its capital investments and expanding production capacity.
He added that they are doing this with a recently acquired land just behind their present manufacturing plant.,,…..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

United Capital grows profit by 9.76% to N8.47bn – Punch
Investment firm, United Capital, grew its profit in the third quarter by 9.76 per cent to N8.47bn from N7.72bn in the same period in 2022.
This was revealed in the Unaudited Consolidated and Separate Financial Statements for the Period Ended 30 September 2023 filed with the Nigerian Exchange Limited on Tuesday..  ,….,…..,. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Dangote, Honeywell, others enjoyed N390.26bn tax waivers in two years – Punch
About 71 companies enjoyed N390.26bn pioneer status incentives in two years, according to findings by The PUNCH.
Data obtained from the Federal Inland Revenue Service annual reports showed that pioneer status incentives gulped N1.43bn in 2021 and N388.83bn
The Federal Government grants tax holidays to companies with pioneer status awarded by the Nigerian Investment Promotion Commission. ..  ,….,…..,. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Chams Holding Company Plc appoints Dumebi Obodo as Non-Executive Director – Nairametrics
The Board of Directors of Chams Holding Company Plc has announced the appointment of Dumebi Obodo as Non-Executive Director of the company.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) seen by Nairametrics.. ..  ,….,…..,. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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