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Daily Business News Brief – October 30th, 2023

30
Oct

NGX closes week with N122bn gain amid mixed sentiments – Punch
The Nigerian Exchange Limited closed the week with a N122bn gain amidst mixed trading sentiments as investors reacted to the release of corporate earnings results for the third quarter.
The All-Share Index climbed 0.33 per cent week-on-week to close at 67,136.58 points as investors reacted positively to the impressive third-quarter corporate earnings, even as the fixed income market yields recorded an upward trajectory……….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Experts rue potential reclassification of Nigerian capital market
•Rally support for planned inclusive FX regime
•Naira appreciates at official, alternative markets – Guardian
The hope of return of foreign portfolio investors (FPIs) to Nigeria’s market may not materialise anytime soon following MSCI’s potential reclassification of Nigerian indexes from the frontier to standalone market, experts have warned.
They believe that a sizable portion of investors currently tracking and holding naira assets do so due to Nigeria’s index classification as a frontier market.. …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Dangote Cement, Access Holdings, 11 Others Declare 81% Increase in PBT to N1.67tn – Thisday
Amid macro economic challenges, Dangote Cement Plc, Access Holdings and 11 other companies operating in Nigeria, and other countries in Africa reported 81 per cent increase in profit before tax to N1.67trillion in nine months ended September 30, 2023 from N920.43 billion in nine months of 2022. 
In the period under review, the 13 companies announced N1.33 trillion profit, an increase of 92.2 per cent from N694.33 billion reported in nine months of 2022…………,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

AXA Mansard seeks growth of health insurance – Punch
AXA Mansard Insurance, a member of the AXA Group, has emphasised the need to develop the country’s health insurance system.
During AXA Mansard’s virtual conference with the theme, “Wellvolution: Health for the wealth of our nation’, the keynote speaker at the conference, Prof Pat Utomi, emphasised the relevance of a viable health insurance system.,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Noodles, Semolina drive Flour Mills’ N508bn revenue in Q2 – Punch
Foods and agro-allied company, Flour Mills of Nigeria Plc, has revealed that its revenue of N508.27bn for the second quarter of its 2023/2024 financial year was driven by its food segment which generated 68 per cent of its revenue for the period.
In a press statement accompanying its condensed consolidated and separate interim financial statements for the period ended September 30 which was filed with the Nigerian Exchange Limited.,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FBNH: Otedola listed as largest shareholder despite Otudeko’s shares – Punch
Billionaire businessman, Femi Otedola, has been listed as the largest shareholder of First Bank of Nigeria Holdings Plc, despite the acquisition of 4.7 billion units of FBNH shares by the former chairman of the group, Oba Otudeko, in July.
This was revealed in the unaudited consolidated financial statements for the period ended September 30, 2023, of the financial institution filed with the Nigerian Exchange Limited..,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Sterling Bank plans N1bn for agro-innovators – Punch
Sterling Bank says it is committing N1bn to agro-innovators at the upcoming 5th edition of its annual event, Agric Summit Africa, known for its contributions to the agriculture sector.
A statement said, this year’s event, themed, ‘Empowering innovations: A confluence of capital, vision, and agribusiness enterprise’, would take place in November 2023 in Lagos, Nigeria…,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Dangote Cement earns N933bn from Nigerian operations – Punch
Dangote Cement has earned nearly N1tn from its Nigerian operations in the first nine months of this year as it recorded N933.08bn compared to N890.65bn in the same period in 2022, representing a 4.76 per cent appreciation.
This was revealed in the unaudited interim financial statements for the nine months ended September 2023 filed with the Nigerian Exchange Limited….,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

VFD Group appoints new board members – Guardian
VFD Group Plc, a sector-agnostic proprietary investment company publicly traded on the Nigerian Exchange Limited, has announced the appointment of two new independent non-executive directors, effective 25 October 2023, subject to shareholder approval at the Company’s next yearly general meeting.
The board of directors, according to a statement, welcomes Ms. Rashida Saleh and Ms. Nneka Okekearu to its leadership team…..,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Haldane McCall Eyes NGX Listing by Introduction – Thisday
A leading company in the real estate and hospitality industry in Nigeria, Haldane McCall Plc, is warming up to join the league of quoted companies on the main board of Nigerian Exchange Limited (NGX) through Offer by Introduction in the first quarter next year. 
As a prelude to the historic listing, Haldane McCall has commenced preliminary documentations at Securities and Exchange Commission (SEC) and NGX. through its appointed  parties to the listing. …..,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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