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Daily Business News Brief – November 2nd, 2023

2
Nov

Index crosses 70,000 mark, highest level on record, amid gains in 37 stocks – Guardian
The Nigerian stock market hits the highest level on record yesterday as heavy transactions in the shares of Airtel Africa and 36 stocks lifted the Nigerian Exchange Limited (NGX) All-Share Index (ASI) to 70,581.76 points
Specifically, at the reopening of transaction for the month of November, the ASI rose by 1,345.57 points, representing a gain of 1.94 per cent to close at 70,581.76 points………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Wema Bank’s PBT Surges by 130% YoY to N21.76bn – Thisday
Wema Bank Plc has announced its unaudited results for the third quarter (Q3) ended September 30, 2023, showing an improved third quarter performance.
According to the unaudited results released by the bank, it said it continued its growth trajectory and momentum across all key performance indicators.. …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Nestle reports loss after tax of N43.068 billion, set to break 5-year consistent dividend payment record due to naira devaluation – Nairametrics
The current year seems to be presenting Nestle Nigeria with considerable challenges, leading to a break in earnings trends and possibly an anticipated break in its five-year streak of consistently paying dividends to shareholders.
This shift is largely attributed to foreign exchange (FX) losses resulting from the devaluation of the Nigerian Naira…………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

2023 9M: BUA Foods reports a 50% growth in pre-tax profit – Nairametrics
BUA Foods reported its 2023 9M results showing pre-tax profits grew by 50% year on year, reaching 111.402 billion…,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

BUA cement to launch Sokoto plant in January – Punch
The chairman of BUA Group, one of the leading cement producers in Nigeria, Abdulsamad Rabiu, has disclosed plans of the group to commission a new cement plant in Sokoto come January 2024.
The chairman stated this in his remarks while congratulating the governor of Sokoto State, Ahmed Aliyu, over his recent electoral success, assuring him of total support for his government….,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FCMB gets agribusiness investment award – Punch
The US Government’s Global Hunger & Food Security Initiative, Feed the Future Nigeria, has honoured First City Monument Bank with the Nigeria Agribusiness Investment Award 2023 for its contribution to improving agricultural finance and supporting the sustainable, long-term change needed to end chronic hunger and poverty in Nigeria.
This was disclosed in a statement issued by the bank. ,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

More legal controversy looms over FBN Holdings’ Rights Issue – Vanguard
Following its decision to go ahead with a Rights Issue despite multiple court orders, Nigeria’s oldest banking institution, FBN Holdings, may be facing further legal repercussions.
Some legal opinions are now asking questions about the legality of the capital raise..,………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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