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Daily Business News Brief – November 29th, 2023

29
Nov

Investors begin to take profit as NGX ASI falls by 0.44% – Nairametrics
As part of signs pointing to the start of the take-profit period in the NGX, the market’s All-Share Index depreciated by 0.44% to close at 71,041.05 points.  
Equities lost N165 billion as the market capitalization declined to N38.875 trillion, as some of the market’s best gainers this year pared gains, such as CWG, which declined by 9.45%. The market’s largest stock, DANGCEM also lost 2.44%………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Bank recapitalisation: Presidency backs CBN, investors rush for mega-banks stocks
•We must address banks capital adequacy to grow economy – Tinubu’s adviser
•Investors inject N110bn in UBA, FBNH, Zenith, Access, other stocks in two days  – Punch
Presidency on Tuesday expressed support for the banking sector consolidation initiative of the Central Bank of Nigeria, saying it would help the country to grow the economy to a new height.
This came barely five days after the CBN said it would ask banks to raise new capital.
According to the Presidency, it has become important to consider the capital adequacy of Nigerian banks in light of the projected $1tn economy in eight years. ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

MTN, Dangote Cement, Others Weather Challenges, Generates N13.94tn Revenue – Thisday
A total of 24 leading companies quoted on the local bourse weathered macro economic challenges and generated a combined N13.94 trillion revenue in nine months eded September 30, 2023, representing an increase of 53.1 per cent from N9.1 trillion reported in nine months of 2022.
Analysis of the companies’ results showed that MTN Nigeria Communication Plc generated the highest revenue in the period under review, followed by Access Holdings Plc and Dangote Cement…………. …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FCMB achieves 108% year-on-year profit growth in nine months of 2023 – Nairametrics
FCMB Group Plc posted a pre-tax profit of N55.1 billion in the nine months ending September 2023, marking a year-on-year growth of 108% from the corresponding period in 2022.  
During Q3 2023, the group achieved a pre-tax profit of N16.9 billion, representing a 52.7% year-on-year growth from the same quarter in 2022… …. …………… …. …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FirstBank UK adopts Bloomberg TOMS to optimise fixed-income workflow – Guardian
Bloomberg has announced that FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited, has adopted Bloomberg’s Trade Order Management System (TOMS).
By integrating TOMS into its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics, communications as well as order and execution management solutions, enabling it to streamline its fixed-income bonds business.l…………………….. …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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