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Daily Business News Brief – December 11th, 2023

11
Dec

Stock Market Up 0.17%, Ends First Week in December Positive – Thisday
The first full trading week of December 2023 ended on a positive note last Friday, with investors and fund managers engaging in year-end seasonality activities and strategic portfolio rebalancing.
Consequently, the equities market gained 0.17 per cent, driven by increased investors’ demand for Access Holdings, Ecobank Transnational Incorporated (ETI) and FBN Holdings Plc…………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Banking index rises by 6% despite concerns over capital – Punch
During the past week, the banking index of the Nigeria Exchange Limited recorded the highest gain of 6.08 per cent week-on-week compared to other indexes on the local bourse as investors’ wealth grew by N66bn.
Banking stocks enjoyed considerable patronage from investors during the week which pushed the industry to a 5.01 per cent gain on Wednesday…… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
External reserves fall by $520m in five weeks – CBN – Punch
The country’s external reserves fell by $520.22 in five weeks, figures obtained from the Central Bank of Nigeria revealed.
According to CBN’s data on movement in reserves, the figures which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023.
The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07bn fell to $33.237bn as of September 29, 2023. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Manufacturing sector bleeds as forex loss rises 400% to N466bn – Vanguard
The manufacturing sector suffered a 400 percent increase in net foreign exchange loss to N466 billion in nine months ending September, reflecting the severe impact of the foreign exchange (Forex) market regime.
Sector operators said the current forex situation has compounded the pressures emanating from the removal of oil subsidy, Russia/ Ukraine war among other adverse developments……………. …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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