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Daily Business News Brief – December 12th, 2023

12
Dec

Anticipated yuletide rally lifts capitalisation by N70 billion – Guardian
Anticipation of year-end yuletide rally spurred transactions yesterday, as the equities market extended gains from the previous session, causing market capitalisation to rise further by N70 billion.
At the close of transactions yesterday on the Nigerian Exchange Limited (NGX), the market capitalisation of listed equities appreciated by 0.18 per cent to N39.218 trillion from N39.148 trillion it closed on Friday. Also, the All Share Index increased by 128.17 basis points to 71669.91 points from 71541.74 points traded on Friday……………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
CBN ‘responds’ to cash squeeze, stops charges on large deposits
• Dithers on plan to wean banks off cash handling risks – Guardian
The Central Bank of Nigeria (CBN), yesterday, made a U-turn on ‘penalties’ on deposits in excess of N500,000 (for individuals) and N3 million (in the case of corporate entities) in what appears like a desperate effort to oil the seemingly cash-starved banking system.
The decision came on the heels of rising panic over low cash circulation in the banking system. The Guardian had reported that commercial banks have started rationing cash across the country …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NGX share index grows by 34% in six months – Punch
The All-Share Index, which tracks the movement of all equities listed on the Nigerian Exchange Limited, rose by 34.11 per cent in the first six months under the administration of President Bola Tinubu.
This is a positive trend compared to the first six months under his predecessor, Muhammadu Buhari, when the ASI recorded a dip of 19.51 per cent, according to data from Statisense.. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Banks’ recapitalisation key to stock market growth – Punch
An expert and Professor of Capital Markets, Uche Uwaleke, says commercial bank recapitalisation is likely to rejuvenate the stock market.
Uwaleke, in an interview with the News Agency of Nigeria, described the idea of the Central Bank of Nigeria as a welcome development.
He said that capital was needed to finance big-ticket projects, especially as the government was targeting a $1trn economy in a few years………………………………………,…………………………………………………………..:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Ignore reports that banks failed stress test, CBN tells Nigerians – Punch
The Central Bank of Nigeria has said that the Nigerian banking industry remains resilient and that key financial soundness indicators were within the regulatory thresholds as captured in the CBN’s most recent Economic Report of 2023.
It, therefore, appealed to Nigerians to disregard media reports listing some banks as failing the Capital Adequacy Ratio stress test for international authorisation…………………………………………………………,…………………………………………………………..:,………………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp Remains Resilient Despite Challenges – Thisday
Transnational Corporation Plc (Transcorp) listed on the Nigerian Exchange Limited (NGX) has continued to show impressive results amid prevailing economic challenges, including foreign exchange challenges, hike in inflation rate, among others.
The Company maintained controlling interests in Trans Afam Power Limited, Transcorp Hotels Plc, Transcorp Hotels Calabar Limited, Transcorp Energy Limited, Aura by Transcorp Hotels, Transcorp Power Limited, TranscorpProperties …………………………………………………………,…………………………………………………………..:,………………. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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