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Daily Business News Brief – January 3rd, 2024

Home   /   Business News Brief   /   Daily Business News Brief – January 3rd, 2024
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January 3, 2024
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in Business News Brief
Stock market reopens 2024 upbeat, capitalisation rises by N667b – Guardian
The Nigerian equities market reopened on a brighter note on the first trading day in 2024 as investors repositioning for 2022 full-year earnings and dividend payout persisted.
Bargain hunting in Airtel Africa Plc and 49 others lifted market capitalisation by N667 billion.
Also, the All-Share Index gained 1,217.11 points, representing a gain of 1.63 per cent to close at 75,990.88 points………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
FBNH, GTCO, FCMB join NGX banking index – Punch
The review of the indexes done by the Nigerian Exchange Limited has seen some banking stocks, such as FBN Holdings, Guaranty Trust Holding Company Plc, FCMB  Group, and Stanbic IBTC Holdings Plc, added to the Banking Index.
In a corporate announcement from the exchange on Tuesday, the equities of Jaiz Bank, Unity Bank, Wema Bank and delisted Union Bank of Nigeria are exiting the Banking Index.. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
PZ, Unilever Nigeria, Two Others Exit NGX Pension Index – Thisday
The Nigerian Exchange Limited (NGX), yesterday disclosed that PZ Cussons Nigeria Plc, Nascon Allied Industries and Unilever Nigeria Plc have exited NGX pension Index and replaced with Transcorp Hotels plc, Fidson Healthcare plc Nigerian Aviation Handling Company plc and Conoil plc.
Most of the existing companies have delisted from the Exchange.
Take for instance, PZ Cussons Nigeria in 2023 announced delisting from the Exchange as its parent company PZ Cussons (Holdings) Limited ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Amid Economic Challenges, Banks Borrowed N17.85tn from Central Bank in 2023 – Thisday
Amid macro economic challenges, commercial and merchant banks borrowed a whooping N17.85 trillion from the Central Bank of Nigeria (CBN) to meet their daily business obligations in 2023.
This presents an increase of 60 per cent over the N11.15 trillion the financial institutions borrowed from the central bank in 2022…….. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Airtel Africa gets new chief executive officer as Ogunsanya retires – Guardian
Airtel Africa has announced the retirement of its Chief Executive Officer, Olusegun Ogunsanya, effective July 1, 2024.
Ogunsanya, who joined Airtel in 2012, ran the Nigeria operations of the telecommunications and mobile money company for nine years before he was appointed Chief Executive Officer of the Group in 2021…..  ….. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Vitafoam grows revenue, proposes N1.9bn dividend – Vanguard
A frontline manufacturer of rigid foams and furniture accessories, Vitafoam Nigeria Plc, has grown its revenue to N52.9 billion in 2023, from N46. 3 billion in 2022, an increase of 14 percent, despite the headwinds that characterized the operating environment. 
In line with the Company’s policy of shareholder value, its board has proposed a dividend of N1.9 billion which translates to N1.56 kobo per Ordinary Share of 50 kobo each for the shareholders’ approval at the Annual General Meeting (AGM), scheduled for March, 2024 in Lagos….  ….. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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