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Daily Business News Brief – January 10th, 2024

10
Jan

Stock market investors gain N1.6tr in one day as capitalisation crosses N45tr – Guardian
The Nigerian equities, yesterday, witnessed an unprecedented rally that propelled a surge in market capitalisation by N1.567 trillion as virtually all the stocks recorded price appreciation.
Precisely, at the close of transactions yesterday, heavy bargain hunting in Prescoe Plc and 71 others, lifted the overall market capitalization by N1.567 trillion to cross over N45 trillion………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Tier-1 banks’ capitalisation hits N6tn – Punch
With the entrance of Access Holdings Plc, First Bank of Nigeria Holdings and the United Bank for Africa, into the club of banks with N1tn market cap, the combined market capitalisation of Tier-1 banks has hit N6.09tn.
AccessCorp and FBNH crossed N1tn market capitalisation at the close of Tuesday’s trading on the Nigerian Exchange Limited…. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Cadbury Nigeria to sell 402m shares over $7.7m debt – Vanguard
Cadbury Nigeria has offered to swap its $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited for more equity.
Cadbury Schweppes Overseas Limited, controlled by Mondelēz International Inc, is a major investor in Cadbury Nigeria with 74.97 percent stake.
The conversion of the $7.7 million debt to equity, according to the company, will result in the creation of 402,082,657 shares….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Market cap drops by N264bn as seven firms delist – Punch
The Nigerian Exchange Limited recorded the delisting of companies worth over N264.920bn from its platform in 2023, according to findings by The PUNCH.
The exchange also saw the listing of some new companies including those who transitioned into holding companies and additional listings of new shares by existing companies worth over N236.601bn………. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NAICOM okays Adeyanju as Consolidated Hallmark Insurance MD – Punch
The National Insurance Commission has approved the appointment of Mrs Mary Adeyanju as the managing director/chief executive officer of Consolidated Hallmark Insurance Limited.
This development came after the implementation of the 10-year tenure limit for managing directors and executive directors of insurance companies commenced.s…….. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
AIICO Insurance Marks 60th Anniversary, Applaud Customers’  Loyalty – Thisday
Managing Director and Chief Executive Officer AIICO Insurance, Plc, Mr. Babatunde Fajemirokun has attributed the successes  achieved by the company   in its  60 years of existence   in the ever competitive Nigerian insurance market to the continued loyalty of its  customers as well as the resilience and relentless spirit of the employees………. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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