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Daily Business News Brief – January 18th, 2024

18
Jan

NGX crosses 90,000 points amid rally in Dangote cement, 46 stocks – Guardian
The Nigerian Exchange Limited (NGX) sustained rising profile at the end of yesterday’s transactions as the All-share index crossed 90,000 mark, occasioned by bargain hunting in Dangote Cement Plc and 46 others.
The All Share Index (ASI) rose by 2,092.15 points, representing a gain of 2.38 per cent to close at 90,063.25 points. Also, market capitalisation appreciated by N1.145 trillion to close at N49.284 trillion…………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Naira falls to N1,320/$ amid uncertainty over MPC status
• Committee yet to publish 2024 meeting schedule – Guardian
Naira has fallen to around N1,320/$ at the parallel market, raising the uncertainty level of the foreign exchange (FX) market.
As at press time yesterday, the domestic currency shed 3.03 per cent from N1,280 it closed on Tuesday to trade at N1,320 against the dollar.
Analysts said the modalities for the financial system reform started by the current leadership of the Central Bank of Nigeria (CBN), Yemi Cardoso, are still unclear…….. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Eterna emerges domestic distributor of Dangote refinery – Guardian
Eterna Plc, has been appointed as the official distributor for domestic sales of Dangote Petroleum Refinery products in Nigeria.
It also underscores the company’s dedication to enhancing product supply, backed by substantial investments in trucking through both vehicle acquisition and strategic partnerships with third-party transportation providers……. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Infinity Trust Mortgage Bank records N1bn profit – Punch
Infinity Trust Mortgage Bank Plc nearly doubled its profit after tax to N1.002bn at the end of 2023 compared to N633.477m at the end of the same period in 2022.
This was revealed in the unaudited financial statements for the period ended December 2023, which was filed with the Nigerian Exchange Limited on Wednesday…, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Access Holdings to float new subsidiary – Punch
Access Holdings Company Plc has received regulatory approval to set up a consumer lending subsidiary, named Oxygen X Finance Company Limited.
This was revealed in a corporate notice filed with the Nigerian Exchange Limited on Wednesday. Access Holdings said that it obtained the Central Bank of Nigeria’s approval in principle………… . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Coronation Insurance shareholders okay 78 kobo exit price – Punch
The shareholders of Coronation Insurance Plc negotiated for an upward review of the buyback offer of their holdings to 78 Kobo by the core investor as the company plans to delist from the Nigerian Exchange Limited.
The negotiation took place at the court-ordered meeting of the firm held in Lagos recently where the shareholders considered the initial offer of 65Kobo and requested for an upward review………. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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