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Daily Business News Brief – January 26th, 2024

26
Jan

Insurance firms, Seplat drive NGX to N317bn gain – Punch
Gains reported by insurance firms, Seplat Energy, JapaulGold and May& Baker Plc drove the market capitalization of the Nigerian Exchange up by N317bn, extending the bullish rally into its 12th day on Thursday.
The All-Share Index and the market capitalisation rose by 0.57 per cent to close at 102,149.93 points and N55.900tn, respectively. The year-to-date gains of the benchmark index also rose to 36.61 per cent from 35.82 per cent at the end of the previous trading session………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
‘Further rate hike can trigger loan default, crash stock market’ – Guardian
An economist, Johnson Chukwu, has warned that any attempt to raise the interest rate further would not only increase the rate of default arising from an inability to service loan obligations but may also trigger a stock market crash.
With the interest rate currently at 18.75 per cent and the inflation rate at 28.9 per cent, Chukwu said another hike in interest rate would increase the cost of borrowing, which would negatively impact the ability to generate cash to meet debt obligations….,……. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Foreign investment in equities dwindle amid insecurity, FX challenge – Guardian
The country’s macroeconomic challenges, especially the prolonged insecurity and foreign exchange (FX) shortage, have continued to stifle foreign portfolio investment (FPI) as participation in the last 12 months of 2023 closed at N410.6 billion, a mere 13 per cent of N3.2 trillion recorded by domestic investors in the period.
The December edition of the Nigerian Exchange (NGX) report on domestic and foreign portfolio participation in equities trading showed that total domestic transactions stood at N3.167 trillion, representing 89 per cent in the 12 months of trading while total foreign transactions was N410.6 billion………… ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NGX to attract more investors – Popoola – Punch
The Group Managing Director and Chief Executive Officer-designate of the Nigerian Exchange Group Plc, Temi Popoola, has revealed a vision to bridge the gap between the millions of bank accounts in Nigeria and the current number of investors in the market.
Popoola, who took over the leadership of the exchange on the last trading day in 2023, said this whilst addressing leaders of exchanges from across the globe at the working group……………………………………………, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Guinness posts over N5bn loss – Punch
Foreign exchange expenses eroded the operating profit of Guinness Nigeria Plc for the year ended December 2023, resulting in N5.233bn loss.
This was contained in the unaudited interim financial statements of the firm filed with the Nigerian Exchange Limited on Thursday.
shareholders of the brewer protested the non-declaration of an interim dividend for the period ended June 2023 at the 73rd Annual General Meeting of the group held in Lagos……………………………………………., ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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