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Daily Business News Brief – January 30th, 2024

30
Jan

Investors gain N1.24 trillion, position for 2023 earnings – Guardian
The Nigerian equities market reopened in an upbeat yesterday, as investors jostled for dividend-paying stocks to reposition for the 2023 earning season, causing market capitalisation to appreciate further by N1.24 trillion.
The all-share index (ASI) gained by 2,272.79 points, representing a growth of 2.22 per cent to close at 104,674.67 points. Also, market capitalisation gained N1.244 trillion to close at N57.282 trillion…………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
FGN Savings Bond attracts investors, up 19% to N17.9bn – Vanguard
Investors’ interest in the FGN Savings Bond seems to be growing as the value of subscription rose    by 19.3 % to N17.9 billion Year-on-Year, YoY, as at end December 2023, a situation attributed to favourable interest  rate regime    among other factors.
The figure was N15.089 billion in the same period ended December 2022. Capital market operators have attributed the increased performance to favourable coupon rate (interest rate) when compared to the savings deposit rate in banks……,……. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Again, investors rue deepening trouble, losses in real sector
•As Cadbury posts N27 billion loss – Guardian
Again, investors have called on the government to save the real sector from total collapse and subsequent erosion of shareholders’ funds by finding practical ways to tackle the issue of the foreign exchange (FX) crisis in Nigeria.
This came as Cadbury Nigeria Plc reported a loss of N27.6 billion in its 2023 full-year operations, representing a 2,228 per cent decline from N1.3 billion pre-tax profit recorded in the corresponding period in 2022.r………… ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Wema Bank Declares 105% Increase in PBT to N30.46bn – Thisday
Wema Bank Plc, yesterday announced on the Nigerian Exchange Limited (NGX) its unaudited result and accounts for full year ended December 31, 2024 with N30.46billion profit before tax (PBT).
This is 105 per cent increase from N14.88billion profit before tax reported in full year ended December 31, 2022.  
The reported N30.46 billion profit before tax surpassed the management’s N18 billion target for the 2023 financial year…………………………………………….., ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Flour Mills profit tumbles by 97% to N257m  – Punch
Flour Mills of Nigeria Plc has reported a 97 per cent decline in its profit for the nine months ended December 2023.
The firm’s unaudited financial results filed with the Nigerian Exchange Limited showed profit after tax dropped to N257.99m in 2023 from N10.02bn in 2022.
The company’s performance was affected by N120bn operating losses and N53.43bn finance costs it recorded during this period………………………………………………, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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