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Daily Business News Brief – February 1st, 2024

1
Feb

Stock market closes January with N1.1 trillion loss – Guardian
Following losses suffered by many highly capitalised stocks, especially MTNN and Conoil, the Nigerian stock market yesterday sustained bearish sentiments, as market capitalisation fell by N1.068 trillion to close trading for the month of January on losses in MTN Nigeria Communications (MTNN) Plc and 56 others.
As a result, the All Share Index (ASI) lost by 1,955.69 points, representing a loss of 1.90 per cent to close at 101,154.46 points…………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
FBN Holdings names Otedola new board chairman effective January 31 – Guardian
The struggle to control assets of Nigeria’s oldest bank, FBN Holdings Plc, seems to be over as the bank yesterday, name billionaire businessman and chairman of Geregu Power Plant, Femi Otedola new Chairman of the Board of Directors.
The appointment, effective January 31, 2024, followed a recent meeting of the board where Otedola succeeded Alhaji Ahmad Abdullahi. Otedola is expected to bring his extensive experience and strategic insight to FBN Holdings……..,……. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
BUA Foods profit after tax hits N111.5 billion amidst headwinds – Nairametrics
BUA Foods Plc has released its full year 2023 financial result posting a profit after tax of N111.536 billion amidst economic headwinds. 
This was contained in the group’s financial statement released to the Nigerian Exchange Limited and seen by Nairametrics. 
The group’s profit after tax grew by 22% to N111.536 billion from N91.344 billion reported in 2022…………… ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp posts 102% profit growth in 2023, total assets reach N523 billion – Nairametrics
Transnational Corporation Plc (TRANSCORP) has posted its unaudited financial statements for 2023, reporting a net income (profit for the year) of N34.09 billion, reflecting a growth of 102% from the N16.84 billion net income recorded in 2022.  
The conglomerate, encompassing holdings in the energy sector (oil and power), real estate, and the agricultural sector, along with the parent entity of Transcorp Hotels Plc, reported a revenue of N193.98 billion for the FY 2023………………………………………………, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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