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Daily Business News Brief – February 9th, 2024

Home   /   Business News Brief   /   Daily Business News Brief – February 9th, 2024
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February 9, 2024
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in Business News Brief
Equities sustain sliding profile, index dips by 0.9% – Guardian
Following price depreciation in many blue chip stocks, the Nigerian equities market sustained sliding profile yesterday as the all share index (ASI) to slide further by 0.9 per cent.
At the close of transactions yesterday, the index declined by 878.64 points, representing a loss of 0.86 per cent, to close at 101,227.67. Similarly, the overall market capitalisation value shed N481 billion to close at N55.390 trillion., ………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
‘Inflation, exchange rate will influence 2024 banks’ performance’ – Punch
Financial analysts have projected that several factors, including the management of inflation, exchange rate by the Central Bank of Nigeria and technological advancements will be the major determinants of the performance of the banking sector performance in 2024.
The Head of Financial Institutions Ratings at Agusto and Co, Mr Ayokunle Olubunmi, while speaking at a forum organised by the Finance Correspondents Association of Nigeria on Thursday in Lagos, stated that predicting the exact outcome was difficult due to the dynamic interplay of these elements………………..,……. … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Cadbury’s shareholders approve loan conversion to equity – Guardian
Shareholders of Cadbury Nigeria Plc have approved the conversion of an outstanding intercompany loan of $7.718 million (₦7.036 billion) owed to its majority shareholder, Cadbury Schweppes Overseas Limited, to equity.
The shareholders gave Cadbury Nigeria the nod at an extraordinary general meeting (EGM), which took place on 8 February 2024 in Lagos.. ………………………………………………………………………………………….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
TotalEnergies Marketing posts N17.6 billion pre-tax profit in 2023, marking a 28% decline from 2022 – Nairametrics
TotalEnergies Marketing Nigeria Plc, a member of the TotalEnergies Group, and a player in the petroleum downstream sector has released its unaudited financial statements for 2023.
The company posted a pre-tax profit of N17.6 billion in FY 2023, which reflects a 28% decline from the N24.5 billion pre-tax profit posted in 2022…………………………………………………, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Q32024: FMN Profit Up 29%, Records Standout Performances – Independent
Flour Mills of Nigeria Plc (FMN), Nigeria’s leading integrated food business, announced stable financial results for the third quarter of 2024, highlighting volume growth, improved profitability, and strong performance across its core business segments.
Gross profit increased by 264 per cent to N125.3 billion compared to the equivalent period of prior year. Profitability also remained resilient, with profit before tax increasing 29 per cent…………………………………………………, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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