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Daily Business News Brief – March 4th, 2024

4
Mar

Stock Market Down N1.83tn WoW on MPR Hike, Poor Corporate Earnings – Thisday
The Nigerian equities market predominantly exhibited bearish performance last week, dropping by N1.83 trillion in market capitalisation following the Monetary Policy Committee (MPC) hike in Monetary Policy Rate (MPR) to 22.75 per cent and poor 2023 corporate earnings by some listed companies. 
The overall market capitalisation decreased by N1.83 trillion to close at N54.035 trillion from N55.861 trillion it opened the week, while the NGX All-Share Index shedding 3.27 per cent WoW to 98,751.98 basis points from 102,088.30 basis points it opened for trading……………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
MPC: FG fights inflation as CBN mops up N5trn – Vanguard
EFFORTS by the Federal Government to curb the rising inflation will lead to N5 trillion cash mop up from the banking industry as the Central Bank of Nigeria, CBN implements the hike in banks’ Cash Reserve Ratio, CRR to 45 per cent. 
The CRR which represents banks’ cash reserves for purposes of meeting cash obligations on demand was moved from 32.5 percent to 45 percent in apparent bid to curtail inflation.. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NGX, NG Clearing train operators in derivatives – Punch
Nigerian Exchange Limited and NG Clearing Limited have organised a workshop to deepen the understanding of operators on Single Stock Futures products in the Exchange Traded Derivatives market, whose value is projected to hit $39bn by 2027.
At the virtual workshop held recently, it was revealed that the derivatives market was a rapidly growing one with potential for Nigeria… …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Naira devaluation hits bumper Airtel, MTN revenues –  BusinessDay
The devaluation of the naira last year took a big bite out of the revenues of two of the country’s biggest telecommunications companies.
Airtel and MTN Nigeria lost N1.29 trillion to the devaluation. MTN posted a loss after tax of N137 billion for the 2023 financial year, although its service revenue grew by 22.4 percent to N2.5 trillion. … … ………………………………………………………………………………………….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
First Bank reiterates support to businesses for economic growth – Dailytrust
First Bank of Nigeria Plc has reiterated its commitment to supporting businesses through various initiatives and providing financial solutions for a thriving business environment and economic growth.
The Group Executive, Transaction Banking, First Bank, Mrs Olaitan Martins, who disclosed this during an interactive session with some Fast-Moving Consumer Goods (FMCGs) business owners in Lagos, said the forum was to enlighten them on business development and how to grow their income bases………………………………………………………,….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. ……………. .., … .. .,……. .. …… . ….. . … …………….……..Read More
Dangote Sugar ends 2023 with N108.9bn loss – Dailytrust
Dangote Sugar Refinery Plc has reported a loss before tax of N108.92 billion compared to a pre-tax profit of N82.3 billion a year earlier. 
The company attributed the losses primarily to the substantial devaluation of the naira which has mostly eroded the operating profits of most manufacturing companies in the country.
According to the notes accompanying the company’s recently released 2023 annual report and financial statements, Dangote Sugar incurred foreign exchange losses totaling N172.198 billion………………………………………………………..,….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. ……………. .., … .. .,……. .. …… . ….. . … …………….……..Read More
Jaiz Bank Announces Completion of Private Placement – Thisday
Jaiz Bank Plc, the leading Non-Interest Bank in Nigeria has announced its decision to offer 10,048,237,955 ordinary shares by way of private placement.
The Bank’s Chairman, Mohammed Mustapha Bintube, disclosed that the proceeds of the capital raising exercise will be deployed to improve service delivery on its various platforms to enable the Bank achieve its five-year strategic objectives…………………………………………………………,….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. ……………. .., … .. .,……. .. …… . ….. . … …………….……..Read More
Dangote Cement Reports N553.10bn Profit, Proposes N30 Dividend – Thisday
Dangote Cement Plc has announced has a profit before tax of N553.10billion in financial year ended December 31, 2023, representing an increase of nearly six per cent from the N524 billion reported in 2022 financial year.
The cement manufacturing company also declared N445.58 billion profit after tax, as against N382.31 billion recorded in 2022.
Dangote Cement announced a revenue of N2.21 trillion, an increase of 36.44 per cent from N1.62 trillion reported in 2022…………………………………………………………,….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. ……………. .., … .. .,……. .. …… . ….. . … …………….……..Read More
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