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Daily Business News Brief – March 5th, 2024

5
Mar

Transcorp Power listing pushes NGX market capitalisation to N55.9 trn
 •Surpasses 5-year target of 670MW set by BPE- Vanguard
The listing of Transcorp Power, TP Plc, on the Nigerian Exchange Limited, NGX, yesterday has added N1.8 trillion to boost the Exchange’s market capitalisation to N55.9 trillion.
Transcorp Power listed 7.5 billion shares at N240 per share on the Main Board and after yesterday’s trading its market price surged by 10% per share, the maximum appreciation per day allowed by the Exchange…………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Banks increase lending rates after CBN’s jumbo MPR hike – BusinessDay
Nigerian banks have started increasing their lending rates following the record hike in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), in a development that will see businesses and individuals with existing loan facilities with the banks pay more to service those loans.
Zenith Bank, the country’s largest bank by market capitalisation, raised its interest rate by 500 basis points to 30 percent from 25 percent. The review takes effect from March 12, 2024… …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
MTN, Ericsson seal deal for network upgrade in Nigeria, S’Africa – Punch
MTN Group has signed a deal with global technology firm, Ericsson, to upgrade the core network in South Africa and Nigeria
According to the telco, building on existing partnerships for cloud-native core network deployment with Ericsson in both countries, the modernisation would ensure the readiness of MTN Nigeria’s and MTN South Africa’s network infrastructure to enable 5G standalone in the future…. ……………………………………….,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NGX Group Declares N5.2bn Profit After Tax, N1.5 Billion Dividend – Thisday
Nigerian Exchange Group Plc has announced a profit after tax of N5.2 billion and a final dividend of N1.5 billion for the year ended December 31, 2023.
The NGX in a statement said the group experienced a surge in gross earnings, rising by 57.4 per cent to N11.8 billion from N7.5 billion in 2022. “This growth was attributed to performances in core revenue and other income segments. Notably, transaction fees rose by 52.6 per cent, driven by increased trading activities, while listing fees and rental income increased by 42.2 per cent and 41.8 per cent, respectively. Strategic investments also contributed to a 5.4 per cent boost in treasury investment income.. … … ………………………………………………………………………………………….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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