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Daily Business News Brief – March 12th, 2024

12
Mar

Index rises further by N404 billion amid gains in Transcorp Power, others – Guardian
The Nigerian Exchange Limited (NGX) extended gains to reopen in an upbeat yesterday, as appreciation in Transcorp the power Plc and 33 stocks lifted market capitalisation by N404 billion. 
The all-share index (ASI) gained 713.99 points, representing a gain of 0.70 per cent to close at 102,044.84 points. Also, market capitalisation rose by N404 billion to close at N57.697 trillion……………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Investors may forfeit dividends as firms struggle to survive
.Companies’ exit will pull over N5tr from stock market, shareholders warn
. Shareholders on verge of losing investments in multinationals
. Crisis raises fresh fear over delisting – Guardian
As the crisis rocking the Nigeria’s economy continues, retail investors, who are currently grapping with years of downturn and asset losses in the stock market, may forfeit their dividends in the next few years as listed companies battle what appears like an existential battle.
With combined losses of over N540 billion incurred by six multinational firms in
their 2023 financial year, the firms may battle for a long period for stability……………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
High interest rate environment drives up Mutual Funds’ investment by 77% – Vanguard
The total Net Asset Value, NAV, of investment in Mutual Funds rose Year-on-Year, YoY, by 76.9 per cent to N2.3 trillion in January, 2024, from N1.32 trillion in the corresponding period of 2023.
The increase is driven by the high interest rate on fixed income instruments and the upward performance of the stock market, as well as increased awareness on benefits of Mutual Funds………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Stockbrokers, Financial Analysts Forecast High Yield on Transcorp Power Shares – Thisday
Financial analysts and stockbrokers have projected that the listing by introduction of Transcorp Power Plc on the Nigerian Exchange Limited (NGX), may bring high yield for discerning investors.
They also believed that the listing presents opportunities for deeply enriching the nation’s capital market while also providing funding leverage for the nation’s power sector……….. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Ecobank obtains $250m loan to boost liquidity – Punch
Ecobank Transnational Incorporated has announced that it has obtained a $250m loan facility to boost its liquidity buffers.
According to a statement signed by the Group Chief Financial Officer, Ayo Adepoju, which was filed with the Nigerian Exchange Limited on Monday, the bank said that the loan facility was a senior bridge-to-bond loan facility led by African Export–Import Bank and Africa Finance Corporation to support trade and general corporate purposes.r……….. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UBA, African Guarantee Fund, partner on $100m loan  support for African SMEs – Vanguard
The African Guarantee Fund (AGF) and United Bank for Africa (UBA) yesterday signed a partnership that ensures that UBA provides $100 million in new loans to Small and Medium Enterprises (SME) and business owners across the 20 African countries where the bank has presence in Africa.
The AGF under this agreement will support and guarantee SMEs with $50 million Portfolio Guarantee as well as facilitate extensive capacity development for the bank’s teeming customerswho……….. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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