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Daily Business News Brief – March 13th, 2024

13
Mar

Stock Market Gains N837bn to Sustain Positive Momentum  – Thisday
The Nigerian stock market yesterday sustained its positive momentum with a gain of N837 billion, aided by investors renewed interest in MTN Nigeria Communications (MTNN) Plc and 34 others.
As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 1,479.60 basis points or 1.45 per cent to close at 103,524.44 basis points. Also, market capitalisation rose by N837 billion to close at N58.533 trillion…………………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Inflation, FX Volatility Increased Dangote Cement, 10 Others’ Production Cost to N4.1tn in 2023 – Thisday
Following soaring inflation rate and exchange rate volatility, Dangote Cement Plc and 10 other companies spent a whooping N4.1 trillion on production cost in 2023 financial year, analysis of their results have revealed.
The N4.1 trillion cost of production is 37.5 per cent higher than the N2.99 trillion reported by the 11 companies in 2022 financial year………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
‘Transcorp Power listing will attract more energy firms to NGX’ – Punch
Some financial analysts and stockbrokers have stated that the listing Transcorp Power Plc would motivate energy sector players join to the capital market.
Transcorp Power was listed by the introduction of 7.5 billion ordinary shares of 50 kobo each at N240 per share with a market cap worth N1.8tn on March 4.
It gained 10 per cent on its first trading day to close at N264 per unit and appreciated by 46.38 per cent to close at N351.30 at the end of the week. ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Foreign investor eyes stake in LivingTrust Bank – Punch
A foreign investor planning to acquire a seven per cent stake in LivingTrust Mortgage Bank Plc, according to reports.
According to industry sources familiar with the development, the investor is set to file the regulatory paperwork for the deal following the conclusion of its due diligence.
The investment is expected help LivingTrust Mortgage Bank Plc bolster its capital. ……….. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Abbey Mortgage Bank Reduces NPLs to 7.35%, Celebrates 32 Years Milestone – Thisday
Abbey Mortgage Bank has noted that it has decreased its non-performing loans (NPL), from 70 per cent in 2020 to an impressive 7.35 per cent as of the current year.
This is just as the bank commemorates its 32nd anniversary citing that Abbey Mortgage Bank has evolved into a beacon of excellence, driving positive change and making a lasting impact on individuals and communities alike………… …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
African Alliance commits more to claims payment – TheNation
African Alliance Insurance has reassured its stakeholders of its commitment to claims payment, the hard times notwithstanding.
The company, according to its Chairman, Sylva Ogwemoh (SAN), has a new direction and is working to resolve pending issues.
Ogwemoh, who spoke with reporters in Lagos, said the new direction  was expected to usher in policies………… …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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