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Daily Business News Brief – March 21st, 2024

21
Mar

Investors Lose N468.4bn in Three-days as Profit-taking Persist – Thisday
Investors trading on the stock market segment of the Nigerian Exchange Limited (NGX) lost an estimated N468.4 billion of their investment in three-day as profit-taking persisted in fundamental stocks.
As profit-taking persisted, the overall market capitalisation closed yesterday at N58.948 trillion, representing a decline of N468.4 billion or 0.8 per cent from N59.416 trillion the stock market opened for trading this week………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Shareholders hail SEC over refusal of PZ buyback deal – Punch
Shareholders have lauded the Securities and Exchange Commission’s decision to reject the ‘No Objection’ sought by multinational, PZ Cussons Nigeria Plc, to buy out minority shareholders and delist from the Nigerian exchange.
In separate chats with The PUNCH, the shareholders hailed the SEC for protecting the interest of minority shareholders.
The National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, hailed the SEC’s refusal………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Access Bank continues expansion drive, acquires Kenyan lender – Punch
Access Bank has continued its expansion drive into key markets as it announced the deal to acquire the National Bank of Kenya Limited from the KCB Group Plc.
This was disclosed in a statement filed by the parent company of the bank, Access Holdings Plc with the Nigerian Exchange Limited on Wednesday.
The HoldCo said that the bank would acquire the entire issued share capital of the National Bank of Kenya from KCB… ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FBN Holdings announces five new elite directors as Otedola era begins – Nairametrics
FBN Holdings Nigeria oldest bank has appointed three new directors for the HoldCo and two more for the Bank marking the beginning of billionaire investor, Femi Otedola’s, tenure as chairman of the holding company.
The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’a largest financial institution…… ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Stocks surge after Fed indicates more rate cuts – Punch
All three major indexes were on pace to close at all-time highs on Wednesday afternoon, as investors cheered the Federal Reserve’s statement that it still expects three interest rate cuts this year, reports CNN.
The S&P 500 gained 0.7 per cent , reaching an intraday record of 5,200 for the first time. The Dow rose 345 points, or 0.9 per cent , and the Nasdaq Composite added 1.1 per cent.. ….. ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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