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Daily Business News Brief – April 15th, 2024

15
Apr

Stock Market Depreciates by N633bn WoW Amid Profit-taking – Thisday
The stock market wrapped up last week on investors’ profit-taking note, as the market opened for two trading days amid the federal government declaration of April 9 to 11, 2024 as public holidays to commemorate the Eid al-Fitr celebration.
Investors profit-taking to celebrate Eid al-Fitr down the market capitalisation by N633 billion Week-on-Week (WoW), while the benchmark index posted a decline of 1.09 per cent W-o-W to close at 102,314.56 points…………………………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Nigeria’s big banks take lead in hunt for new capital – Businessday
Big banks have jumped right out of the blocks while the small lenders evaluate their options in a race to meet new capital rules set by the Central Bank of Nigeria (CBN).
Zenith, GTCO, FBNH, Access opt for rights issue
Zenith Bank Plc last Friday joined Access Bank, FBN Holdings and Guaranty Trust Holding Company (GTCO) in announcing plans to raise additional cash to achieve the CBN’s ten-fold increase in minimum capital requirements…………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
CRR: Ten Banks’ Restricted Deposit with CBN Hits N17.1tn – Thisday
As the Central Bank of Nigeria (CBN) maintained Cash Reserve Ratio (CRR) at 32.5 per cent in 2023, Zenith Bank Plc and nine other banks’ restricted deposit increased to N17.1 trillion, representing a growth of 72.7 per cent from N9.91 trillion reported in 2022.
The banks include: Access Holdings Plc, Guaranty Trust Holdings Company Plc (GTCO), United Bank for Africa (UBA) Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc.. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UBA expresses confidence in meeting new N500bn capital base – Punch
United Bank for Africa Plc has expressed confidence in its ability to meet the new capital base specified by the Central Bank of Nigeria.
In a statement issued on Sunday, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, disclosed this to the banks’ local and international investors during its 2023 Full Year Investors’ Conference Call on Friday, following the release of the bank’s financial result for the year ended December 31, 2023. …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Investors undersubscribed Royal Exchange rights issue by over 24% – Punch
Life assurance, health insurance and credit financing group, Royal Exchange Plc, failed to record the full subscription of its rights issue as it closed at 75.83 per cent.
This was indicated in the weekly report of the Nigerian Exchange Limited, where it was revealed that the rights issue of the financial institution had been completed and now listed on the market. …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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