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Daily Business News Brief – April 16th, 2024

16
Apr

Capitalisation dips by N304 billion amid losses in banks’ stocks – Guardian
Transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as market capitalisation depreciated by N304 billion, amid losses in banks stocks.
At the close of trading yesterday, market the All Share Index (ASI) declined by 537.44 points, representing a decline of 0.5 per cent to close at 101,777.12 points. Capitalisation dips by N304 billion amid losses in banks’ stocks
Accordingly, market capitalisation shed by N304 billion to close at N57, 560 trillion……………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
SEC to boost market confidence at CMC meeting – Punch
The Securities and Exchange Commission of Nigeria has announced the virtual Capital Market Committee meeting for the first quarter of 2024.
The meeting, which is scheduled for Thursday, April 18, will focus on addressing pressing challenges and brainstorming strategic ideas to advance the Nigerian capital market.
SEC disclosed this to Journalists on Monday. …………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Capital market will adopt tech for bank recapitalisation exercise — NGX – Punch
The Nigerian Exchange Group has said that it will be adopting technology to drive the capital-raising efforts of financial companies who are racing to meet the new capital requirements of the Central Bank of Nigeria.
The Group Managing Director/Chief Executive Officer of the NGX Group, Temi Popoola, revealed this on Monday, when the Minister of Industry, and Trade & Investment, Dr Doris Uzoka-Anite, visited the NGX headquarters in Lagos… .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NGX Group, Listed Companies Seek FG’s Intervention in Manufacturing Sector – Thisday
The Nigerian Exchange Group and some listed companies have sought the intervention of the Federal Government to ease the challenges faced by the manufacturing sector in the country.
This was stated yesterday during a visit of the Minister of Industry, and Trade & Investment, Dr Doris Uzoka-Anite, to the NGX headquarters in Lagos.. …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Bearish streak deepens as NGX registers N304 billion equity decline, FBN’s SWOOT exit – Nairametrics
The NGX All-Share Index continued its downward trajectory at the start of the week, falling by 537.44 points to close at 101,777.12 points. This represents a 0.53% decrease from the previous closing figure of 102,314.56 points. Concurrently, the total market capitalization witnessed a substantial decline, shedding N304 billion to finish at N57.561 trillion, a fall from the preceding value of N57.865 trillion.
The Nigerian Stock Market recorded its seventh consecutive day of losses in April’s trading activities. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UBA to navigate regulatory changes, consolidate growth
• Assets rise 90.22% to close at N20.65 trillion in 2023 – Guardian
United Bank for Africa (UBA) Plc has outlined its strategies aimed at navigating the dynamic and ever-evolving banking landscape, while also consolidating growth prospects for the 2024 financial year.
To this end, the bank will focus on regulatory compliance and sustainable value creation as it aims to sustain its current growth momentum and enhance shareholder confidence. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp Power targets 740MW electricity from Ughelli power plant – Dailytrust
Transcorp Power has stated that it is targeting an increased generation of electricity at its Ughelli power to peak at 740megawatts by year end 2024.
The MD/CEO of Transcorp Power, Engr. Peter Ikenga, made the disclosure during a virtual presentation to analysts and investors yesterday.. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Fidelity Bank shareholders to get 60 kobo dividend – Punch
The directors of Fidelity Bank have proposed a final dividend payout of 60 kobo per share to shareholders for the 2023 financial year.
This is a 20 per cent increase from last year’s dividend, which was 50 kobo.
This was revealed in its audited annual reports and financial statements for 2023 filed with the Nigerian Exchange Limited on Monday… . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Seplat Energy shareholders got $575m dividends in 10 years – CFO  -Punch
Shareholders of indigenous energy company, Seplat Energy, have received $575m as dividends since it was listed on the Nigerian Stock Exchange and the London Stock Exchange a decade ago.
The firm’s dividend increased by 20 per cent in 2023 to 12 cents per share, having paid special dividends in 2022 (five cents/share) and 2023 (three cents/share)…. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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