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Daily Business News Brief – April 18th, 2024

18
Apr

Demand for FBN Holdings, 16 Others Lift Stock Market by N57bn – Thisday
Snapping eight consecutive sessions of investors profit-taking, the stock market segment of the Nigerian Exchange Limited (NGX), yesterday posted N57 billion rebound, supported by investors’ demand for FBN Holdings (FBNH) Plc and 16 others.
The NGX All-Share Index (NGX ASI) gained 100.55 basis points or 0.10 per cent to close at 99,908.89 basis points. Consequently, market capitalisation rose by N57 billion to close at N56.505 trillion………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Monetary tightening freezes commercial banks N17.3trn
. As CBN lowers banks’ loan-to-deposit ratio to 50% – Dailytrust 
Monetary tightening by the Central Bank of Nigeria (CBN) in a bid to curb stubborn inflation is restricting lenders (commercial banks) from extending credit to support the ailing economy.
Analysis by Daily Trust revealed that the mandatory reserve deposits with the central bank (cash reserve) surged by 70.37 per cent to N17.26trn as at December, 2023, from N10.13trn the previous year…………………………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
IMF sees Nigeria’s inflation dropping to 26.3% this year – Dailytrust 
The International Monetary Fund (IMF) has said Nigeria’s inflation rate will drop to 26.3% in 2024, noting that the country’s economy will equally grow by 3.3% this year.
The inflation has increased consistently from the beginning of the year, starting at 29.90% in January and closing the first quarter at 33.2% in March… .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NB’s N600b rights to settle FX losses, local bank debt facility
. As shareholders resolve to fully pay portion of shares – Guardian
Nigerian Breweries (NB) Plc has disclosed that the proposed N600 billion
recapitalisation scheme by way of rights issue would settle N153 billion rights-to-settle-fx-losses-local-bank-debt-facility outstanding foreign exchange (FX) losses and part of its local bank debt facility.
At the company’s Pre-AGM Press Conference held in Lagos yesterday, the Managing Director, Hans Essaadi, said the additional capital would help eliminate the naira devaluation risk, huge forex losses and reduction of the huge interest burden., . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Access Bank launches new DiamondXtra season – Punch
Access Bank has launched the 16th season of its DiamondXtra promo, revealing that about N200m and three SUVs and others are some of the prizes that customers will win.
The new season was unveiled at Alaba International Market, Lagos on Tuesday. 
According to the lender, DiamondXtra is a special interest-yielding hybrid account, which allows the deposit of both cash and third-party cheques. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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