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Daily Business News Brief – April 22nd, 2024

22
Apr

Equity market suffers N1.6tn loss in one week – Punch
The Nigerian equity market was in the red zone throughout last week, as investors lost N1.57tn.
According to analysts, the pullback in the domestic equity market, which has persisted for some weeks, reflects the current market dynamics and changes in fundamentals in the face of a high-interest rate environment, mixed macroeconomic data and yields in the alternative investment windows.  ………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
SEC brings N2.36tn special funds into custody – Punch
The Securities and Exchange Commission has revealed that it has brought about N2.36tn in discretionary and non-discretionary funds under custody following updates to the guidelines for Collective Investment Schemes in the country.
Last December, the commission proposed amendments that would address the complaints of players in the Collective Investment Scheme segment of the capital market. ……………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Despite Economic Challenges, 17 Insurance Firms’ Profit Up 238% to N98.33bn – Thisday
The stellar peformance recorded by players in the financial service sector in 2023 despite economic upheavals extended to the insurance sector as 17 insurance companies listed on the Nigerian Exchange Limited (NGX) generated N98.33 billion profit before tax (PBT) in 2023, a 238 per cent increase from N29.07 billion reported in the 2022 financial year.
However, the companies have not announced their audited result and accounts for the period ended December 31, 2023 to the investing public.. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp Hotels divests 100% stake in Calabar subsidiary – Thisday
Transcorp Hotels Plc, yesterday announced the divestment of its 100per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.
Company Secretary, Transcorp Hotels, Mr. Stanley Chikwendu in a statement posted on the Nigerian Exchange Limited (NGX) stated that Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.., . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Transcorp Hotel Ikoyi nears conclusion as firm finalises fundraising – Guardian
Transcorp Hotel Plc aid its five-star Lagos Ikoyi is nearing completion and will be delivered by 2027 
According to the Managing Director of the company, Dupe Olusola, the company is
currently at the stage of closing most of its dates for construction as well as
finalising its fund-raising exercise.). , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
May & Baker targets N27 billion revenue despite  economic challenges – Guardian
The General Manager of Pharma Sales and Marketing at May & Baker Nigeria Plc, Obinna Sydney Emeribe, said the company is optimistic about its growth trajectory and targeting N27 billion in revenue for 2024.
This is just as the company reported a 35 per cent growth in 2023 despite formidable economic hurdles while attributing 88 per cent of its significant revenue contributions to its steadfast distributors and customers. . , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Shareholders Approve Access Holdings’ Capital Raising Plan, Dividend – Independent
The shareholders of Access Holdings Plc (Access Holdings) at the second Annual General Meeting (AGM) held on Friday, unanimously backed the group’s plan to establish a capital raising programme of up to $1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders. 
The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
First Bank Appoints Alebiosu As Acting MD – Independent
After the resignation of Dr Adesola Adeduntan on Friday after nine years as Managing Director,  First Bank Nigeria Limited has appointed Mr  Olusegun Alebiosu as the acting Managing Director/Chief Executive Officer, effective April 2024.
The bank stated this in a statement signed by its acting company secretary, Adewale Arogundade.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Q1 2024: Transcorp Power Records 775% Profit Jump – Independent
Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024. 
The company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223 per cent.  . , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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