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Daily Business News Brief – April 25th, 2024

25
Apr

Stock Market Sustains Profit-taking Momentum, Drops by N673bn – Thisday
The stock market of the Nigerian Exchange Limited (NGX) yesterday sustained the bearish run as the overall capitalization dropped by N673 billion.
The NGX All-Share Index (ASI) depreciated by 1,190.24 basis points or 1.20 per cent to close at 98,121.30 basis points from 99,311.54 basis points when the stock market opened for trading.
Also, market capitalization declined by N673 billion to close at N 55.494 trillion from N56.167 trillion when the stock market opened for trading………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
PZ Cussons repatriated £35m from Nigeria in 10 months – Punch
Multinational consumer goods company, PZ Cussons, has disclosed that it successfully repatriated £35m from Nigeria in the first 10 months of the current financial year.
The firm, in a trading update on its third-quarter results issued on Wednesday on its website, revealed plans to further repatriate £15-20m before the end of May………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Stanbic IBTC Holdings to raise N550bn via debt, rights issue – Punch
Stanbic IBTC Holdings Plc has revealed plans to raise about N550bn through a debt issuance programme and a right issue.
This was disclosed in a notice of its annual general meeting filed with the Nigerian Exchange Limited on Wednesday.
Several players in the banking sector have announced plans to raise additional capital to meet the new capital requirements of the Central Bank of Nigeria. .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
AGM: Court adjourns bank’s shareholders suit indefinitely – Dailytrust
Justice Akintayo Aluko of the Federal High Court in Lagos has adjourned indefinitely the suit filed against First Bank Holdings by the bank’s shareholder, Olusegun Samuel Onagoruwa, seeking to stop the Annual General Meeting of the bank.
The judge adjourned the matter till further notice to allow the Lagos Division of the Court of Appeal to hear and determine an appeal filed by the Central Bank of Nigeria (CBN) seeking to join the suit as an interested party… . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
PZ to exit Africa citing sales plunge in Nigeria – Vanguard
PZ Cussons Plc, yesterday, said it has commenced a strategic review of its business in Africa, with a consideration of exiting the continent, partly driven by economic challenges in Nigeria such as naira devaluation and inflation, which has significantly impacted the company’s sales and operations, resulting in a 48 percent sales plunge., . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Bloody run: NGX Investors suffer N3.62 trillion loss in April – Nairametrics
Since the start of April 2024, the Nigerian stock market has been on a bearish run, with the All-Share Index (ASI) declining by 6.16% and the market capitalization falling by N3.63 trillion within the same period.
On April 24, 2024, the Nigerian Exchange Limited (NGX) closed with an ASI of 98,121.3 points, in contrast with the 104,562.06 points by the start of the market in April. In terms of market capitalization, the NGX closed April 24 with a market cap of N55.49 trillion, in contrast with N59.12 trillion at the start of the month.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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