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Daily Business News Brief – April 29th, 2024

29
Apr

Investors lose N785bn as equity market sustains downtrend – Punch
There was no respite for equity market investors in the past week, as they saw a N785bn reduction in their net value.
This marked the fourth consecutive week of negative trading on the Nigerian Exchange this April.
Despite the apparent fluctuations in stock prices, some blue-chip companies experienced pockets of sell-offs and profit-booking………………………………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Investors of 15 listed firms to forfeit 2023 dividends – Guardian
No respite yet for stock market investors as no fewer than 15 listed firms across sectors so far have failed to pay dividends to shareholders in the 2023 financial year as these firms battle with perennial issues bedeviling the nation’s economy.
Retail investors still grappling with years of downturn and asset losses in the stock market are faced with severe hardship due to non-payment of dividends, a major source of their livelihood as the nation’s economic woes have wiped out shareholders’ funds in these firms and hampered their ability to pay dividends………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Bank stocks head for biggest plunge in 10yrs – Businessday
Nigerian banking stocks are on course for their biggest monthly slide in ten years as investors fearing dilution from a recapitalisation exercise dump their holdings.
The banking index, which tracks the stocks of the lenders listed on the Nigerian Exchange Group, was down 25.75 percent as at April 27, according to data from the NGX.
That’s a dramatic fall from a return of 21.21 percent in the month of March.. .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Shareholders of NB okay firm’s N600b fundraising plan – Guardian
Shareholders of Nigerian Breweries (Plc), have unanimously approved the firm’s capital raising of N600 billion by way of a rights issue to existing shareholders.
With this development, the Board now has the authorization to undertake capital restructuring by way of a rights issue that will grant all the company’s shareholders the opportunity to acquire more shares in proportion to their holdings, at a price determined by the board taking into consideration the market conditions…. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Guinness announces 28% revenue growth, makes N220.3b in 9 months – TheNation
Guinness Nigeria Plc, a foremost total beverage alcohol company in Nigeria and a subsidiary of Diageo Plc., released its unaudited financial results for the nine-month period, ended, 31 March 2024, revealing both resilience and adaptability in navigating a turbulent economic landscape.
In a year marked by unprecedented challenges, Guinness Nigeria delivered a commendable 28% year-on-year revenue growth, reaching ₦220.3 billion compared to ₦172.47 billion in the same period last year…, . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
CWG Board of Directors Approves 400% Increase in Dividend Payout – Thisday
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns… , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Stockbrokers demand improved PFAs participation in equity market – Punch
The Chartered Institute of Stockbrokers has demanded that Pension Fund Administrators increase their participation in the equities market.
According to a statement from the institute, the call was made during a recent courtesy visit by its leadership to the Central Bank of Nigeria Governor, Mr Olayemi Cardoso, who is also a stockbroker, in his Lagos office… , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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