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Daily Business News Brief – May 8th, 2024

8
May

Stock Market Depreciates by N268bn on Investors Profit-taking – Thisday
The domestic stock market yesterday extended losses from the previous session, bringing the overall capitalisation down by N268 billion.
Also, the Nigerian Exchange Limited All Share Index (NGX ASI) lost 475.18 basis points, or 0.48 per cent to close at 98,228.50 points. Also, market capitalisation shed N268 billion to close at N55.555 trillion……………………………………………. …………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
At 29.38%, Maximum Lending Rate Hits Highest Peak Since 2020 – Thisday
Following the hike in Monetary Policy Rate (MPR) to 24.75 per cent by the Central Bank of Nigeria (CBN), the banking sector average maximum lending rate rose to 29.38 per cent in March 2024, the highest since 2020.
According to the CBN money market indicator, the average maximum lending rate opened January at 27.07 per cent when MPR was at 18.75 per cent and dropped to 26.55 per cent when the Monetary Policy Committee (MPC) of the CBN hiked MPR to 22.75 per cent… ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Manufacturers bleed as losses rise to N389bn in Q1 – Businessday
Some of Nigeria’s biggest manufacturers incurred losses in the first three months of 2024 as their borrowing costs swelled on the back of rising interest rates and a further devaluation of the naira, according to data compiled by BusinessDay. 
The latest financial statements of 13 listed consumer goods firms show that seven of them- International Breweries Plc, Cadbury Nigeria Plc, Nigerian Breweries Plc, Nestlé Nigeria Plc, Dangote Sugar Refinery Plc, Champion Breweries Plc, and Guinness Nigeria Plc posted a combined … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UBA consolidates with 110% growth in gross earnings – TheNation
United Bank for Africa (UBA) Plc started off the new business year on a strong footing with three-digit growths across all major performance indicators.
Key extracts of the interim report and accounts of UBA for the first quarter ended March 31, 2024 released at the Nigerian Exchange (NGX) showed that gross earnings rose by 110 per cent while pre and post profits grew by 155 per cent and 165 per cent respectively. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
GTCO: Enhancing Profitability With Capital Raising Exercise – Thisday
The Group’s proposed plans to raise $750million capital aimed at bolstering its capital reserves in order to meet new regulatory targets of the CBN.
GTCO in a statement stated that it could issue shares or bonds in Nigeria or internationally to raise the funds and capital market analysts have expressed that the move is poised to drive the group’s profit further and impact positively on shareholders’ return.., . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Universal Insurance Receives Brokers’ Approval for Business – Thisday
Universal Insurance Plc, has been approved by the umbrella body of insurance brokers the Nigerian Council of Registered Insurance Brokers (NCRIB) as financially strong; reliable and trustworthy insurer worthy of patronage.
The rating and applause was accorded the firm at the recent members’ evening of the brokers’ body in Lagos… , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FCMB Group Sustains Performance With 192.6% Profit Growth – Thisday
FCMB Group Plc has announced impressive its first-quarter 2024 financial results, which showed profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023.
All of the group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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