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Daily Business News Brief – May 14th, 2024

14
May

Index dips further by 0.5 per cent amid sell pressure in 19 stocks – Guardian
Following sell pressure in 19 stocks, the Nigerian Exchange Limited (NGX ) sustained a sliding profile yesterday, as the All-share index plummeted further by 0.5 per cent.
At the close of transactions yesterday, market capitalisation of listed equity depreciated by 0.54 per cent to N55.264 trillion from N55.561 trillion it closed on Friday…………………………………………… …………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Stock investors lose N3.8 trillion in less than two months – Guardian
The Debt Management Office (DMO) sold treasury bills totalling N6.91 trillion in the first quarter (Q1). The figure represents a 277.5 per cent rise when compared to N1.59 trillion recorded in the corresponding period in 2023.
The primary market auctions by the Central Bank of Nigeria (CBN) have seen healthy investors’ sentiment and improved demand due to attractive yields, which come as investors continue their prowl for higher returns.. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Retail investors pile into stock market despite weaker purchasing power – Businnessday
Domestic retail investors bought five times more stocks in the first quarter of 2024 compared to the previous year, despite accelerating inflation that curbed purchasing power. 
Total transactions by retail investors grew more than fivefold to N670.89 billion in the first quarter of 2024 from N123.28 billion in the same period of 2023, according to data from the Nigerian Stock Exchange (NGX).. … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Banks cut borrowing from CBN by 44% to N12.2trn – Vanguard
Banks’ borrowings from the Central Bank of Nigeria, CBN, fell month-on-month, MoM, by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44% drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
‘How banks’ recapitalisation will induce stock market’ – TheNation
The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN).
Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation directive… , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Access Bank appoints board members for Sierra Leonean subsidiary – TheNation
Access Bank Sierra Leone Ltd (Access Bank (SL) Ltd) has appointed new members unto its board of directors as the bank continues to implement its transformation strategy.
The new non-executive directors included Maurice Cole, Nsikak Usoro, Michala Mackay, Ibrahim Lamin and Kolawole Ajimoko. Cole will chair the board, succeeding Alice Onomake…,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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