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Daily Business News Brief – May 16th, 2024

16
May

NGX: Bearish sentiment continues as investors lose N73.85bn – Dailytrust
Bearish sentiment continued yesterday at the Nigerian Exchange (NGX) as the All-Share Index closed 0.13 per cent lower to 97,343.42 points, marking its fourth successive session decline.Trade turnover settled at 22.87 per cent, higher than the previous session, with 355.55 million shares valued at N7.14bn in 7,333 transactions.
GTCO (+0.00 per cent) led the volume and value chart with 71.87m units traded in deals worth N3.04bn. ………………………………………….. …………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Households’ woes worsen as inflation sets new 28-year record
• Experts expect CBN to raise interest rate next week
• High-interest rate hurting economy, warns CPPE
• Economists say fiscal authorities not doing enough – Guardian
The cost-of-living crisis confronting the majority of Nigerians may have further worsened as inflation hits another new height in close to three decades.
The headline inflation, in March, edged up to 33.69 per cent just as food inflation remained well above 40 per cent, according to the consumer price index (CPI) reading released yesterday by the Nigeria Bureau of Statistics (NBS)…. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
FG lists N4.21bn April bonds on NGX – Punch
The Federal Government has listed its April 2024 Savings Bonds valued at N4.21bn on the Nigerian Exchange Limited.
This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.
The bulletin said, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.” . . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Analysis: Zenith Bank says N95 billion of its Oil and Gas loans are non-performing – Nairametrics
Zenith Bank’s latest financials indicate a significant uptick in its loan portfolio, particularly in the oil and gas sector. By the end of fiscal year 2023, foreign currency loans surged to $3.79 billion, up from $3.32 billion the previous year.
The oil and gas sector alone accounted for $1.91 billion, representing 50.3% of the bank’s US dollar loans and 25.7% of its gross loans.
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PZ Cusson sheds N70.5 billion in market value in one week – Nairametrics
PZ Cussons Nigeria Plc has incurred a market value loss of approximately N70.5 billion since May 7, 2024.
This downturn persisted today, with the company witnessing a further 10% decline in its share price, ultimately closing at N20.25 per share.
From May 7, 2024, to May 15, 2024, the company’s market worth fell from N150.9 billion to N80.4 billion.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Shareholders Laud Berger Paints for Posting Good Returns – Thisday
Shareholders of Berger Paints Nigeria Plc have commended the management for its resourcefulness in improving the company’s fortunes in the last financial year and for paying competitive dividends and assuring them of higher shareholder value. 
Commenting on the Company’s performance  at its 64th Annual General Meeting in Lagos yesterday,the National Co-ordinator, Pragmatic Shareholders Association, Mrs Adebisi Bakare, stated that the 2023 performance…,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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