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Daily Business News Brief – May 22nd, 2024

22
May

Gains in Nestle, others lift index further by 0.1%, despite rate hike – Guardian
Despite rate hike, investors increased appetite in the shares of Nestle and Berger Paints lifted the All-Share index further by 0.1 per cent yesterday. Market capitalisation of listed equities appreciated by 0.11 per cent to N55.597 trillion from N55.536 trillion reported the previous day.
The All Share Index also increased by 108.75 basis points to 98285.33 points from 98176.58 points traded on Monday. Yesterday uptrend was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle, Berger Paints, NGX Group, Zenith, MTN N, Fidelity Bank, UACN and Oando………………………………………………………………………………………………………………………………………. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
CBN signals rate pause ahead after third straight hike to 26.25% – Businessday
The Central Bank of Nigeria (CBN) signalled that it may soon hit the brakes on its aggressive monetary tightening after its third straight interest rate hike on Tuesday.
In a bid to tame inflation and aid the ailing naira, the CBN raised the benchmark interest rate by 150 basis points to 26.25 percent. . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
MPR: Access, GTCO, UBA Others’ Interest Income Up 121.3% to N1.64tn – Thisday
Following a high-interest environment, nine banks generated N1.64 trillion from loans & advances to customers in the first quarter of 2024, representing an increase of 121.3 per cent from N739.19 billion generated in the first quarter of 2023.
The banks include: Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), Zenith Bank Plc, and Ecobank Transnational Incorporated Plc (ETI).
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26.25% interest rate: Private sector fears loan repayment crisis – Punch
Members of the Organised Private Sector and economists have expressed fear over the latest hike in the nation’s benchmark interest (Monetary Policy Rate) by the Monetary Policy Committee, saying the decision could significantly hamper economic operators’ ability to repay their loans.
At the end of its 295th meeting on Tuesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who also doubles as the chairman of the MPC, announced the decision of the committee…. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UK Govt: Nigeria’s Capital Market Needs $10bn Financing Yearly to Meet SDGs by 2030 – Thisday
The UK government yesterday, said it was committed to supporting Nigeria to develop its thriving capital market and sees its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme as a strong basis for collaboration with Nigeria’s financial sector.. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Ecobank Maintains Impressive Performance in Q1 2024, Declares N140.9bn Profit – Thisday
Ecobank Group Plc, yesterday declared N140.9 billion ($105.01 million) profit after tax in the first quarter ended March 31, 2024, about 249 per cent growth over N40.41billion ($87.6 million) reported in 2023.
The bank in the results presented to the Nigerian Exchange Limited (NGX) declared N201.5 billion  ($150.15 million) profit before tax in Q1 2024, representing an increase of 249 per cent over N57.7 billion ($125.09 million) profit before tax declared in Q1 2023……,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Seplat Energy CEO gains LTIP N14.644bn shares – Thisday
The Managing Director of Seplat Energy Plc, Roger Brown, has been awarded shares under the company’s Long-Term Incentive Plan.
This was disclosed in a document filed with the Nigeria Exchange Group and signed by the Company Secretary, Edith Onwuchekwa on Tuesday…..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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