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Daily Business News Brief – May 23rd, 2024

23
May

NGX reverses trend as index dips by 0.2 per cent – Guardian
The Nigerian Exchange Limited (NGX) reversed gains, to close on a downward note yesterday, as the index declined by 0.2 per cent, amid a selloff in Guinness and 22 stocks.
Precisely, the All-Share Index declined by 157.33 points, representing a loss of 0.16 per cent to close at 98,128.00 points. Also, market capitalisation dipped by N89 billion to close at N55.509 trillion.
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Interest rate hike will stifle Nigerian economy, ActionAid warns – Guardian
ActionAid Nigeria has warned that the Tuesday increase in the monetary policy rate by the Central Bank of Nigeria (CBN) would lead to higher borrowing costs for businesses and small and medium-sized enterprises (SMEs) and stifle economic growth.
ActionAid, on its part, maintained that SMEs are the backbone of the Nigerian economy and that an increase in interest rate will further stifle innovation, growth and job creation of the SMEs. . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Nestle shareholders advocate raw material local sourcing, export – Guardian
Shareholders of Nestle Nigeria Plc have stressed the need for the management of the company to intensify efforts towards ensuring that raw materials for production are sourced locally while increasing its export business to tackle foreign exchange (forex) issues.
At the company’s 55th yearly general meeting held in Lagos yesterday, the shareholders said the company’s 45 per cent domestic sourcing, …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Nestle shareholders applaud N547.1 bn revenue – Dailytrust
Despite the challenging operating environment, Nestlé Nigeria PLC recorded a 22.4% increase in sales in 2023 with earnings of N547.1 billion, an increase of N100.2 billion over 2022.
The 2023 Annual Report and Accounts were presented yesterday at the Annual General Meeting (AGM) held at Muson Centre in Lagos with shareholders commending the performance of the company in the year under review despite the losses occasioned by naira devaluation….. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Capital Hotels’ Shareholders Elated at 42% Growth in 2023 – Thisday
Shareholders of  Capital Hotels Plc, owners of Abuja Continental Hotel Hotel, formerly Sheraton Hotel, have commended  the board and management  for the 42 per cent growth recorded in 2023 and  the fast pace of development since its new owners acquired it… … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Abbey Mortgage Bank to engage shareholders on strategic goals – Thisday
Abbey Mortgage Bank is set to engage its valued shareholders on strategic goals and present to them the bank’s result and accounts for the full year ended December 31, 2023. 
The bank stated that it is excited to announce its 32nd Annual General Meeting (AGM) scheduled for May this year…….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Jaiz Bank posts N11bn profit before tax – Dailytrust
Jaiz Bank Plc has released its 2023 full-year financial results and unaudited financial statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) where it reported a profit before tax of N11.2 billion in 2023, a significant increase from the N6.9 billion recorded in 2022.
Additionally, the bank posted a profit before tax of N6.0 billion in Q1 2024, representing a 278% increase over the N1.6 billion recorded in the corresponding period ended March 2023……,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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