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Daily Business News Brief – May 29th, 2024

29
May

Stock market extends rally by 0.53% – Businessday
For the second time this week, Nigeria equities market increased on Tuesday by 0.53 percent as investors bought shares of Dangote Sugar Refinery, Nascon, PZ Cussons and Transcorp.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further to 98,383.04 points and N55.653trillion respectively as against preceding day’s lows of 97,863.34 points and N55.359trillion………………………………………………………………………………………………………………………………………. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
At 34.90%, Foreign Investors’ Stake in Stock Market Hit Highest Peak Since 2021 – Thisday
Out of the N346.23 billion total transactions executed in the Nigeria equities market in April, foreign investors were responsible for 34.90 per cent, thereby reducing domestic investors’ dominance that transacted   65.10 per cent.
The latest domestic & foreign portfolio participation in stock trading report by Nigerian Exchange Limited (NGX) revealed that the 34.90 per cent transactions by foreign investors in April 2024 is the highest since November 2021 (35.46 per cent)..  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Money supply hits record high of N96.96trn in one year despite liquidity squeeze – Businessday
Money supply (M2), a monetary tool used by the Central Banks to measure currency supply in an economy, in April 2024, hit a record high of N96.96 trillion in one year despite monetary tightening by the Central Bank of Nigeria (CBN). 
The M2 declined by 1.75 percent to N92.33 trillion in March 2024 from N93.97 trillion in February of the same year. .., …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ………, … .. .,……. .. …… . ….. . … …………….……..Read More
Capital Market Stakeholders Express Concern over Proposed CBN Amendment – Thisday
Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN). …… …. . …… .  . … ………. …………………..,………………………………………………. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
RECAPITALISATION: FCMB shareholders okay N150bn capital raising – Vanguard
Shareholders of FCMB Group Plc, have approved N150 billion capital raising proposed by its Board of Directors in pursuit of the new minimum capital requirement as ordered by the Central Bank of Nigeria, CBN.
They also approved the proposed N9.9 billion dividend for the financial year ended December 2023, as well as other resolutions put forward at the 11th Annual General Meeting, AGM, held in Lagos last week.. . .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Wema Bank Set to Raise N200bn Fresh Capital, Shareholders Laud 2023FY Performance – Thisday
The management of Wema Bank Plc, yesterday announced plans to raise N200 billion fresh capital on the need to meet the Central Bank of Nigeria (CBN) new capital requirement for banks operating in the country.
At the virtual Annual General Meeting (AGM), the management received commendation from shareholders for a profitable 2023 financial performance that led to N0.50 dividend payout……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Access Holdings, NBDN to champion sustainable diversity, inclusion – Guardian
The Nigeria Business and Disability Network (NBDN) will hold the second edition of The Nigeria Diversity and Inclusion Conference today.To be hosted by Access Holdings Plc, the conference will serve as a platform for employers to enhance disability confidence, foster inclusion practices and promote job readiness for people with disabilities in the workplace.
Under the theme, ‘Disability Inclusion in Corporate Sustainability,’ the event aims to highlight the economic value of disability inclusion and its significance in achieving sustainable business practices…….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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