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Daily Business News Brief – June 3rd, 2024

3
Jun

Stock index rises by 1.7% as banking, FX turnover soars by 25.2% – Guardian
After three consecutive weeks of losses, the stock market recorded five straight sessions of gains last week as renewed buying interest in blue chips lifted the all-share index by 1.7 per cent to 99,300.38 points.
Investors’ interests in Seplat (+13.7 per cent), FBNH (+14.7 per cent), UBA (+15.6 per cent), Dangote Sugar Refinery (+20.5 per cent), Zenith Bank (+10 per cent) and GTCO (+7.2 per cent) spurred the weekly gain……………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Stock Market Gained N619.45bn in May as Analysts Predict Positive Sentiment – Thisday
Nigerian stock ended the month of May 2024 with a surprise gain of N619.45 billion as investors were divesting to the fixed income market in a move to hedge their investment against rising inflation rate.
Specifically, the market capitalization appreciated by 1.12per cent or N619.45 billion to close the week ending May at N56.172 trillion from N55.553 trillion the stock market closed for trading in April,.  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Liquidity Challenges: Banks, Others’ Borrowing from CBN Up 436% to N53.7trn – Thisday
Amid liquidity challenges in the financial sector, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) incresed to N53.7 trillion in five months of 2024, about 436 per cent Year-on-Year (YoY) from N10.02 trillion borrowed in five months of 2023.
THISDAY checks revealed that banks and merchant banks have since the beginning on this year consistently borrowed from the CBN to meet their daily obligations amid rising inflation and unstable foreign exchange market. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Currency Outside Banks Now 92% of CIC, Up 73.4% YoY – Thisday
Currency in circulation has improved from 94 per cent recorded in March 2024 by 2 per cent compared with the latest figures of April revealing that the amount of currency held outside banks improved to N3.6 trillion in April 2024, representing a significant portion of the total currency in circulation (CIC), which stood at N3.92 trillion.
This also reflects a notable 73.46 per cent increase year-on-year (YoY) compared to the N2.08 trillion recorded in April 2023……. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Again, Zenith Bank emerges Nigeria’s most sustainable bank – Punch
For the second consecutive year, Zenith Bank Plc has been named the ‘Most Sustainable Bank in Nigeria’ in the International Banker 2024 Banking Awards.
A statement from the bank on Sunday said that the award was a testament to the bank’s position as a trailblazer in sustainable banking practices. 
Zenith Bank was the first bank in Africa to publish a stand-alone sustainability report by the GRI Standards: Core Option in 2016.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Geregu, Siemens Partner to Raise Nigerian Firm’s Overall Power Generation Capacity to 1,200mw – Thisday
Nigeria’s foremost power generation solutions provider, Geregu Power Plc and Siemens Energy have signed a Memorandum of Understanding (MoU) to jointly develop solutions for capacity expansion at the Geregu 1 power plant.
A statement from the Nigerian firm stated that this is towards ensuring sustainable, resilient and efficient power generation, whilst safeguarding the longevity of assets, all aimed at supporting the growth and sustainability of the Nigeria Electricity Supply Industry (NESI)……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Oando announces N74.7 billion profit, 71% increase in turnover – Guardian
Oando PLC posted a N74.7 billion profit-after-tax (PAT) in its full year that ended December 31, 2023, reflecting a positive turn in the company’s fortunes in comparison to the preceding year when the company posted a loss after tax.
Within the larger industry context, Oando’s N74.7 billion PAT compares favorably with indigenous peers…….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Cornerstone Insurance launches new products – Punch
Cornerstone Insurance has called on state governments to adopt saving products that would help civil servants when they retire.
This was disclosed at the launch of its new products at its headquarters in Lagos recently.
The new products include Cornerstone Rest; a savings plan for all classes of individuals with the added benefit of free life insurance coverage……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
ExxonMobil awaits NNPCL to lift injunction on Seplat/MNPU deal – Punch
ExxonMobil has stated that it is awaiting the Nigerian National Petroleum Company Limited to lift the injunction preventing the sale of its asset to Seplat Energy.
The company’s Regional Communications Manager – Africa, Oge Udeagha, disclosed this to our correspondent while responding to an inquiry. ………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Investors  in Fidelity Bank Stock Earns 507% Gain in Five-years – Thisday
Investors in Fidelity Bank Plc have earned more than 507 per cent in capital gains over the past five years, ranking above all other major return benchmarks at the Nigerian stock market and the entire banking sector.
Trading reports at the Nigerian stock market for the five-year period between May 31, 2019 and May 31, 2024 showed that Fidelity Bank outperformed all key indices at the stock market……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Nigerian Breweries Completes Acquisition of Distell Nigeria – Thisday
Nigerian Breweries Plc, has completed the acquisition of a majority stake in Distell Wines and Spirits Nigeria Limited, a statement issued by the company at the weekend has stated.
According to the statement, the completion of the transaction follows the approval of the South Africa Reserve Bank (SARB) for the acquisition by Nigerian Breweries Plc, of the shares of the South African entity, Distell International Limited (now known as Heineken Beverages Holdings Limited) in Distell Nigeria, as well as the import business of Distell International Limited in Nigeria……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Shareholders okay Dangote Cement’s N30 dividend – Guardian
Shareholders of Dangote Cement Plc have applauded the company for increasing their value on investment through robust dividend payout, even as they endorse a dividend of N30 per 50 kobo share for the 2023 financial year.
At the company’s 15th yearly general meeting of the company held in Lagos, the shareholders expressed delight at the N30 dividend declared by the company amid a hash operating environment, stating that many manufacturing firms operating in Nigeria……..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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