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Daily Business News Brief – June 5th, 2024

5
Jun

Stock Market Maintains Prof-taking Momentum, Drops by N38bn – Thisday
The Nigerian stock market yesterday saw a negative close for the second trading day in the month of June 2024 as market capitalisation went down by N38 billion.
The All Share Index (ASI) depreciated by 67.84 basis points or  0.07 per cent to close at 99,051.02 basis points. Accordingly, market capitalisation declined by N38 billion to close at N56.032 trillion…………………………………………………………………………………………………………………………………………. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
DMO issues June sovereign savings bonds at 17.4 per cent – Guardian
The Debt Management Office (DMO) has opened for subscription to two Federal Gover
nment of Nigeria (FGN) savings bonds at 17.41 per cent and 18.41 per cent respectively. The rate is the highest interest on FGN bonds so far.
FGN savings bond is a domestic borrowing instrument of the federal government. So far, the government has raised N4.5 trillion out..  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
No plans to revoke banks’ licences, says CBN
.‘Financial system stable’ – TheNation
There are no plans by the Central Bank of Nigeria (CBN) to revoke banks’ licenses , the apex bank has said.
In a statement issued yesterday, the CBN any insinuation in that regard was “false” and deliberately intended to sow panic within the Nigerian financial system, stressing that the Nigerian financial system remains “safe, sound, and resilient.”. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Presco to deepen footprint with Ghanaian oil palm firm acquisition – Businessday
 
Presco Plc, Nigeria’s oil palm company, is set to acquire a 100 percent equity stake in the Ghanaian Oil Palm Development Company (GOPDC).
The acquisition is projected to amount to $124.9 million, with the purchase of 70,580,000 ordinary shares of GOPDC at a price of $1.77 per share…….. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Arbico Delists from NGX – Thisday
Arbico Plc worth about N74.25 billion in market capitalisation has delisted from the daily official list of the Nigerian Exchange Limited (NGX).
The company had applied for voluntary delisting of its entire 148,500,000 ordinary shares of N0.50kobo each from the main board of NGX.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
At 32.60%, UBA Leads Banking Sector Capital Adequacy Ratio in 2023FY – Thisday
Aside from generating significant increase in profit and assets, United Bank for Africa (UBA) reported 32.60 per cent Capital Adequacy Ratio (CAR) in 2023 financial year to outperform other banks in terms of maintaining soundness and resilient financial institutions.
The Pan-African financial institution had in the 2022 financial year declared 28.30 per cent CAR………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Oando’s N104.1b profit rallies investors – TheNation
Oando Plc has recorded nearly the highest possible gain at the Nigerian stock market since the release of its latest financial and operational reports.
Ivestors have shown strong positive response to the latest earnings reports , which showed a major recovery for the indigenous energy provider………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FCMB seals $15m deal with ITFC – TheNation
First City Monument Bank (FCMB) yesterday announced a $15 million Master Murabaha Agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group.
The deal signed during the World Economic Forum in Saudi Arabia, is expected to strengthen FCMB’s support of Nigeria’s trade finance sector……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Flour Mills declares N7.4b dividend – TheNation
The board of directors of Flour Mills of Nigeria (FMN) Plc has recommended payment of N7.38 billion to shareholders as the food and agro-allied company recorded net profit of N3.54 billion.
In a regulatory filing at the Nigerian Exchange (NGX) yesterday, Flour Mills indicated that shareholders will receive a dividend per share of N1.80 for the year ended March 31, 2024, 20 per cent drop from N2.25 paid for the 2023 business year. The company had distributed N9.23 billion for the 2023 business year……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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