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Daily Business News Brief – June 6th, 2024

6
Jun

Gains in Nestle, 17 stocks lift capitalisation by N132b- Guardian
The Nigerian equities market halted its two-days downturn, as gains in Nestle Nigeria Plc and 17 stocks lifted the overall market capitalisation by N132 billion.
At the close of transactions yesterday, the All-Share Index (ASI) gained 233.36 points, representing a gain of 0.24 per cent to close at 99,284.38 points. Also, market capitalisation rose by N132 billion to close at N56.164 trillion………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
SEC seeks cooperation to reduce unclaimed dividends – Guardian
Acting Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has tasked relevant stakeholders in the capital market to cooperate with the Commission in its desire to reduce the quantum of unclaimed dividends.
Recall that over a decade ago, Nigeria’s total unclaimed dividends stood at N60 billion but tripled to over N190 billion as of last August, according to SEC..  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Nigeria’s 30 biggest firms’ interest expense doubles on CBN rate hike  – Businessday
The top 30 firms on Nigeria’s stock exchange recorded a combined 126 per cent surge in interest expense as the naira devaluation and jumbo interest rate by the Central Bank raised the cost of borrowing in Africa’s most populous nation.
Interest expense on these companies’ borrowings jumped to N1.69 trillion in the first quarter of 2024 from N721.1 billion in the same period of 2023.. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
VFD Group to sell 30% equity stake in Abbey Mortgage Bank – The Nation
 
VFD Group Plc plans to sell 30 per cent equity stake in Abbey Mortgage Bank Plc and raise additional N30 billion as part of a strategic growth project aimed at boosting shareholders’ value.
Directors of the investment group extensively discussed and approved the strategic decisions at their latest meeting……… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Fidelity Bank launches N127.1b combined rights, public offer – The Nation
Fidelity Bank Plc yesterday completed all arrangements to raise N127.2 billion through a combined rights and public offer, in the first capital raising under the banking recapitalisation exercise mandated by the Central Bank of Nigeria (CBN).  Directors and professional advisers to Fidelity Bank signed off the offer documents at a signing ceremony at the bank’s headquarter yesterday in Lagos… .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FCMB Secures $15m Trade Finance Facility with ITFC – Thisday
First City Monument Bank (FCMB) has 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 bank in a statement said the agreement, signed during April’s World Economic Forum in Saudi Arabia, will strengthen FCMB’s support of Nigeria’s trade finance sector………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Oando resumes trading on the Johannesburg Stock Exchange – Nairametrics
Oando Plc has announced the resumption of its stock on the Johannesburg Stock Exchange, less than 3 months after the equity was suspended from listing on the JSE.  
According to a corporate notice signed by Ayotola Jagun, Oando’s company secretary, the company received confirmation from JSE that its stock would resume trading on June 5, 2024……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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