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Daily Business News Brief – June 7th, 2024

7
Jun

No respite for investors as rising costs shrink FMCG firms’ earnings – Guardian
The effect of naira devaluation, rising inflation and interest rate hikes has continued to take a huge toll on the performance of firms under the fast-moving consumer goods (FMCG), causing their financial cost to soar.
Aside from the naira devaluation last year, there has been a sharp increase in the monetary policy rate (MPR) since the beginning of the yea 2023………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Stanbic IBTC PMI: Business Environment Improved Slightly In May – Report – Independent
The business environment for the private sector in Nigeria improved slightly in May as the Purchasing Managers’ Index rose to 52.1 points in May from 51.1 points in the previous month, the monthly Stanbic IBTC Bank Nigeria PMI has stated 
This is the second-highest reading for the year, with the highest being in January, when the PMI stood at 54.5 points…  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Senate confirms SEC management – The Nation
The Senate has confirmed Dr. Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator.
The Senate also approved the appointment of Frana Chukwuogor as Executive Commissioner, Legal and Enforcement; Mr Bola Ajomale as Executive Commissioner, Operations and Mrs. Samiya Usman as Executive Commissioner, Corporate Services. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Airtel Africa to pay N276bn dividend despite posting N133bn loss – Dailytrust
 
Airtel Africa is to pay N276 billion as 2023 final dividend despite posting a net loss of $89m (N133bn) for the year ending March 31, 2024.
This was contained in the corporate notice with the Nigerian Exchange Group (NGX), with the group announcing 3.57 US Cents per share for FY 2023/2024……… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Dangote, others lead equities to N13.3tr gain – The Nation
Investors in Dangote Cement Plc have seen a double in the value of their portfolios over the past five months.
Dangote Cement, a large-cap stock and leader in cement sector, highlighted the bullish trading that had seen Nigerian equities gaining N13.28 trillion in five months… .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Wema Bank’s rating upgraded to Bbb+ on improved profitability – Punch
Pan-African credit rating agency, Agusto & Co has upgraded its rating of Wema Bank to Bbb+ from Bbb with a stable outlook.
This upgrade was released on Thursday with the bank getting an ESG Score of 2 indicating that environmental, social, and governance issues have a minimal impact on Wema Bank’s rating……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
International Breweries opens rights issue to non-shareholders – Punch
International Breweries Plc has allowed non-shareholders of the company to participate in its rights issue.
A statement from the brewer, which is a part of AB InBev, the largest brewer in the world, on Thursday, disclosed that non-shareholders could acquire traded rights on the floor of the Nigerian Exchange through stockbrokers……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
May & Baker grows turnover by 37.3 per cent to N19.7 billion – Guardian
May & Baker Nigeria Plc grew its revenue from N14.33 billion to N19.7 billion last year. The performance, which is consistent with its recent years’ growth trajectory, translates to 37.3 per cent expansion.
Its gross profit rose by about 70 per cent, from N3.88 billion posted in 2022 to N6.58 billion, putting its operating margin at 33.4 per cent. ………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Fidelity Bank commences N127 billion fund-raising programme – Guardian
Fidelity Bank Plc has concluded all necessary arrangements to raise a total of up to N127.1 billion by way of a rights issue and public offer. The combined offer is a part of the Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN) on 28 March 2024………..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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