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Daily Business News Brief – June 10th, 2024

10
Jun

Stocks end first week in June in losses, but these stocks gained over 20% – Nairametrics
The first week of June concluded with a broadly bearish sentiment on the Nigerian Exchange (NGX), as the overall market witnessed declines.
However, amidst the downturn, a handful of stocks showed remarkable resilience and posted significant gains, providing a silver lining for investors. …………………………………………………………………………………………………………………………………………. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Stocks defy rate hike to gain N15.25trn in 5 months – Businessday
Nigerian stocks gained N15.25 trillion in the first five months of 2024, holding their own against fixed income assets which have been buoyed by the rapid hike in benchmark interest rates.
Geregu Power, Dangote Cement, BUA drive rally
Driving the stock rally were companies including Geregu Power, which jump…  . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
NGX Launches USSD Platform to Boost Capital Market Access – Thisday
Nigerian Exchange (NGX) Limited has urged investors to leverage on its new Unstructured Supplementary Service Data (USSD) platform, for enhanced capital market access.
NGX stated this during an Investor Education Series, in partnership with Meristem Securities Limited via a zoom with the theme, “Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access.”. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Eight insurance firms’ gross premiums rise to N367bn – Punch
 
The gross written premiums of eight insurance firms rose by 22.43 per cent year-on-year to N367.66bn in 2023 compared to N300.31bn in the previous year.
According to an analysis of their annual reports filed with the Nigerian Exchange Limited, their profits also appreciated by 177.57 per cent to N68.94bn from N24.83bn………….. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Veritas Kapital Assurance profit grows over N2bn – Punch
Veritas Kapital Assurance Plc improved post-tax profit by N2.04bn to N2.75bn in 2023 from N712.43bn in the previous year.
This was disclosed in its IFRS 17-compliant audited financial results for the year ended December 31, 2023, which was filed with the Nigerian Exchange Limited… .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
ETI Gets Shareholders’ Approval to Raise $600m Capital, Ndiaye Emerges Chairman – Thisday
The shareholders of Ecobank Transnational Incorporated,  have approved the management’s decision to raise $600million fresh capital, among other key resolutions at its 36th Annual General Meeting (AGM) which was followed by Extraordinary General Meeting (EGM) held in Togo.
The shareholders during the AGM also approved the Appropriation of the profits, the renewal of mandates……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
May & Baker Posts N19.7bn Revenue for 2023FY – Thisday
Despite the unfavorable business climate in Nigeria, May & Baker Nigeria Plc, has posted its group revenue of N19.7 billion in 2023, representing a growth of 37 per cent, when compared to N14.3 billion posted in 2022.
In view of the relatively strong performance of the company, the chairman disclosed that the directors have recommended a dividend of 30 kobo for every 50 kobo share held in the company representing a total dividend……….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Oando Announces $550m Participation in NNPCL’s Crude Oil-backed Project Gazelle – Thisday
Oando Plc, an indigenous energy company, at the weekend announced a successful $550 million participation in the Project Gazelle financing deal, raising the total disbursed amount to $925 million in the deal sponsored by the Nigerian National Petroleum Company Limited (NNPCL).
Arranged and coordinated by Afreximbank, the accordion arrangement saw the raising of a combined. ………,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
VFD Group Targets Robust Capital Base, To Raise N30bn Fresh Capital – Independent
 The board and management of VFD Group Plc have concluded plans to inject new capital into the company while also safeguarding the interest of shareholders. 
The company unveiled this during a recent board meeting held on Thursday, May 30, 2024. ………..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Share Price: A Lender’s Remarkable 507% Gain In Five Years – Independent
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 in the Nigerian stock market and the entire banking sector. 
Trading reports at the Nigerian stock market for the five years between May 31, 2019, and May 31, 2024, showed that Fidelity Bank outperformed all key indices in the stock market.. ………..,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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