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Daily Business News Brief – June 20th, 2024

20
Jun

Index dips by 0.08% amid losses in MTNN, 14 stocks – Guardian
Despite price gains that outweighed losses, transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as the All-share index fell by 0.08 per cent, amid price depreciation in MTN Nigeria and 14 stocks.
At the close of transactions yesterday, the All-Share Index, declined by 84.34 per cent, representing a loss of 0.08.. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Fiscal stimulus, wage review add fresh uncertainty to inflation outlook – Guardian
The proposed Inflation Reduction and Price Stability Plan and the awaited national wage review may have added another layer of uncertainty to the near-future outlook of the country’s inflation rate.
The awaited fiscal stimulus prescribes import duty waivers on some essential food items and incentives for local production as part of measures to ease the inflation crisis, which has reached a multi-decade high.   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Foreign investors’ NGX trade up 437% in four months – Businessday
Foreign investors’ equities trading rose 437 per cent to N334.01 billion in the first four months of 2024, from N62.18billion obtained in the corresponding period of 2023.
Nigeria’s stock investors exchanged equities valued at N1.894 trillion in January to April 30, 2024, as against N721.44 billion recorded in the same period of 2023, according to April trading data on domestic and foreign portfolio participation in equity trading obtained from the Nigeria Exchange Limited (NGX)…. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Sterling Bank, SMEDAN partner on data platform – Punch
Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria have launched a platform called Databanc that provides data on businesses in Nigeria and N5bn worth of single-digit loan programme.
A statement from the bank on Wednesday said that Databank provides insights which will be utilised by SMEDAN……… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Fidelity Bank’s N127.1b combined rights, public offer opens
. Facts behind the offer holds at NGX – The Nation
Fidelity Bank Plc will today open application lists for its N127.2 billion combined rights and public offer, in the first capital raising under the banking recapitalisation exercise mandated by the Central Bank of Nigeria (CBN). 
Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
First Bank confirms Alebiosu as MD, Ebong DMD – The Nation
First Bank of Nigeria Limited (FBNL) yesterday confirmed the appointment of Olusegun Alebiosu as its substantive Managing Director/Chief Executive Officer (MD/CEO).
Company Secretary Adewale Arogundade updated the Nigerian Exchange Group of Alebiosu’s appointment in an update yesterday subject to approval by the Central Bank of Nigeria (CBN)..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Rating Agency Attestations to Wema Bank’s Profitability, Assets Quality – Thisday
The recent rating by Agusto & Co has further attested to Wema Bank Plc’s impressive 2023 financial year performance that showed increasing intrinsic value in profit generation and assets quality as the management moves to become top Tier-1 bank in Nigeria. The credit rating agency upgraded Wema Bank from a “Bbb” rating issued in June 2023 to a “Bbb+” rating. The upgrade from “Bbb” to “Bbb+” indicates an improvement in Wema..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Airtel Africa Announces Activation of 2Africa Submarine Cable – Thisday
Airtel Telesonic, the wholesale arm of Airtel Africa, has announced the successful activation of the 2Africa submarine cable system, marking a significant milestone in enhancing connectivity across the African continent.
The initial phase of activation connects Kenya, Tanzania, and South Africa, heralding a new era of high-speed, reliable..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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