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Daily Business News Brief – June 24th, 2024

24
Jun

NGX Records Mixed Trend Amid Bearish Outing, High Traded Volume Ahead Of Quarter End Window Dressing – Independent
Last week, due to the Eid-Kabir holiday, the market was limited to three trading ses­sions, with declines occurring in two ses­sions and one session remaining flat. How­ever, the local bourse was down by 0.18% week on week, leaving the all-share index at 99,743.05points bringing the year-to-date return to 33.39%. The shed­ding of 101.75billion in the market was sponsored by marginal sell off because of Eid-Kabir celebration. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Inflation, forex shortage worry MPC members – Punch
Besides controlling Nigeria’s persistent inflation, members of the Monetary Policy Committee of the Central Bank of Nigeria also have improvement of liquidity in the foreign exchange market on their radar.
This was indicated by the personal statements of the members from the 295th meeting of the committee in May, which was recently published by the CBN on its website…   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Banks scramble for investor funds as recapitalisation heats up – Businessday
As the race for Nigerian banks’ recapitalisation heats up, early birds have either started or finalised plans to increase their shares in the hands of the investing public.
In their usual look-good approach to both customers and investors, the NGX-listed banks are scrambling for equity funds through rights issues and public offering….. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Stockbrokers advocate tech adoption for bank recapitalisation – Punch
The Chartered Institute of Stockbrokers has called on the Central Bank of Nigeria to adopt advanced technology throughout the bank recapitalisation process to ensure efficiency and effectiveness.
In a statement made available to The PUNCH on Sunday, the President of CIS, Oluropo Dada, stated that this approach is essential for engaging the younger generations and broadening the investor base in a country with over 200 million people and seven million capital market investors………. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
GTCO, UBA Top Others as Most Profitable Lenders by RoE in 2023FY – Thisday
On the backdrop of impressive earnings, Guaranty Trust Bank Holding Company Plc (GTCO) and United Bank for Africa Plc (UBA) outpaced other banks as the most profitable financial institutions by Return on Equity (RoE) in the 2023 financial year.
RoE is a ratio that provides investors with insight into how efficiently a company (or more specifically, its management team) is handling the money that shareholders have contributed to it..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Caverton Offshore loss worsens to N12bn – Punch
Caverton Offshore Support Group Plc has seen its loss after tax worsen by about 146.79 per cent to N12.75bn at the end of December 2023 from N5.17bn in the corresponding period.
This is the third consecutive year that the company has been recording losses after tax, and they have continued to grow, with 2023 being the worst. Caverton lost N4.34bn in 2021….,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FBN Holdings’ Profit Up 126.8% as Analysts Forecast Positive Outlook – Thisday
Despite the tough operating clime, FBN Holdings further consolidated its top-tier ranking with strong performance in the 2023 financial year and the first quarter of 2024, reporting significant growth in gross earnings and pre-tax profit of 95.7 per cent to N1.60 trillion and 126.86 per cent to N350.59billion respectively. 
It recorded even stronger growth performance in Q1 2024 with gross earnings and profit before tax rising 181.43 per cent and 325.15 per cent.,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Fidelity Bank: On the Path to Becoming Global Lender – Thisday
The management of Fidelity Bank Plc since 2023 got shareholders’ approval to raise additional capital before the Central Bank of Nigeria (CBN) official announcement in March 2024.
The bank on June 20, 2024 commenced its Public Offer of 10,000,000,000 ordinary shares of 50 kobo each at N9.75 per share and Rights Issue of 3,200,000,000 ordinary shares of 50 kobo each at N9.25 per share..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
SAHCO Shareholders Approve N406m Dividend – Thisday
The Chairman of Skyway Aviation Handling Company (SAHCO) Plc, Barrister Taiwo Afolabi, yesterday assured  shareholders of enhanced profitability and dividend in the current financial year ending December 31, 2024.
Afolabi, gave the assurance at the company’s 14th Annual General Meeting (AGM) held in Lagos. 
He told the shareholders that the board and management would work tirelessly to achieve better profitability in 2024..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
GTCO rated Nigeria’s strongest, best banking brand – Dailytrust
Guaranty Trust Holding Company Plc (GTCO) was recently named Nigeria’s strongest brand and Best Banking Brand by Brand Finance and Global Brands Magazine, respectively.
The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms…,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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