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Daily Business News Brief – June 26th, 2024

26
Jun

Sell off persists on exchange as index dips further by
0.09% – Guardian
The domestic equities market continued on a downward note yesterday, as the All-Share Index
(ASI) declined further by 0.09 per cent, amid losses in Dangote Sugar Refinery Plc and 22 stocks.
At the close of transaction yesterday, the ASI declined by 86.52 points or 0.09 per cent, to close
at 99,217.60 points. Similarly, the overall market capitalisation value lost N49 billion to close at N56.126 trillion.. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
CBN projects lower inflation, says reforms attract $24bn inflow – Punch
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says inflationary pressure has started dropping as a result of the central bank’s policy measures, which aim to reduce the current inflation rate of 33.69 per cent.
This was as he revealed that the country recorded a total foreign exchange inflow of about $24bn in the first quarter of 2024, which is about 50 per cent above the inflows recorded in previous quarters up to 2021. …   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Amid High Interest Rate, Investors Staked N2.25tn in Stock Market in Five Months – Thisday
Despite rising inflation, high interest rate and attractive returns on government securities, foreign and domestic investors staked a whooping N2.25 trillion in the Nigerian equities market in five months of 2024.
This represents about 115 per cent increase over the N1.04 trillion recoded in the first five months of 2023….. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
MPC: Domestic Financial Conditions Tight, Putting Pressure on Public Debt Service – Thisday
A member of the Monetary Policy Committee (MPC), Ms. Lydia Shehu Jafiya, has raised concerns about the current state of domestic financial conditions, which she said are tight and may be exerting upward pressure on public debt service.
Jafiya, in her personal statement at the last MPC meeting, stressed that with such strain, there is a need for continued monetary policy tightening……….. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Demand for FGN bond slows as investors seek higher yields – Businessday
Higher-yield seeking investors were on the sidelines at the recent FGN bond auction which recorded lower subscription for the third consecutive month.
The Debt Management Office (DMO) raised only N297billion through its June FGN bond auction. It auctioned N450 billion FGN bonds on Monday, June 24, across three tranches, which included a reopened nine-year bond, as well as five-year and seven-year tenures at N150 billion each…,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Sterling grows assets by 36%, hailed by shareholders – Guardian
Major shareholders of Sterling Financial Holdings Company PLC expressed their delight with leadership and financial performance of the group at its recently held inaugural yearly general meeting.
The comments came as a result of the group’s continued ability to post impressive growth Sterling grows assets by 36%, hailed by shareholders  numbers in its first full year of operations, despite a challenging macroeconomic environment…..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Dangote Sugar registers N200bn programme with SEC – Punch
Dangote Sugar Refinery Plc has registered its N200bn multi-instrument issuance programme with the Securities and Exchange Commission.
This was disclosed in a statement filed with the Nigeria Exchange Limited and signed by the Company Secretary, Temitope Hassan, on Tuesday… .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
2024FY: Neimeth Targets127.7% Growth in Turnover – Thisday
Neimeth International Pharmaceuticals Plc said it aimed to grow its turnover by more than 127.7 per cent in the 2024 financial year compared to what it made in 2023.
The company plans to generate sales of N5 billion in the current business year against a turnover of N2.2 billion it made in the prior year,  from this quantum leap  the company  hopes to make a profit of N211million..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Sterling HoldCo Gets Shareholders Approval to Raise N200bn Fresh Capital – Thisday
Major shareholders of Sterling Financial Holdings Company Plc., approved the management decision to raise N200 billion fresh capital at its recently held inaugural annual general meeting (AGM).
The shareholders expressed their delight with the leadership and financial performance of the group on the backdrop of continued abilities to post impressive growth numbers in its first full year of operations, despite a challenging macro-economic environment.,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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