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Daily Business News Brief – June 27th, 2024

27
Jun

Access Holdings leads equities to N95b recovery – The Nation
Access Holdings Plc was the most sought after shares at the stock market yesterday as Nigerian equities rebounded after a streak of losses.
Transactions in Access Holdings, Nigeria’s largest bank, accounted for 16.4 per cent and 20.4 per cent of the market’s turnover volume and value respectively. .. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Nigeria borrowed N7.71 tr in Q1 2024 – DMO – Dailytrust
The Debt Management Office (DMO) yesterday clarified that Nigeria’s fresh borrowing was N7.71 trillion in the first quarter of 2024.
It explained that the fresh borrowing includes N2.81 trillion as part of the new domestic borrowing of N6.06 trillion provided in the 2024 Appropriation Act and N4.90 trillion as part of the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly.. …   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Banks face tough conditions in recapitalisation drive
. CBN targets strong banks capable of supporting govt’s $1tr GDP by 2030 – The Nation
Ongoing bank recapitalisation will not be business as usual, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said yesterday.
He hinted that the conditions will be tough to ensure that all banks that scale the hurdles will be strong enough to withstand the headwinds.
The banks should be able to drive the economic target of the government, which is to achieve a $ 1 trillion dollar Gross Domestic Product (GDP) mark by 2030….. …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
NGX unveils digital investment platform – Punch
The Nigerian Exchange has introduced a digital platform aimed at streamlining the investment process.
The Group Managing Director of the Nigerian Exchange Group Plc, Temi Popoola, disclosed that at a press conference in Lagos on Wednesday………… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Recapitalisation: NGX Group Floats Electronic Public Offering Platform – Thisday
As banks commence capital raising exercise on the back of Central Bank of Nigeria (CBN) directive, the Securities and Exchange Commission (SEC) and Nigerian Exchange Group have championed innovative digital solutions for the capital raising process with a focus on public offers and rights issues.
Subject to the Commission approval, the innovative platform represents a significant advancement in digitising the capital raising process for Issuers….,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Expectations as Nigerian Breweries Extend Frontiers – Thisday
With the completion of the Distell Nigeria acquisition by Nigerian Breweries Plc, stakeholders in the food and drinks industry expect a boost to the economy and another opportunity for the brewery giant to further consolidate its market leadership
Perhaps the major news in the marketplace now is how the recent acquisition of a majority stake of 80 percent in Distell Wines and Spirits Nigeria Limited by Nigerian Breweries would strengthen the economy….,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Eterna blames N9bn Loss on forex crisis – Punch
The Chairman of Eterna Plc, Gabriel Ogbechie, has disclosed that the company lost N9.4bn due to the foreign exchange crisis in 2023.
In a statement made available to The PUNCH, he disclosed that at the company’s 31st Annual General Meeting held in Lagos State. .. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
PZ Cussons expects FY 2024 profit around £60 million despite 23% naira depreciation – Nairametrics
Soap maker PZ Cussons says it expects its 2024 full-year profit to range between £55 and £60 million despite a 23% adverse movement in the value of the naira.
This was disclosed in its fourth quarter trading update where it projected revenue to reach around £528 million in the year ending May 31, 2024..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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