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Daily Business News Brief – July 1st, 2024

1
Jul

Stock market investors gain N15.6 trillion in six months – Guardian
Despite low foreign participation in the Nigerian stock market due to uncertainty, foreign exchange crisis, rising inflation rate and other macroeconomic challenges, investors gained N15.64 trillion in the first half of (H1) 2024.
Equities trading concluded the first half of the year with notable positivity, propelled by a surge in investors’ confidence directed towards listed corporations.. .. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
SEC plans sanction for issuing houses over bank recapitalisation rule violations – Punch
To ensure compliance with banking sector recapitalisation guidelines, the Securities and Exchange Commission has threatened to impose a N1m penalty on banks if they fail to submit complete capital raise applications.
In a statement made available to The PUNCH on Friday, it was stated that banks must adhere to certain norms and procedures to acquire capital by rights issuance, private placements, or other authorized means. …   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Recapitalisation: Apathy Hits Banking Stocks as NBI Emerges Worst Performing Indicator in H1 – Thisday
Following banking sector recapitulation exercise announced by the Central Bank of Nigeria (CBN), in March this year, the NGX Banking Index declined by 7.47 per cent to emerged as the worst performing indicator on the local bourse in H1 2024.
This is coming at a time investors average return on the stock market of the Nigerian Exchange Limited (NGX) appreciated by 33.81 per cent Year-till-Date growth (YtD).,… …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Shareholders approve MRS de-listing from NGX – Dailytrust
Shareholders of MRS Nigeria Limited have approved the voluntary delisting of the company’s shares from the Nigerian Exchange Limited.
This was contained in the company’s notice to the Nigerian Exchange Limited as part of the resolution passed at the Extraordinary General Meeting of MRS Nigeria, held on June 25, 2024, at the Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos………… …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
MTN to construct West Africa’s largest data centre – Dailytust
MTN Nigeria has announced the construction of its largest data centre in West Africa, which is a 1,500-rack and Tier 4 data centre within the country.
A Tier 4 data centre is built to be completely fault-tolerant, has redundancy for every component and an expected uptime of 99.995 per cent, meaning that it can withstand a wide range of potential disruptions and offers the most reliable infrastructure…..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Learn Africa creates over 96 million additional shares – Punch
Learn Africa Plc has created an additional 96,431,250 ordinary shares at N0.50k each to increase its share capital to N867.88m from N771.45m.
That was a fallout of the firm’s recent board of directors meeting.
The development was disclosed in a document filed with the Nigerian Exchange Limited on Friday…..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
CAP Plc’s Shareholders Approve N1.55 Final Dividend Payout – Thisday
The shareholders of Chemical and Allied Products Plc (CAP) have approved a final dividend of N1.55 kobo per 50 kobo ordinary share, bringing the total dividend declared for the 2023 financial year to N1.26 billion.
Reviewing its performance at its 59th Annual General Meeting (AGM) held in Lagos recently, the company noted a 24 per cent topline growth in revenue to N23.9 billion, up from N19.2 billion in 2022……,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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