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Daily Business News Brief – July 2nd, 2024

2
Jul

Equities open second half with N21b loss – The Nation
Nigerian equities opened trading for the second half with a streak of profit-taking as investors looked ahead to the second quarter earnings season.
Average return at the equities market dropped by 0.04 per cent, equivalent to net capital depreciation of N21 billion. .. .. ………………………………………………………………………………………………………………………………………….. .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Price pressure drives PMI to seven-month low – Punch
The Stanbic IBTC Purchasing Managers Index dropped to a seven-month low on the back of subdued demand and price pressures.
The monthly PMI, which was released on Monday, indicated that the headline figure derived from the survey declined to 50.1 points in June from 52.1 in May, the lowest in seven months. …   . ….. ………………………………………………………………… ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Capital importation rises 210% to $3.38 bn – Vanguard
Capital importation into the country grew Quarter-on-Quarter (QoQ) by 210 percent to $3.38 billion in the first quarter of 2024 (Q1’24) from $1.09 billion in the fourth quarter of 2023 (Q4’23).
The National Bureau of Statistics, NBS disclosed this yesterday in its capital importation report for Q1’24.  .,… …………………….. . … .. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
FG savings bonds offer opens with lowest returns since March 2024 – Businessday
The Federal Government of Nigeria (FGN), through the Debt Management Office (DMO) has opened the sale of its Savings Bond to retail investors with a lower return than last four months auctions.
The offer which opened Monday July 1, closes on July 5 and the settlement date is July 10, 2024…………. …. . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Recapitalisation: Bank directors acquire N39bn shares – Punch
As the banking sector recapitalisation intensifies, some bank chiefs are starting to bet on their companies by increasing their stakes, The PUNCH reports.
According to an analysis of the director’s dealings with the Nigerian Exchange Limited from the end of May to June, bank chiefs have acquired about 1.86 billion shares worth about N39.32bn……,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Wema Bank Urges Digital Empowerment for MSMEs – Thisday
Wema Bank has charged stakeholders to prioritise digital empowerment for Micro, Small, and Medium Enterprises (MSMEs) as a measure for championing a sustainable MSME ecosystem. 
This was disclosed at the International MSME Day and MSME Awards Night 2024, a twofold event organised by the federal government through the Office of the Vice President…..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
VFD boosts share capital to N633m – Punch
VFD Group Plc has announced its share capital has increased to N633m.
That was disclosed by the firm’s Company Secretary, Gbeminiyi Shoda, at a recent annual general meeting in Lagos State.
She stated that the increase involved the creation of additional ordinary shares valued at N0.50k each…..,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Triple Gee post-tax profit falls by 94% – Punch
Triple Gee has reported a profit after tax of N7m for the financial year ended March 2024, indicating a decline of 94.30 per cent from N122.90m in the previous year.
This was contained in the audited report of the firm filed with the Nigerian Exchange Limited recently……,.. .. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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