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Daily Business News Brief
(Source: GlobalView Capital Limited, Date: 01-Mar-2024)
Daily Business News Brief March 1st, 2024
GTB, UBA lead stock market rebound as investors reassess MPR outcomes - Nairametrics

The NGX market capitalization witnessed a notable surge, as the value of listed equities soared by N390 billion, reaching N54.71 trillion by the close of the session.This follows a loss of N700 billion reported in the previous day's trading as investors reacted to the outcome of the MPC. The gains posted today suggest investors may be having a rethink as some stocks became attractive following the sell-offs................................................... ........................... .. . .,.. ............ ........ ..................... ... .. ...... ..  .... . ........... .......... ............. . ..... . ... ........................Read-More

NGX, NG clearing foster deeper understanding of single stock futures - BusinessDay

Nigerian Exchange Limited (NGX) and NG Clearing Limited on Thursday February 29, 2024, enabled deeper understanding of the Single Stock Futures product in the Exchange Traded Derivatives market with a virtual workshop.Read also: NGX says positioned to widen retail investors participation in capital marketJude Chiemeka, acting CEO Nigerian Exchange Limited Derivatives while giving his welcome remarks noted that derivatives play a crucial role.. .......................,........................................................ .... ...... . ......... . .................. . ............................... ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Jaiz Bank eyes N10.05b from private investors - TheNation

Nigeria's premier and largest non-interest bank, Jaiz Bank Plc, yesterday completed pre-issuance processes for a N10.05 billion private placement as part of a multi-prong strategic recapitalisation aimed at strengthening the capital base of the bank.At the completion board meeting yesterday in Abuja, the board of the bank and parties to the issuance signed off the offer documents, after securing prior approvals of shareholders and relevant regulators.... ... ........................................................................................................ ....... .. ,............... ...... ..............,................. ....:,..... ... ........... .. ........  . ......... .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

BUA Cement Plc records strong revenue growth of 27.4% to N460b - TheNation

BUA Cement, yesterday released its full year 2023 Audited Financial Statements and Accounts indicating strong revenue growth of over 27 per cent, or N460billion. This leap was achieved despite the challenging economic conditions that arose from the Naira redesignpolicy, the Company posted a strong revenue growth of 27.4% to N460 billion.Nonetheless, due to the devaluation of the Naira from the midst of last year and its continued depreciation, as well as growing inflation, the Company faced...............................................................,..... ....... .. ,............... ...... ..............,................. ....:,..... ... ........... ................ .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Lafarge Africa Declares N51.14bn PAT Amid Foreign Exchange Loss - Thisday

Lafarge Africa Plc has announced on the Nigerian Exchange Limited (NGX) a 4.7 per cent decline in profit to N51.14 billion in its audited result and accounts for the full year ended December 31, 2023 from N53.65billion reported in 2022.The cement maker saw its profit dropping by 4.7 per cent over N21.04billion foreign exchange loss reported in 2023 from N13.13billion in 2022 and N27.64billion income tax expense in 2023 from N14.66billion in 2022................................................................,..... ....... .. ,............... ...... ..............,................. ....:,..... ... ........... ................ .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

Seplat Energy Announces 45% Growth in PBT to N125.5bn - Thisday

Seplat Energy Plc, yesterday announced N125.5billon profit before tax in its audited result and accounts for the full year ended December 2023, an increase of 45 per cent from N86.73billion reported in 2022 financial year.The leading Nigerian independent energy company listed on the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE) announced N81.33 billion profit after tax in 2023, representing an increase of 83per cent from N44.43 billion in 2022.................................................................,..... ....... .. ,............... ...... ..............,................. ....:,..... ... ........... ................ .., ... .. .,....... .. ...... . ..... . ... ........................Read-More

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