Business

The exchange rate between the naira and dollar fell to the lowest level ever on NAFEM where forex is sold officially at N993.82 against the dollar on Monday. This represents a massive 20.5per cent depreciation marking the lowest level ever recorded by the naira against the dollar. Before now, the lowest level was N848/$1 recorded on the 17th of October…

Consolidating on its recently released second-quarter performance, United Bank for Africa (UBA) Plc, has again announced a splendid performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics. Replicating the remarkable performance achieved in the first two quarters of the current fiscal year, the bank’s gross earnings grew…

The Nigerian equities market on Monday commenced the week on a positive note with a gain of N536 billion as investors repositioned by buy Dangote Cement Plc and 44 others. The All-Share Index (ASI) gained 975.13 basis points or 1.45 per cent to close at 68,111.71 basis points. Also, market capitalisation rose by N536 billion to close at N37.421 trillion.…

MTN Nigeria Communications Plc on Monday released its unaudited nine months result and accounts for period ended September with N147.36billion profit, a decline of 45.2 per cent from N269.04billion reported in nine months of 2022. The telecommunication giant in its filing on the Nigerian Exchange Limited (NGX) announced N232.5billion profit before tax, a decline of 42 per cent from N400.67billion…

Technology has laid a foundation for the development of capital markets not only in Nigeria, but in Africa. This was the view of the Chief Executive Office, Nigerian Exchange Limited (NGX), Temi Popoola when he spoke at the West Africa Capital Market conference held in Lagos on Wednesday. On the panel themed “Digital Transformation and Infrastructure Development: Leveraging Technology Growth…

The domestic equities market yesterday extended its bearish performance as price decline in MTN Nigeria Communications (MTNN) Plc and 28 others dragged the market lower by N66 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) lost 121.21 basis points or 0.18 per cent to close at 67,084.95 basis points. Also, market capitalisation declined by N66 billion to close at…

Access Holdings Plc on Wednesday announced N294.42billion profit before tax in nine months ended September 30, 2023 unaudited result and accounts. This is an increase of 100.21per cent from N147.06billion reported in nine months of 2022.  The group’s profit after tax hits N250.44 billion in nine months of 2023, an increase of 83.12per cent from N136.8 billion reported in nine…

The equities market of Nigerian Exchange Limited (NGX) traded marginally lower as profit-taking activities in United Bank for Africa (UBA) Plc and 18 others caused 0.02 per cent decline in market benchmark index. The NGX All-Share Index (ASI) shed 11.61 basis points or 0.02 per cent to close at 67,206.16 basis points. Also, market capitalisation dipped by N7 billion to…

Nigerian Breweries Plc on Wednesday declared N78.16billion loss before tax in its unaudited nine months ended September 30, 2023 over devaluation of naira. The company on the Nigerian Exchange Limited (NGX) had declared N19.09billion profit before tax in corresponding nine months of 2022. From the profit & loss figures, Nigerian cost Breweries yesterday also declared N57.19 billion loss after tax…

The Vice President Senator Kashim Shettima has said that the infrastructural deficit in the West African sub region are better tackled from inside and not through foreign borrowing alone, saying that the job of the capital market in Nigeria and across the region is therefore cut out for it and this extends to Africa at large. Senator Shettima stated this…