Business

Transactions at Nigerian Exchange Limited (NGX) closed the month of July 2023 on a positive note as earnings and dividend declaration from quoted companies helped NGX market cap gain N1.814 trillion. The gain was also supported by insider dealings among companies as directors and related parties consolidated their positions in a show by investors of their belief in the inherent…

Nigerian equities market on Monday opened the week on decline as investors’ investments went down by N392 billion, propelled by the loss in MTN Nigeria Communications (MTNN) Plc and 48 others. The NGX All-Share Index (ASI) lost 718.87 basis points or 1.10 per cent to close at 64,337.52 bassis points. Also, market capitalisation declined by N392 billion to close at…

The management of BUA Group on Sunday denied its involvement in illicit foreign exchange dealings, stressing that its Chairman, Abdul Samad Rabiu has not received any of the alleged foreign exchange allocations from the Central Bank of Nigeria (CBN). The management in a statement said, “Our attention has been brought to various false allegations published against BUA Group on some…

Nigerian Breweries Plc has reported N85.26 billion net loss on foreign exchange transactions in half year ended June 30, 2023 amid the move by the Central Bank of Nigeria (CBN) to unify the foreign exchange market. The multinational breweries company had reported N7.28 billion net loss on foreign exchange transactions in corresponding period of 2022. The company’s net loss on…

Equities market of the Nigerian Exchange Limited (NGX) on Thursday extended losses for the second consecutive session as the overall capitalisation closed N111 billion weaker. Hence, the All-Share Index shed 204.25 per cent or 0.31 per cent, to close at 65,482.91 basis points. Similarly, the overall market capitalisation value lost N111 billion to close at N35.635 trillion. The market negative…

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday ended its four-day winning streak with a decline of N187 billion on selloffs in MTN Nigeria Communications (MTNN) and 23 others. The All Share Index (ASI) waa down by 303.86 basis points or 0.46 per cent to close at 65,687.16 basis points, while market capitalisation declined by N187 billion…

Following the emergency meeting of the Board of Directors, Nigerian Exchange Group Plc (NGX Group) on Tuesday announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023. The dividend, which is the first since the demutualisation of the Nigerian Stock Exchange will be paid to…

The suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been re-arrested by the Department of State Services (DSS) at the premises of the Federal High Court, Lagos. It would be recalled that DSS had earlier in the day, arraigned Emefiele on a two-count charge of illegal possession of firearms. …details later

The National Bureau of Statistics (NBS) on Tuesday revealed that consumers pay an average of N4,068.26 retails price for 5kg of a cylinder of Liquefied Petroleum Gas also called cooking gas in June. This is a 6.71 per cent decline from N4,360.69 per 5kg in May 2023. NBS in its “Liquefied petroleum gas (cooking gas) price watch” stated that the…

The Federal High Court sitting in Lagos has admitted the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to a bail of N20 million with one surety in like sum. Justice Nicholas Oweibo granted bail to Emefiele after listening to the submissions of his counsel, Joseph Daudu (SAN). President Bola Tinubu had suspended Emefiele as the apex…