Business

Bullish sentiments resurfaced in the equities market of the Nigerian Exchange Limited (NGX) on Wednesday as investors bargain hunting in Dangote Cement Plc and 17 others lifted the market by N108 billion. The All Share Index (ASI) rose by 197.20 absolute points or 0.35 per cent to close at 55,801.14 basis points as investors gained N108 billion in value as…

The Nigerian government has revoked the Work Permit, Visa and Residence Permit of the Chief Executive Officer of Seplat Energy Plc, Roger Brown, over allegations of racism. The revocation was contained in a letter written to the Board Chairman of Seplat Energy Plc by the Minister of Internal Affairs, dated March 3, 2023. Brown, according to the letter, was accused…

Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December, some commercial banks have started paying out the old notes. Checks by Westernpost revealed that some commercial banks in Lagos and Abuja have commenced paying out the old N500 and N1000 notes. A visit to Sterling and Access Banks,…

The equities market in the month of March began on a positive foot as market capitalisation added N316billion over improved corporate earnings and proposed dividends by listed companies. Market capitalisation increased by N316 billion to close at N30.250 trillion, while Nigerian Exchange Limited All-Share Index (NGX ASI) posted uptrend in performance by 1.06 per cent week-on-week to 55,529.21 basis points. Across…

Wema Bank Plc has proposed the issuance of perpetual fixed rate non-resettable additional tier 1 Subordinated Bonds with loss absorption features totaling about N25 billion to targeted investors. The bank said the Bonds are being issued privately to targeted investors and will not be listed on any Security Exchange. The Company Secretary/Legal Adviser, Johnson Lebile in a statement on the…

The equities market of the Nigerian Exchange Limited (NGX) on Thursday closed positive by N88 billion as investors responded to the presidential election outcome, strong corporate results and dividend announcements. The NGX All Share Index (ASI) rose by 161.63 basis points or 0.29 per cent to close at 55,670.24 basis points. Investors gained N88 billion in value as market capitalisation…

The Central Bank of Nigeria (CBN) has disclosed that Nigerian banking sector’s total assets increased to N73.59trillion in 2022 from N59.24 trillion in December 2021. The Deputy Governor, Financial System Stability, CBN, Mrs. Aisha Ahmad who disclosed this in her personal statement at the end of first Monetary Policy Committee (CBN) of 2023 also stated that key industry aggregates continued…

The domestic stock market on Wednesday commenced trading for the month of March on decline as capitalisation dropped by N162 billion, ending its five-day winning streak. The Nigerian Exchahge Limited (NGX) All Share Index (ASI) fell by 297.65 basis points or 0.53 per cent to close at 55,508.61 basis points. Accordingly, investors lost N162 billion in value as market capitalisation…

Cross-border securities transactions across African capital markets has received significant boost as Nigerian Exchange Limited (NGX) and Pan African Payments Settlement System (PAPSS) sign a Memorandum of Understanding (MOU) to integrate the payments system into the capital markets. The MoU, signed in a virtual ceremony on Tuesday, saw attendance from notable individuals, including the President, Afreximbank, Professor Benedict Oramah and…

Lafarge Africa Plc on Tuesday announced its full year audited 2022 results on the Nigerian Exchange Limited (NGX) with net sales up by 27.3 per cent. Over the 12 months period, Lafarge Africa delivered a net sales growth of 27.3 per cent and an EBIT growth of 29.3 per cent versus preceding year 2021. Its Net Income went up by…