nigeria

CORNERSTONE INSURANCE AND ITS STANCE ON RECAPITALIZATION 1. Position on Recapitalisation - Company Readiness: - Stephen Alangbo, Managing Director of Cornerstone Insurance Plc, stated that the company is prepared for any upcoming recapitalisation measures by the National Insurance Commission...

NIGERIA MUST GROW BEYOND BANKING TO ACHIEVE $1TN ECONOMY – AFRINVEST 1. Call for Broader Economic Growth - Focus Beyond Banking: - Chioke Ike, Group Managing Director of Afrinvest, emphasized that for Nigeria to achieve its goal of becoming a $1 trillion economy, growth must extend beyond...

UNCOVER UNCLAIMED DIVIDEND OWNERS, SENATE TELLS SEC 1. Senate Committee and SEC Collaboration: - Public Hearing: The Senate Committee on Capital Market, alongside the Security and Exchange Commission (SEC) and other stakeholders, held a public hearing on July 30, 2024. - Objective: The...

AIICO INSURANCE PLC PROJECTS HIGHER DIVIDENDS FOR SHAREHOLDERS 1. Dividend Strategy Update: - Commitment to Dividends: AIICO Insurance Plc is considering increasing the portion of its profits allocated to dividend payments. - Statement: This was announced by Mr. Babatunde Fajemirokun...

NGX TRADING SUMMARY FOR FRIDAY, JULY 26, 2024 Market Overview: - Total Shares Traded: 1,103,330,581 shares - Total Deals: 9,098 - Market Value: NGN 21,596,855,742.02 Performance Comparison: - Volume Improvement: 201% increase from the previous trading day (Thursday, July 25, 2024) - Turnover...

COMPANY PERFORMANCE: CHEMICAL AND ALLIED PRODUCTS PLC (CAP) 1. Profit Decline: - Second Quarter 2024: CAP's profit after tax fell by 42%, dropping from N895 million in Q2 2023 to N517 million in Q2 2024. - Pre-Tax Profit: Also decreased by 42%, from N1.3 billion in Q2 2023 to N772 million...

ENI GETS APPROVAL TO SELL AGIP TO OANDO - Approval Received: Eni has obtained approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its subsidiary, Nigerian Agip Oil Company (NAOC), to Oando PLC. - Transaction Details: The sale includes NAOC’s focus on onshore oil...

NGX TRADING SUMMARY FOR WEDNESDAY, JULY 24, 2024 - Total Shares Traded: 497,842,944 - Total Deals: 8,412 - Market Value: NGN 8,605,259,125.34 - Market Capitalization: NGN 56.8 trillion Performance Comparison: - Volume: Up 77% from July 23, 2024 - Turnover: Up 137% from July 23, 2024 Market...

WORLD BANK AND AfDB TO INVEST $7.5 BILLION IN NIGERIA'S POWER SECTOR 1. Investment Overview: - Total Investment: $30 billion by World Bank and African Development Bank (AfDB) - Nigeria’s Share: $7.5 billion (approximately 25% of total investment) 2. Purpose and Plan: - Objective...

NGX TRADING SUMMARY FOR TUESDAY, JULY 23, 2024 1. Trading Overview: - Total Shares Traded: 280,922,197 shares - Number of Deals: 8,403 - Market Value: NGN 3,625,620,975.33 - Market Capitalization: NGN 56.9 trillion 2. Comparison with Previous Trading Day: - Volume Decline: 16%...

BREAKING: The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices.

CHAPEL HILL DENHAM NAMED NIGERIA'S BEST INVESTMENT BANK 1. Award Announcement: - Recognition: Chapel Hill Denham has been awarded the title of Best Investment Bank in Nigeria at the 2024 Euromoney Awards for Excellence. The ceremony took place in London on Saturday. 2. Historical...

INFLATION: OPS OPPOSES FRESH INTEREST RATE HIKE AS MPC MEETS TODAY 1. Overview: - The Organised Private Sector (OPS) has expressed opposition to any increase in interest rates as the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meets in Abuja. 2. Previous Interest Rate...

ENAMELWARE SUFFERS N2.6BN LOSS 1. Financial Losses: - Post-Tax Loss: Nigerian Enamelware PLC reported a substantial post-tax loss of N2.6 billion for the year ending April 30, 2024. This is a significant turnaround from the N1.7 billion profit the company made in the previous year. 2...

SKLD INTEGRATED SERVICES SEEKS N590 MILLION VIA COMMERCIAL PAPER 1. Commercial Paper Issuance: - Details: SKLD Integrated Services Limited has introduced Series 10 and 11 of its commercial paper issuances to raise up to N590 million. - Deadline: The issuance, facilitated by Afrinvest...

RT BRISCOE LAUNCHES RECAPITALIZATION FUND 1. Introduction of the Fund: - RT Briscoe Nigeria Plc has launched the "R.T. Briscoe Savings and Investment Fund," a pioneering initiative that allows investors to save and invest in the company over time. - The fund is approved by the Securities...

NGX TRADING SUMMARY FOR MONDAY, JULY 22, 2024 Market Overview: On Monday, July 22, 2024, the Nigerian Stock Exchange (NGX) saw the trading of 335,704,787 shares across 8,760 deals, amounting to a market value of NGN 3,717,218,092.45. This represents a significant decline compared to the...

SECURE ELECTRONIC TECHNOLOGY SUFFERS ₦33.41M LOSS Secure Electronic Technology Plc reported a ₦33.41m loss in Q1 2024, worsening from a ₦6.81m loss in the same period last year. The decline was attributed to decreasing gross income and rising administrative expenses. The company's unaudited...

SMARTS PRODUCTS TO RAISE N5BN FRESH CAPITAL Smarts Products Nigeria Plc plans to raise N5bn through a combination of equity and debt instruments to strengthen its financial position and support growth. Acting Chairman Adejinle Adeniji announced this at the company’s 59th annual general meeting...

NGX TRADING SUMMARY FOR THURSDAY, JULY 18, 2024 Market Activity: - Total Shares Traded: 392,795,396 shares - Total Deals: 9,013 deals - Total Market Value: NGN 8,333,016,906.19 - Market Capitalization: NGN 56.9 trillion Comparison with Previous Trading Day (Wednesday, July 17, 2024): - Volume...