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By Esther Agbo The Nigerian equities market continued its bearish run on Wednesday witj investors losing N32 billion at the close of the day’s trading. This loss was instigated by a decline in the share value of stocks like CUTIX, JULIUS BERGER, and NAHCO amongst others on the trading floor. After five hours of trading ...
FCMB Group has commenced its public offer of N110 billion at N7.30 kobo per share to meet the capital requirements placed on banks by the Central Bank of Nigeria (CBN). FCMB Group is issuing 15,197,282,219 ordinary shares of 50 kobo each at N7.30 per share. “The first phase is what we’re currently executing, where we’ll ...
By Esther Agbo Nestle Nigeria Plc faced a challenging first half of 2024, recording a pre-tax loss of N252.5 billion, a stark increase from the N69.1 billion loss in H1 2023. Despite these financial difficulties, the company’s revenue surged by 55 percent, reaching N407 billion, up from N261.8 billion in the same period last year. ...
Seplat Energy PLC, a prominent Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has reported its unaudited results for the six months ending June 30, 2024, revealing robust financial performance amidst operational advancements. The company announced a total dividend of US 6 cents per share for the period, ...
By Esther Agbo The Senate Committee on Capital Market, alongside the Security and Exchange Commission (SEC) and other stakeholders, convened a public hearing during the week to tackle the persistent issue of unclaimed dividends in Nigeria. The discussions culminated in a consensus on the need for comprehensive strategies to reclaim these funds, potentially benefiting investors ...
By Esther Agbo Abbey Mortgage Bank’s post-tax profit surged by 51per cent to N508 million in the first half of this year, up from N336 million during the same period last year, according to the bank’s unaudited financial statements filed with the Nigeria Exchange Limited on Friday. The bank also reported a 47 percent increase ...
Berger Paints Nigeria posted a pre-tax profit of N122 million in the first half of 2024, representing a 72 percent year-on-year decline from the N439.7 million pre-tax profit posted in the corresponding period in 2023. During the period, the company recorded a revenue of N4.96 billion, marking a 40 percent appreciation from the N3.55 ...
Total Energies Marketing Nigeria Plc has reported a pre-tax profit of N13.730 billion for Q2 ending June 30, 2024, reflecting a 95 percent year-over-year increase and surpassing its Q2 pre-tax forecast of N6.419 billion. This brought the H1 2024 pre-tax profit to N30.571 billion, nearly double the company’s total pre-tax profit for 2023. Also, ...
By Esther Agbo Cordros Asset Management, a subsidiary of Cordros Capital, will launch the second edition of its Annual Cordros Wealth Summit, themed “The Wealth Revolution,” to empower investors. The event is scheduled for July 31 in Lagos. Cordros Asset Management specialises in providing tailored investment management solutions customised to address the specific requirements of ...
Shareholders of Fidelity Bank Plc have unanimously approved the absorption of surplus funds arising from the potential oversubscription of its ongoing public offer. A statement from the bank on Monday in Lagos, said this was one of the six resolutions its Board of Directors secured at an Extraordinary General Meeting (EGM) held virtually on Friday. ...
Cadbury Nigeria Plc has reported a pre-tax loss of N3.423 billion for Q2 2024, a significant improvement from the N10.457 billion loss recorded in Q1. This has moderated the half-year 2024 loss to N13.880 billion, which is 4.5 percent lower than the loss recorded in the same period in 2023. The company reported a ...
Okomu Oil Palm Plc reported a pre-tax profit of N6.24 billion for Q2 ending June 30, 2024, representing a 22.28 percent year-on-year (YoY) decline and falling short of the company’s Q2 2024 pre-tax profit forecast of N6.699 billion. According to Okomu Oil Palm Plc’s Q2 2024 financial statements, the company reported revenue of N31.525 billion, ...
By Esther Agbo The Securities and Exchange Commission (SEC) has introduced a new identity management initiative to tackle the persistent issue of unclaimed dividends. This development was announced during a recent workshop on Identity Management for the capital market in Lagos. SEC Director General, Emomotimi Agama, emphasised the initiative’s importance, according to him, the workshop ...
FCMB Group recorded a profit before tax of N64.2 billion in the first half of 2024, marking a 68 percent year-on-year growth from the N38.2 billion posted in the corresponding period of 2023. The parent group of First City Monument Bank recorded a gross earning of N374.5 billion in H1 2024, representing a 57 percent ...
Airtel Africa has demonstrated resilience in the face of a challenging macroeconomic environment, leveraging strong fundamentals and focused execution to sustain its operational performance. The company’s recent trading update highlights several key achievements amidst economic headwinds. Airtel Africa reported a notable 8.6 percent increase in its total customer base, reaching 155.4 million customers. The growth ...
By Esther Agbo UPDC Plc has reported a reduced loss of N115.9 million for the first half of 2024, marking an 11.59 percent improvement from the N131.1 million loss recorded in the same period in 2023. This update was revealed in the company’s second-quarter consolidated and separate financial statements filed with the Nigeria Exchange Limited ...
Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, marking a 188 percent year-on-year improvement from the N3.6 billion posted in the corresponding period in 2023. This was disclosed in the group’s unaudited financial statements for the first half of 2024. In the first half of 2024, Transcorp ...
By Esther Agbo Despite a 61 percent surge in Profit After Tax (PAT), Unilever Nigeria PLC has announced a 27 percent increase in its total liabilities for the first half of 2024. Total liabilities increased by 27 percent to N53.29 billion from N41.79 billion, attributed to higher current tax liabilities and trade and other payables, ...
The Federal Government has called on experts from legal profession, financial and other stakeholders to work collectively to strengthen capital market regulations and the Investments and Securities Tribunal for greater effectiveness. The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, made the call on Wednesday in Kano while declaring open, a ...
By Esther Agbo eTranzact has announced the fintech company’s strategic focus on offering comprehensive switching services, a merchant marketplace play, and direct-to-consumer solutions to drive future growth. This announcement was made by the CEO, Mr. Olaniyi Toluwalope, during the “Facts Behind Figures” webinar hosted by the Nigerian Exchange Limited (NGX), where eTranzact presented its financial ...
By Esther Agbo SKLD Integrated Services Limited has launched its Series 10 and 11 commercial paper issuances to raise N590 million, facilitated by Afrinvest Capital Limited. The issuance, which remains open until July 24, 2024, aims to secure short-term debt capital to bolster SKLD’s operations and support its growth plans. The Group Managing Director of ...
Nigeria’s equities market on Tuesday failed to sustain its positive start to this week as stock investors continued to price in the outcome of the Monetary Policy Committee (MPC) meeting where the Central Bank of Nigeria (CBN) further ramped up tightening measures to rein in inflation. Rising from its two-day meeting, the Monetary Policy Committee ...
Nigeria’s equities market opened the new week in green, though it was on a slightly upward trajectory (+0.03 percent or N16 billion). “We expect a mixed market close, driven by anticipated cautious trading in banking stocks amid increased regulatory scrutiny of the sector. Additionally, investor attention is expected to shift towards the bond Primary Market ...
