Trading activities on the floor of the Nigerian Stock market yesterday finished the month of July on a negative note as the all share index dropped -2.77% to close at 35,844.00, against 36,864.71 recorded on Friday due to huge losses by some blue chips .While market capitalization shed N352 billion following profit taking that commenced last Friday. The 16-day gaining streak that the market recently witnessed was halted last Friday as bargain hunters retreated to take profits. A total turnover of 490,164 million shares exchanged hands in 5,558 deals in the day’s trading.
ECONOMY AND BUSINESS NEWS 1ST AUGUST, 2017.
Oando’s H1 profit rises by 117%
Oando Plc has reported a growth in profit-after-tax by 117 per cent to N4.6bn for the first half of 2017, compared to a loss of N26.9bn posted in the corresponding period of 2016. Thus, for the third time in a row, the oil major has posted positive financials defying speculations and bolstering confidence in the oil and gas sector. For the half-year ended June 30, 2017, its turnover increased by 26 per cent to N267.1bn from N212.3bn; gross profit increased by 76 per cent to N33.4bn from N19bn; and net finance costs more than halved to N16.4bn from N35.3bn.Read more http://punchng.com/
Stock Exchange reform bill gets stakeholders’ nod at NASS
Stakeholders in the capital market have endorsed a Bill by the National Assembly to reform the Nigerian Stock Exchange, (NSE) by de-mutualising it from a company limited by guarantee to a company limited by shares. Sponsored by Senator Foster Ogola, Acting Chairman, Senate Committee on Capital Market, the Bill aims at enhancing the conversion and re-registration of the NSE into a public company limited by shares considered to be essential to develop and strengthen the capital market and enhance the formation of capital for the expansion of the Nigerian economy.Read more http://guardian.ng/business-
Custodian and Allied grows PBT by 31%
Custodian and Allied Plc has announced a growth of 31 percent in its profit before tax (PBT) for the half year ended 30th June 2017. The profit before tax of the Group, with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses, rose from N3.6 billion in the first half year of 2016 to N4.7 billion in the same period in 2017, while profit after tax (PAT) rose to N3.8 billion from N2.9 billion of 2016.
Read more at: http://www.vanguardngr.com/
MPC decision: Consolidating equities, forex gains
No one changes a winning team. This principle probably guided members of the Monetary Policy Committee (MPC) at their last week’s meeting where they charted a way forward for the economy. Expectedly, the committee, taking cognizance of the impact of key policy decisions taken by the Central Bank of Nigeria (CBN) which is beginning to have positive impact on the economy, especially in the foreign exchange (forex) and equities’ markets, decided to keep all key rates unchanged.Read more http://thenationonlineng.
Half year: Dangote Cement records 12.6% sales increase across Africa
Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 per cent increase in sales volume across Africa. In the financials released on the floor of the Nigerian Stock Exchange indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues to gain grounds.Read more https://www.dailytrust.
Diamond Bank’s growth stable as H1 profit surges 2.8%
In its H1 2017 financial results released on the floor of the Nigerian Stock Exchange (NSE) in Lagos, Diamond Bank Plc showcased strong growth in core financial parameters surpassing analysts’ projections for the period.
The interim report and accounts for the bank’s operations for the first six months of the 2017 financial year showed significant growth in all key financial parameters as profit before tax surged year-on-year by 2.8 per cent to N10.8 billion; this followed the leapfrogging of gross income over total expenses during the period under review.Read more http://www.
Dangote Refinery to generate $5.5bn foreign exchange annually
Dangote Refinery has said that it will be generating $5.5 billion foreign exchange annually from exports of petroleum products, when the complex is completed. The company said it will also save the country over $7.5billion from imports of petroleum products annually.
Read more at: https://dailytimes.ng/news/